Exit or Expand… Tips and Observations for Business Owners in Transition

Our most recent series of insights for business owners focuses on how to prepare your company for a transition, but the recommendations found in these articles apply to any business at any stage in its lifecycle.  Whether your game plan is an outright sale leading to retirement or engaging in a growth strategy to bolster your business, Boyne Capital’s experience in building its portfolio of companies and helping guide their success makes these articles a must-read.

Good Governance Is Good Business, Especially for Family-Owned Enterprises

Think you’re ready to sell your business or bring on an equity partner?  You may want to think again. Too often, the Boyne Capital team has seen shareholder rights and ownership issues stall or scuttle the otherwise likely sale of a family business.  The roadblock often comes down to not having a proper governance program in place.  Boyne Capital has steered many a family-owned business successfully through the sale process by focusing on 12 core elements of a proper governance program, which we highlight in “Good Governance Is Good Business, Especially for Family-Owned Enterprises”.

Boyne Capital’s Financial Health Checklist:  How Solid Is Your Business?

Getting your business’s financial health in shape is critical to its long-term viability.  A sound financial accounting and reporting system provides a true picture of how your business is performing, and whether it is as profitable as you think.  You may be surprised… and not in a good way.

It is imperative that companies reaching $10 million in annual revenue and $2-3 million in EBIDTA follow this valuable Financial Health Checklist to assure the continued growth and success of their organization.  Establishing a regular audit schedule and hiring the right financial professionals appropriate to the stage of your business are just two of Boyne’s recommendations.  See the complete checklist in our article, “Boyne Capital’s Financial Health Checklist:  How Solid Is Your Business?”.

Selection of Counsel

We are often asked by our friends, intermediaries and future business partners what advice we would give them in selecting counsel for the sale of their company. There is a big difference between a litigator and a mergers-and-acquisitions specialist — the right counsel is a paramount issue for any seller.  What should you look for?

  • Experience in preparing a company for sale
  • A skilled M&A negotiator who knows the risks and pitfalls
  • A detailed “closer” who knows what T’s to cross and I’s to dot

Having a sophisticated M&A counsel speeds up the deal, avoids unnecessary issues and allows both buyer and seller to creatively solve unusual or unique problems.  We encourage you to read, in full, our article, “Selection of Counsel”, to understand the importance of experienced counsel.

Selling Your Business?  Here Are Boyne Capital’s Top Five Tips for a Successful Sale

There comes a time in every business owner’s life when she or he decides it’s time to sell the company.  The reasons are varied, as are the outcomes.  Having guided more than 40 client companies through the buying and selling of a business, Boyne Capital has developed a checklist of steps you must take to assure a smooth and successful sale.  Some, such as developing a personal post-sale plan, may surprise you. For the details behind these recommendations, we recommend you review the full article, “Selling Your Business?  Here Are Boyne Capital’s Top Five Tips for a Successful Sale”.

Grow Organically?  Or Through Acquisition?  What’s Best for Your Company?

Growth, within the framework of a business environment, is generally good.  It sure beats a business becoming stale, which may lead to a decrease in sales and revenue.  But what is the best growth strategy for your company – organic or by acquisition?

Organic growth relies on internal resources to increase revenue, allowing companies to scale over time and retain control of the pace and the overall impact on the organization’s business.  It is a slower, more cautious approach to increasing sales and revenue. Growth by acquisition, on the other hand, builds revenue from the outside in and can result in much quicker revenue acceleration.  There are four basic acquisition strategies and each has its own risks.

In the process of doing nearly 30 acquisition deals over the years, Boyne Capital has identified some pitfalls and warning signs that every business owner should be aware of. Be sure to read our article “Grow Organically?  Or Through Acquisition?  What’s Best for Your Company?” to learn more.

A Final Note About Selling During a Pandemic or Other Crisis Period

The COVID-19 health crisis has impacted us all in ways we could never have anticipated.  Dealing with the virus and the interruptions it is causing have tested our creativity and resiliency.  However, with decades in the private equity business, Boyne Capital has weathered many a storm.  Our experience in navigating our portfolio companies through turbulence allows us to offer some observations and suggestions for entrepreneurs looking to sell their businesses during these uncertain times.

Uncertainty breeds delay for both buyers and sellers.  We urge patience… and understanding – know how digital technology and the migration to virtual interaction impacts your operations and how you can “future-proof” your business. You want to thrill prospective buyers, not scare them off. Do not wait to put your financials, processes and succession strategies into action.


You may have detected a central theme running through all of these articles:  Having Boyne Capital as an equity partner gives you a distinct advantage in this highly competitive business environment.  Working alongside management from strategy development through implementation, Boyne advises and assists its portfolio companies in increasing revenue and maximizing value.

For nearly two decades, we have put our capital, management expertise and market knowledge to work across dozens of portfolio companies to position them for ever-greater success.  When you are ready to act, or if you just want to explore options, give Boyne Capital a call.