Selling the Family Business
Sherry Hayes faced a challenge she had never faced before… selling the business that her father, Alfred “Tote” Gray, founded more than 45 years ago. Her Dad had been in declining health, and Sherry had helped out by running day-to-day operations since 2004. By 2012, the family decided that it was time to close the business. Sherry hoped to sell the business instead of closing it because she felt there was real value in the business.
Selling any business is a very complicated process – and making the wrong decision can be very expensive. Sherry knew she did not have the skills or experience to sell the business, so she tried to select a broker to help her – but that was not successful. She was frustrated and felt alone.
Then Sherry found SCORE Peoria. She worked with three mentors, with different skills, who coached her through the entire process. The end result was that she sold the business successfully in early 2013 and was able to pay off all the debts of the business.
Sherry said, “I am very grateful to SCORE Peoria and the mentors who helped me. I felt overwhelmed and alone as I was struggling to do this by myself. When SCORE Peoria got involved, I felt that someone ‘had my back.’ The final outcome was better than I could have dreamed when I was trying to do this by myself. Thank you, SCORE.”