Logpile.com Sale of a young entrepreneur’s ecommerce business

Background

Logpile.com was set up in 2021 to supply and deliver 100% hardwood kiln-dried logs to customers’ doors during the global pandemic. Georgia Greenwood joined the business early on, learning from the founder and soon taking over running warehouse operations. In 2022, when the owner lost his passion for Logpile, Georgia agreed to purchase the business and took over as Managing Director. She went on to grow online sales, transforming it into one of the largest online log retailers in the UK.

Taking the decision to sell

In 2023, Georgia realised that to remain competitive in the marketplace, the business would need to expand into manufacturing its own wood. This was beyond both Georgia’s personal ambitions and skillset, so she decided to sell to someone with experience in this area. She approached several business brokers for advice and appointed Simon Tomkins of Business Partnership in June 2023.  

The sales brief

Georgia had two clear criteria that the sale had to meet:

1. To keep the business local, and
2. To protect the status of her employees with minimal disruption to their working lives.

Simon valued the business, which was in line with Georgia’s expectations. He also recommended an additional fee for Georgia to stay on in the business following completion of the sale.

Georgia had some ideas of potential buyers and Simon reached out to these contacts alongside marketing the business on the open market. The open sale generated a broad mix of prospects – some of whom were experienced in ecommerce operations but had limited knowledge of the wood industry. Simon filtered out the most appropriate proposals, providing honest feedback on each. He arranged for Georgia to meet the shortlisted buyers and advised her on what to expect at the meetings.

As Georgia had an existing relationship with the eventual buyers, Simon acted as a neutral, unbiased intermediary. He led negotiations on price, responded to queries, and also managed a challenging legal dispute with some of the business shareholders, negotiating a settlement on Georgia’s behalf.          

A happy outcome

In October 2023, Logpile.com was sold to their existing wood supplier and manufacturer. A local, family-owned business that has big plans for future growth. The sale took just four months to complete. Operations have moved a short distance from the original site and the team has doubled in size. Georgia remained working in the business for a year following the sale. She then left to go fulfil her dream of travelling around Australia.

What the client says…

I learnt so much from the experience of owning and running a business, but as it grew it needed more from me than I could provide. When I typed ‘How to sell a business’ into Google, there were so many options to choose from. I contacted several of the business brokers listed and Simon was the only one who took me seriously. Some emailed a brochure, others chatted briefly on the phone. I was used to being a young woman working in a male dominated industry, but so many were so quick to dismiss me. Simon was the only broker who offered to meet me in person.

Having Simon in my corner was like a ready-made support network. I could ask him anything and he would give me his honest opinion. He was always on my side, whilst looking out for every party involved in the sale. Simon asked me lots of questions upfront, which meant that he could respond on behalf during negotiations and I could focus on running my business knowing everything was taken care of.

One of the most valuable pieces of advice he shared was around how long to stay on in the business after the sale. He negotiated a 12-month period when the buyers wanted me to stay for much longer. This is where Simon’s experience was invaluable. When things get tough he’s like a ray of sunshine, so positive and optimistic. As well as my business broker I now class him as a friend I can count on for professional advice.

Georgia Greenwood, former Managing Director