An email I recently received. I am expecting an offer from my partner to possibly buy me out. If this falls through I will contact you.
My response. Thanks for the update. Food for thought. I recently had a conversation with another Owner we have been talking with over the last couple of years. His plan was to buy out his partner of 30 years or have the partner buy him out. The partner chose to be the Seller.
The Buyer, our contact, chose to do the deal on his own. We offered our services but he declined as he knew his partner well and they have had a 30 year relationship. After literally a couple of years of discussion the deal was supposed to finally close on January 2, 2017.
It has so far not ended well. They are no longer friends, the Seller continues to go back on his word and change the deal and the whole sale may never happen. The result will potentially be metaphorically like 'a divorced couple living in the same house'. You don't really know someone until you negotiate with them from opposite sides of the table.
Sadly, as of Jan. 22, 2017, it still has not closed yet. The Buyer and Seller no longer trust each other and a 30 year friendship is ruined.
In another case the Owner was planning on his key person buying the business, although he never actually asked him if he was capable or interested. When the question was finally posed the answer was no he was not interested in buying within the Owners timeline and no he did not have anywhere near the funds. Unfortunately that was the Owners only play.
My partner and I would like to offer our services to help you and your partner engage in a harmonious and mutually satisfying transaction.
Not trying to be heavy handed or negative but the examples above represent only two recent attempted Sales By Owner.
Please let me know if you would like to discuss. We wish you all the best in a positive and successful sale.
Eric's Latest Book Moving Forward
Written specifically for Boomer Aged Business Owners. One of the biggest events they face today, is to sell or transition out of their company.