Finding the right expertise to sell your engineering business.
Selling your engineering business after years of hard work can be a daunting task. Like all successful business operators there comes a time when you will start looking at planning your retirement.
When selling your engineering business there will be many questions that need answering and as you are an engineer, not a financial service professional, you will need good advice and guidance.
Finding business consultants with expertise in your field of business is also beneficial, The first step in selling your engineering business is finding a business broker or M & A accounting firm that has expertise selling engineering companies.
When you engage a professional business consultant with expertise in your business industry there are many advantages. Importantly, this experience contributes to minimising the chance of missing something that could allow you to place a higher value on your business.
Factors like cash flow, assets and liabilities are only part of the equation. A good business advisor will understand and recognize this and therefore equip you with reliable estimates which will allow you to better negotiate the best sale price.
How much of the business is your personal “brand?
When selling a consulting business, often the owners’ skills are a major part of the business success.
How much of the business is your personal “brand.”? This is an important question which needs to be addressed.
As an engineer and a business owner, it is often the case that the company has been built around yourself and your skills. Assuming you are leaving the business when you exit, will you take a lot of “what makes the business with you in it? Have you prepared or engage a possible younger partner to take over? If not, and you are the business brand then any potential buyers will often require a long transition period to put a management structure in place.
What is required is a clear organizational plan with the right people in place to keep the business running the same way you did when you were running the business.
Why choose Tim McCauley?
Tim McCauley has a sound background in construction and engineering. He has audited many construction companies and related industries during his time at KPMG. He holds the position of Chairman at LaserBond Limited, a mechanical and mining services group with 4 location and over 100 staff. He has held the position of CEO and then Chairman for 10 years.
Tim has consulted for companies ranging within 3m to 60m turnover and has worked with more the 10 plus construction and related industries over the past 3 years. As a leading expert in Sydney within mechanical, electrical and civil engineering he has an impressive portfolio, managing businesses within home building, commercial and state government contracts.
If you are considering selling your engineering business, why not book a complementary 1 hour consultation with Tim McCauley.