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3 former owner-managers:
Selling a business gives you freedom
Selling a business gives you freedom
More freedom. This is what many business owners want when they contact Business Broker discuss selling their business. Here, three former business owners talk about where they are today after selling their businesses. The common thread in the three customer cases is that the sellers achieved the desired degree of freedom and that the businesses are moving toward new goals under new ownership.
Tommy Bøgehøj sold the production company Skomø A/S to the industrial group Lagercrantz Group
What was the desire behind selling your business? My wife and I bought Skomø in 2005, and even then we agreed that after 10 years we would review whether we wanted to continue. When we reached 2015, I wanted to get rid of having operational responsibility from 7am to 11pm every day. Our children didn't want to take over, so we ended up starting a sales process with the expectation that it would take five years. But the company was sold after just six months in the summer of 2016. I was 56 years old at the time. We reached an agreement with Lagercrantz that I would stay on as CEO for two years and that my wife could continue in her finance role.
Where are you today? When the two years after the handover had passed, Lagercrantz invited me to stay for two more years, but I wanted to change my priorities. Instead, I am now chairman of the board of the company. The sale of Skomø has given me the financial freedom to buy into five smaller companies where I act as an advisor and board member. I plan a similar involvement in two or three more companies. I am also chairman of Fregatten Jylland and a council member in Syddjurs Municipality.
Have you achieved the freedom you wanted? Yes, I have achieved my goal of freedom. Even though I'm almost on the road for work every day, I'm not tied to the operations of any of the companies I work for. That's freedom for me. I enjoy having plenty of time to travel, play golf and fix up the house. My wife hasn't had the same need to let go of her operational duties in Skomø, but she has reduced her hours and been given extra vacation time so we can travel together.
Read the case about the sale of Skomø
Henrik Rabæk Poulsen sold IMS A/S to the software group Visma A/S
What was the desire behind selling your business? Before Visma acquired IMS, I was responsible for all of the company's key processes. I didn't want to continue doing that for many more years. My plan for selling the company was a smooth generational succession, so that I could gradually relinquish my responsibilities. Fortunately, Business Broker found Business Broker buyer who met my wishes to retire and to continue running IMS as an independent company, now as part of a group.
Where are you today? I am now Managing Director at IMS. I enjoy the fact that I have a board of directors with real professional capabilities in software and document management systems, which is our specialty. The board supports and challenges me on a whole new level - and it motivates me to get that input from above. It means that we can push forward with some of the development plans I've had for a long time.
Have you achieved the freedom you wanted? I have the same responsibilities I had before the change of ownership, but I feel the freedom of no longer having sole responsibility for the bottom line. I'm also not working quite as many hours as before, but still full time, for now. It's exactly what I wanted.
Read the case study about the sale of IMS
Orla Findahl sold Findahls Møbelfabrik A/S to Hammel Furniture A/S
What was the desire behind selling your business? We sold primarily to bring renewal to the factory. But I also wanted to go down to a 37-hour work week and to be able to retire when I was around 70 years old. My wife and I have lived 50 meters from the factory for 30 years, so I was mentally at work even though I was at home. I wanted to get rid of that.
Where are you today? Hammel Furniture bought all activities in Findahls including buildings. This also included our private residence. In the year since the change of ownership, we have built a new house and we have just moved in. It's taken a lot of time. In terms of work, I'm employed as a consultant at the factory, so I couldn't wish for a freer job. I work 37 hours and cycle home, without spending time and energy on decisions or anything else related to operations.
Have you achieved the freedom you wanted? My main wish with the sale was that the company could continue here in Skærbæk. We've succeeded, and for that reason alone I'm very happy with the deal. I see it as freedom to see that the factory is in good hands and that they can do it themselves. That's why I'm fine with retiring in six months' time. At that time, my wife would like me to travel with her.
