Welcome to the Property Manager Broker Podcast with your hosts, Brad Larsen and Phil Mazur. Today's guest is Clint Collins is sharing his experience selling his property management company and moving to a new market. Clint will discuss lessons learned, what worked, what didn't, and what he would do differently. Listen to this interesting conversation and see if you can learn anything from Clint's experience.
Clint shares his background, how he got into property management and discusses selling businesses through the years. Clint describes the sale of his largest company to Home River Group, the negotiations, the challenges of running a company while moving through the sale, and the importance of an attorney negotiating the terms.
They speak about the emotions involved in selling a company when you have worked hard to put the team together and hoping that they will be taken care of. Clint speaks about the pros and cons of writing the language in a contract and how it's unfair to the employees.
Listen, as Clint answers the three questions Brad and Phil like to ask their guests, the answers might surprise you. Clint is very accomplished and knowledgeable, and you can learn a lot from listening to this conversation, so sit back, relax, and push play. Enjoy!
In this episode:
[02:18] Clint shares his background and his journey to where he is today.
[05:33] Phil speaks about Clint, how he knows him and working together.
[07:42] Clint discusses selling businesses over the years.
[09:56] Clint shares getting three different offers for his largest company.
[12:06] Listen as Clint describes his sale to Home River Group step-by-step.
[14:49] Was the year-long phase working on the sale hard?
[16:57] Clint speaks about the negotiations for sale with Home River.
[19:56] What was the hardest part, the negotiations, or moving through the sale?
[23:02] Clint discusses clawbacks, what they are, and his ideal purchase is a company that tells him they have three revenue sources.
[26:18] If your books aren't in order, you can't command a good price.
[28:15] Clint says to listen to the guys that aren't attached to the sale because the emotions can be high.
[29:39] Clint discusses making sure your team is taken care of when you sell a company.
[32:31] How do you know when an employee needs to go?
[35:03] Phil speaks about writing contracts to keep your team on tacked and how unfair that can be to the employee.
[37:23] As a seller, Clint shares what he would do differently.
[40:42] What is the first thing you would do differently from the beginning when acquiring a business?
[42:27] Clint shares one piece of advice you would give to someone entertaining the idea of selling their property management company.
[43:06] What is the major change in the industry you see happening in the next five years?
[46:08] Thank you so much for being on the show!
Links and Resources:
Property Manager Broker
Property Manager CFO