Tim Bullard & Team Awarded Quadruple Diamond Centurion Award
Every quarter VR sends out awards to top producers. Our team has been the #1 VR Office in 5 of the past 6 years. This quarter our office is the first to be awarded a Quadruple Diamond Centurion Award. Here’s the article from their newsletter:
To be excited about the future you have to know your history. So here is a little known fact…in 2000 there were only 3 quarterly VR Centurion Award categories; those being bronze, silver, and gold. To our knowledge the gold award had only been handed out a few times for a quarter in the previous 20 years. As the strength of our people increased, so did the award categories. First we added Platinum (fees above $400,000 for a quarter), but the bar continued to raise, so we added Diamond, then Double Diamond, Triple Diamond, Quadruple Diamond (fees above $1,000,000 for a quarter), and Quintuple Diamond (fees above $1,500,000 for a quarter).
For the second quarter of 2018, Tim Bullard, and the outstanding team in Waukesha, WI are being awarded a VR Quadruple Diamond Centurion Award. Off the record…one more closed transaction and we would have added another diamond. Congratulations to Tim, and everyone who worked so hard for this honor.
The bar has officially been raised. Congratulations to the Wisconsin team for this award.
Eight Reasons to Hire a Business Broker when Selling Your Business
Below are some of the benefits of using a business broker.
- Maintain Confidentiality: At Lakes Business Group, we protect the identity of our clients. All our prospective buyers sign a confidentiality agreement before seeing a business profile. Some of our clients ask us to run the buyer’s names by them so they can approve before disclosing the business profile.
- Determine the best selling price: Every business is different, with many variables that have an impact on the value. Our team has access to databases that can be used as reference points as well as the experience of ten years plus in business valuation and selling businesses. Being a ‘third party’, we can see the business from a buyers’ perspective.
- Marketing: Because all we do is business acquisitions, we know where and how to market for your company’s business. A business broker will know what to highlight in your business to find the right buyer. Our team will create the business profile for your business. Usually a full business profile is only for those who have signed a confidentiality agreement. We also prepare a ‘teaser’ sheet that is more generic for marketing your business without giving confidential information.
- The business owner can continue to run the business. An owner’s lack of attention to running the business can cause business performance to suffer.
- Qualify and Screen Buyers: Lakes Business Group has been doing this for over 10 years and have a database of over 20,000 vetted buyers. We’ll introduce the buyer candidates to the sellers after they have been vetted.
- Mediate and negotiate with buyers and help the buyer to obtain financing.
- Receive purchase offers to present and help evaluate them to the sellers.
- Manage the Due Diligence Process: When the business is under agreement, the buyer will want a thorough due diligence of the financial and legal aspects of the business.
Reputable Recycling Center Business Sold
Congratulations to Michael Szmanda for assisting in the sale of a highly reputable recycling center located in Northern Illinois. Michael has been working with the seller since last March to find the find the right buyer and close the deal.
The seller was looking to retire and has kept the business well organized with a strong team in place.
Congratulations to the new buyer of this profitable turn-key business and to the seller as he looks to enjoy his retirement!
Acquisition of Manufacturing Company
This plastic molder manufacturer has been in business for over 40 years producing an array of products for businesses and consumers. with contracts in place for the larger accounts and a great customer distribution, this business was very well diversified and stable. There is plenty of additional room for growth in each of the two divisions. Growing by adding new customers or products or by way of marketing and selling directly to end users.
Included in the sale of the business was over nine acres of land with facilities totaling over 74,000 square feet.
Congratulations to the new owner and to all involved in the sale!
Tim Bullard and His Number 1 M&A Team
Over 10 years ago, Tim Bullard started Lakes Business Group, and became part of the VR network. VR (Valued Representation), established in 1979, is the leading international transactional advisory firm serving the privately held middle market. In the past 10 years, Lakes Business Group has been the number 1 VR Office internationally in 5 of those years with 2017 marking the fourth consecutive year of being #1. Tim was awarded the VR Most Valuable Intermediary Award in 2013 and again this past year, 2017.
JoAnn Lombardi, President of VR Business Brokers / M&A stated, “VR recognizes the achievements of its owners on an annual basis. To be a two time winner of the VR Most Valuable Intermediary awards allows us to acknowledge Mr. Bullard’s continued contribution to the entire VR organization. I personally thank him for setting standards that everyone in VR can aspire to with hard work and dedication.”
