For one of Transworld Business Advisors’ clients, he enjoyed being on the factory floor, and creating products. Now, with his wife’s encouragement and with Business Advisor, Bryan Clarke’s expertise, he has retired and can re-focus his attention from the production line, to vintage renovation.
Transworld Business Advisors of Sussex and West Surrey owner, Bryan Clarke, said, “I worked with the owner of a plastics moulding business who preferred to work on the factory floor!” he says. “He bought the business in 1987 and loved what he did. Having a capable general manager gave him the freedom to concentrate on the more creative element of the business – namely, moulding plastic. It was a pleasure to work with someone so passionate about his business. However, he wasn’t getting any younger, as his wife kept reminding him.”
The business owner signed with Transworld in December 2019. He was in his mid-70’s, and deep-down, knew his wife was right. “It was good to see our client was running his business the way he wanted. It did mean, however, we had to create a deal which would allow him to retain an attachment to the business,” Bryan explains. “The company make a range of plastic products, such as custom tools, flooring components, and test tubes. As a UK business, they supplied international and UK-based companies, including the NHS.
Bryan set about marketing the business to attract the right buyer and was approached by someone who knew this was exactly right for the future of his business. “The buyer owned a design company,” Bryan explains. “They designed items with plastic components, and clients often asked if they could supply the products, as well as design them. To buy a small plastics manufacturing business was a strategic next step in their development. With so many businesses negatively impacted by the pandemic, for this company the future looks more secure, as they can now both design and supply clients – new and old.”
Bryan says this was a great deal to broker. However, one of the biggest challenges for all parties, has been the pandemic. “Prior to the pandemic, the factory had been shifts working both day and night, but in April they stopped the nightshift, after orders dropped-off. This didn’t dampen the buyer’s interest in the business – he could see the long-term benefit of his investment – and we closed the deal in October.”
The seller now has time to refocus his creative aptitude into a new, personal project, less than a year of having entrusted his business to Transworld’s expertise. “His wife enjoys spending time with her horses, so my client has his own man cave, complete with a vintage bus and a vintage fire engine, which he’s in the middle of refurbishing. He’s not really going to slow down, but at least he can enjoy his retirement, and will be at home more, where his wife can enjoy his company.”
If you are thinking about your retirement plan – at yours or your partners’ request – contact your local Transworld advisor for expert support.