The M&A Value of a Customer List

With regard to M&A, what is the value of a customer list?

The most obvious step to take when growing a company is to acquire more business by adding customers. To many, it would seem like the larger the customer base, the better your company will look to potential buyers. However, it is important not to fall into the trap of taking on any and all customers that come your way. In the long run, having too many customers could be a strain on the company’s resources and profitability. The goal is to build and maintain a customer list that will add value to your company when you sell it.

When starting a business, it seems sensible to take on any and all clients. It is critical that one not maintain that attitude, though. While this is a great way to build a large customer base, it frequently results in a situation where each customer will only be generating a small percentage of the company’s income. On top of that, marketing and servicing a diverse set of customers is expensive and could have a negative impact on the company’s profitability. At the end of the day, the best strategy is to eliminate low margin customers. It can also be tempting to do things like take on both commercial and federal contracts to broaden your customer list. Depending on the product or service, this could be a mistake. Some buyers will not want to acquire a company with multiple types of contracts and customers with divergent goals and views of the world. Usually, it is more effective to choose one type of customer and work on developing and maintaining those customer relationships. It’s also more profitable, which will drive the valuation more than just a large list of customers.

Specifically, having a large customer list is not necessarily what will make your company appealing to potential buyers. Instead, one should work on developing long-lasting, large client relationships with clients that have shared needs and characteristics. Ultimately, having a smaller number of loyal customers will give your company a higher value in the eyes of prospective buyers. To be clear, profitability per customer is important. It’s also very important to avoid customer concentration, i.e., having one customer account for more than five or ten percent of total revenues. Thus, if your company doesn’t have customer concentration, has long term customers with steady contracts, and they provide above average profits for the company, you’ll have a very marketable company that will generate a high valuation.

Versailles Group, a 29-year-old Boston-based investment bank that specializes in international mergers, acquisitions, and divestitures. Versailles Group’s skill, flexibility, and experience have enabled it to successfully close M&A transactions for companies with revenues between US$2 million and US$250 million. Versailles Group has closed transactions in all economic environments, literally around the world. Versailles Group provides clients with both buy-side and sell-side M&A services, and has been completing cross-border transactions since its founding in 1987. More information on Versailles Group, Ltd. can be found at www.versaillesgroup.com.

For more information, please contact

Donald Grava
Founder and President
617-449-3325

Versailles Group is pleased to announce that Data Translation (www.datatranslation.com), with operations in the U.S. and Germany, has been acquired by Measurement Computing, a subsidiary of National Instruments (www.ni.com) (NasdaqGS: NATI).  Versailles Group acted as exclusive financial advisor to Data Translation.

The text of the Press Release is listed below for your convenience.

BOSTON, Nov. 13, 2015 /PRNewswire-iReach/ -- Versailles Group, Ltd. (www.versaillesgroup.com) announced today that Data Translation (www.datatranslation.com), with operations in the U.S. and Germany, has been acquired by Measurement Computing, a subsidiary of National Instruments (www.ni.com) (NasdaqGS: NATI). Versailles Group acted as exclusive financial advisor to Data Translation. Terms were not disclosed. The transaction closed on Nov. 10.

Photo - http://photos.prnewswirCome.com/prnh/20151112/286929LOGO

Versailles Group, a 28-year-old Boston-based investment bank that specializes in international mergers, acquisitions, and divestitures, advised Data Translation on the transaction. Versailles Group works with companies in the U.S., Europe, Canada, Asia, and South America.

Data Translation ("DT"), founded in 1973 and headquartered in Marlboro, Mass., is a leading designer, manufacturer, and provider of data acquisition solutions for the test and measurement marketplace. With expertise in the design of high-accuracy, high-quality hardware and application software, DT partners with end users and OEMs to achieve their test and measurement goals. The company offers modules compatible with USB, LXI, PCI, and Ethernet and the supporting application software. Popular applications for the products include sound and vibration, temperature measurement, strain and bridge-based measurement, and voltage measurement, among others.

