When a business owner mentioned to Henry Ziff, he was thinking about closing his business to move in a new career direction, the Managing Director of Transworld Business Advisors of London offered him a more viable solution.
You may not always enjoy attending networking events, especially when they moved online, but the value of the connections you can make, and the people you connect with, can be hugely beneficial for your future. As Henry Ziff, MD of Transworld Business Advisors of London, and Jason Green discovered earlier this year.
“I met Jason at a networking event we both attend,” Henry explains. “We’d been in conversation about business, generally, when Jason mentioned a goal he had. At the time he wasn’t sure if it would mean closing one business in order to pursue another. But based on our conversation, I could see Jason had something of value in his business, and I knew buyers who would be interested.”
As they arranged to meet, Henry discussed in more detail his vision to facilitate Jason’s goals, with the sale of his business. Based on his experience with selling various companies, Henry recognised there was huge value locked up in this one, which Jason would benefit from. “The business Jason had built-up over 17 years was a unique model for IT and telecommunications, and he was supporting blue chip clients who valued the service they received from his team. There were people who potentially would have lost out, at a time when the economy was starting to feel nervous.”
Jason agreed Henry could try to sell the business, before he made any other decisions. “We agreed a short time-frame, for me to see if the business would sell. So, in order to not waste any time, I contacted strategic buyers I’d worked with previously, and explained to them about the business which had just come on the market. We actually received a first offer within a week. Unfortunately, the deal died because of coronavirus, but I had a second buyer primed who immediately jumped at the opportunity to add Jason’s business to his growing portfolio.”
The pandemic may have had an impact on this deal in the early stages, but it couldn’t stop Henry and his Transworld of London team from closing the deal. “We may have missed out on the face-to-face aspects of the sale process, and the handshake upon completion,” Henry explains. “But when it came to the negotiations, and securing the deal, the pandemic wasn’t really an issue. We have a systematic approach to how we structure our deals, which can be achieved as easily through video conferencing and phone calls as much as in person.”
We signed this client up at the end of February, as news about a global pandemic was escalating and we sold it before lockdown finished in July. “I’m really pleased we were able to structure a smart deal which worked for both Jason – who is pursuing his new passion, and doing some good in his new venture. The deal also enabled the company to keep their staff employed during the pandemic, when so many businesses have had to close. The buyer is excited about what he is building, and this was definitely a strategic acquisition for him, which is allowing him to grow, too. This was a satisfying deal, all round.”
If you are thinking about closing your business, why not talk to Henry, or your local Transworld advisor, first to see if there is any value which can be released for you. Call 0203 911 0159 or email firstname.lastname@example.org