{"id":3087,"date":"2019-09-02T14:28:42","date_gmt":"2019-09-02T14:28:42","guid":{"rendered":"https:\/\/fusionwm.com\/?p=3087"},"modified":"2022-09-02T14:34:02","modified_gmt":"2022-09-02T14:34:02","slug":"selling-your-company-will-you-choose-a-financial-or-strategic-buyer","status":"publish","type":"post","link":"https:\/\/fusionwm.com\/selling-your-company-will-you-choose-a-financial-or-strategic-buyer\/","title":{"rendered":"Selling Your Company: Will You Choose a Financial or Strategic Buyer?"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"354\" src=\"https:\/\/fusionwm.com\/wp-content\/uploads\/2022\/09\/Screen-Shot-2022-09-02-at-8.28.27-AM-1024x354.png\" alt=\"\" class=\"wp-image-3088\" srcset=\"https:\/\/fusionwm.com\/wp-content\/uploads\/2022\/09\/Screen-Shot-2022-09-02-at-8.28.27-AM-1024x354.png 1024w, https:\/\/fusionwm.com\/wp-content\/uploads\/2022\/09\/Screen-Shot-2022-09-02-at-8.28.27-AM-300x104.png 300w, https:\/\/fusionwm.com\/wp-content\/uploads\/2022\/09\/Screen-Shot-2022-09-02-at-8.28.27-AM-768x266.png 768w, https:\/\/fusionwm.com\/wp-content\/uploads\/2022\/09\/Screen-Shot-2022-09-02-at-8.28.27-AM-1536x531.png 1536w, https:\/\/fusionwm.com\/wp-content\/uploads\/2022\/09\/Screen-Shot-2022-09-02-at-8.28.27-AM.png 1844w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<div style=\"height:29px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>If you decide to sell your business, you\u2019ll likely encounter two main types of buyers: financial and strategic.&nbsp;<\/p>\n\n\n\n<p>Each type has its own intentions for wanting to buy your business. When you understand what drives and motivates each type, you can potentially maximize your ability to get the best deal terms based on your objectives\u2014including the price you get for your company.&nbsp;<\/p>\n\n\n\n<p>With that in mind, here\u2019s a look at the world of strategic buyers and financial buyers.<\/p>\n\n\n\n<div style=\"height:33px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h1 class=\"has-text-color wp-block-heading\" style=\"color:#1d49a7\">Financial buyers: It\u2019s all about the numbers<\/h1>\n\n\n\n<p>Financial buyers are professional investors who are in the business of buying and selling companies. They are solely interested in getting a financial return by purchasing a company. That return usually comes in two forms:<\/p>\n\n\n\n<ul><li>Funds taken out from cash flow<\/li><li>A future sale of the company<\/li><\/ul>\n\n\n\n<p>In short, it\u2019s all about the return on investment. That means you\u2019ll probably find that a financial buyer will be willing to pay more if you can make a compelling case that your company will generate strong and reliable profits for years to come.<\/p>\n\n\n\n<p>Buying and then reselling a company is the most common way for financial buyers to profit, so financial buyers tend to be opportunistic. They generally search for undervalued companies\u2014like most investors, they seek to buy low and sell high down the road. They also seek companies with significant growth potential (based on the industry they\u2019re in, their location or some other growth driver). Usually, but not always, financial buyers have deep knowledge about a particular industry or type of business and concentrate their activity in a single area. Example: A financial buyer might focus exclusively on acquiring retail-oriented companies, or go even deeper by buying only apparel retailers.&nbsp;<\/p>\n\n\n\n<p><strong>Your role:<\/strong> Financial buyers see your business as an investment\u2014not as a hands-on enterprise to run themselves. Therefore, they will likely expect you (and some of your team) to remain active in the business after the sale\u2014so you can keep generating those expected big profits.&nbsp;<\/p>\n\n\n\n<p>Financial buyers commonly inject capital into the businesses they buy\u2014potentially giving you (assuming you remain at the helm) greater opportunities to pursue initiatives aimed at driving stronger growth. They also regularly engage in financial restructuring in order to boost the value of the companies they buy\u2014taking actions such as reducing expenses and using debt to expand the businesses. Financial buyers regularly use a substantial amount of leverage when purchasing companies, which can result in the lenders acting as partners in the purchase. When debt is used, the objective is to use operating profits to pay the interest.