Garage door industry magazine for garage door dealers, garage door manufacturers, garage door distributors, garage door installers, loading docks, garage door operators and openers, gates, and tools for the door industry.
Issue link: https://idoi.epubxp.com/i/255259
32 International Door & Operator Industry™ decided it was time to start thinking about selling his Florida business. It's not that he wants to play shuffeboard and don plaid Bermuda shorts and walk the neighborhood in matching black socks and wingtips, but because he has other interests that he enjoys. He is a licensed pilot and owns a drag racing operation. "I like going fast," Ebel said with a smile. "I don't want to slow down; I want to go faster." Having survived the 2008 housing crash – in which the Southwest Florida region was among the hardest hit in the nation – and bounced back from the ensuing recession, Ebel feels the timing is right for him to look again to selling his business. He is again looking to sell to a group of key employees, but he hasn't ruled out selling to an outsider. Either way, Ebel is approaching the sales process from a professional perspective: "My preference is to involve a key group of our people in ownership of the company, but also to keep preparing for whatever sale may eventually occur," Ebel said. "One of my key goals in 2014 will be working on some sort of package that treats and rewards key people as owners." At the same time, Ebel is looking at his business as something that should be attractive to an investor, and he's taken steps to prepare the company for possible scrutiny. "When you sell a house, you do everything you can to show it off," Ebel said. "You paint the interior walls, you replace the fooring and carpets, landscape the yard and all those sorts of things. It's the same approach that should be taken when selling a business. You want the company to look its best." As a result, Ebel has updated his feet of trucks, made some internal effciency improvements and maintains a showroom that has an instant visual impact on visitors. In addition, he's in a good position to show the company's proftability to any potential buyers. Although the company's sales volume has not returned to the pre-housing bubble era, his business is up 33% in the past year and all the trends are pointed in the right direction. "We are constantly preparing ourselves for an eventual sale," Ebel explained. It involves working with our people, processes within the company and the products and services we provide. We are always trying to strengthen our leadership team and enabling the company to run with reduced involvement from me." Working with Siblings LOUISVILLE, KY – Family businesses bring a mixed bag of blessings and burdens to many of those who belong to both. However, in the case of the Cunningham Family of Louisville, Kentucky, some wise decisions made by the patriarch helped make the transition from the second generation to the third a lot less problematic than might otherwise have been the case. The company was originally purchased by the family in 1964, when Crawford Door Sales in Louisville was purchased by the grandfather of the current owners. The company had been been formed in the early 1940s and was a small enterprise with a single supplier. In 1967, Charles L. Cunningham, Sr. purchased the business and began making changes. The 33-year-old father of six, ranging in age from 11 to 2, wanted to "stand on his own two feet" and thus convinced local bankers to give him an opportunity to succeed. Working with a feet of three trucks and a labor force of six employees, the ambitious Mr. Cunningham worked every facet of the operation and learned every conceivable aspect of the of the business. As a result, he hired and trained well, including among the three of his six children who would later show an in- terest in the door business. There was a time during the recession of the 1980s that the business almost failed. Although it was a diffcult time for the family, requiring the sale of their home and other assets to avoid bankruptcy, the company survived. The family also learned the value of cash and the burden of debt. The lessons learned from Charles L. Cunningham, Sr. continue to guide the company today. Continued on page 34 From the left: Kevin, Cindy and Chris Cunningham MANAGEMENT (continued from page 30) 1/24/14 10:51 AM