Phone call received this morning from a client that I have had for 5 years, thanking us for all the help we have given them over the last 5 years or so. They have been an exemplary client.
We signed them up when their employer went bust through lack of investment and we provided the loans so that they could buy the firm. The staff; existing managers, production and office staff came to us when they got a price from the liquidator and most invested what they could.
They borrowed to buy the premises and plant and more to actually invest in the business with new competitive machinery and IT systems.
Personal guarantees and mortgages on personal property were taken, so their homes were literally on the line (though as a matter of policy we have never kicked a family out of a home, it focuses the mind).
The phone call was to say that they were going to be repaying all of their loans, mortgages including early settlement fees etc. today as they have had an offer that they can't refuse for the business from a company with exceptionally deep pockets that is not currently in their industry but wants to be, and needs the proverbial "foot in the door". They had apparently been looking at them for some considerable time.
This afternoon all their loan account balances were zero and a six figure sum was paid in to the businesses current account for cashflow.
I have never seen such a multiplier of earnings paid for a business and all the existing owners get shares in the new firm to keep them keen. The purchase price will make them wealthy.
It's good to leave on good terms and for the right reasons.
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Lost a client for all the right reasons new