Step 5 - And So The Process Begins...

3 Months Before “Deal Day”

Another night of crap sleep.

My mind was racing with to-do lists and pending decisions. Every detail can keep me from sleep, from due diligence niggles to employee reactions. I can’t imagine how stressful this would be if it was a trade sale or an MBO - I’d be a nervous wreck by the end of it. I don’t know why I worry - our due diligence is rock solid; there's nothing to hide, but the process is knackering.

It’s been a mixed week.

Good news on Monday: HMRC has given us the green light on our valuation. Simon at Baxendale hadn’t expected any problems (we’d gone conservative, after all), but the official nod is another thing off the list.
That same day, I had a board meeting at Sales Engine (Sales Engine, dear reader, is a sales consultancy business I am involved in - check them out; they’re brilliant at what they do). I shared Eyeful’s EOT plans with Steve, Sales Engine’s MD, and the look of shock on his face made me stop in my tracks. Am I solely defined by my role in Eyeful and Sales Engine? He then asked about my plans post-Eyeful, and I realised that my bucket list, though extensive, didn’t seem to provide a satisfactory answer.

Hmmm… Perhaps I need to practice my delivery?

I know this bucket list isn’t just a collection of idle dreams; they are pieces of a life I've longed to live. Nonetheless, there is a nagging doubt that they might not completely fill the void Eyeful will leave.
Informing Luke and Lloyd about the HMRC approval was the highlight of the day. Their reactions were a mix of enthusiasm and nervous anticipation. They’re about to take on the most challenging roles in the company's history, and the responsibility is really starting to dawn on them. It’s nice to know that I’m not disappearing overnight - I’ll be there to provide any support they’ll need in the early days.

Things went a little awry later in the week when our Head of Finance resigned! The move to Employee Ownership was just a step too far for her. She’d joined the business when it was three of us in a freezing and draughty barn at the end of my garden and has been with us through thick and thin. Like me, she’s been taking stock of her life, and it would appear that this is the perfect time for her to follow new adventures. If nothing else, her departure is a reminder that this transition isn’t just a business transaction; it affects people’s lives and futures.

Bugger.

The fact is that I can’t honestly foresee how anyone is going to react to this news. I thought our Head of Finance would be delighted, but instead, she’s headed for the door. This whole thing has prompted me to think, once again, about our long-term consultants. They have always resisted change and, as a result, occasionally made life more challenging than it needs to be. How are they going to take this news? In many ways, our working relationship is based on our longstanding personal relationships. How will they react to this change? Will they feel abandoned or betrayed?

I expect things to get feisty.