Focused on growth and enjoying their entrepreneurial roles, Shaun Garrett and his co-director didn’t consider selling up their successful key programming and diagnostics business for some time. But following an approach from an interested acquirer, they turned to BCMS for advice on the sale process and maximising the opportunity.
With industry expertise and drawn to the flexibility offered by becoming a managing director of a small business, Shaun joined Advanced Diagnostics in 2004. But he admits he remained a little sceptical about its longevity.
“When I joined, I thought the business would only have a lifespan of five-to-seven years, because I thought the technology would squeeze us out of the industry. I was happily wrong!”
Far from dwindling, the business grew rapidly over a decade. “It all sounds grand, but we became a global market leader,” Shaun recalls modestly. “We developed strong relationships with clients and became known for the quality of our product. We began in the automotive industry but had branched into marine engine diagnostics by 2011.”
“We were all enjoying running the business. We had developed a significant customer base in the automotive sector – representing 85% of our revenue.”
It was with some surprise, then, that it was their global distribution partner in the marine sector that made the initial approach for acquisition.
“Our first response was to decline. But when several approaches were made by the same interested company, we began to consider what it would take for us to agree to a sale.”