"The sale of DT fulfilled the primary shareholders' desire for a liquidity event." said Donald Grava, Versailles Group's founder and president.  By using Versailles Group's worldwide approach to finding the right buyer, DT was sold to Measurement Computing ("MCC"), a NI subsidiary. Fred Molinari, Founder of DT, said, "By joining MCC, our customers will benefit from an enhanced product offering, continued support of existing products, and the resources to build on over 40 years as an innovator in data acquisition."

About MCC

Measurement Computing (www.mccdaq.com) designs and manufactures data acquisition devices that are easy to use, easy to integrate, and easy to support. Included software options are extensive and provided for both programmers and non-programmers. Free technical support, limited lifetime warranties, and low cost of ownership make Measurement Computing the easiest choice for data acquisition. 

About NI

Since 1976, NI (www.ni.com) has made it possible for engineers and scientists to solve the world's greatest engineering challenges with powerful platform-based systems that accelerate productivity and drive rapid innovation. Customers from a wide variety of industries – from healthcare to automotive and from consumer electronics to particle physics – use NI's integrated hardware and software platform to improve the world we live in.

About Versailles Group, Ltd.

Versailles Group, Ltd. is a Boston-based investment bank that specializes in international mergers, acquisitions, and divestitures. It provides its clients with a high level of personal attention, international experience, and professional execution. Since 1987, Versailles Group's skill, flexibility, and experience have enabled it to successfully close transactions, both domestically and internationally, in all economic environments. More information on Versailles Group can be found on its website, www.versaillesgroup.com.

Media Contact: Donald Grava, Versailles Group, Ltd., 617-449-3325

Why should you sell your business to an overseas buyer?

Why should you sell your business to an overseas buyer?

If you’re an entrepreneur interested in selling your business, it is now more important than ever to consider overseas buyers. Due to the progressive globalization of the world economy virtually any company interested in M&A stands to gain from participating in the international market, regardless of that company’s size.

For overseas buyers, acquiring an American business is often an attractive option because it allows them easy and strategic access into the lucrative American market. International buyers might also want to acquire an American company because they consider the United States to be a relative safe haven from more volatile foreign markets. Buyers may even be motivated by the desire to gain an investment visa through such a transaction.

The high demand among overseas buyers plays directly into the favor of the sellers. When it comes to selling your business, the more options you have, the better. For instance, you could sell your company to an overseas party if no domestic parties make a reasonable offer. In another scenario, the presence of a possible overseas buyer(s) for your company could even spur other prospective buyers to make more aggressive bids and pushing an auction to even greater heights for valuations.

This is the primary reason why all American entrepreneurs should keep overseas buyers in mind. The international market will open new doors for both you and your company. For instance, say that you’re trying to sell your company to domestic buyers, and your best offer is US $20 million. If you’ve only bothered to search domestically, you’ll have no choice but to accept that offer. However, imagine that you had searched for buyers in the international market as well. Perhaps you would’ve found a buyer in Brazil also willing to pay US $20 million, forcing your American buyer to increase its bid to $22 million. Or maybe you would’ve found a buyer in South Africa willing to pay US $30 million! It has certainly happened before, and it can certainly happen again.

Versailles Group, a 28-year-old Boston-based investment bank that specializes in international mergers, acquisitions, and divestitures. Versailles Group’s skill, flexibility, and experience have enabled it to successfully close M&A transactions for companies with revenues between US$2 million and US$250 million. Versailles Group has closed transactions in all economic environments, literally around the world. Versailles Group provides clients with both buy-side and sell-side M&A services, and has been completing cross-border transactions since its founding in 1987. More information on Versailles Group, Ltd. can be found at www.versaillesgroup.com.

For more information, please contact

Donald Grava
Founder and President
617-449-3325

Selling your business when a lease is involved

Selling your business when a lease is involved

Most businesses rent commercial space where they operate their office, warehouse, manufacturing plant, retail space, etc. Therefore, it’s important to address the issue of selling your business when a lease is involved.

If you rent space for your business and are considering an M&A transaction, you should be aware of the nuances involved because of the lease. The leased space and your relationship with the landlord may have an impact on your potential M&A transaction so it’s an important issue.

