    
  
|
|
 |
|
     | |
Track Record› Scot and Annie
There is one thing that stands out in my mind that Joe and Sandy have probably forgotten. Their phone calls are really good. When there is a problem or opportunity, they make their calls together via their conferencing system regardless of where they are. I was preparing some ground on my excavator one day when they called and we worked through some difficult problems that I had unintentionally created. It’s not easy to manage a growing business one minute and talk about exiting it the next but Sandy and Joe just talked it out with me and we got those problems quietly fixed without alarming our employees. I was focusing on the smaller picture but they could see both the smaller and the big picture--it really helped to quietly talk in the middle of the woods. It was sometimes disappointing that intelligent, financially qualified prospects did not see the value of the sixteen years of computer programs and systems we had developed to improve our product just the slightest bit. It was helpful that Joe and Sandy could stand back and see both sides of the problem. And then help us all find solutions. Our sale came together in the middle of the current financial crisis. Joe and Sandy worked very hard on third party lending including involving a SBA lender in our due diligence meetings. When it was apparent that no loans were being made, we decided to get involved with Seller Financing which for Joe and Sandy was a last resort. We have read dozens of their closed transaction announcements and monthly reports over the years and I do not recall even one that encouraged seller financing on a large scale. Once the seller financing question was decided, they worked with the buyers and the attorneys to make sure we were secured by buyer assets other than our business. They all approached this just like a bank would. The seller financing is not all that bad and we are earning a fair but far Greater interest rate than if we had been cashed out and we will enjoy some special tax treatment as well. They do not sell. They explain. They just communicate the facts and explain their opinions. They are the sale leaders and do not take a second seat to lenders, attorneys, CPAs or prospects that have a bullying trait in their personalities. They know outside specialists who have a special expertise to help the transaction for both parties which had the effect of reducing expenses, taxes, red tape, etc. Joe’s fantastic brain knows when to hold and when to fold them. Sandy and Mona could take a mutt and turn it into a show dog. I think Mona’s middle name must be Lisa. My childhood friend and attorney (there were five in our sale) has already asked for their card to give to a client and yes, my wife, Annie and I are pleased to refer them to others. And to the Buyers who may read this, I encourage you to be patient in changing the business that you have just purchased. I know if Sandy and Joe are involved it’s likely to be pretty profitable and there’s a reason for that--the former’s owner’s management system or process--avoid bringing in the micromanagement you left behind in corporate America and really learn the pros and cons of how the business is actually run before confusing the staff thus the vendors and customer base with un-necessary changes. Thanks for Everything,
Scot and Annie |
|
|
|
