Supporting the sale of a thriving Scottish retailer

Background

This was the sale of a specialist retailer of ironmongery and plastics products, tools and small accessories. Established 15 years ago, they operate from two trade counter branches in Scotland and also also sell their products online. The business has a broad client base ranging from local tradespeople and the building industry, to hospitality and government agencies.

Deciding to sell the business

In the run up to one of two company shareholders approaching retirement age, the two owners began to discuss the possibility of a business sale. Working closely with their Consultant Head of Operations, the owners made the decision to sell the business in early 2024. Amongst their criteria, they stipulated that the new owner would carry on running the business as usual to limit the impact of the sale on their staff, customers and suppliers.

Working with Raymond Blin, Business Broker

Raymond Blin of Business Partnership received a warm introduction to the owners via their accountant. At their introductory meeting, Raymond explained his experienced approach to brokering business sales. The owners subsequently appointed him to act on their behalf and Raymond moved swiftly to get the business on the market.

He supported the business owners from start to finish, preparing the Heads of Terms agreement, marketing the business, interviewing interested buyers, setting up meetings, liaising with stakeholders, supporting the due diligence process and the final contract negotiations.

Outcome

The owners selected a preferred buyer with a portfolio of businesses in a similar sector. The buyer intended to carry on operating the business as a going concern, meaning that all staff would be retained and their jobs were secure. The two owners agreed to stay on as directors and are enjoy their part-time roles overseeing operations and customer relations. They have a healthy relationship with the new management team and have achieved all the objectives they set out at the start of the sale process. The sale took 9 months from initial marketing activity through to completion in October 2024.

What the client says…

We researched and spoke to other brokers, and Raymond stood out from the pack. From the off, it was evident he was highly experienced in buying and selling businesses. He also came recommended by our accountant, which was a good start.

When we met for the first time, the conversation with Raymond gave us a positive feeling. He took time to understand the owners’ objectives and explained how he would approach each stage. He gave us an idea of the fees involved and highlighted the importance of confidentiality. We felt reassured, as at that point our staff were unaware of our plan to sell.

We had around 6 enquiries per week during the first few weeks, which would have been a lot for us to manage internally. Raymond sifted out the time-wasters, shortlisted the genuine buyers, and arranged for us to meet them.

The best thing about working with Raymond is that everything is done by him. He was across everything from preparing documents for due diligence to dealing with finance brokers, investment bankers and solicitors.

We had done our preparation for putting the business on the market, but there were gaps in expertise that Raymond’s experience filled. His independence and fresh pair of eyes were incredibly valuable.

Everyone involved in the sale had every confidence in him. The fact that he was working on behalf of us and no-one else meant a lot. He prioritised our needs before anything else, and always made sure we understood what was happening and why. He took no action without the owners’ joint agreement.

Raymond tells it like it is. He’s transparent and up-front about what can and can’t be achieved. You always know where you stand with him. He gave his honest opinion on the state of the business, how it sits in the marketplace, and helped us find our ideal buyer. You can’t ask for more than that.

Consultant Head of Operations