Albert Goodman, a member of The Corporate Finance Network based in South West England with six offices, has advised the owners of an engineering services business on its sale.
The Albert Goodman team, led by Director of Corporate Finance, Neil Hutchings was approached by his client during the pandemic, when they decided to consider options for selling their business. Having never had an experience during such a situation, the owner sought advice from Albert Goodman regarding the process of selling a business including identifying buyers and negotiating price.
Neil and the Albert Goodman Corporate Finance team assisted the client, first by creating a list of potential buyers. Once buyers were identified, negotiations began with interested parties. The business served a variety of sectors including the aviation and defence industries, the former of which was heavily impacted by the COVID pandemic. This made the sale process challenging as revenue was decreasing.
However the Albert Goodman corporate finance team extensively yet confidentially marketed the business and identified a local entrepreneur who was keen to acquire the business.
The outcome was a successful sale in excess of price expectations within a challenging environment. The vendor is now able to enjoy a well-earned retirement and pursue other non-related interests. The alternative would have been to wind down the business which would have immediately made 11 employees redundant. A great result for all involved.
