Weekly Thoughts: FAQs...Part 2
Updated: Feb 12, 2019
I'm back for Part 2... So when I left last time, we were talking about what differentiates me as an Buyer of Your Company... Here are some more Frequently Asked Questions (FAQs) that owners usually wonder about..
How quickly can you close on buying my company?
Typically, we can close on an transaction for your company within 30-90 days after reaching agreement on the Letter of Intent (LOI). The speed with which a transaction can be completed is impacted by a variety of circumstances and events. Many of these factors are controlled by the company, such as the:
Quality of financial records and books (i.e., systems, controls, and clean audited financial statements)
Owner(s) and management team's ability to provide timely and accurate information
Adhering to the ascribed comprehensive Due-Diligence and Closing Checklist
Being a serious and committed seller - not backing out at the eleventh hour because you are unsure if you are ready to sell
Keeping of honest and timely communication to not only me (i.e., Southern Alpha), but also to all parties involved
What can I expect from you and your team?
Since we have closed transactions and operated our own companies before, you can expect both understanding, guidance, and honest communication from us. Our success can be attributed to our willingness to passionately engage with the owner(s) and the existing management team to create positive outcomes for all parties involved.
Again, we place a huge premium on our pillars of light, which includes: Integrity. Transparency. Commitment to Diversity and Inclusion. Teamwork. Commitment to Continuous Improvement.
Why should I sell my company to you? Yes, You!
Let me give you some context, first. I grew up working in a small family-owned furniture business and homeless shelter that were founded by both of my grandmothers - pioneers at the time. The lessons that I learned working in both respective businesses were that: have humility and compassionate for others, a sense of purposeful and fulfilling work is desired and needed, development of intellectual curiosity, and always be willing to take a risk.
As I have completed education (shout out to Georgia Southern), and grown my business career, and further completed more education (shout out to UGA), I seek to apply my early small business experiences, professional leadership experiences, and business education to pursue my dream of owning, managing, and growing one great small business as the CEO.
So Yes, this has been a life long dream for me.
You look young?... What drives you to make you want to run my business?
Now, that's a good question... The thought and opportunity to step into the shoes of the CEO on Day 1 at such an early age (I'm in my mid 30s) cannot be understated and is quite challenging. So I do not take this decision nor your company lightly.
What drives me? The pure volume and diversity of decisions just cannot be simulated elsewhere - i.e., Corporate America, Wall Street, Government, and other career paths.
From managing working capital; optimizing human capital (recruiting, retaining, and managing talent) to ensuring that all employees, suppliers, and customers are being treated with respect, humility, and fairness; helping to grow the careers of employees and associates; and growing top-line sales, all the while dealing with the practical and obscure challenges that go with small businesses, is an experience that cannot be replicated in any other professional capacity.
What role will I play after partnering with and selling to Southern Alpha?
Here's some context... At Southern Alpha, I am focused on finding one company that I can acquire and run as the new CEO while helping business owners achieve their liquidity goals. In addition, to these goals, I want to ensure the long-term success of your company by providing growth capital, operational, and executive expertise to continue to grow the business for the long-term.
When you partner with us, I believe your valuable insight and involvement before and after the sale is complete is critical in ensuring the long-term success of the company. I believe the best outcome is derived from an committed and involved seller that wants to smoothly, hand-off his/her/their company to us to run for the long-term.
We are firm in your decision to sell, but open-minded in your involvement with the company post-closing. Here's a few examples:
Selling your business and going into retirement or that next big thing for You,
Selling your business and staying on as an Board Member, or
Selling an majority of your business (via an recapitalization) and staying on in a more focused operating role