The decision to sell a successful business is a difficult one, especially for a business that is larger than appropriate for a “ main street business broker”, yet smaller than necessary for a full blown Mergers and Acquisitions firm that deals with companies with 10M plus in Ebitda. Added to this difficulty was the fact that we operated a complicated business. Our business required a buyer with the financial resources to complete a transaction AND the technical resources to continue its profitable operations.
We were also concerned with the type of buyer that we would find. Given the financial and technical concerns, we thought that the universe of possible buyers was limited to those potential buyers that we already knew about – our own contacts of similar businesses developed over a nearly 25 year effort in our endeavor.
By the providence of God, we discovered Sundeep Gill. Sundeep seemed to have the understanding of our particular situation – he claimed to have the contacts and marketing savvy to get the business sold. He promised to work diligently to find the right buyer for our business and to achieve a price that we both agreed was realistic for our size company. He promised to protect the confidentiality of the process and keep us informed every step of the way. We put our faith in his representation and agreed to employ Sundeep to represent us.
Within just a few weeks of beginning the process we were pleasantly surprised by the level of interest generated. There were hundreds of inquiries and many signed NDAs. Sundeep arranged conference calls with various buyers – and we had many such calls with a variety of buyers. Sundeep was able to setup the contacts for us where we received multiple “LOIs”, all of them from buyers that we did not expect, nor did we know they even existed. We thought we knew who our potential buyers were – and we were surprised that we didn’t know ANY of the buyers that Sundeep was able to gather to show interest in our business.
After eliminating one of the LOIs we concentrated on the remaining 2 LOIs and proceeded to negotiate with both of these entities (carefully remaining ethical during this process to not disclose competing terms and conditions or otherwise violate ethical or legal boundaries). With Sundeep’s guidance we agreed to the LOI that was a best match for our customers and business needs and that was financially acceptable. The process from signed LOI to closing took about 120 days, with a 30 day delay instituted by us in order to deal with some tax consequences of the sale. Sundeep did an excellent job of keeping everyone on task and guiding us to a closing.
This is our story. Sundeep made promises which he kept and did an excellent job of representing my company. I wholeheartedly recommend Sundeep if you are in a similar position of selling a business where you are bigger than your typical business broker serves, yet smaller than will get the direct attention of bigger M&A firms. Sundeep treated us as the most important client he had. I think he will do the same for you.