VCS 001 — Selling a Lifetime's Work

Eric had spent much of his working life building a small specialist classic-car parts business in Cornwall. It was successful, had loyal customers and possessed a depth of product knowledge that could not easily be reproduced. The difficulty was that the business depended heavily on Eric himself.

When retirement began to look attractive, closing the doors would have meant losing not only the business but also years of accumulated knowledge, customer relationships and goodwill.

Eric advertised the opportunity through ExEx. Jonathan, a classic-car enthusiast in Cumbria who was looking for a business he could develop, recognised the potential. The distance between them was considerable, but much of the early discussion and due diligence could be carried out remotely.

A deal was agreed that allowed Jonathan to acquire the business and gave Eric the opportunity to remain available during an agreed handover period, transferring the specialist knowledge that formed an important part of its value.

ExEx Outcome: One person was able to realise the value of a lifetime’s work; another acquired an established opportunity; and a specialist business that might otherwise have disappeared continued under new ownership.