|Deal completed in:||8 months|
The East Midlands based IT support company
When the owners of Nottingham based IT Support Company PhillipsTaylorBrown approached Hornblower in 2011, as well as wanting to explore the possibility of selling the company they wanted our advice and guidance regarding some critical internal issues that they thought may affect the value of the company and its attractiveness to buyers.
The motivation to sell PhillipsTaylorBrown was clear – the owners felt that despite having built a solid profitable business that was highly regarded in the East Midlands, they felt that the company was now at the stage where it needed additional skills and resources to take it to the next level and that the potential sale of the business was a way to try and realise this.
The owners had two key concerns – 1) being in their late thirties they didn’t know what they were going to do after selling the business and 2) they thought that some of their internal procedures may need refining and strengthening to make their business more saleable.
What we did
As well as taking on the assignment to ultimately sell the business, Mark Sykes of Hornblower provided our business grooming service to PhillipsTaylorBrown and helped them overhaul some key policies and procedures in the areas of general strategy, business development, staff reward and client contractual structure.
When Hornblower then started marketing the business for sale, there was a significant volume of interest and response from a wide cross section of both entrepreneurial and corporate buyers. In the first series of meetings it became clear to the owners that in the hands of the right buyers, not only would they be required to stay for the typical handover but that there could also be significant opportunities for a long term career within the companies/groups that could acquire them.
Onwards and upwards
Heads of Terms were agreed with a buyer with whom the current owners had developed a strong connection and it quickly became clear that there would be excellent long term prospects for the current owners as key members of the management team in the new owners group of companies.
The sale transaction for PhillipsTaylorBrown through Hornblower Business Brokers concluded in April 2012.