First, it’s important for the seller to review the lease terms. When does the lease expire and are there any options to renew. Those will be the first two questions that a prospective buyer will ask. Once the buyer gets really serious about purchasing the business, they’ll want to know if the lease is assignable. Most of the time, even without an assignment clause, lessors are happy to accept assignment because the buying company is usually larger and a better credit risk than the selling company. It’s important to give the landlord time to review the possible assignment. Many times, sellers ask the landlord to accept an assignment and expect an immediate answer. That’s unreasonable.

The other situation that comes up is when the buying company doesn’t want the space that the seller occupies. That can be tricky for the seller as they’re obligated to pay the lease whether they’re occupying the space or not. In this case, the lessee or seller should look to see if the lease includes a provision to sublet. Provided the space can be re-rented in this fashion, the cost to the seller may only be a few months’ rent. The seller should be aware that even if the space is sublet, the seller is still responsible for all of the lease terms. It should also be noted that it’s very unusual for a buyer to want to move the business immediately or even shortly after closing. That transition time is always valuable to a seller where they’re responsible for the lease.

The other situation is when the lease will expire soon and there is no option to renew. This can be dangerous to the seller because the buyer may want to keep the space in that location while the landlord may have other plans for the space. In this case, it’s important to talk with the landlord to determine if you can have an option to renew or if they’ll allow you to execute a short lease (or extend your current lease term) so that the company doesn’t have to move in a hurry. This is one of the reasons why it’s important to have a good relationship with your landlord.

As part of Versailles Group’s M&A advisory services, we have assisted many clients in negotiating with the landlords or the acquiring company to make the lease issue a non-issue so that our clients could have a successful closing. Selling a business when a lease is involved doesn’t have to be complex; however, it’s an important issue that has to be addressed.

Versailles Group, a 28-year-old Boston-based investment bank that specializes in international mergers, acquisitions, and divestitures. Versailles Group’s skill, flexibility, and experience have enabled it to successfully close M&A transactions for companies with revenues between US$2 million and US$250 million. Versailles Group has closed transactions in all economic environments, literally around the world. Versailles Group provides clients with both buy-side and sell-side M&A services, and has been completing cross-border transactions since its founding in 1987. More information on Versailles Group, Ltd. can be found at www.versaillesgroup.com.

For more information, please contact
Donald Grava
Founder and President
617-449-3325

Versailles Group Named Global Mid-Market M&A Advisory Firm of the Year

Versailles Group Named Global Mid-Market M&A Advisory Firm of the Year

Versailles Group is pleased to announce that it was named Global Mid-Market M&A Advisory Firm of the Year by Corporate LiveWire. Last year, Versailles Group was named Financial Adviser of the Year for the successful sale of Photon Technology International to Horiba. Over the years, Versailles Group has won numerous awards for excellence in M&A advisory.

The text of the Press Release is listed below for your convenience.

BOSTON, Jul. 6, 2015 /PRNewswire-iReach/ -- Versailles Group, Ltd. has been named by Corporate LiveWire the winner of its "Global Mid-Market M&A Advisory Firm" award for 2015. The award is based on deal making over the past 12 months.

Corporate LiveWire's Mergers & Acquisitions Awards 2015 celebrates the achievements of dealmakers, management teams, financiers, and professional advisors who, over the past 12 months, have demonstrated excellence in their deal making. Versailles Group won this award due to its ability to consistently and successfully close transactions with exceptional results.

"The standard of competition has been incredibly tough this year," said Leah Jones, awards director of the 2015 M&A Awards. "Our judging panel spent countless hours deliberating before reaching its conclusion. Each chosen winner truly deserves to be presented with an award, and we wish all winners continued success over the coming years."

The judging panel at Corporate LiveWire placed each shortlisted candidate under intense scrutiny, setting its sights firmly on the most impressive performance over the past year. Each winner was chosen on merit and is set to play an important role in the continued economic growth.

"This recognition speaks to the strength of our team and our ability to close transactions in all economic environments anywhere in the world," said Don Grava, Versailles Group's founder and president.
About Corporate LiveWire

Corporate LiveWire is published by Fenice Media Ltd., an international publishing firm. Fenice Media offers a number of platforms for connecting its clients with an exclusive, global audience. Fenice Media's core products offer daily-updated content along with regular magazine publications that can be viewed on all digital platforms. More information on the awards can be found at http://www.corporatelivewire.com/Awards/MA2015/html5/index.html?&locale=ENG
About Versailles Group, Ltd.

