Management Buyout

[jacobyte]

Just to keep morale up in the Business section here:

Back in 1999 whilst scrabbling around for a living so that I could race cars, I finally decided to get a job. By April 2005, having moved from developer to senior developer project/account manager, I was ready to do things my way. So with a large turd in my trousers I approached the MD with an offer for to buy out the part of the business I was, by then, looking after. He thought it was the best idea ever for the company .

By May I had done my business plan, spoken to some banks and investors and was making progress in getting the funds together. Meanwhile I did the Nurburgring 24hrs. Then I got agreement from a bank for a large 6-figure loan as long as I put in 100K(!). Then I remortgaged my house whilst still looking for other investors. Meanwhile in June I got married and had a honeymoon. By the end of July I was at the end of my tether with lawyers, accountants, banks and particularly, the seller. The end of August came, as did the end of September and my brain was now in a state of numbness and fear. I was convinced it was all falling away from me and it was never going to happen.

But I stuck at it, and a week ago last thursday my MBO completed!



I still cant believe it now, but here I am at my own desk in my own offices with my own staff. There's still some good stuff happening in this country!

So now I am busier than ever. So excuse me whilst I take another call from a new client

Oh, and if Ted doesn't mind, my site is at: www.screenbusiness.net

[srebbe64]

Welcome to my world - full of lawyers, accountants, VC's, banks, etc.. We're doing up to one deal a week - we've got one completing tomorrow - but I'm long enough in the tooth to know it may, or may not, complete tomorrow. My missus gets stressed on over house moves - I tell her it's nothing in comparison to buying/selling companies.

Anyway, I reckon you'll go from strength to strength. IFA's, after a tough time, are becoming very buoyant. Equally, there is a strong need for IT infrastructure to ensure compliance and speed up back office work.

So, well done and good luck!

[Ed]

Good for you mate, hope the turd in the trousers turns into a wad in the wallet.

All the best.

[pvapour]

Good luck Jacobyte, nice to hear some good news and of someone willing to take a risk... good on yer


hope it translates into some fine machinery

Nick

[gazm]

Congratulations on the MBO. It took me the best part of a year to do mine and I remember thinking great thats the hard work done when i finally signed - how wrong was I. The real test starts now. good luck with it all

[jacobyte]

Thanks all.

The good thing is I don't see it as hard work. I am just doing what needs to be done and trying to find enough hours in the day to do it.

Cashflow is currently the main fear, but the piggy bank is filling up nicely - hopefully in time for end of month salaries need ot be paid.

I have already sourced a new addition to the family; but not before letting the wife have her part of the bargain - a trip to IKEA! AAAARRRRGGGHHHH

[davidd]

Congratulations, we completed our about 4 years ago and it is still a huge challenge, in a positive way of course

Good luck

D