Chris Conroy and Gordon MacLean from Prior Diesel, a multi-discipline, multi franchise diesel engineering company specialising in the manufacture and service of oilfield equipment, did not make the decision to sell. But previous Managing Director Tony Yates did. He decided to exit the business and wanted to talk to BCMS about what options were available to him.
The interest in BCMS
“We had found out about BCMS through getting a letter through the door one morning. Tony found out about a BCMS event taking place locally and asked us to go with him," explained Chris and Gordon. “We all went, liked what we heard and decided to follow it up with a meeting. We went down to Cambridge and met up with Steve McGuigan, a BCMS Business Manager. We talked a few things through, asked some questions and went away with a full pack of information.
“It was quite funny because in the early stages, before we signed up, we got the distinct impression that we were being vetted, just as much as we were vetting BCMS! But we realised it was just as important for BCMS to have confidence in us and our saleability, as it was for us to have confidence in you as advisors.”
The two explained that they were mainly drawn to the BCMS ethos, and were impressed by the simple logic of this approach to selling a business. “The fact that you didn’t put a price on the business was important to us; it had great appeal. Actively selling the business rather than simply listing the company was the bit that really drew us in.”
The effects of the sale process
Even though both Chris and Gordon felt that the process was done in a very professional manner and handled very well there were some difficulties along the journey.
“We thought filling in the initial briefing document was hard and required lots of information, but then we realised that that was just the beginning! We had also made a definite decision to keep working and to try to avoid taking our eye off the ball, but obviously with the amount of time involved in providing the volume of detailed information required, it was quite a challenge. But both our Project Manager and Lead Advisor were excellent and dealt with our issues at all times day or night.”