Like many business owners, Mike and Kathy Wolf of Midwest Automatic Products, Inc. decided it was time to retire and began looking into selling their business. The company had been in operation for more than 40 years – half of that under their leadership. To start to sales process, Mike and Kathy reached out to Calhoun Companies agent Bob Cardinal. He had previously spoken with them more than a year prior, but they were not quite ready to sell at that point in time.
The business proved to be in good shape for a sale. The financials were in order and, even better, there was excellent inventory that would be included in the deal, along with real estate. With the asking price in place, Bob helped Mike and Kathy take the most important step – listing the business.
“While its important to do the legwork and preparation for a sale, the most important thing is to get the business on the market,” says Cardinal. “Once the business is on the market, interested buyers can start finding it organically, which can often lead to the best offers.”
In the case of Midwest Automatic Products, simply listing the business led to two suitors touring the facilities within one week of the company hitting the market. One of them proved to be the perfect buyer for the company, and the deal was done.