This article appeared in the February 2020 issue of MiMfg Magazine. Read the full issue and find past issues online.
There are two words that can give even the most ingenious entrepreneur pause. What’s next?
With a new decade ahead and the ever-present potential for an economic downturn, your company’s future may have questions. Are you looking to grow? Will there be new investment opportunities? Is it time to consider selling the business or prepare for new leadership? MWV Consulting is an affiliate of Empire Business Brokers, recognized as one of the world’s leading business brokerage firms, and employs a team of professionals dedicated to helping manufacturers move forward.
“We want to take the journey with you toward whatever your company’s next chapter is,” said Mike Vaughn, owner of the White Lake-based franchise. “We help business owners analyze their business to determine whether they can get the value they expect and, if not, grow their business so they can through business coaching and succession planning.”
For many manufacturers, the valuation process can be difficult. Even today, a high percentage of businesses are first or second-generation, so those in leadership roles have been there from the beginning.
“It’s an emotional process to ask someone to put a price tag on something they built from scratch. You’ve put blood, sweat and tears into it. The people there are often family and friends — more than just names on a paycheck — and it all holds years or decades worth of memories,” Vaughn explained.
The experts on Vaughn’s team know the difficulty behind saying goodbye to something that represents so much of who you are but they also bring an outside perspective and an understanding of the market. They’ll determine what you can realistically expect if you chose to sell now or months down the line. And, if you’re unhappy with the anticipated return, there’s more they can do to help.
“Just because you are thinking of selling doesn’t mean you should stop growing,” said Vaughn. “Our team members are consultants first and, whether it is increasing efficiency or maximizing productivity, we can help you plan and execute the strategies that will lead to an increased value of your business.”
Even if selling isn’t on the horizon, Vaughn and his team have something to offer.
“We have industry-leading knowledge of business financial planning, leadership coaching, marketing and more,” Vaughn offered. “If you’re ready to sell, great! If you’re ready to grow more, even better! We are in the business of turning business challenges into business opportunities whether they be in getting enough customers, closing enough customers or generating more revenue and profit.”
Choosing what’s next could be the hardest decision of your life but it’s a decision that you will have to make. An honest and objective assessment from trusted professionals like Vaughn will add a level of certainty that your eventual decision was the right one.
“The industry is full of uncertainty but, the one thing you should know is, you don’t have to be tied to where you are today,” said Vaughn. “We want to make sure you get the best possible return and that you can leave the business you’ve built in good hands.”
MWV Consulting an Affiliate of Empire Business Brokers is an MMA Premium Associate Member and has been an MMA member company since December 2019. Visit online: mwvebb.com.