I am working with a company owner who is getting himself ready to sell the company which has been a major focus for him for the last thirty years.
As we were putting his story together, he shared his memories of great things he did to get it off the ground and grow back in the early days. More recently he’s been hammered by outside forces, forced to take a different posture. Some years you’re the dog, some years you’re the hydrant.
Seems that exiting owners take the view that the history merits a premium price for an asset that they are passively managing.
Buyers are looking for an active, or even leveraged opportunity that they can control inexpensively.
The transaction is reconciling those two viewpoints.
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The market for used eclipse sunglasses - It doesn't matter how many you have. It doesn't matter how much you paid for them. It doesn't matter how long the line was yesterday... The market is gone....