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After decades of building a successful construction company, two sibling co-owners of a thriving family business were approaching retirement with different visions in mind. One was emotionally exhausted and eager to move on. The other was deeply tied to the company’s legacy and not ready to let go. With a 50/50 ownership split, no formal succession plan in place, and differing perspectives on the path forward, the business faced an uncertain future.
The owners knew they needed an outside perspective. They didn’t know what their exit strategy should look like, only that they needed help navigating the next chapter of their business. Having worked with Elliott Davis for years on tax and audit matters, they reached out for help, ready to explore what the future could look like and how to protect what they had built.
We worked with them to assess their current position and evaluate multiple succession planning scenarios. By benchmarking their performance and identifying key value drivers, we outlined how operational improvements could boost their business valuation and provide them with options.
With new clarity, the owners chose to implement key recommendations that would ease their transition and strengthen the company. The first step was to hire a CFO and COO to offload the day-to-day operations they had long managed themselves. These leaders helped redistribute operational responsibilities and create transparency where institutional knowledge had previously lived only in the owners’ heads.
With support, the company focused on formalizing policies and procedures, building out its leadership team, and introducing incentives that aligned performance with long-term goals. These operational improvements directly enhanced the company’s readiness for sale, making it more attractive to potential buyers.
The timing couldn’t have been better. As the construction industry experienced a local upswing, the new leadership team helped the company scale rapidly. They took on more contracts, expanded market reach, and improved efficiency across the board. The company saw significant EBITDA growth (earnings before interest, taxes, depreciation, and amortization), tripling within just two years. The business was transformed.
With a stronger leadership structure and a high-performing team in place, the company was now attracting unsolicited buyer interest. For the first time, the owners were no longer tied to the business’s daily operations and were finally aligned on pursuing a thoughtful exit strategy.
The owners came back to Elliott Davis for help navigating the sale. Having never been through the process, they needed guidance: Which partners should they bring in? How should they respond to offers? What would position them for the best outcome?
Working alongside Elliott Davis and other trusted partners, they assembled the right team, evaluated options, and prepared the company for market, supported through every phase of the business transition.
The owners were pleasantly surprised by the market value of their business, which far exceeded their expectations. They began making plans for the future, looking forward to a retirement that had once felt out of reach.
The information provided in this communication is of a general nature and should not be considered professional advice. You should not act upon the information provided without obtaining specific professional advice. The information above is subject to change.
