“Dream Weaver” published June 2004 in Builder Magazine
(Article no longer available; partial text provided)
For builders considering putting their company on the block, one of those best-known independent brokers is Michael P. Kahn & Associates, a Ponte Vedra Beach, Fla.–based company that arranged 13 home building deals in 2003 and expects to at least double that number this year. According to Kahn, packaging a company for sale usually takes three to four weeks, with another four weeks dedicated to meeting with potential buyers. After a letter of intent is signed between the buyer and seller, 30 to 40 days are allotted for due diligence, eliminating any surprises, and negotiating final agreements. Finalizing the deal requires another 15 to 30 days. Overall, the process takes 90 to 120 days, although deal makers can go into hyper-drive if circumstances require. Kahn completed one transaction in just seven days from the date of a handshake agreement. “That's the fastest deal we've ever done,” he says.