Successful Schaumburg Marketing Services Company needed us to perform due diligence and assist with an acquisition.
This is a family business owned by two brothers in their mid-60’s, each having children working in the business with no succession plan in place. We helped them devise a successful succession plan to allow the two brothers to retire, comfortable that the business they built was in good hands.
Succession Planning Results: According to surveys (PWC), as many as 8 out of every 10 boomer business owners are facing retirement without a succession plan, as most of their time is spent working in the business instead of on the business. Without a succession plan, 70% of family businesses won’t make it to the second generation. And, in the case of family businesses, the people and their issues are a majority of the bigger picture. CFO Simplified put together a qualified team to evaluate the bigger picture of this family business. As a result the new succession plan we drafted eliminates any uncertainty and discord that may occur later, and increases the likelihood of continued success of this family business into future generations.
M&A Advisory Results: To mitigate risk, an acquisition requires than an enormous amount of data (financials, taxes, accounting, labor, etc) about the target be evaluated. Our expert and unbiased evaluation determined that one of the companies was a good fit, both business-wise and culturally. It was also determined that the other company fell short of being the desirable target they had anticipated, and any plans regarding its acquisition were discarded.
Overall, our expertise helped these buyers avoid a large risk in one instance, while also successfully negotiating mutually satisfactory contracts with the suitable target. In this transaction, it was important for the seller to know that their employees would be taken care of, they were being paid a reasonable price for their business, and that they would be working for the next few years, assuring a successful and profitable transition, and acquisition result. As for the buyers, they were delighted to have acquired a new business segment that enhanced, complemented and augmented their existing clientele and bottom line.
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