Experience counts when selling a business, and serial entrepreneur Guy Mills learnt some very hard lessons before engaging BCMS.
Acquisitions have played a big part in Guy Mills’ life as a business owner, and they have not always been positive experiences.
After earning his spurs as a successful salesman with leading UK medical manufacturer Smith & Nephew, he moved to a smaller Danish company, which was then acquired by a UK group in 1997.
This prompted a rethink. “I’d worked for a number of businesses that had been sold or taken over,” he says. “You get bumped along and there’s no security. If there’s no security in being employed, you might as well have the no security of being self-employed!”
Deciding to take the leap, Guy formed Pro-Care Ltd which supplied hospitals and clinics with catheters and related products. The business quickly grew to c£5m turnover, even acquiring another company along the way.
Then came the call that can turn any business owner’s head. In 2006, Pro-care Ltd was approached by an AIM listed company - International Medical Devices (IMD).
“The attractions of joining a larger group are obvious and although they did due diligence on us, we didn’t do the same on them. Soon it was clear that the promised financial stability and resources were woefully lacking.
Regrettably, Pro-care’s situation deteriorated along with the rest of the group. “When the bank eventually pulled the plug, I was desperate to keep things going - I owned the business park, I had relationships with the staff, the suppliers and the customers.”