Do you mind sharing what your exit looked like and if it was worth it? Would you do anything different? Why did you ultimately decide to exit?
Absolutely! I'm happy to share.
We sold to a strategic buyer that already had a lawn care operation in our area. His lawn care operation was more heavily focused on fertilization work so purchasing a large primarily maintenance company was a nobrainer. The deal was based on our profit with a multiplier of 4X our profit because we were offering a turnkey operation, not a risky purchase that depended on the owners. The deal did include a 90 day handover process but all of that was done remotely. All of the assets, staff, contracts, leads, marketing, systems and processes went with the sale.
Yes. It was worth it. It validated all the work we put into building a business that didn't rely on us. If I could do anything differently I would've made the pivot to document processes and delegate sooner. We wasted 4-5 years spinning our wheels and looking 'busy' without any profit to speak of. The sooner you can remove yourself from the day to day, the more valuable the business becomes.
We exited because we were ready for a change and something different. The stress of owning the business was starting to outweigh the benefits of owning for us. My husband and I are in our early 50s so we saw this as a great opportunity to take some time to enjoy life, spend time with family (especially aging parents), and take the time to focus on new opportunities. We possibly could have continued running it if we stayed local, but we chose to move to Mexico to be close to my husband's mom and take care of her in her twilight years.
Let me know if you have any further questions!!
It would be fun to interview you on my podcast. Let me know if you would be up for it. Thanks for the insights.
Hey Branden -- That would be right up my alley! I'd love to chat with you more about it anytime you've got the time!
