Third Generation Business Sale

Whitehead Die Cast owner RK Whitehead approached Matt to assist with the sale of his company. RK’s grandfather started the business more than 70 years earlier. RK’s concerns were common among business owners and included: How can you find the right person to buy and successfully operate this specific business? How do I protect my employees? What do I have to say to my customers and when? How do we keep it confidential from everyone until we are certain a transaction will be completed? Matt identified over 30 possible buyers that were already in the industry and personally contacted each one to understand if their growth plan would include acquisitions of other companies. Ultimately, the company received multiples offers from separate buyers. The seller met with and moved forward with the perfect buyer. They already owned a similar business in another portion of the country and wanted another company for future growth. They also wanted to keep all employees and desired to grow the company and provide more opportunities for the employees. Because of the buyer’s current position in the industry, conversations with the customers regarding a “transition of ownership” were easy because the customers could immediately see that the new owners fully understood the business and their needs and that, in reality, very little would change for their relationship. Once the transaction was imminent, the owner was able to meet with the employees and share the exciting news that the company was set for future growth and opportunities and that every employee would retain their job.