Sold the business today, feels a bit odd
Discussion
We do have a "ticksheet" but it's all for completion by a weeks end for the little things such as cleaning the van, keeping the cab clean etc. In the summer we work a lot more (still way within contracted hours) than the winter, so at this time of year we wouldn't be riding anyone about stuff. But in the winter when they're heading home at 1pm 4 days out of 5 it's very obvious who works harder and, ironically enough, they aren't the ones asked to go from Heathrow to Stansted to drop something off at 1pm on a Friday afternoon which, I understand, just happened to one of the drivers.
Well what a week - new experience for me and I've been around a bit.
I saw a great ticketing enquiry service in operation that I wish I would have found years ago.
It's very bitty at the moment but once it's all sorted I see my ex company really soaring.
Write up soon - just paying bills of thousands to people that don't deserve it (IMHO)
Ps commute in school holidays is never over an hour door to door - quite a novelty after 5 miles for 10 years
Also the Touran isn't a bad tool (my managers company car) it does 50 mpg !!!
I saw a great ticketing enquiry service in operation that I wish I would have found years ago.
It's very bitty at the moment but once it's all sorted I see my ex company really soaring.
Write up soon - just paying bills of thousands to people that don't deserve it (IMHO)
Ps commute in school holidays is never over an hour door to door - quite a novelty after 5 miles for 10 years
Also the Touran isn't a bad tool (my managers company car) it does 50 mpg !!!
If you pay peanuts you get monkeys.
Value staff, and give them some kind of incentive to
a) Work hard for themselves and the company.
b) Stay long term.
Don't employ ten when seven could easily do the same work.
Treat employees as you would like to be treated yourself.
btw, Good luck DS in whatever you decide to do.
Value staff, and give them some kind of incentive to
a) Work hard for themselves and the company.
b) Stay long term.
Don't employ ten when seven could easily do the same work.
Treat employees as you would like to be treated yourself.
btw, Good luck DS in whatever you decide to do.
DSLiverpool said:
I will do a write up on "so you want to sell your business" because after searching all of PH no posts tell you exactly what the process is and a lot is assumed.
This is MY EXPERIENCE and MY TIPS I will not argue with anyone over this and I reserve the right to be bloody wrong on some aspects BUT I wish someone had written this before I put DST up for sale.Part 1
So you want to get out or get a partner because its too much to cope with doing it all alone these are two very different things so decide whats for you.
TIP 1 NEVER EVER instruct a sales agent or even start to talk to one before thoroughly investigating all other avenues including specialist press adverts and word of mouth, speak to your accountant they frequently manage to put a buyer and seller together, the good ones have a network to do this but its not a formal one.
With respect I am sure some sales agents are very good, some are sharks, some are incompetent - what most do is simply advertise your business and NOT AS WELL as you would BUT with far more coverage than you would achieve as you will do a half arsed attempt then give up and instruct an agent - this is what I did.
TIP 2 With many agents legal fees are included - good - no. The brief will be spot on BUT working to a cost and they dont want to advise you they just want to carry out the legal transaction, in fairness the solicitor (a huge one) went the extra yard but I still had to get extra advice from my accountant which cost me ££££ with my accountant saying "why hasn't your solicitor done / advised on this"
TIP 3 Do not think this is cheap, its not. Your accountants fees will be many many thousands unless you see TIP 2. Add VAT to everything, remember you cant reclaim it.
TIP 4 In the run up to your sale allocate funds to pay for the sale so its less of a shock, you cannot legally overpay an accountant to do work for yourself BUT you can get a lot of documents pre prepped on company billing.
NOTE this is MY experience it may be different for others.
Once an interested party was found I had to filter them myself using credit safe and a bit of Google this resulted in over 50% being rejected by myself, the agent did not have the skill in the frontline office staff to understand a crap prospect. This is NOT LIKE AN ESTATE AGENT and will cost far more, once we found a prospect and they signed an NDA you prep your figures and send them over, the agent sends them on but soon gets bored with any questions and puts you directly in touch, the agent then buggers off or will send more prospects or the odd "ok" email.
Only after you move ahead with the "sale" and sniff of commission rises does the agent up the ante and a "director" gets involved who certainly knew his stuff if your selling a newsagent type business, this was "very complicated".
More later.
DSLiverpool said:
what most do is simply advertise your business and NOT AS WELL as you would BUT with far more coverage than you would achieve as you will do a half arsed attempt then give up and instruct an agent - this is what I did.
Very interesting - thanks for the points so far. Do you feel like you could have sold the business yourself given enough time and effort? If you were to do it again, would you still use an agent?trowelhead said:
Very interesting - thanks for the points so far. Do you feel like you could have sold the business yourself given enough time and effort?
Yes but I did a crap job on the basis the company can afford it - forgetting you personally have to pay it and by the time I realised we were too far gonetrowelhead said:
If you were to do it again, would you still use an agent?
No - 100 times no I would use a advertising agency to get the adverts everywhere which is all the agent did in its basic formdrainbrain said:
I've used you a few times before too. Not looking to invest £1.5M are you? Nice deal if you are !!
Its been one week and the number of lovely "opportunities" that have arisen is amazing.I did nearly 20 years in security equipment manufacturing and a few of the guys who are in the same boat as myself may start a super group security company except its all made in China now lol.
Edited by DSLiverpool on Sunday 26th July 16:01
WOW. That makes my sale look painless.
I did speak with an agent who supplied a free written valuation which came in very useful indeed. I did not instruct them so no fee was payable. The only reason I didn't instruct the agent was that I already had an interested party. The (at the time potential) buyer I was speaking with was literally someone I knew at my local pub. He was part owner of a completely unrelated business which involved lots of work for little return. My concern was that he would not have the experience to run my recruitment business. Anyway the buyer actually bought shares in another recruiter and they used the money to buy us. RESULT!
