Deal Story: Passing the Torch
Andy Kocemba
When Bud Miller, owner of Miller Electric, decided to retire, his primary concern was making sure his employees would be taken care of. He spent his entire career building his business and attracting a skilled and dedicated workforce, something that was particularly difficult to find and retain in his industry. After all these years, he wasn’t about to abandon them, even if he was stepping away from his company. Luckily, having loyal employees would work to his benefit.
“An established business with a loyal workforce and clear financials is deeply attractive to potential buyers,” says Manoj Moorjani, the Calhoun Companies agent who helped bring the deal to fruition. “Buyers will pay a premium price for a business that will be ready to go as soon as the deal closes.”
Bud was referred to Calhoun Companies by his financial planner, and connected with Manoj. The deal itself progressed naturally. Another electric company in the area was looking to grow and acquire a skilled team, and believed that Miller Electric would be a great business to purchase and incorporate into their operations.
“With the buyer being in the same industry, both parties were able to speak the same language,” says Manoj. “There was nothing lost in translation and the business wouldn’t miss a beat in the transition.”
Both buyer and seller were keen to make the deal happen, and everything ran smoothly. In fact, the only hold up was waiting for finalized tax returns the bank needed in order to close the transaction.
Now Bud is able to slow down and spend more of his time traveling, the buyer can expand their business, and the employees at Miller Electric are taken care of.