|Deal completed in:||5 months|
IT Support Business
The business delivered day-to-day IT support desk functions to clients in central London.
We were approached following a recommendation from their business coach, who had been working with the business owner to maximise the value of the business with the sole intention of selling it to enable him to concentrate on the charity he had established, offering alternative therapies to cancer sufferers.
This particular business hadn’t been profitable for a number of years. However, the business had a good reputation and a very desirable central London client base with solid medium to long-term contracts. This was one of its key assets. The company’s other unique selling point was its ability to support and manage integrated MAC and PC environments.
What Hornblower did
Realising the potential value in the USP and the client relationships and contracts, Hornblower took the business to market. The IT support market is difficult to penetrate because clients tend to be very reliant on and loyal to their incumbent supplier, so the most effective way to gain market share is through customer acquisition by buying existing, established businesses. We therefore used our own database of similar businesses who we know are actively looking to expand.
We received over sixty enquiries, which converted into twelve meetings and ten offers, of which the top three were attractive enough to permit our client to sell.
The final buyer for the business was selected on best long-term strategic fit with the existing organisation, its clients and its employees.
The final sum achieved for the vendor significantly exceeded his hopes of what could be achieved before he engaged Hornblower.
The buyer acquired an excellent foothold in to the central London market; he has capitalised on this market presence and the business continues to grow.
SOLD – March 2011