As part of the job, I have subscribed to different e-mail lists of 𝘮𝘢𝘯𝘺, 𝘮𝘢𝘯𝘺 brokers, bankers, and even influencers that market different businesses for sale. I tell my friends that my job is sort of like Shark Tank every day. I thought I was unique when I said that, but I have come to realize how many independent sponsors, family offices, and private equity firms do exactly what I am doing.
Nevertheless, you never forget that perfect business when it comes across your desk. Sometimes, it is the financials that make all the sense in the world, maybe the location and industry, or even a perfect strategic bolt on for one of your portfolio companies. However, this broker sent an e-mail that described this business in a way that just was music to my ears.
"𝗠𝗮𝗻𝘂𝗳𝗮𝗰𝘁𝘂𝗿𝗶𝗻𝗴 & 𝗯𝗼𝗿𝗶𝗻𝗴 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀"
𝗘𝗕𝗜𝗧𝗗𝗔: $𝟮,𝟱𝟬𝟬,𝟬𝟬𝟬
Now, I don't know if this was on purpose or not, but as soon as I responded (with a slight quip about the "boring" part), she proceeded on with the sale and information on the business, but she didn't acknowledge her word choice.
She must've really thought the business was boring.
In my eyes, anything that creates a product or provides a service, gives people jobs, and, most importantly, makes money 𝚌̲𝚊̲𝚗̲ ̲𝚗̲𝚎̲𝚟̲𝚎̲𝚛̲ ̲𝚋̲𝚎̲ ̲𝚋̲𝚘̲𝚛̲𝚒̲𝚗̲𝚐̲!̲ Before I started at Brynavon, I truly didn't know much about manufacturing. In school, we talked about the large tech companies like Uber, YouTube, Google, etc., but we never got into the semantics of the Textile Industry, why financing a CNC Machine can grow your bottom line by 30% in 3 years, or even how new technology is influencing the Manufacturing world.
There are two possible reasons for this:
1) They did actually talk about this and I missed the class (sorry Mom & Dad)
2) All business is taught through the financial statements
For the sake of keeping the peace within my family, let's go with the assumption that #2 is the correct reason. There is nothing wrong with that. It is unfair to expect my professors to take me to a Manufacturing Plant and walk me through the entire process and how every step directly influences the Financial Statements. That's ridiculous! But, if the large Tech Companies are the only ones being propped up in school and the media, it is easy to see why some may think Manufacturing is just boring.
However, in my 5 years at The Brynavon Group (celebrating at the end of the month!), I have been blessed to have great mentorship from George Lemmon and Patty Wolfe to teach me why these "boring businesses" are actually fascinating, complex, and really all about the people. I still have plenty to learn, but every single day brings about a new business to look at, and it is never boring!
If you know of any boring businesses that could be interested in a Management Buyout, let me know!
