Security Sales & Integration August 2021 - 60

EXECUTIVE DECISIONS
Big Idea by Ron Davis
Inside the Company
Selling Process
IDEA OF
THE MONTH
Were you happy with the
selling experience?
" Very happy. I
would do the same
all over again if I
ever started another
business, only
this time I would
pay a lot more
attention to some
of the things that
are important when
you go to sell your
business. "
- Doug Wilson
▶ SOME DAYS I feel my life is like a country-western
song. Happy and sad. Contemplative
and nonthinking. Satisfi ed and dissatisfi ed.
All could be used to describe aspects of my life.
I'm lucky enough to be able to write this column,
which I enjoy. I am thrilled about the success of
the company I founded, Davis Mergers and Acquisitions
Group. My only problem is I don't always
know what happens to our clients after they
have sold their company. If that's true for me, it's
probably true for many of our readers. Hopefully,
this column will change that.
Doug Wilson, formerly a Minneapolis alarm
dealer with decades of experience, asked us to
help him sell his company. Long story short,
after a very intensive period of time we got the
deal done, and it was closed three or four months
ago. From that day on, I hadn't talked with Wilson
(shame on me) until yesterday. I know many
dealers suff er seller's remorse. Th ey are unhappy.
Th ere are other dealers who go on a life adventure
that they had been dreaming of for some
time. And then there are others, people like Wilson,
who are pretty happy, accomplished their
goals and are now living the good life - he
bought a great vacation home in upper Minnesota
and absolutely loves it. And so, with a little
bit of trepidation, I asked Wilson if he was happy
doing what he did. His reply, " Very happy. I
would do the same all over again if I ever started
another business, only this time I would pay a
lot more attention to some of the things that are
important when you go to sell your business. "
Th e buyer of Wilson's company was Per Mar SeRon
Davis is an SSI
Industry Hall of Fame
inductee and President of
Davis Mergers and
Acquisitions Group Inc.
Also known as The Graybeards,
the company is
active in acquisitions and
mergers exclusively in the
alarm business.
60
curity, one of the giants in the industry. We were
fortunate enough to be working with the company's
CEO, Brian Duff y. He is truly a good businessman
and a really nice guy. We've done several
transactions together, and I hope to do a lot more
in the future. Now, back to Wilson's story.
His fi rst bit of advice, something very simple,
but all too often avoided, was as soon as possible
purchase or rent the best fi nancial software you can
fi nd. Have it customized for your business, and refer
to it repeatedly. And while you're at it, make
Security Sales & Integration AUGUST 2021
rdavis@graybeardsrus.com
sure you review all of the contracts you have used
over the years to make sure they are still applicable.
Th is could cause a real " gotcha " during closing
time if you don't. And then sit down and review
all your contracts. Are they current? Do they have
the customer signature? Do they have the suggested
and required verbiage that all banks request (as
well as many buyers). And whatever else you might
do, if you're the seller, stay away from nonindustry
brokers. Th ey don't understand our business.
Not just nonindustry brokers, but also bankers,
lawyers and anyone else that is not familiar with
what is needed to be a hands-on executive for an
alarm company.
Wilson went on to say that he had little time
for outside interests and would change that if
he had to do it all over again. You need to plan
ahead for company projects. You need to plan
ahead for when you're going to take vacations.
And of course have a goal for what you're going
to do once you're business is successfully sold.
And fi nally, Wilson said something I hadn't really
expected. " Now I could write a book on all
of the things that happened during the transaction.
Fortunately working with the Per Mar team
made the whole process a lot easier than it would
otherwise have been. I'm sure of that. And fi nally,
whatever it is you do, get a copy of Ron's book,
Th e Start of the Deal. It will save you a lot of
time, cause you to have less anxiety about what's
happening, ahead of time, and it will provide a
real-life scenario of what happens, really happens,
when you go to sell your company.
I'd like to add to Wilson's points ... First, be
sure to talk to previous sellers, preferably those
who have dealt with the broker you're using or
the accountant you're using. Do not economize
when dealing with lawyers. You need them more
than you'll ever realize, except on the day you
sell, and move on. Read all papers and every line
of the letter of intent and make sure you understand
everything before talking to anyone on
your side or, for that matter, anyone on the other
side. And fi nally, realize that you will know more
about your business on the day you sign the purchase
agreement than you ever knew before. It
amazes everybody when I tell them this, but it's
true. And by the way, if you'd like a complementary
copy of the book, just call or write. We'll get
it out to you right away.
Have a great rest of the summer, and Wilson,
enjoy the rest of your life. You've earned it!
securitysales.com
http://www.securitysales.com

Security Sales & Integration August 2021

Table of Contents for the Digital Edition of Security Sales & Integration August 2021

Security Sales & Integration August 2021 - Bellyband 1
Security Sales & Integration August 2021 - Bellyband 2
Security Sales & Integration August 2021 - Cover 1
Security Sales & Integration August 2021 - Cover 2
Security Sales & Integration August 2021 - 1
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Security Sales & Integration August 2021 - Cover 3
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