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Find out what three previous owners have achieved by selling their businesses
Every business owner who chooses to sell their life's work has their reasons for the decision and their wishes for everyday life on the other side of the business transfer.
Here, three former owner-managers from very different industries talk about why they sold and how it has affected their everyday lives.
Mads Toksværd sold the software company DocuBizz ApS to the Swedish group Vitec Software Group AB
What was your motivation to sell DocuBizz?
We were two owners running the company. DocuBizz had reached a size where it was natural for it to be part of a larger context and where we could think more long-term. Minimizing risk was also part of our motivation. My co-owner and I are both in our 50s, so the sale was also motivated by a desire for more security. We realized that if we ran into business headwinds, it would be late in life to start over.
What have you achieved with selling your business:
I have primarily gained financial freedom. The risk associated with having all assets tied up in a company has been exchanged for the feeling of security now that I have free funds.
The free funds give me the feeling that no matter what happens, I can live a life where I'm not dependent on external factors or whether I make the optimal decisions in the company in every situation.
What has the sale meant for your everyday life:
Not a big deal. My commitment to DocuBizz is just as strong as before. I'm still a director, but now as an employee. Exactly as I wanted.
It's very satisfying to be part of a group with a number of sister companies. Among other things, it gives us the opportunity to seek sparring and knowledge in a wider circle and to benchmark within the walls.
Have you gotten what you wanted out of the sale:
Yes - it's close to what I expected. This is mainly because we found the right buyer.
Do you have any advice for business owners considering selling?
If you want to stay in the business after the sale, it really pays to put in the effort to find a buyer who has a genuine interest in your business and wants to continue running it with the original values.
Read the case study about the sale of DocuBizz
Susanne Nicolaisen sold the family business Nicolaisen & Larsen A/S to the Dutch company Royal Reesink B.V.
What was your motivation for selling the business?
Age was the primary motivation. My brother and I owned the family business jointly, with me as CEO. As I approached 70 and my brother was ill, it was time to sell. We agreed to look for external buyers. Preferably foreign buyers who would take over both the domicile and employees.
The sale had been on the cards for several years, so we were mentally ready.
What have you achieved by selling:
We have managed to hand over to the right buyer. A Dutch company that really WANTS to be a player in the Danish market and is in the process of developing our family business in the best possible way.
It means a lot to me personally to see that the company is in good hands. At the same time, it's a great relief to be completely out.
What has the sale meant for your everyday life:
First and foremost, the sale has meant a lot more time for people close to me - my husband, family and friends.
Our company was located in West Jutland and I live in Vedbæk, so before the sale I was away from home Monday to Thursday every week. Of course, that way of life has cost me some sacrifices.
That's why it's great to now have lots of time and freedom. I use my energy in the garden, in the gym and on the two board positions I still hold.
Have you gotten what you wanted out of the sale:
Yes, definitely. The goal was a share transaction, and we successfully navigated the sales process and negotiated our most important requirements and wishes.
We became aware of the buyers, Royal Reesink B.V., through a good friend in the industry. With dedicated efforts from key people in the company, the board of directors, and not least Claus Bruun and John Nygaard from Business Broker, we completed a thoroughly professional sales process.
Read the case about the sale of Nicolaisen & Larsen A/S
Bent Olsen sold the majority of shares in Artusbyg A/S to Bytømreren A/S
What was your motivation to sell the business?
My partner Jesper and I have run Artusbyg together since 2013 and went through a difficult period in 2016-17. When we came out the other side, we established a new board and agreed that we would get Artusbyg ready for sale sometime around 2025.
But then suddenly a buyer approached and we quickly agreed to start the sales process. We sold the majority of the shares and retained a minority each.
What have you achieved with the sale:
Jesper and I have gained a huge degree of security in our personal finances. In addition, we have revitalized our working lives in different ways. Jesper has retired a bit and is working less now, while I have geared up with new responsibilities.
What has the sale meant for your everyday life:
The sale of the majority shareholding in Artusbyg has opened up new opportunities. I get to test my business development skills at Bytømreren.
For example, under the new auspices, we have set up a construction company to try out construction on a larger scale. I've had some expensive experiences with that before. But those experiences are valuable now that we have the opportunity again, this time with a broader ownership group and a strong board.
I'm also happy with the sparring I now have access to with the other team leaders. Of course, it's a culture I've had to get used to when Jesper and I were the ones who knew best. But it's positive to have direct access to others who know at least as much.
I've also started a Mini MBA as a supplement to my 9th grade and masonry education. I've wanted to do that before, but now the timing is right - it makes sense for me to learn more about business development, strategies and change management in our new organization.
Have you gotten what you wanted out of selling your business?
I have achieved much more. Looking back at Artusbyg before we sold, Jesper and I agree that we were starting to show signs of fatigue. The business was pretty much running itself and we needed to get out and shake things up a bit. For that reason alone, the sale was perfect.
In addition, we got our desired price for the sale of the majority shareholding honored. And all our slightly nervous thoughts about what it would be like to become part of a larger company have been put to shame.
