Mike McCarron sold MSM Transportation to the Wheels Group for $18.6 million. After receiving the letter of intent (LOI) he signed it immediately. If McCarron had the opportunity to do it all again, he’d handle this request differently.
Once the LOI is signed, the buyer knows they are now the only player at the table and can start dragging negotiations out, hoping to squeeze concessions out of the seller. However, McCarron maintained some negotiating leverage because he knew what made the business attractive to his strategic acquirer. Find out how acquirers would view your business by getting your Value Builder Score.
Mike McCarron is the president and founder of Left Lane Associations, a firm specializing in growth strategies, both organic and through M&A, in the transportation sector. McCarron is a 33-year industry veteran, entrepreneur and founder of MSM Transportation (est. 1990), which was sold to the Wheels Group in 2012. Under his leadership, MSM won numerous business awards including the Top Canadian Motor Carrier of the Year for seven consecutive years. Over the past 25 years, McCarron has served on the board of directors of the Toronto Transportation Club, the Ontario Trucking Association, the Canadian Trucking Alliance and the National Transportation Brokers Association.