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Scale Your Company and Sell It
We have a serious high achiever on the podcast this week – a man who managed to buy 11 companies (one in just three days) and sell his own $42 million company in just six weeks.
After moving back home, Terry Lammers bought the family wholesale fuel and lubricants business. He became prolific in the marketplace by then buying up more and more of the competition. You will not find a man more experienced in the game of M & A…
If you listen, you will learn…
Where did Terry find the 11 competitors he bought along the way?
Terry knew that in the limited area he did business, there was only a finite amount of competition and business to be had. He was always on the lookout for people that were trying to find a way out. Terry knew that once the competition was actually ready to sell, he had to jump on the opportunity.
Some of the acquisitions were a bit more cumbersome and hairy (like the deal Terry explains went bad after the kind-hearted man went back on his word). However, most of the businesses that Terry bought had returns that the best of us could only dream of!
How were most of the deals structured?
Terry had a knack for knowing exactly what a business was worth to the seller and how to make it a great deal for both sides. He didn’t just let the professionals dictate the terms and conditions for the deal…he made a huge effort to make it a no-brainer for everyone.
Some of the deals were bonus structures (earnouts), some were cash offers, some were stock purchases, and others were a combination. The only thing on Terry’s mind was to find a way to make a deal fair for everyone involved and get it done!
What did Terry do differently because of his experience buying companies?
After buying 11 other companies over the course of owning Tri-County Petroleum, Terry realized that things really needed to be buttoned up if a good deal was to be made. Following are some of the top things he did with intention before the sale of his company:
What about the employees?
Terry called everyone into a normal monthly meeting when he decided it was time to tell all of his employees about the sale of the company. There was no guarantee that a job was lined up for each employee under the new ownership…but the good news was that everyone was offered a job but one employee!
The reason the one employee was not hired was they had an entitled attitude during the interview process with their new boss (weird how that didn’t go well!). All the employees were treated very fairly because the buyer decided who they wanted
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By Arkona - Intentional GrowthWe have a serious high achiever on the podcast this week – a man who managed to buy 11 companies (one in just three days) and sell his own $42 million company in just six weeks.
After moving back home, Terry Lammers bought the family wholesale fuel and lubricants business. He became prolific in the marketplace by then buying up more and more of the competition. You will not find a man more experienced in the game of M & A…
If you listen, you will learn…
Where did Terry find the 11 competitors he bought along the way?
Terry knew that in the limited area he did business, there was only a finite amount of competition and business to be had. He was always on the lookout for people that were trying to find a way out. Terry knew that once the competition was actually ready to sell, he had to jump on the opportunity.
Some of the acquisitions were a bit more cumbersome and hairy (like the deal Terry explains went bad after the kind-hearted man went back on his word). However, most of the businesses that Terry bought had returns that the best of us could only dream of!
How were most of the deals structured?
Terry had a knack for knowing exactly what a business was worth to the seller and how to make it a great deal for both sides. He didn’t just let the professionals dictate the terms and conditions for the deal…he made a huge effort to make it a no-brainer for everyone.
Some of the deals were bonus structures (earnouts), some were cash offers, some were stock purchases, and others were a combination. The only thing on Terry’s mind was to find a way to make a deal fair for everyone involved and get it done!
What did Terry do differently because of his experience buying companies?
After buying 11 other companies over the course of owning Tri-County Petroleum, Terry realized that things really needed to be buttoned up if a good deal was to be made. Following are some of the top things he did with intention before the sale of his company:
What about the employees?
Terry called everyone into a normal monthly meeting when he decided it was time to tell all of his employees about the sale of the company. There was no guarantee that a job was lined up for each employee under the new ownership…but the good news was that everyone was offered a job but one employee!
The reason the one employee was not hired was they had an entitled attitude during the interview process with their new boss (weird how that didn’t go well!). All the employees were treated very fairly because the buyer decided who they wanted