The Sealed Bid – A Fine Toothed Comb approach to business sales
Successful business man Chris Davies sought our assistance with a sealed bid, when his thriving IT companies had grown to a point where they were overshadowing the growth of his third company.
Taking off the pressure
“I previously directed several businesses simultaneously, two of which were IT based and my third, relating to Acupuncture therapies.
My time was focused on Ndeavours Ltd and First Corporate Solutions Ltd, when I wanted to continue to grow the acupuncture side of my business. I began to look at the options surrounding the sale of my IT companies.
I’d initially looked at several options to broker my businesses, however I found they would take a large percentage upon the sale. I was faced with a myriad of typical sales people and high fees, until I met Paul. Alex was who I dealt with initially. She was pleasantly persistent, this made me keener to work with Uscita, knowing they were interested to work with me.
After meeting it was clear that Paul understood my expectations and helped manage these. He told me that although on the higher end of an asking price, my goal was achievable. I appreciated Paul’s honesty, he advised that a sealed bid would generate the best results and so this the sales route I took.
I was happy to sell my companies as separate entities but there was a lot of customer overlap and more sustainability for a buyer if both were bought together, which is ultimately what happened.
The Sealed Bid Approach
During the due diligence process, Paul was incredibly detailed, pre-empting any issues that a potential buyer may highlight. The legal process was comprehensive and required a lot of time and work to collate the relevant documents, something which I hadn’t accounted for. Because of Paul’s approach, we were able to be very transparent and showed very little risk.
Uscita’s fine toothed comb approach saved a lot of time and boosted the confidence of potential buyers, that we were able to answer all questions during our meeting, without a back and forth or the need to dig up information as it was all prepared beforehand.
When it came to potential buyers, my expectations were truly exceeded. Paul had estimated that we’d get around 3 to 5 interested parties. However, we sat will 11 potential buyers and Paul attended every meeting, prepared with any counter arguments we needed. From the 11 meetings we took 7 sealed bids. I sold to the highest bidder, who was coincidentally the company I was most confident selling to, as they shared a similar ethos.
The process was smooth and comfortable throughout, with the sale going through in January 2018 after beginning working on the sealed bid approach from around June 2018.
Thinking outside the box
Paul thinks outside the box; his experience is second to none and I trust him entirely. He reassured me throughout, I had no experience as a seller but all the companies I met with had previously bought other businesses. There was great care and attention given from Uscita, even after the sale had been completed.
I’d recommend working with Uscita based on the reassurance I received, the honesty and detail, the fact there were no hidden costs and most of all that they achieved the result they said they would. I was steered in the right direction, with Paul happy to be challenged and excellent at keeping everything moving.
I’m adamant that no one else would have got me the deal that Uscita got me. I have already referred one of my contacts to work with Alex and Paul and will continue to do so.”
Chris Davies – Ndeavours Ltd and First Corporate Solutions Ltd
If you are interested in selling a business, buying a business, growing a business or simply understanding the value of your business, please contact us, in the strictest of confidence.