We just wish to take this opportunity to acknowledge that our recent change from a conventional business consulting firm to a staging (pseudo R/E plan) is working well. We have found that so many company founders having reached that point of what to do next. Do I stay and build, borrow more money to grow, or mope along and wait several more years to see what destiny brings, or sell, semi retire with some kind of arrangement with a new owner, or just bite the bullet and retire, or even worse buy or build another company as I did this one?
These are sensitive questions that need in-depth and prudent studies to find the right answer, which differs for any founder/entrepreneur, who also must consider his family as a continuing perpetuation of the his/her business or whether the money from an eventual sale will be enough to take care of the family for decades to come?
We have no answers but plenty of advice all of which depends on the existing situation, so when we go in on an assignment such as the variables involved in the above scenarios we take our recommendations seriously.
Essentially, STAGING is like selling your house, you go to a realtor to determine the market value or your home and the realtor tells you what you need to do to increase the value of your home like painting it, updating appliances etc, even adding new furniture, all part of increasing the value of your home, sometimes to the point the seller decides to keep their home and continue to improve it for a future market play.
So, assuming we are hired we write a new updated business plan including financial projections and industry assessments, company photos, management bios, samples where applicable, prepare teasers to post on the social networks and our website (www. mitchelletteandassociates.com) along with direct contact with our network of possible lenders, buyers or investors.
We may even begin to search the market place for synergy partners, mergers, product acquisition, anything to enhance the value of the company, which often, when any of the above approaches are executed, the business owner decides to keep his/her company and grow it, which we then start down a different path by looking for additional working capital, refinancing or investors,
Personally, I am a good example of this dilemma, I sold my first company after I took it public, started a second company which I sold to a private group. After these two endevours went on to work in the finance business where I stayed twenty years, loving every moment helping other entrepreneurs fulfill their dreams.
Then, as my bio relates, I decided that I had one more shot at doing something I always wanted to do. I bought a community bank and eventually sold that, only to really retire and play golf for the rest of my life since I was only 65 at the time.
However, I was tired of both my golf game not improving and my golf friends and felt I still had something to give to somebody before I leave the planet and set out to start teaching as an adjunct professor for several major universities and wrote a book on the subject of Entrepreneurship, which was also my key course at the universities where I taught.
After my students, graduate students, kept me after class asking way too many questions about starting their own business, I decided that I may have found my niche and started my own consulting firm twenty five years ago.
OK, please don’t start adding up all the years represented in my above journey because you would probably figure out that I am of senior status, chronological but not mentally as I have all those years you just figured-out as a chronic entrepreneur, battle field tested and know of what I speak and have even surrounded myself with great partners, who are younger and equally experienced..
So, what is the bottom line, in this business of STAGING that makes M & A different than other consultants, even the big guys? We have been blooded in battle and know the terrain not just from books or hearsay but actual combat.
Now, back to the present, I am not a psychologist but I can say each client that seeks our advice will get what we think is best for them and their family.
Enough said, if any one reading this post is contemplating keeping, growing, merging or selling, just do yourself a favor an contact us for some early advice to determine whether you want to engage us.
Mitchellette and Associates, LLC
2927 Dean Parkway, STE.300
Minneapolis, MN 55416