There are many questions to ask when considering if you should sell your business. From thinking about the future of your company in somebody else’s hands, to the legacy and employees you will leave behind, it’s natural to feel a degree of uncertainty at this time.
One of the most important questions to ask yourself is: do I want to sell my business, or do I want a business partner?
Transactional sales and collaborative partnerships
To work out if you need a business partner or a buyer, it’s important to understand the difference between a transactional sale and a collaborative partnership.
Transactional sale
Transactional business sales are conducted with a strong focus on getting the deal across the line, and less on establishing a long term relationship and goals for the businesses. The process is straightforward and quick, but often lacking in flexibility.
In transactional business sales:
- The sales process is often standardised, making it swift and simple – but this can limit the opportunity for a flexible deal on your terms.
- The emphasis is on getting the best deal possible and closing it efficiently.
- There is less focus on building a long term relationship or future planning.
Collaborative partnerships
Collaborative business partnerships are built on aligned values and goals. A good business partner will add their skills and expertise to yours, so that together you can set and achieve long term goals for your business.
In collaborative business partnerships:
- Both parties are invested in the success of business – risks and rewards are taken on together.
- There is a focus on achieving goals and sustained long term growth. A business partner is invested in the future of the business – not just quick profit.
- The skills, expertise, and resources of both parties are combined to cover all bases.
Signs you need a business partner
1. You need help sustaining long term growth
Your business might be growing, but if its growth is exceeded by your customers’ demands, this upward trajectory can become unsustainable. A business partner can inject your company with the money and resources it needs to achieve long term growth plans.
At Goonvean Group, we invest in the future of your business. We don’t sell it and move on. Our patient capital investment ensures your business continues to develop sustainably – whilst preserving the legacy you’ve built.
2. You need complementary skills and expertise
A business needs a plethora of skills to ensure its continuing success – and these might be outside your area of expertise. Whilst your sales proficiency has helped your business grow and grow, the marketing knowhow needed to expand your customer base might not be within your skillset – and vice versa.
The right business partner should be the perfect complement to your skills, filling in the gaps and adding their expertise to yours.
When Goonvean Group acquire a business, our board becomes yours, with decades of experience in all areas of business management and strategy. We don’t micromanage the businesses we acquire; we work with business owners to pool our collective skills and help the company thrive.
3. You want to stay involved
Although selling your business is on your mind, you might not be ready to move on just yet. If you want help to grow your business, with plans in place for you to leave when it’s right for you, the right business partner could be the answer.
Goonvean are a legacy-minded investment group. Many of our businesses are family-run companies that have been built up across generations. Their founders and owners are incredibly invested in the ongoing success of the business – even after they sell. We offer flexible deal structures so business owners can stay involved, or plan a gradual exit when they’re ready.
4. You need capacity support
Your business might be doing so well, you’re struggling to keep up with ever increasing customer demands. Alternatively, your customer base – whilst loyal to your business – might not be growing as much you’d like.
At Goonvean Group, we spread our resources efficiently and effectively, promoting harmony between our alike businesses. We divide our operations into four different segments:
This enables the cross-pollination of customers, suppliers, skills, and expertise. Every Goonvean business benefits from improved application of resources, enabling their capacity and customer reach to grow as never before.
