Retiring & Passing the Torch In California
An owner of a fifty year old AGS store in California wanted to sell his business. After several years of trying to find a buyer who could pay him his “worth” in the business (inventory, goodwill & turnkey location), he became somewhat resigned to the fact that he would just have to close down, or simply conduct a Going Out Of Business Sale. Another issue was he really didn’t want to quit working, however he no longer wanted the burden of every day problems. His Daughter who was in another line of work at the time, had grown up in the store and new the business, wanted to buy it however didn’t have the cash to do so. He needed the cash to assure his retirement, and didn’t want to “hold a large note” from a family member, or be dependant on his daughter to pay him.
Solution – We developed an “Exit Strategy” for the owner that transferred the store to his daughter and paid him his “asking price” for the business. Over Christmas that year we conducted a:
The Owner Is Retiring from Day to Day Operations and selling the store to his daughter, Who will continue in the tradition…. The founder (former owner) Will Remain associated with the store and will continue to work with his customers on a regular basis.
Result – The founder (former owner) got a “multiple-six-figure-cash-buy-out”. His daughter has taken over the business and is doing fine seven years later. He works when he wants. (he plays a lot of golf to).