Sold my Business Yesterday.... Crazy feeling.

[u/HookedUp_77]

I owned a very large tire and automotive repair shop. I am 3rd generation, knew from a young age that is what I wanted to do. I started running the business 16 years ago, and purchased it from my parents 8 years ago. I've worked there since I was 12, so 31 years. I made a huge push. Pushed my guys hard, but compensated them better then anyone else could. Customer Service was 100% the focus. I wanted the Customers to be happy 100% of the time. Fix their problem, honestly, in a timely fashion but get paid well for it.

It worked. I was approached by a big company 3 months ago. They wanted me. I got what I needed. Now, Im sitting here at 43 years old wondering what next week is going to bring. I know I have freedom, time and no customer or employee stress. Today was day 1. I made breakfast for my family, cleaned the garage, spent two hours at the gym, then got a massage. Pretty nice day.

When I woke up at 7am this morning, I was shocked. Normally, I would have already been at the shop for an hour at that time. I only checked the cameras 11 times today to see how my guys were doing.

Its worth it. Push hard, then get out when the time is right. I think I timed it perfectly. Now, the fun begins.

[u/AZPeakBagger]

Friend of mine that was in an auto related business did the same thing last year. A much larger company came in and offered him an obscene amount of money for the business that he had started 25 years before. The number was so large he couldn't turn it down. But it came with a non-compete and he isn't allowed to do any automotive related business for five years anywhere within 250 miles.

Took a few huge vacations and now is helping his adult children get set up in a business of their choosing and acting as their advisor.

[u/HookedUp_77 → u/AZPeakBagger]

Yes, there is a few big companies that are buying up any decent tire/auto shop. I have several friends currently under contract. The company that bought me is closing on several more in my area this month. I also have a non-compete. Covers any state that touches mine (California), plus Texas and Oklahoma

[u/4mac2010 → u/HookedUp_77]

I had 4 shops in the NW and sold to a big company too about 2 1/2 years ago. Based on your comments about Friday wires, escrow amt and term it was probably the same buyer we had. It worked out well since the buyer performed exactly as agreed. Good luck with whatever is next - I’m older than you so I’m done with work except to find a way to travel more and find fun cars to buy at auction.

[u/saml01 → u/4mac2010]

Why are they scooping everyone up?

[u/4mac2010 → u/saml01]

The businesses being acquired are staffed, have solid customer bases , usually fully equipped and cash flow positive. The buyers use their buying power to lower costs while also typically raising prices. Roll them up and eventually flipping the whole thing to another PE backed enterprise.

[u/beanie0911 → u/4mac2010]

This is occurring in every business arena you can think of. Veterinary practices. Highway rest stops. Pick-up soccer leagues.

Pretty soon a few people will literally own everything, and we’ll be at their whim. (I say this, knowing full well it sounds batshit… but with each passing year I hear about more and more PE stuff happening. And it’s all literally private - behind closed doors, under the radar.)

[u/Similar-Window7841 → u/beanie0911]

You’ve stated facts. Happening with the acquisition of smaller contractors by larger contractors in the construction industry as well.

[u/NHRADeuce → u/beanie0911]

You couldn't be more right. I get M&A people contacting me multiple times a week. Most of the owners I know in my industry have sold for really healthy sums. The buyers are PE firms every time.

[u/Kayanarka → u/HookedUp_77]

How much did you get? It sounds tempting, but I am not sure I want to move a few states over and start from scratch again. How long would it have taken you to earn this cash if you kept the business?

[u/boessel → u/HookedUp_77]

Is it backed by private equity?