At Ceibass, we are in the middle of the sale or transition of more than a few lawn and landscape businesses, and here are some thoughts as we endure the ups and downs of the process:
There is lots of investor capital available and our industry is being newly discovered. The state of the market is up, money is still cheap, and if you are even remotely thinking about selling your business, NOW IS THE TIME.
Remember that the MARKET determines the value of your business and multiples are up. It has nothing to do with how much money you need for retirement. Na da.
This is the most important financial transaction that most owners will complete in their lifetimes. It cements your financial future. Get a very competent and experienced M&A team with lawn and landscape expertise. That way you’re positioned to get and keep the most money.
Be cool. Stay in control. Temper your emotions. They will flare up. It can be an emotional roller coaster of a process, after all, it is your baby, your company, that you grew from scratch. And in the end, you don’t want to screw it up. Chill.
In fact, one of the roles that we play at Ceibass is to be your “sounding board,” someone you can “give it to straight.” We act as the glue, the therapist, the band-leader, the conductor, and the buffer. It’s part of what you need in a great team.
Don’t hold out for microscopically better terms, money, times, etc. Don’t blow up the deal for pennies! Check your ego. Know the game you are playing.
Expect the unexpected. (More on this in the next blog.)