Wayne Assaf, co-founder
Datacom, FPGA, and Design Engineering
Owned business for:
Reasons for selling:
To refocus on core competencies
Asking price and agreed price:
Wayne on the business's product mix…
"My business is a technology business and it has three product groups. The main thrust is a datacoms product that produces telecoms and telcos internationally, which we've been doing since 1983.
"Another product we have is about 10 years old and it's called FTPA.
"And the third group we have is a design engineering group. We actually have a contract with BFS to sell our FTPA group."
On finding a buyer…
"We found them [the buyer] through the internet. We made a decision to go with four brokers BFS and an investment banking company. Someone on the web picked it up, and one of our largest clients saw it, asked if it was for sale, and we said yes it was.
"I find the process really quite simple."
On business valuation…
"If you have something worth something then it's fair to say that if you wanna do a deal then you wanna do a deal quickly and cleanly, so you should be looking at a minimum of one times revenue."
His advice to sellers…
"Expectations for a seller are always very high. Sellers are very impatient for a number of reasons and they have to temper that. They have to be smart with how they handle the business and what they're asking of the buyer, who has a different set of priorities."
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