Led by celebrity chef icon, Maggie Beer this certainly wasn’t the first time she’s been approached about selling – this pitch/offer came from a company called Primary Opinion which counts former Victorian Premier Jeff Kennett among its shareholders.
Maggie and husband Colin, held a 100% stake in their private company turning over more than $20m a year and employing up to 100 people.
What’s interesting is they weren’t even looking to sell. As Maggie explains;
“Its my name and its my life (and Colin’s). We’ve had so many approaches over the last 10 years but there comes a time when you need extra investment to go to that next level. This time it just feels right”.
Primary Opinion intend raising $25m as part of an IPO exploring opportunities through Maggie Beer products and elsewhere in the food and beverage industry.
I speak to business owners every week turning over similar numbers to Maggie Beer – they’re looking to go to the next level because while they are big, they’re not BIG (if that makes sense).
Your existing business capacity may not have the capital, people, technology or systems to go to that next level – but then, you don’t want to sell out completely.
Maybe follow Maggie Beer and sell part of it – to the buyer where it just feels right.