Avionics News January 2013 - 29

To Avoid Last-Minute Surprises and Problems, Document a Plan that Leads to the Shop’s Next Owner
year timetable, and the plan he is now creating for Spena Small Business Administration loan for the amount he cer Avionics, which he bought in 1999, doubles that, and needed. “In two weeks, I went from not having anything his employees will be in the loop at every step. to mortgaging my house, cars, kids and dog to find Bill Hemme founded Spencer Avionics in 1977. His the money. In a month, I knew I could get the money. mother’s death in 1999 reinforced the point that health By the end of January, the money was to Bill. It was problems had prevented his two months of no sleep.” parents from enjoying their Enough time had passed retirement, “so I sold the that he could laugh at the business and immediately memory. The legal and financial process of bought a motor home.” But there was more to When not traveling with his it than just money. From transferring a business from one wife, Hemme still works the entrepreneur class he owner to the next is only slightly part time as a Spencer Avihad taken the previous onics bench repairman. year, DeGroot knew it less complicated and time consuming With a buyer lined was time to hire an atup, Hemme told his two torney and accountant. than finding a qualified buyer. employees he was sellDon’t take these selecing the shop, “unless you tions lightly, he warned. want to buy it,” DeGroot Research, interview and remembered. The buyer wanted them to sign a five-year interrogate references thoroughly, because “with all the contract, but neither wanted to make a commitment to rules and regs, it’s easy to get burned.” An employee someone they didn’t know. If DeGroot was going to buy stock purchase option is one way to sell a business, but the shop, Hemme needed his decision in three days. it’s a complex process, and if the CPA misses important After discussing it that night with his wife, Jane, details, it can lead to legal problems later. Even with DeGroot called his father-in-law. A board member at professional help, the business owner bears the ultimate the American State Bank, he said there was no way Deresponsibility. Groot could get the needed funds in three days, but he To close the deal, lawyers and accountants for the promised to try. “The next day, my father-in-law went to buyer and the seller meet with the banker, “who is the the bank board and they said ‘No, but we’ll try it anymediator because he’s putting up the money,” DeGroot way.’ The next day they said ‘possibly.’ In three days said. They go through everything until they agree on they said ‘We think we can do it.’” the legal and financial definitions of the business. “It After clearing the hurdle, “Bill needed to know for would have been much cheaper to buy just the assets,” sure in two weeks whether I could get the money,” DeGroot said. Normally, it takes three to six months to get Continued on following page
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Avionics News January 2013

Table of Contents for the Digital Edition of Avionics News January 2013

Point of Communication
AEA Now
The View From Washington
International News and Regulatory Updates
Renewal & Revival in Albuquerque
Member Profile
Change of Ownership
Avionics News Celebrates 50 Years of History
A Conversation With...
Ten New Year's Resolutions for your Business
Aviation Aces
Member Profile
Business Basics
Using Inspiration to Motivate Today's Students
AEAviators
Legal Ease
What's New
Avionics News January 2013 - Intro
Avionics News January 2013 - Cover1
Avionics News January 2013 - Cover2
Avionics News January 2013 - 1
Avionics News January 2013 - 2
Avionics News January 2013 - 3
Avionics News January 2013 - Point of Communication
Avionics News January 2013 - 5
Avionics News January 2013 - AEA Now
Avionics News January 2013 - 7
Avionics News January 2013 - 8
Avionics News January 2013 - 9
Avionics News January 2013 - 10
Avionics News January 2013 - 11
Avionics News January 2013 - 12
Avionics News January 2013 - 13
Avionics News January 2013 - The View From Washington
Avionics News January 2013 - 15
Avionics News January 2013 - International News and Regulatory Updates
Avionics News January 2013 - 17
Avionics News January 2013 - 18
Avionics News January 2013 - 19
Avionics News January 2013 - Renewal & Revival in Albuquerque
Avionics News January 2013 - 21
Avionics News January 2013 - 22
Avionics News January 2013 - 23
Avionics News January 2013 - Member Profile
Avionics News January 2013 - 25
Avionics News January 2013 - 26
Avionics News January 2013 - 27
Avionics News January 2013 - Change of Ownership
Avionics News January 2013 - 29
Avionics News January 2013 - 30
Avionics News January 2013 - 31
Avionics News January 2013 - 32
Avionics News January 2013 - 33
Avionics News January 2013 - Avionics News Celebrates 50 Years of History
Avionics News January 2013 - 35
Avionics News January 2013 - 36
Avionics News January 2013 - 37
Avionics News January 2013 - 38
Avionics News January 2013 - 39
Avionics News January 2013 - A Conversation With...
Avionics News January 2013 - 41
Avionics News January 2013 - Ten New Year's Resolutions for your Business
Avionics News January 2013 - 43
Avionics News January 2013 - 44
Avionics News January 2013 - 45
Avionics News January 2013 - Aviation Aces
Avionics News January 2013 - 47
Avionics News January 2013 - 48
Avionics News January 2013 - 49
Avionics News January 2013 - Member Profile
Avionics News January 2013 - 51
Avionics News January 2013 - 52
Avionics News January 2013 - 53
Avionics News January 2013 - Business Basics
Avionics News January 2013 - 55
Avionics News January 2013 - 56
Avionics News January 2013 - 57
Avionics News January 2013 - Using Inspiration to Motivate Today's Students
Avionics News January 2013 - 59
Avionics News January 2013 - 60
Avionics News January 2013 - 61
Avionics News January 2013 - AEAviators
Avionics News January 2013 - 63
Avionics News January 2013 - Legal Ease
Avionics News January 2013 - 65
Avionics News January 2013 - What's New
Avionics News January 2013 - 67
Avionics News January 2013 - 68
Avionics News January 2013 - 69
Avionics News January 2013 - 70
Avionics News January 2013 - 71
Avionics News January 2013 - 72
Avionics News January 2013 - Cover3
Avionics News January 2013 - Cover4
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