A successful business sale isn’t about a speedy exit – it’s about a smart one. And it all starts with a conversation.
When John Groves, owner of Transworld Business Advisors in Milton Keynes, was asked to facilitate the sale of quality handbag retailer Aurora London, he discovered a relatively young business, despite the impression it created of a heritage brand.
Aurora London had been established just 14 years previously by Nina* and Veronica*, two passionate entrepreneurs on a mission to bring genuine leather handbags to women who desired quality without prohibitively expensive price tags. They were able to achieve their rare combination of high-end products at an affordable price point by enlisting the talents of a generations-old, family-run atelier in Ubrique, a small town in the Cadiz province of Spain with a worldwide reputation for the quality of its leather goods.
Having bought and sold businesses for over two decades, including three of his own, John captured the essence of what Nina and Veronica had achieved for their business through what he knows works best – honest and open conversation. Following his initial immersion in their story and their data, he could see their business would be an excellent acquisition for the right buyer.
With the portfolio and detailed documentation in place, it was time to reach out to John’s own contacts, cultivated over decades, and Transworld’s expansive global network. Within weeks, he had received expressions of interest from over 100 potential buyers. Next came the painstaking task of evaluating each one. After much deliberation on the merits of all parties, their motivation to purchase a fashion brand, the breadth of their business experience and the health of their finances, John presented Nina and Veronica with a shortlist of buyers.
Among them was London-based Joe Glackin, a management consultant at Collinson Grant with extensive experience in business acquisitions. What caught his eye was the unmistakable quality of Aurora’s leather products and the processes and systems in place – all testament to the business calibre of the founders.
Assured that the true potential of Aurora had been demonstrated in a way that appealed to Joe and his client, John then made a conscious decision to step back and facilitate direct communication between Nina and Joe, while still acting as a sounding board for both parties. With the sale successfully concluded, Aurora London continues to harvest the fruit of this conversational strategy, with the new owners still seeking Nina and Veronica’s advice as they truly value their expertise, energy and passion for the brand.
Transworld Business Advisors specialise in a strategic approach to selling your business. If it’s your time to implement your exit strategy, it’s time to contact your local Transworld Business Advisor.
*Names changed on request