What were the sellers’ motivations in deciding to pursue an exit?
The seller had spent over twenty years in the freight brokerage space, and built a profitable business that had blessed his family, employees, and the community of Houston, AL. As he approached retirement age, he connected with the Tenney Group to help provide him with options that would allow for him to retire and spend time with his wife traveling across the country.
What challenges were unique to the sellers as they entered the marketplace?
At the time of the initial engagement, the business didn’t have a clear no. 2, who could step into the lead role once the seller exited.
How did Tenney Group maneuver around the challenges?
Tenney Group worked alongside the seller to identify and equip the right individual within the organization to lead the company post-transaction. This allowed the seller to educate and empower this individual so that there would be a seamless transition as he stepped away from the business.
Key Takeaways for Other Business Owners:
If you are looking for an immediate or short transition period, be sure to empower the next level of management. Identifying and equipping these individuals will not only give buyers comfort when looking to make an offer by removing the business’ dependency on the owner but also empower those elsewhere in the organization to continue their professional development.