Versailles Group, a 28-year-old Boston-based investment bank that specializes in international mergers, acquisitions, and divestitures. Versailles Group's skill, flexibility, and experience have enabled it to successfully close M&A transactions for companies with revenues between US$2 million and US$250 million. Versailles Group has closed transactions in all economic environments, literally around the world. Versailles Group provides clients with both buy-side and sell-side M&A services, and has been completing cross-border transactions since its founding in 1987. More information on Versailles Group, Ltd. can be found at www.versaillesgroup.com

For more information, please contact

Donald Grava
Founder and President
617-449-3325

Business Appraisal or Investment Bank?

Small Business Appraisals: Should You Just Hire an Investment Bank Instead?

How much is my company worth? Every business owner should be asking this question! Business owners usually plan to sell their company eventually, and understanding the business’ actual value is absolutely critical to planning a retirement strategy.

There are many valuation services that cater to small, privately-owned companies. These services can cost up to US$50,000 and will use a multitude of valuation techniques. The end product is an intricately detailed report that attempts to determine the intrinsic value of the company. Yet when it comes to selling a company, such services always overlook one important fact. At the end of the day, the most important determinant in a seller’s price is how much the buyer is actually willing to pay. Appraisals can be useful for getting a ballpark estimate of your company’s worth, but complex valuation models won’t change the fact that pricing mainly depends on the buyers, especially when the company isn’t publicly traded. This is why it is so important to have the right buyer.

The only time a business owner will ever get a completely accurate valuation of his or her company is when it is finally brought to market. Even if one chooses to get the business appraised beforehand, one would still need to find real buyers afterwards. Just because a valuation report claims that your company is worth US$20 million doesn’t mean that buyers will be willing to instantly hand you US$20 million in cash. The M&A process including painstaking negotiations are still necessary to secure a strong offer, especially if you have any specific preferences on deal structure (e.g., if you want to stay with your company after the sale). Most of the time, an auction process involving multiple bidders, will maximize the value of the business, and with the right buyer, you will receive an offer higher than the initial valuation.

That’s where a boutique investment bank like Versailles Group comes in. Versailles Group has nearly three decades of experience in searching for and negotiating with buyers from around the world. By applying its expertise and experience, Versailles Group will enable you to obtain the maximum value for your business. Hopefully, this will give the business owner some insight into the question: small business appraisal or investment bank?

Since 1987, Versailles Group's skill, flexibility, and experience have enabled it to successfully close M&A transactions for companies with revenues between US$2 million and US$250 million. Versailles Group has closed transactions in all economic environments, literally around the world, which is why it has won several M&A awards. Versailles Group provides clients with both buy-side and sell-side M&A services, and has been completing cross-border transactions since its founding in 1987.

If you are interested in buying or selling a business, please contact us for a free consultation.

Donald Grava
Founder and President
Versailles Group, Ltd.
617-449-3325

(Photo by Don Grava)

Technology Sector M&A Activity

(Please click the chart for easier reading.)

Technology Sector M&A Activity

Across all sectors, M&A activity, for the twelve months ending May 31, 2015, has increased relative to the same time period last year. Both strategic and financial buyers are completing more acquisitions because of the recovering US economy, the impending interest rate hike, and other factors. The data above illustrates the increase in M&A deal volume in the middle market.

The technology sector has accounted for most of the increase in deal volume. In the last three months (March-May 2015), there were 526 deals completed in technology services-- more than any other sector. That number is up from 477 technology services deals completed from March-May of 2014.

The need to innovate, grow, and keep pace with the changing technological landscape is fueling M&A volume in the technology sector. Technology companies are increasing their IT capabilities via M&A strategies to scale their operations, develop domain expertise, or for growth prospects.

The rationale for acquisitions in the technology sector is strong: internet data traffic is expected to triple from 2014-2019. In addition, 50% of this internet traffic is expected to come from devices other than traditional desktops. Technology companies are acquiring businesses that enable them to ensure growth through the development of new technologies or to penetrate new markets.

Whether it's a tech company or not, if you are interested in completing an M&A transaction there is no better time than now. The looming interest rate increases, possible change of political party, world events, etc. are driving people to complete deals before it's too late.