&nbsp;<\/p>\n\n\n\n<p>There are generally two distinct types of financial buyers: private equity firms and family offices (see Exhibit 2). The vast majority are private equity firms that tend to be quite knowledgeable and sophisticated when it comes to the many aspects of deal making (including due diligence, valuations, legal expertise about acquisitions, and deal structuring).<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"960\" height=\"492\" src=\"https:\/\/fusionwm.com\/wp-content\/uploads\/2022\/09\/Screen-Shot-2022-09-02-at-8.31.09-AM.png\" alt=\"\" class=\"wp-image-3090\" srcset=\"https:\/\/fusionwm.com\/wp-content\/uploads\/2022\/09\/Screen-Shot-2022-09-02-at-8.31.09-AM.png 960w, https:\/\/fusionwm.com\/wp-content\/uploads\/2022\/09\/Screen-Shot-2022-09-02-at-8.31.09-AM-300x154.png 300w, https:\/\/fusionwm.com\/wp-content\/uploads\/2022\/09\/Screen-Shot-2022-09-02-at-8.31.09-AM-768x394.png 768w\" sizes=\"(max-width: 960px) 100vw, 960px\" \/><\/figure>\n\n\n\n<p>That said, family offices are increasingly purchasing (or investing in) privately held companies. Entrepreneurship is how many families with family offices became extremely wealthy in the first place, so buying existing businesses is often seen as a natural way to generate additional wealth. As with private equity firms, most family offices have extensive expertise in doing deals.<\/p>\n\n\n\n<div style=\"height:42px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h1 class=\"has-text-color wp-block-heading\" style=\"color:#1d49a7\">Strategic buyers: Building value through synergies<\/h1>\n\n\n\n<p>In contrast to financial buyers, strategic buyers are typically focused on how acquisitions can complement and enhance their existing business or businesses. For strategic buyers, the logic behind a purchase is:<\/p>\n\n\n\n<p><strong>1 already-owned business + 1 newly acquired business =<\/strong><strong><br><\/strong><strong>the power of 3 businesses<\/strong><\/p>\n\n\n\n<p>In other words, the value of the combined company is greater than the values of the individual companies operating on their own. This is called synergy.&nbsp;<\/p>\n\n\n\n<p>This additional value can be created in several ways, most commonly including:<\/p>\n\n\n\n<ul><li>Access to new markets<\/li><li>Expanded product lines<\/li><li>Increased talent<\/li><li>Greater cost efficiencies due to the elimination of redundancies<\/li><li>New capabilities (such as enhanced distribution or intellectual property)<\/li><li>A more powerful brand and reputation<\/li><\/ul>\n\n\n\n<p>Strategic buyers are often larger firms that evaluate a business based on what it could be worth&nbsp;<em>if they were at its wheel making the decisions.&nbsp;<\/em>As such, strategic buyers will often pay more for a company than will financial buyers, because of the enhanced value they expect to derive from the synergies fueled by the acquisition. For strategic buyers, it is less expensive and faster to acquire an existing company and benefit from the synergies than to build the capabilities from scratch.&nbsp;<\/p>\n\n\n\n<p>There are two main types of synergies:&nbsp;<\/p>\n\n\n\n<ul><li><strong>Reliable synergies<\/strong> that have a high likelihood of increasing company efficiencies and profitability. These types of synergies are often easier to quantify (and thus more likely to contribute to a higher price).&nbsp;<\/li><li><strong>Potential synergies<\/strong> that may lead to greater corporate capabilities and growth. These synergies can be more nebulous, and may or may not be major factors in the price of the company.<\/li><\/ul>\n\n\n\n<p>The more likely the synergies, the more valuable your company will be to the strategic acquirer. The better your ability to identify and make the case for a broad range of synergies, the higher the sale price you\u2019ll likely get.