Well, we worked long enough and hard enough for it....
Well, we worked long enough and hard enough for it....
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Discussion

tvrolet

Original Poster:

4,761 posts

312 months

Monday 17th December 2007
quotequote all
As of Friday, I left the ranks of business directors/owners/shareholders and became a humble employee.

http://www.hemscott.com/news/latest-news/item.do?n...

http://www.smallcapnews.co.uk/article/K3_snaps_up_...

etc etc....

Index was our wee business. I wasn't the largest shareholder by a long shot, but it'll still make for a nice Xmas smile

25+ years in small businesses trying to grow somthing of substance, and some real close shaves along the way, plus one very personally expensive failure. Whatever you do folks, never sign Directors guarantees. I learned the hard way 15 years ago. But this time round I guess we got it right. So, to all small business folks out there - don't lose the faith!

party

srebbe64

13,021 posts

267 months

Monday 17th December 2007
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Congratulations - I guess you're paying just 10% Tax which is nice! That'll be changing shortly!

davidd

6,718 posts

314 months

Tuesday 18th December 2007
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WB

Congratulations, you should be very pleased with yourself.
Seeing something through to exit must be very satisfying (and not something I can tick off as yet).

Can I ask why now and this deal?

D

atom111

1,039 posts

255 months

Tuesday 18th December 2007
quotequote all
Congratulations, it's good to see some long time effort rewarded, enjoy the rewards.

So what you going to treat yourself too?

I was always told that when you make a little you should reward a little smile

Eric Mc

125,779 posts

295 months

Tuesday 18th December 2007
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Was your decison to sell up accelerated by the upcoming CGT changes?

dabeeeenster

42 posts

242 months

Tuesday 18th December 2007
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Do you mind my asking why you didn't go for an earn-out? Feel free to say no!

atom111

1,039 posts

255 months

Wednesday 19th December 2007
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An earn-out is not always beneficial to the seller more the purchaser as it ensures that targets are met before more shares and/or cash is released, it can also mean the purchaser can pay for a business out of profits made from the business being bought but IMHO that is a higher risk acquisition strategy than having the capital already wink and of course the seller has to wait for their full reward smile After 25 years I'd have sold lock stock and no earn out which I believe the OP has done, and as there is no reply I guess there are on the beach already smile


davidd

6,718 posts

314 months

Wednesday 19th December 2007
quotequote all
atom111 said:
which I believe the OP has done, and as there is no reply I guess there are on the beach already smile
Track more like

tvrolet

Original Poster:

4,761 posts

312 months

Thursday 20th December 2007
quotequote all
davidd said:
atom111 said:
which I believe the OP has done, and as there is no reply I guess there are on the beach already smile
Track more like
Working more like! The hours certainly haven't changed much...working till midnight last night, and up at 4:30 to catch EasyJet’s finest. And now just catching some web access at Stansted since my ‘lift’ has got delayed frown But hey, I paid the mortgage off yesterday; which was nice smile

As to timing, we'd always planned to try to build the business to the point where we could sell it. And although we didn't have a particular date in mind, I'd just hit a...what shall we say...'significant' birthday, and I was the youngest of the directors/shareholders (but not by too much). We were all fairly open to the concept of selling therefore, but we hadn't really got started down the route when we were approached. It seemed like a good offer, a good match, and offered some good further potential for us, the business and the other employees so we progressed the negotiations. It just seemed to be the 'right' offer; and with the tax changes next year it was also at the right time. I'd like to say we planned the sale to the day, and targeted our suitor with precision...but we didn't. One of the few things in business that just worked out for us.