ServiceCorporate Finance, Selling Your Business
SectorEngineering & manufacturing
Jim and Marie Oven were looking to leave the grey skies of the UK behind and start a new life abroad. Their retirement plans were being held back by difficulties in finding a suitable buyer and closing the deal.
By collaborating with Azets and trusting us to take the lead, they've since successfully sold the business and are now soaking up the sun and enjoying the chilled lifestyle that Greece has to offer.
To make their retirement dream a reality, we were able to take the lead in finding and vetting suitable potential buyers, respecting Jim and Marie's time by only introducing them when appropriate, and subsequently advising them on the best course of action.
Marie says: “They were very good in advising us on the selling process, and what we should do and shouldn't do with every option on the table. It's also worth saying that the team at Azets were nothing but supportive at all times, and we never once felt pushed into anything. Actually, they held our hands through the whole process from start to finish, and they always picked up the phone to answer any stupid questions we asked! They really went over and above.”
By working on behalf of Jim and Marie, we were able to take away the burden of finding the right person to buy their business. In turn, we also steered them away from the wrong people while being transparent about the reasons why.
Jim says: “There was one time where we were sure that a potential buyer had the money in place to buy the business, Azets using their experience and knowledge advised against them because they didn't believe they actually had the necessary funding in place. In the end, it turned out that Azets were spot on.”
Eventually, our proactive work and dedication to having an ear to the ground paid off, and we were able to bring forward a potential buyer, one who was known to be looking for engineering firms to take on.
With the deal done, the paperwork signed, and all the financials going through smoothly, Jim and Marie were finally able to start building the life in Greece that they'd dreamed of.
Selling the business was a daunting process for us, and very emotional too, because JO Engineering has been our baby for so long. But the support and respect from Azets throughout the process was invaluable. We could not have done it without them.Marie Oven, Former Director and Shareholder - JO Engineering
The company Jim was working for closed and he was made redundant. That's when he decided he'd had enough of being an employee and was inspired to use the skills and knowledge he had built up over the years to give it a go and start his own company, A few years I later gave up my full time job to join Jim, working on the machines, and taking control of the office and running the business, Together we worked extremely hard and very long hours, but our dedication, together with our dedicated and loyal staff built up the business to what is is today.
Azets has supported Aurrigo International Plc, an autonomous technology specialist which works with the automotive, aviation and transport industries, on its recent flotation.