Pest Management Professional, September 2018
PHOTO ISTOCK COM FEVERPITCHED 2018 MERGER GUIDE How to make your company sellable Planning ahead will make your company more attractive to prospective buyers so you can sell when youre ready By Diane Sofranec PMP Managing Editor S ometimes you just know when its time to sell your pest control company Maybe youre burned out from spending too much time on the job Perhaps you have health issues that need your undivided attention Or you want to give your successors your children or a trusted employee the chance to finally take charge For Henry Moore BCE who in January sold his 15 year old Georgetown S C based company Moores Premium Termite Pest Control to Arrow Exterminators it was about spending less time inspecting for termites and more time hunting and fishing I was 69 and finally realized I didnt need to make any more money he says I really didnt need to work anymore I was tired of it and ready to do something else PREPARE FOR A SALE Moore who says hes been stomping bugs since 1971 had been through the mergerand acquisition M A HENRY MOORE process before In 1998 he sold the first pest control company he owned and then helped the buyer make two other acquisitions So what advice does he have for pest management professionals PMPs who are finally ready to put down their flashlights for good Set up your company so a buyer can easily take over he advises Buyers look for pest management businesses that have a lot of recurring revenue from residential customers with quarterly pest control and annual renewals Moores Premium Termite Pest Control offered residential customers general pest control and termite and moisture work it accounted for 80 percent of its business The remainder consisted of mosquito jobs and industrial and commercial pest control In addition a companys employees are considered an asset during a sale he says Moore had one parttime and nine full time employees and they all stayed with the company That was one of the considerations when I sold the business he says I was real close to my employees and my customers I was just as concerned with the employees and the customers as I was for what I got for the business This time around Moore worked closely with the buyers for about three months after he sold his company In his experience however buyers prefer owners stay on and continue to run the company HIRE HELP IN ADVANCE If you plan to sell your company so you can leave the MG6 September 2018 Pest Management Professional mypmp net
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