Successful Business Transaction – Custom Cabinet Showroom
In January the successful business transaction of a custom cabinet shop in Wisconsin. The seller decided to sell now because the market was right. He knew he could get the value of the business in today’s market. This business sold within six months of the listing date.
This business has both residential and commercial customers and is well known and respected in the community. Seller was willing to negotiate a non-compete with the new owner and to assist in a smooth transition.
Congratulations to the new owner and our team for getting this deal closed.
SOLD! Fabricator and Manufacturer of Stone Products
In December this long established fabricator of all type of natural stones and manufacturer of veneer stone products was successfully transferred to a new owner. This business was on the market for nine months and had over fifty interested buyers.
Some of the highlights of this business:
- a very experienced and skilled professional staff of key employees
- the seller only worked 10 hours per week
- in a good location and building is owned by the business
- many long-time commercial and residential customers
Congratulations to the seller and new owner of this long established business!
If you are looking to sell your business, NOW is the time. As you read from this transaction, there are many buyers looking to own an established business.
Your Successful Business Transaction – Telling your Employees
Selling your business is a confidential process. Have you considered during the process the future of your employees and their reaction of the business having a new owner? Disclosing information as you start your exit strategy can do harm during the process and jeopardize a successful transaction. So how and when do you tell your employees? Forbes.com had a good article giving some tips on preparing your employees for the sale of your business.
- Wait until the deal is completed.
It is best to wait until the papers are signed and the deal is final before telling the employees. Telling them too soon could decrease the value of of your business. Losing a employee can be detrimental to the value of your business and the sale of your business.
- Tell your closest associates first.
Before disclosing information to all your employees, you want to make sure your closest and highest ranked associates know your exit plan. These employees will be developing close relationships with the new owner if they decide to stay.
- Plan accordingly in telling your employees.
Each employee will react differently to the news so it is important to be as compassionate as possible when telling them you will be leaving and a new owner is taking your place. Employees need to know their jobs are secure once a new owner takes over. Make sure to introduce the new owner to your employees after you break the news.
The way you’ve handled your business is unique and unlike any other will do so it is important to find a buyer that is the right fit for the business you’ve built.
To read the full article ‘How to Tell Your Employees You’ve Sold the Business‘
Successful Transaction of this Electronic Component Distribution Business
After 11 months of searching for the right buyer, this Wisconsin distributor of passive electro-mechanical component parts has been SOLD! The owner of this business was ready to retire and called Lakes Business Group to help with the sale of his business.
As one of the Midwest’s premier distributor of switches, connectors, and terminal blocks and more, the business has been performing well financially and has several areas where a new owner can grow and expand the operations to make the business even more profitable.
Congratulations to the seller on his retirement and to the new owner on his new opportunity to build this established company. Also congratulations to our team for assisting in this successful transaction.
SOLD! Industrial Controls and Manufacturing Business
Industrial Controls Design & Manufacturing business #1037, serving the southeast Wisconsin area and been in business for 11 years, was recently sold for $643,000. The company generates an annual revenue of approximately $1 million and is growing by engineering and developing over 100 industrial control products for a variety of industries such as food processing, chemical, power, and others for industrial and commercial customers.
The acquirer, was attracted by the anticipated growth of this industry for industrial controls used for process manufacturing and the need for automation, the customized engineering of niche products, and the excellent customers which results in recurring revenues for the company. Larry Heck, who brokered the transaction, says “This acquisition was a good fit for both parties.”
SOLD! Leading Midwest Inventory Verification Business
Nicole White and Robin Elario represented the owner of an inventory service business and successfully closed the deal to a private investor in the past week. This service business has been around over fifty years and has 4 office locations in the Midwest. Through marketing, our team pre-qualified 84 interested buyers to find the right buyer.
Recently Sold- Hydraulic Tooling Distribution Company
Joe Braier successfully sold a hydraulic tooling distribution company that was located in Southeastern, WI. The business was approx. 20 years old and the seller was looking to retire after starting it from scratch. The business had many intangible assets, such as established relationships with vendors, key employees, a deep customer base, and consistent historic financial records showing profitability. The Lakes Business Group team pre-qualified 77 interested parties to find the perfect buyer for the seller. The transaction closed on time and the buyer is beginning to take advantage of all the growth opportunities discovered during the due diligence phase of the transaction.