Mike Buzzard, managing partner at Schwartz Advisors, highlighted the unique dynamics of family-owned businesses in the automotive aftermarket, drawing from his personal experience. Buzzard’s family warehouse distributor business, MAWDI, in Buffalo, New York, flourished under his grandfather, father, and uncles. As part of the third generation, he and his siblings started working in the warehouse during high school, sparking their passion for the industry.

Following the sale of their family business to Uni-Select, Buzzard held various roles, from general management to corporate marketing and product management. Eventually, he served as VP of Sales and Marketing and ventured into corporate development, gaining a comprehensive understanding of the warehouse distributor operation.

This background in corporate development is invaluable at Schwartz Advisors, offering clients insights into what buyers seek and what constitutes a successful sale, according to Buzzard. The decision to sell the family business was driven by the need for capital to sustain growth and competitiveness. Buzzard emphasized the importance of considering the business’s future, employee well-being, and maintaining key customer and supplier relationships during the decision-making process.

Buzzard’s experience empowers him to guide other businesses through similar processes, understanding the emotional and strategic complexities that are involved. He pointed out the accelerating consolidation in the industry, particularly among warehouse distributors, making it an opportune time for family businesses to assess their strategic options.

When contemplating a sale, family business owners should start discussions early and clearly understand their long-term objectives, Buzzard advised. Ensuring future leadership and talent to maintain customer relationships are crucial. Planning and making decisions from a position of strength and knowledge are essential for a successful transition.