Commercial Cabling Business
Our client is a commercial cabling business servicing both residential and business customers. They have a fleet of vans on the road and a staff of around 20 and operate in a regional city with a surrounding rural area. There were two owners who had purchased the business 20 years before. They had grown the business to a stage where it was still growing and giving them both a good income.
The two owners, who were in their mid-60’s, were looking for a succession option that could give them the opportunity to participate in that growing market, but also give them an option to move out of the business over a period of time.
Platform 1 was engaged to find an entrepreneurial person who had the industry knowledge and skills, as well as some capital to buy the two owners out over four years.
Platform 1 conducted an executive search through the marketplace, and found a number of individuals who were suitable as a Business Partner and had the skills and the capital to buy the owners out over the period of time. We call this the Business Owner Transition Model.
One was selected and the process was working very well. By mutual agreement the process was moved forward, resulting in him fully buying the owners out over a two year period.