<\/p>\n\n\n\n<p>The types of strategic buyers are many and varied (see Exhibit 3). They include:<\/p>\n\n\n\n<ul><li>Suppliers possibly looking for vertical integration\u00a0<\/li><li>Customers looking for vertical integration<\/li><li>Competitors seeking to benefit from industry consolidation<\/li><li>Companies in related industries looking to diversify<\/li><li>Businesses in adjacent industries selling similar products and seeking to expand<\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"606\" src=\"https:\/\/fusionwm.com\/wp-content\/uploads\/2022\/09\/Screen-Shot-2022-09-02-at-8.32.22-AM-1024x606.png\" alt=\"\" class=\"wp-image-3091\" srcset=\"https:\/\/fusionwm.com\/wp-content\/uploads\/2022\/09\/Screen-Shot-2022-09-02-at-8.32.22-AM-1024x606.png 1024w, https:\/\/fusionwm.com\/wp-content\/uploads\/2022\/09\/Screen-Shot-2022-09-02-at-8.32.22-AM-300x178.png 300w, https:\/\/fusionwm.com\/wp-content\/uploads\/2022\/09\/Screen-Shot-2022-09-02-at-8.32.22-AM-768x454.png 768w, https:\/\/fusionwm.com\/wp-content\/uploads\/2022\/09\/Screen-Shot-2022-09-02-at-8.32.22-AM.png 1166w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<div style=\"height:43px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h1 class=\"has-text-color wp-block-heading\" style=\"color:#1d49a7\">Guidelines for choosing your buyer<\/h1>\n\n\n\n<p>Which is better\u2014a financial buyer or a strategic buyer? The answer, of course, is that it all depends on your goals and objectives. But here are some guidelines to help you arrive at the right decision for you.<\/p>\n\n\n\n<p><strong>Strongly consider a financial buyer if:<\/strong><strong><\/strong><\/p>\n\n\n\n<ul><li>You seek access to capital for growth and acquisitions.&nbsp;<\/li><li>You value flexible deal terms and transaction structures.<\/li><li>You want to continue to be actively involved in the company, post-deal.<\/li><\/ul>\n\n\n\n<p><strong>Think twice about a financial buyer if:<\/strong><\/p>\n\n\n\n<ul><li>You don\u2019t want to take on additional debt payments (which can be considerable).<\/li><li>You want to exit the business entirely.<\/li><li>You dislike the idea of the buyer exerting extensive financial influence on the business.<\/li><\/ul>\n\n\n\n<p><strong>Strongly consider a strategic buyer if:<\/strong><\/p>\n\n\n\n<ul><li>You seek the highest valuation for your company.<\/li><li>You no longer want to be involved in the company\u2019s management, post-sale.<\/li><li>You want synergies between the two companies in order to increase the overall success of the combined business.<\/li><\/ul>\n\n\n\n<p><strong>Think twice about a strategic buyer if:<\/strong><\/p>\n\n\n\n<ul><li>You fear the potential synergies will not be realized and the company will suffer.<\/li><li>You worry that the sale would hurt morale among employees.<\/li><li>You think customers may have negative reactions to the sale.<\/li><\/ul>\n\n\n\n<p>Exhibit 4 summarizes financial and strategic buyers on a number of key issues. By understanding the differences, you may be better able to make a more informed decision that reflects the goals and priorities you have for yourself and your company.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"496\" src=\"https:\/\/fusionwm.com\/wp-content\/uploads\/2022\/09\/Screen-Shot-2022-09-02-at-8.33.25-AM-1024x496.png\" alt=\"\" class=\"wp-image-3092\" srcset=\"https:\/\/fusionwm.com\/wp-content\/uploads\/2022\/09\/Screen-Shot-2022-09-02-at-8.33.25-AM-1024x496.png 1024w, https:\/\/fusionwm.com\/wp-content\/uploads\/2022\/09\/Screen-Shot-2022-09-02-at-8.33.25-AM-300x145.png 300w, https:\/\/fusionwm.com\/wp-content\/uploads\/2022\/09\/Screen-Shot-2022-09-02-at-8.33.25-AM-768x372.png 768w, https:\/\/fusionwm.com\/wp-content\/uploads\/2022\/09\/Screen-Shot-2022-09-02-at-8.33.25-AM.png 1288w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<div style=\"height:24px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h1 class=\"has-text-color wp-block-heading\" style=\"color:#1d49a7\">Conclusion<\/h1>\n\n\n\n<p>When you sell your company, you\u2019ve got one chance to get it right\u2014there are no do-overs. Thinking ahead about to whom you want to sell can set the stage for much of the rest of the journey\u2014and potentially enable you to get the specific results you care about most.&nbsp;<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>This report was prepared by, and is reprinted with permission from, VFO Inner Circle.