Monday Sep 16, 2024

David Longford - From insolvency to exit with no earn out

The journey to business owner is never straight forward.

In this episode that journey started due to my guest, David Longford, taking over the business from the owner just before he passed away.

This transition from employee to business owner required respect and a focus on the long-term growth of the business. David talks about the process involved in taking over from an owner in these difficult circumstances.

David shares how he successfully exited without an earn-out and avoided insolvency. He also highlights the need for clear communication and trust-building with potential buyers during the exit process.

This episode provides valuable insights into the acquisition and exit journey.

“You’ve just got to recognise your weaknesses” – David Longford

Timestamps

01:13 - An introduction to David

02:34 - Transitioning from employee to buyer

05:54 - How David got the company shares

10:34 - The pressures you put on yourself as a new CEO

13:07 - Why no money down deals don't work

21:15 - The key thing in David's exit process

28:25 - What the sale structure looked like

Connect with David Longford:

LinkedIn - https://www.linkedin.com/in/longford/