I did speak with an agent who supplied a free written valuation which came in very useful indeed. I did not instruct them so no fee was payable. The only reason I didn't instruct the agent was that I already had an interested party. The (at the time potential) buyer I was speaking with was literally someone I knew at my local pub. He was part owner of a completely unrelated business which involved lots of work for little return. My concern was that he would not have the experience to run my recruitment business. Anyway the buyer actually bought shares in another recruiter and they used the money to buy us. RESULT!
Digga said:
bad company said:
Rowley Birkin said:
gvij said:
My opinion is there is no crap employee.
I think most employers would differ with you on this point.Whilst a student, I worked a summer as a grill chef in a busy high street McDonalds and was impressed by the way the 'regime' got repeatable, consistent work out of, frankly, some pretty crap human resources (I include myself in this).
As an employer, I also saw a very poisonous shift in attitude and mentality in some low-skilled warehouse type staff around 2006-7, all of which I attribute to changes in, for want of a better word, the national consciousness largely through New Labour. In (rough) summary, the issues included:
- The 'nomadic' worker attitude - people prepared to move from one job to another, none of which they were prepared to graft at or commit to and often being sacked for various issue; timekeeping, attitude, absence without leave etc.
- The entitlement culture, reinforced by the benefit system (many only wanted/needed to work a few hours to protect benefits).
- The "I deserve to be a manager" attitude. Along with the "everyone's a graduate" idea came the parallel that some people believed they 'should' be managers. No one wanted to be a worker.
- Lack of fear of unemployment - this changed radically and whereas people would generally never previously risk losing a job, or quitting a job without already having secured another, some people began to think getting employed was easy.
- Resentment of employers and/or lack of loyalty was, in a limited number of cases, an element.
Not sure what you expect?
cat with a hat said:
Sounds like mundane entry level jobs with little future prospects.
That's a subjective term. There are a lot of people who want 'a job' - to feel like they have a safe place where, in return for routine graft, they are paid. Away from all the bulls
t and upheaval of initiatives, rationalisation and re-organisation etc. etc. and where they feel valued.cat with a hat said:
Sounds like mundane entry level jobs with little future prospects.
Not sure what you expect?
Read final paragraph - we no longer have a problem and that is simply what we expected back in '06/7.Not sure what you expect?
Back to the OP - superb post and I very much look forward to the next installment.
Just sold mine too. Not a nice experience until the cheque comes in.
We paid an agent ££, but I think they were above average guys. The sale price was fairly healthy though split amongst 7 shareholders.
http://www.bbc.com/news/uk-scotland-scotland-busin...
As for the comment on Employee's the majority of ours are/were good. You get back what you put in as far as development is concerned. You have to hire for passion!
We paid an agent ££, but I think they were above average guys. The sale price was fairly healthy though split amongst 7 shareholders.
http://www.bbc.com/news/uk-scotland-scotland-busin...
As for the comment on Employee's the majority of ours are/were good. You get back what you put in as far as development is concerned. You have to hire for passion!
bad company said:
gvij said:
Employees at the end of the day are employees, they have no vested stake and never will and will do the least work possible in their mind to fullfil their contract. Work requirements and flow needs to be systematized prior to ever employing anyone otherwise instead of an asset an employee is a massive liability imo.
That's a very cynical view IMO. I had some first class people who would always 'go the extra mile' without being asked.Edited by gvij on Thursday 23 July 15:30
Edited by gvij on Thursday 23 July 15:31
Sounds like you have had some bad experiences.
ringram said:
Just sold mine too. Not a nice experience until the cheque comes in.
We paid an agent ££, but I think they were above average guys. The sale price was fairly healthy though split amongst 7 shareholders.
http://www.bbc.com/news/uk-scotland-scotland-busin...
As for the comment on Employee's the majority of ours are/were good. You get back what you put in as far as development is concerned. You have to hire for passion!
Huge congrats on that, selling any business for such a sum is a fantastic achievement, its a sweet spot obliterating many late and stressful nights I guess.We paid an agent ££, but I think they were above average guys. The sale price was fairly healthy though split amongst 7 shareholders.
http://www.bbc.com/news/uk-scotland-scotland-busin...
As for the comment on Employee's the majority of ours are/were good. You get back what you put in as far as development is concerned. You have to hire for passion!
I guess the agents fee was measured in fractions of a million as such do you think you got the best support from
The agent
Your accountant
Your solicitor
An external advisor possibly your bank
I am interested to know without any detail of course but the thread would benefit if people know who the best support comes from.
In my case it was my accountant and my bank where it really should have been my solicitor but as already mentioned it wasn't MY solicitor as such and its a point to note.
9 million is alot of money
I do have a successful professional business but am at the start of my career of being a business man. I hope some day to have made and physically have 10 million. Its all a bit of fun anyway, if you spend it your going to get robbed and that includes buying property that is in reality not worth the asking. Also a higher chance of being killed or injured if wealthy as too much time ie Michael Schumacher etc. Maybe the thing to do is to keep on working till you drop...If you gave and laid 100 million next to a dead man it wouldnt be worth a penny to the dead man, oh well..
I do have a successful professional business but am at the start of my career of being a business man. I hope some day to have made and physically have 10 million. Its all a bit of fun anyway, if you spend it your going to get robbed and that includes buying property that is in reality not worth the asking. Also a higher chance of being killed or injured if wealthy as too much time ie Michael Schumacher etc. Maybe the thing to do is to keep on working till you drop...If you gave and laid 100 million next to a dead man it wouldnt be worth a penny to the dead man, oh well..Edited by gvij on Wednesday 29th July 20:12
Edited by gvij on Wednesday 29th July 20:12
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