Business Owners Explore Options with The Beringer Group
Deciding to keep or sell the family business is a difficult decision every business owner must face. Let the following four business owners share their personal experiences, revealing what led them to part ways with their family business. Their advice could aid you when making those difficult business decisions and help you come to a final conclusion you feel confident and comfortable with.
1. Between Generational Ownership
Adam Zima was the owner of Capitol District Supply, a kitchen and bath supply company with three locations in New York. Capitol District Supply had been family-owned and operated since 1945.
Adam Zima was the third generation to run Capitol District Supply. Adam explains the driving factor behind the decision to sell Capitol District Supply was the company’s unique position between generational ownership. With multiple families holding ownership interests, each at different stages of their lives and careers, it became apparent that this timing presented the perfect opportunity to carefully evaluate and pursue the most suitable options for a seamless transition of the business. Consequently, Adam met with an outside consultant and began exploring a variety of options, including internal and external sales.
Thanks to outside help, the Capitol District Supply family was well-prepared to take their business to the market and explore the array of offers that awaited them. After carefully considering multiple compelling proposals from external companies, they opted for a hybrid approach. This involved selling the business operations to an external company while smoothly transitioning the real estate holdings internally within the family.
For others looking to sell, Adam recommends companies with multigenerational ownership bring advisors into their company sooner rather than later. He goes on to say, "Once we partnered with an expert, it was apparent we could have benefited from advice and planning many years before we started our process."
Click here to continue reading.
The Beringer Group will have a booth at AHTD’s Spring Meeting so please stop by if you have any questions. We would be happy to have a conversation.
theberingergroup.com
1. Between Generational Ownership
Adam Zima was the owner of Capitol District Supply, a kitchen and bath supply company with three locations in New York. Capitol District Supply had been family-owned and operated since 1945.
Adam Zima was the third generation to run Capitol District Supply. Adam explains the driving factor behind the decision to sell Capitol District Supply was the company’s unique position between generational ownership. With multiple families holding ownership interests, each at different stages of their lives and careers, it became apparent that this timing presented the perfect opportunity to carefully evaluate and pursue the most suitable options for a seamless transition of the business. Consequently, Adam met with an outside consultant and began exploring a variety of options, including internal and external sales.
Thanks to outside help, the Capitol District Supply family was well-prepared to take their business to the market and explore the array of offers that awaited them. After carefully considering multiple compelling proposals from external companies, they opted for a hybrid approach. This involved selling the business operations to an external company while smoothly transitioning the real estate holdings internally within the family.
For others looking to sell, Adam recommends companies with multigenerational ownership bring advisors into their company sooner rather than later. He goes on to say, "Once we partnered with an expert, it was apparent we could have benefited from advice and planning many years before we started our process."
Click here to continue reading.
The Beringer Group will have a booth at AHTD’s Spring Meeting so please stop by if you have any questions. We would be happy to have a conversation.
theberingergroup.com