I found myself in an entirely unexpected and unimaginable situation—one I wouldn’t wish on anyone. Following my brother’s sudden passing, it became my responsibility, on behalf of the family, to manage his estate. This included overseeing a majority shareholding in a thriving multi-million-pound international silicone manufacturing business, based in the UK and Germany.
After the initial shock of his loss and gradually coming to terms with parts of his estate; like the house, cars, and so on. The next question was, what about the business? What should we do with it?
I had limited knowledge of his business and soon found myself needing to work closely with the other shareholders, who had been involved from the beginning and had deep expertise in the industry. It was a tough time, but decisions had to be made. While it became clear over the next few years that some of those decisions may not have been perfect, what was undeniable was that selling the business was crucial for the family’s health and well-being.
Bringing up this topic with the other shareholders was challenging, as this business had been their life’s work. I don’t think they were thrilled about the prospect of having someone new getting involved, especially given the fact that I was new to running a business and had zero knowledge of the sector. To be honest, it wasn’t something I was comfortable with either. Safe to say the early exchanges were challenging but it quickly became apparent that the one thing we did agree on was that selling the business would be the best outcome for everyone involved.
I began researching to find a reliable Corporate Finance Company (Business Broker) that felt like a good fit, one we could collaborate with easily but, most importantly, one that I could trust. There were countless options, but many felt too formal and corporate which didn’t align with us. After extensive research, I finally came across Entrepreneurs Hub (EH), and from the very first interaction, it just felt like the right choice
I first met with one of the Directors, Tim Allaston, who immediately made me feel at ease. Tim took the time to listen to my story with genuine empathy and then explained what the process would entail. Strangely they were not too salesy, or pushy, they did a lot of listening and explained things in a logical way that I understood. It was an eye-opener, I hadn’t realised how complex selling a business could be and how long it might take. Whilst I quickly decided that Entrepreneurs Hub was the right company for us, the next challenge was getting the other shareholders on board.
I arranged a meeting with the other two shareholders, with EH in attendance and hosting the meeting. Tim Allaston, the Director I had met a few weeks earlier, was there, along with Mike O’Connor the Director who would be responsible for managing the deal. Once again, EH took the time to thoroughly explain every detail of the process; the steps they would follow, and the support they would offer throughout. They made it clear that their role was to represent the interests of all the shareholders, ensuring that each shareholder’s needs were considered as a collective and support us at every stage of the process.
EH quickly followed up with a proposal that clearly detailed the scope of work and associated fees. After some discussion among the shareholders, we agreed to move forward with EH.
Within a few weeks, we found ourselves sitting around a table with the broader team from EH, kicking off the process. EH had emphasised the importance of being thoroughly prepared, so as part of our engagement, we entered a preparation phase for the sales process. This involved a full-day, deep dive into the business, covering all aspects. This was followed by a comprehensive financial review with one of EH’s Financial Directors, who thoroughly examined both our historical numbers and future forecasts. We also had a legal review with one of EH’s panel lawyers to identify any potential issues down the road. Following this, there were additional checks, information requests, and feedback from the EH Deal Lead and Project Manager, who shared their insights on our business’s current position and outlined the steps to move us forward to the next stage.
During this deep dive EH identified a few issues within the business that needed to be addressed before we could go to market, which resulted in the process taking longer than we initially hoped. However, it was clear that had we not addressed these areas before engaging with potential buyers, the process would have come to a complete standstill.
Throughout this period, EH provided valuable advice and recommendations to guide us. While we focused on resolving these issues, EH began researching the market and preparing all the necessary documentation for when we were ready to actively enter the market.
I’m still amazed by how many potential acquirers EH identified. Of course, there were the expected companies in our industry, but they also uncovered so many others, both domestic and international. At least 50% of the targets were overseas, many of which we would never have found on our own. We had full visibility and approval of all the targets and the necessary documentation before the process even began.
As time went on, and with EH’s invaluable support, we managed to resolve the remaining issues and were finally ready to go to market.
Over the next month or two, EH reached out to the list of targets, starting by sharing an anonymised overview of the business. After an NDA was signed, they issued an Information Memorandum. Shortly after, the EH Deal Lead followed up to gauge interest and discuss the next steps with the various interested parties. Throughout this market phase, we received weekly updates from EH on the progress with each target, which eventually led to both virtual and in-person meetings with the interested parties. EH facilitated and attended every meeting, always by our side, offering valuable feedback every step of the way.
This resulted in several trade buyers and private equity investors submitting offers for the business. I remember when I first met EH, they stressed the importance of creating competitive tension and ensuring we had options. EH certainly delivered on this, as we received multiple offers, each with different values and terms. They provided a comprehensive summary of all the offers and presented us with an overview. At no point did we feel pressured to choose one offer over another, but when we asked, EH offered their feedback on the pros and cons of each.
In the end and after much debate we accepted what we felt was the best overall value and structured offer for all the shareholders.
Next came the Due Diligence process. EH took charge of hosting and managing the data room, providing support throughout the entire process. In fact, the EH Financial Director was deeply involved, thoroughly familiar with the business, including the complexities of the inter-company trading between the UK and German operations. He played a crucial role in extracting key financial information that was requested throughout the DD process.
It was definitely a rollercoaster of a journey but the EH team was there every step of the way. I always knew I could pick up the phone and speak to Mike or any member of the team at any time. Nothing was ever too much trouble for them.
I can honestly say that, without the support of the entire EH team, I’m not sure we would have made it across the finish line.
If you’re looking for a company that not only knows what they’re doing but also genuinely cares about the outcome and operates with true integrity, I couldn’t recommend EH more highly.
Read our deal announcement to find out more about the sale of Silex and MVQ to Euston Ventures. If you are thinking about selling your business or have received an approach and want some advice, please contact us on 08450 678 678 or [email protected]