&nbsp; AES Nation, LLC is the creator and publisher of VFO Inner Circle reports.<\/p>\n\n\n\n<p>Disclosure: The opinions expressed in this commentary are those of the author and may not necessarily reflect those held by Kestra IS or Kestra AS. The material is for informational purposes only. It represents an assessment of the market environment at a specific point in time and is not intended to be a forecast of future events, or a guarantee of future results. It is not guaranteed by Kestra IS or Kestra AS for accuracy, does not purport to be complete and is not intended to be used as a primary basis for investment decisions. It should also not be construed as advice meeting the particular investment needs of any investor. Neither the information presented nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. Securities offered through Kestra Investment Services, LLC (Kestra IS), member FINRA\/SIPC. Investment advisory services offered through Kestra Advisory Services, LLC (Kestra AS), an affiliate of Kestra IS.<\/p>\n\n\n\n<p>Fusion Wealth Management is not affiliated with Kestra IS or Kestra AS. <a href=\"https:\/\/www.kestrafinancial.com\/disclosures\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/www.kestrafinancial.com\/disclosures<\/a><\/p>\n\n\n\n<p>VFO Inner Circle Special Report<br>By Russ Alan Prince and John J. Bowen Jr.<br>\u00a9 Copyright 2021 by AES Nation, LLC. All rights reserved.<\/p>\n\n\n\n<p>No part of this publication may be reproduced or retransmitted in any form or by any means, includ- ing, but not limited to, electronic, mechanical, photocopying, recording or any information storage retrieval system, without the prior written permission of the publisher. Unauthorized copying may subject violators to criminal penalties as well as liabilities for substantial monetary damages up to $100,000 per infringement, costs and attorneys\u2019 fees.<\/p>\n\n\n\n<p>This publication should not be utilized as a substitute for professional advice in specific situations. If legal, medical, accounting, financial, consulting, coaching or other professional advice is required, the services of the appropriate professional should be sought. Neither the authors nor the publisher may be held liable in any way for any interpretation or use of the information in this publication.<\/p>\n\n\n\n<p>The authors will make recommendations for solutions for you to explore that are not our own. Any recommendation is always based on the authors\u2019 research and experience.<\/p>\n\n\n\n<p>The information contained herein is accurate to the best of the publisher\u2019s and authors\u2019 knowledge; however, the publisher and authors can accept no responsibility for the accuracy or completeness of such information or for loss or damage caused by any use thereof.<\/p>\n\n\n\n<p>Unless otherwise noted, the source for all data cited regarding financial advisors in this report is CEG Worldwide, LLC. The source for all data cited regarding business owners and other professionals is AES Nation, LLC.<\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you decide to sell your business, you\u2019ll likely encounter two main types of buyers: financial and strategic.&nbsp; Each type has its own intentions for wanting to buy your business. When you understand what drives and motivates each type, you can potentially maximize your ability to get the best deal terms based on your objectives\u2014including [&hellip;]<\/p>\n","protected":false},"author":21,"featured_media":3089,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Selling Your Company: Will You Choose a Financial or Strategic Buyer? - Fusion Wealth Management<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fusionwm.com\/selling-your-company-will-you-choose-a-financial-or-strategic-buyer\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Selling Your Company: Will You Choose a Financial or Strategic Buyer? - Fusion Wealth Management\" \/>\n<meta property=\"og:description\" content=\"If you decide to sell your business, you\u2019ll likely encounter two main types of buyers: financial and strategic.&nbsp; Each type has its own intentions for wanting to buy your business. 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