The majority of business owners who have been successful in building a company of value have done so by investing a significant amount of time and energy into their business. They have spent most of their lives optimizing their company while working on perfecting their own entrepreneurial, management and business development skills – often repeating certain activities each and every day. This will have created stability and wealth for their families and employees.
Unlike their daily routines, an owner who decides to sell their business will typically only engage in this transaction once in their lifetime. Given little or no experience in this process, it can be challenging and stressful for many. Certainly today, with so many buyers looking to purchase profitable businesses, owners are now finding themselves faced with this situation more often than we have typically seen in the past.
A business owner already understands that the sale of his business will make him no wealthier than he would be if he chose to hold onto his company. Selling his business simply converts his wealth from being held in the shares of his business into a different asset class – cash. This is why most owners, when faced with the decision of whether to sell, usually choose not to. It is rarely a monetary decision.
For those owners who have decided to sell, who have a business that they consider to be a representation of their life’s work, and where they are looking to ensure that their employees’ transition into a growing, stable and supportive organization, Mill Street & Co. presents a unique alternative.
Why do business owners choose to partner with Mill Street & Co.?
The difference becomes clear as we begin to work together through the transaction process. You will not hear us say that we have to run “it” by some other decision maker. You will not be exposed to a large acquisition team who have been sent on a fact-finding mission. Rather, you will usually meet a small group of two or three people (myself included), and we will be the same team that you and your staff will work with, both before and after the transaction is completed. If we are interested, you will receive an offer from us. This offer will not be sent only to have it adjusted at a later date, or have us back out altogether.
After the transaction, we will focus on providing support to the existing management team and work to increase the value the business delivers to both its customers and employees on a daily basis. You will not be subjected to a new group of so-called managers who you have never met before, suddenly dictating how the business should operate. We will allocate capital to the business where needed, and we will work with your team on developing new products and services, or expanding into new markets, as the opportunities present themselves. We will also work tirelessly to improve the quality of life for your staff and support a culture that people want to be a part of.
Since our inception in 2013, the success we have achieved through this approach is evident in the fact that most of our partners who have completed transactions have re-invested their proceeds back into Mill Street & Co. Together we are collectively working towards a unified goal – to provide our partners with financial returns that make a real difference in their lives, while building sustainable business cultures that are poised for success today and well into the future.
This mutual success will continue to be realized through a committed focus on our concept of true partnership, combined with a disciplined approach to capital management. If what you are reading feels right to you and you are looking to sell all or part of a viable company with a strong management team, we look forward to discussing the opportunity further with you.