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Advice on finding a quality buyer not just a fat check.

We are a growing woodworking shop with solid books BUT a more business minded person may be better for the next phase. My natural set of skills lie in the shop, not the office. In about 2 years, we've grown from just one employee (me) to just over a dozen. Anyone have advice on finding someone who can continue the growth?

I feel ridiculous even writing this but any words of wisdom are welcomed given I'm shooting in the dark right now.

Along with our makers, we have a full time office person, and a full time shop foreman who runs the day to day activities.

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Answers (2)
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=Response to Don Barrick.

Thanks Don. You feedback is really appreciated.

I've spent the last year setting up Standard Operating Procedures and have effectively trained myself out of a job! Well, not quite. However, it is nice knowing that if I got hit by a truck today, the business would function alright without me.

Why sell now? Good question and this may be a rambling response.....
Between the shop foreman and a group of great guys/gal, the shop is in a good place for growth (actually about to expand into the next bay over as well). I'm the bottleneck in the office workflow simply because I'm not super-office-man. I've also understand my passions lie in creating companies, not running them when once they can stand on their own feet. It isn't the most logical route, I know. So there isn't one solid reason but the underlying two would be 1). The business will do great without me and 2). I'm ready for the next challenge.

Hopefully this frames the situation better. Does this help?

Thanks again in advance for anyone's input. Hope all is well.-Mark

Mar 24, 2015
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The BAF Group LLC
MD

Your particular situation is not one that provides for a "flip the switch" result. And you are smart in understanding your own strengths and weaknesses. One question though is, why sell now? (This is a Business Broker saying this!!!) Does the business have sufficient profitability to afford hiring a Business Manager to handle the tasks you cannot? If you provide for three (3) years of the kind of growth you suggest you have experienced thus far, your reward can be much, much higher.

Getting a Buyer for your specific kind of business is a somewhat long and arduous process. Most Buyers are going to be interested in purchasing businesses in which they have had direct experience, which in your case obviously means another woodworker. Your best bet - unless you know of someone already in the business with money to afford the transaction - is to find a Broker who will work with you to identify such a Buyer. But be careful: Many Brokers will only deal with liquor stores and convenience stores, because finding difficult-to-identify Buyers such as you require takes up an enormous amount of time. They may shy away from this kind of listing. If you have questions, give me a call. The number is on our Web Site, below.

Mar 24, 2015

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