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Lee Egg Roll Manufacturing
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Left to right: Marcia Bowron-CBB Broker, Michael Ly-Seller,
Joe & Michelle Jenkins- Buyers
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Lee Egg Rolls has been a family-owned business since 1987 with a strong customer base of over 100 food distributors, suppliers, wholesalers, and restaurants. The company had been operating only three days a week and still managed continual growth in revenues for the last three years. The parents turned the business over to their three children a few years ago. One of the sons, Michael Ly, who is an accountant by degree, came back to the business in 2009 to get the business ready for sale. He is now looking forward to pursuing his accounting career now that it is sold.
The new owners are Joe and Michelle Jenkins, a husband and wife team with 23 years of managing manufacturing facilities and a passion for cooking. They looked at a number of food manufacturing opportunities and decided on Lee Egg Rolls because of its solid long-term history and its substantial potential for growth.
Marcia Bowron listed the business and sold it.
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Grand Lakes Postal
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Left to right: Trevor Townes-Seller, Ron Consolino-CBB Broker,
David Wehlmann-Buyer
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Grand Lakes Postal, a well-established business located in an affluent Katy neighborhood with a strong, loyal customer base, was purchased by David Wehlmann, a semi-retired corporate executive in the oil and gas industry. He will be joined by his extended family in running the new family business. The former owner, Trevor Townes, will now enjoy some planned overseas travel to visit family.
Ron Consolino listed and sold the business.
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10 Tips - Negotiating a Business Purchase from a Buyer's Point of View
Having a formula and understanding the fundamenta  ls of successful negotiation can help you make the best deal possible and avoid lost opportunities. Negotiation may seem a daunting task, but when handled in a balanced manner, negotiation can be a positive experience rather than a negative one. The negotiation strategy should be one that results in a winning deal for both parties. It's not about who strong-arms the other. Nor is it a game with a winner and loser. It's a complex process for sure. A good deal is never one-sided. Negotiation isn't about capitulation, it's about finding a mutually acceptable solution. If the parties can determine the factors that are most important to each, the price and the terms of the deal can be structured to meet those needs. The following are some key negotiating tips. While they can't guarantee that you will always get what you want in a negotiation situation, they will certainly enhance your chances for success.
Read the complete article on Inc.com: Read the entire article here
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Ask the Experts
Question: What part of the business sale process is the most problematic?
Answer: National statistics indicate that the due diligence period is a major hurdle during the sale process and is a main reason deals fall apart. Due Diligence takes place during the later stage of the sale process, once a contract or letter of intent is in place to purchase a business. If proper information cannot be provided or a buyer cannot justify the representations of the business, there's no deal.
Start now: Don't be a statistic. Organize your company's documents and other information that a buyer will review during the due diligence review period.
The following checklist represents vital aspects of a business that a buyer may wish to examine during the due diligence period. This checklist is not meant to fit all scenarios or to be all-inclusive, but to serve as a guideline.
- Organization and Good Standing
- Accounting and Financial Information
- Physical Assets
- Real Estate
- Intellectual Property
- Employees and Benefits
- Licenses and Permits
- Environmental Issues
- Reports, Studies, Appraisals
- Taxes
- Contracts, Agreements, Leases
- Product or Service Lines
- Customer Information
- Litigation
- Insurance Coverage
- Vendors, Suppliers, & Professional Service Providers
- Market, Marketing and PR Campaigns
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Texas Economic News
