The world’s largest business brokerage consulting firm, Transworld Business Advisors, has brought its expertise to Westchester County with a new office, Transworld Business Advisors North of Westchester, at 245 Saw Mill River Road, Hawthorne.
“I look forward to helping local business owners obtain the greatest value for their companies as they exit and assist others looking to get into business for themselves,” said Gary Jacobs, owner and managing partner of the franchise, who has assembled a team of experienced agents and office staff, including his daughter, Madison. (He described her as “very ambitious, organized, detail-oriented and anxious to learn. I believe she will be a great asset to the team.”)
While each franchise is independently owned and operated, Jacobs said his would remain affiliated with Transworld Business Advisors and would use the franchisor’s methods, tools, documents and systems — along with its large database of buyers, sellers, business listings and historical sales information.
Jacobs’ own experience includes 30-plus years working with business owners and private equity investors to grow businesses, improve business performance and lead M&A (mergers and acquisitions) transactions.
“I’ve been a CFO and CIO in industry; an ERP (enterprise resource planner) and business process reengineering consultant at PwC (PricewaterhouseCooppers); and, most recently, a private equity and M&A transaction managing director at both Alvarez & Marsal and FTI Consulting. Bringing this experience to mid-market allows me to work hands-on with clients and allows my clients to get seasoned advisory services at a fraction of what I was charging at the larger firms.”
As to how the new affiliation came about, Jacobs said Transworld was actually looking to add an office in Westchester and approached him, rather than the other way around.
Asked what he envisaged would be his most typical business sale or purchase in Westchester, Jacobs said, “We market and sell to businesses ranging from a few million dollars with a few employees to over $100 million with hundreds of employees.” He suggested his most “typical” clients would be a business owner ready to move on to retirement or the next business venture, matched with an aspiring entrepreneur looking to acquire and run a business.
Occasionally, he said, he might work with a company looking to buy another company (or competitor) in the same business, to grow an enterprise. The firm, he added, also provides valuations and performance improvement plans for people considering a sale of their business who wanted to know what it was worth and how to increase its value.
“Finally, we provide franchise development services for business looking to convert/expand from a single business to a franchise.”
On the all-important question of what it costs to buy or sell a business, Jacob was forthright: “We charge a commission of 10% to 12% of the sales price, often on a graduated scale. This includes valuation, preparation and posting of a confidential listing; preparation of a business prospectus/presentation; handling buyer inquiries and qualifying buyers; facilitating due diligence and facilitating closing. We can also introduce attorneys, accountants and lenders to both sellers and buyers as needed. We only get paid upon the sale of the business.”
Asked about the more general pros and cons of opening his new office, Jacobs said the pros were being able to bring his vast experience to the Westchester community and getting to know and work with like-minded, community-oriented people along the way.
“I haven’t identified many cons yet,” he added, “except that I may need to turn away business in order to maintain the level of attention, quality and care that I want to be known for.”
