So far this has been possible. Our firm has maintained its identity and its name. However, the sale of our company has a new twist. Recently, the company that bought out our company was sold to an even larger competitor, a Texas-based wholesaler who wants a stronger foothold in Missouri. The sale of family businesses like ours represents more than an emotional upheaval or even an economic watershed.
People see it as the end of an era.
The industry on all levels supplier, wholesaler, and retailer was shrinking and consolidating, which put the kibosh on possible long-term expansion in its current form. All over the country the big players were gobbling up the smaller guys. My father, who had turned 81 years old, wanted to have the control to make a comfortable deal before he might feel forced to sell. Selling the company would raise equity instead of causing the company to take on more debt. Dad s age made him too risk-averse to handle debt.