Tim thanked everyone on his team in Waukesha and everyone in VR. “I get to work alongside great people and assist others in their quest for the American Dream.”
Northern Illinois Wholesale Food Distributor Successful Transaction
An Illinois food distributor has been successfully transferred to a new owner. The seller was ready to retire after operating the business for several years. The new owner has an incredible brand that is known for customer service and reliability.
This company has a niche in providing a wide variety of ingredients throughout the bakery industry.
This wholesale food distributor was on the market for 5 months and had over 90 inquiries. So congratulations to our sales rep, Joe Braier and to the new owner. Also, best of luck to the seller in his retirement!
Successful Transfer of Business
Congratulations to Andy Schmelzer for assisting with a successful business transaction of a community based residential facility (CBRF). We also want to congratulate the new owner of this profitable, well run CBRF/Assisted Living operation in southeastern Wisconsin. And, finally to wish the sellers best of luck in their retirement!
This business opportunity was sold within six months of being signed with our office. In those six months, there have been over 50 inquiries. This business sale included the property.
Begin with an Exit Plan
As a business owner, it’s never too early to think about an exit plan. Reading the summary from the book Seven Habits of Highly Effective People, the author, Steve Covey says “begin with the end in mind.”
One reason to have an exit strategy is it keeps you on task to grow your business, so when it’s time to exit, you’ll have an attractive business for buyers. Another quote from Stephen Covey’s book is “Changing our habits to improve what we are can be a painful process. It must be motivated by a higher purpose, and by the willingness to subordinate what you think you want now for what you know you want later”.
Below are some questions to ask to help you prepare for an exit strategy:
- What will make your company attractive to a buyer?
- Is your company growing?
- Is your business dependent on you?
- Do you have a strong management/leadership team?
- Is your team able to handle the day to day operations of the company?
- Are there systems and structures in place for running the business?
- Are your financial records in order and up to date?
As you answer these questions you’ll see how you need to start preparing your exit plan so you can maximize the value of your business when it’s time to sell. This can be overwhelming, so start small by changing one thing. A question to start with is, is there one thing you can do that you aren’t doing that would make a difference in your business?
Our experienced team can help with getting an exit strategy in place for your business. Getting the a business valuation may be the first step to see where you are at and how to improve.
Successful Business Transaction of Greenhouse in Wisconsin
The confidential business offering #1025 was successfully transferred to a new owner last week! This greenhouse business has been serving the area for over 25 years and the seller was ready to retire. There were over eighty interested buyers looking at the business profile for this opportunity.
The Lakes Business Group sales rep was able to find the right buyer for this business and close the deal last week. Congratulations to all the parties involved!
Owning a Business
Have you been thinking of buying a business? From managing a business to marketing it, owning a business can be both exciting and overwhelming. If you’re thinking of taking that step to start looking at ‘being the boss’ and owning a business, here are a few tips to help improve your chance to be successful.
Realize that not everyone is cut out to be a business owner: If you haven’t already considered and explored whether you are suitable with running your own business, take the time now. Some people are better off financially (and happier) getting a paycheck from someone else.
Get your finances in order: Before taking on a new venture, make sure your personal money matters are set straight.
Know which hats you wear best: After purchasing a business, there is much to learn and many new skills to acquire. Gain the background needed to oversee all the angles of the business and then determine what tasks you should outsource or give to employees to manage.
Pay attention to your customers: No matter how busy you are, especially in the early years of owning the business, be sure to spend at least a quarter of your time with customers. What are they thinking? Are they happy with the service/product you’re providing? To make the right business decisions, you need to understand the customer’s point of view.
Keep your focus on the people: Whatever happens to a business, happens at the hands of the people who work for it. It’s the people that makes the company.
Develop a passion for learning: As you grow the business, you need to change and grow with it. Marketing is one area that needs to be checked monthly on what’s working and what’s not working. To continue building the business with new customers, you need to learn new ways to get the word out.
These are just a few tips to start considering as you begin looking at your goal of becoming a business owner. The team here at Lakes Business Group is available to answer questions you may have as you begin the search for the right business to own.