Sustaining Business Newsletter

Why Did They Do That?
By Rhett Hendrickson

Publication Date: December, 2010

That’s been the question since our announcement a few weeks ago that Jennifer and I had spun off (spun out, to be more accurate) the business brokerage division of Hendrickson Business Advisors.  The short answer is this:  Because we wanted to partner with a national brokerage firm and thereby greatly increase the number of prospective buyers we have for a business.

Hendrickson Business Advisors has been valuing businesses and helping match buyers and sellers – collectively known as business brokerage – since 2008.  We came to the realization that the demand for business brokerage was going to be greater than what we were able to provide on our own.  After some initial contacts, we researched Murphy Business and Financial Corporation – an international business valuation and brokerage company based in Clearwater, Florida.  What we found is that Murphy handles its niche of business brokerage so well and has such an extensive footprint in North America and Canada that we would be much better off partnering with them than trying to do it ourselves.

So we did.  We entered into a partnership with Murphy Business, found two extraordinarily qualified business people – Craig Bohnsack and Tony Smee - to help us run it, learned Murphy’s proven system of valuation and brokerage, and formed Murphy Business of Cape Girardeau.

This entire process is one example of Hendrickson Business Advisors taking our own advice.  Too often, businesses are reluctant to admit that their way is not the best.  They’re unwilling to consider partnerships with others who have complementary skill sets – partnerships that may cost money in some way (franchise costs, staff, equipment, training, marketing materials, etc.) but may also increase revenues beyond the required investment.  We routinely advise our clients to examine their entire operation to see if they’re really doing as well as they can with what they have.  Sometimes they’re happy with where they are and that’s okay.  Usually, however, a business owner wants to grow her or his business; they want to expand their services or customer base or maybe both.  They simply don’t know how.

Hendrickson Business Advisors CAN help a business owner do more with what they have.  We can also help them discover opportunities for growth that lie outside their organization.  The biggest step is for a business owner to admit that someone out there may be able to help them do it better.  Contact us to learn more.