Join Date: Oct 2012
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Advice on selling my company
Hi everyone !! just joined,and i just found this site.But i need some advice,I have a P&P company and Ive been in business 6yrs and work with only 2 nationals.At one point of time or the other Ive worked for just about everyone but over the last 2 yrs Ive narrowed it down to just to nationals.I cover the entire state i do business in,i have 11 contractors that live in the areas they cover,and they all have been with me the the whole time.
I do about 1mil a yr now steadily over the last 3 yrs.Ive got a office staff of 3,and a great relationship with the company's i work for.I'm their number 1 in the state for their work and they confirm it quite often.
So my question is.. Ive received a offer to buy me out,and as you know this biz is going to hell quite fast as seen buy the many post on these boards.
So how do i transfer over to the new owners my accounts and is this something that takes place often or is it rare.The new owners are green so Ive offered a 60 day training,the office staff is aware but the contractors are not.I don't think the contractors really care mostly do the the fact that i split a 60% for them and a 40% for the company which the nationals take 20% of the 40% i make.Some of the guys do quite well,but they are responsible for everything,locks,tools,trucks,i only help out with supply's on major jobs.
That being said I'm just burnt,and this cost estimators are getting to be a real pain in the ass.If i sale i will be completely out of debt with an nice chunk of change left.
My thoughts are I'm telling the company's that I'm still working for the new owners which i will probably be longer than the 60 days mostly do the fact i want them to succeed,and ill have nothing to do for a while anyway.
Nothing will change but the name and the owners..so thanks in advance and any advice will be greatly appreciated.
Forgive the spelling and grammer is be a "long-day"