Founded in 1987, Versailles Group is an independent, middle market boutique M&A firm and offers its clients access to buyers and sellers worldwide. The firm provides its clients with a high level of personal attention coupled with over 28 years of cross-border transaction experience. Clients benefit from world-class advice, broad expertise, and flawless execution. As one of the leading middle market investment banking firms in Boston, the firm’s focus is obtaining superior results for its clients. That’s the primary reason why Versailles Group has done more repeat business than any other middle market firm. The net result for our clients is a superior transaction, whether it is on the buy or sell-side.

If you are interested in buying or selling a business, please contact us for a free consultation.

Donald Grava
Founder and President
Versailles Group, Ltd.
617-449-3325

Valuation Multiples and Selling your Business

Valuation Multiples and Selling your Business

Valuation multiples can serve as a starting point for estimating the value of your company. The valuation process, when utilizing multiples, is simple: by multiplying a financial metric such as EBITDA by an appropriate multiple, you arrive at a rough estimate for the enterprise value of your company.

So, you ask yourself, I know my company’s EBITDA, but how do I assign the correct multiple so that I calculate a fair enterprise value? The rote calculation of EBITDA*multiple is simple; however, assigning the “right” multiple is an art.

Generally, certain industries have a typical range of multiples for companies that exist in that space. A simple Google search will present websites that claim to provide “valuation multiples by industry.” But if you want to hone in on a more accurate multiple, you are encouraged to do more in-depth research. Organize a list of publicly traded companies that have a similar financial and business make-up to the company you wish to value (i.e., they operate in the same industry and have other similarities). Next, compile a range of trading multiples for these companies by dividing their enterprise value (“EV”) by a financial metric like EBITDA (EV/EBITDA, EV/REV, etc.). With certain adjustments, e.g., including the smaller size of your company versus the public company, which decreases the multiple, this range of multiples should provide you reasonable guidance. Next, multiply the EBITDA of your company by this range and you will have calculated a valuation range for your business. However, this process (called “comparable companies analysis) may be unreliable because it is based upon today’s market prices, which may be volatile. It may also be inaccurate as many adjustments need to be made to the multiple. For example, if your company has high customer concentration or a union, it's likely that your multiple will be penalized versus other companies in your industry.

Another way to calculate a multiple range is to look for comparable companies that have recently been purchased via M&A transactions . If you can attain the purchase price for a similar company, as well as its relevant financial metric (revenue, EBITDA, etc.), you can calculate its multiple. This is actually a more valid multiple range, provided the data is current. However, this process of “precedent transactions analysis” can be inaccurate because some strategic buyers place a high “purchase premium” when acquiring certain companies, which results in a valuation far above fair market price. In addition, economic conditions may have changed since the time of the previous purchases, so that the multiple range might reflect different market conditions.

The valuation derived from these methods serves as a starting point when discussing company value with your M&A advisor. However, it is just that-- a starting point. It is important to remember that valuation multiples are based on comparisons to similar businesses, yet no two companies are the same. Your company may operate in the same industry and provide a similar service/product as another company, but there are certain unique characteristics of your business that may result in a higher or lower multiple than expected. For example, Company A has similar EBITDA to Company B in the same industry. However, Company A commands a higher valuation because it is deemed a higher quality business due to superior management, branding or other reasons.

There is a fundamental flaw in the structure of the multiple. The denominator represents a financial metric-- such as EBITDA. However, EBITDA is an imperfect proxy for free cash flow because true free cash flow includes taxes, working capital, and capital expenditures while EBITDA does not. And free cash flow truly drives the value of a business. Thus, buyers will often stray from the simplistic EBITDA*multiple valuation that the business owner expects to receive because buyers base their bid on true free cash flow generation and other important factors. Therefore, a business owner should not be surprised if the initial valuation projection via a multiple is too high (or too low). Valuation is truly an art, and an M&A advisor like the Versailles Group can perform an in-depth financial analysis to help a seller target a fair, but full valuation for his or her business. Furthermore, marketing the company properly will find the best possible buyers, which will always result in the best possible valuation.

Founded in 1987, Versailles Group is an independent, middle market boutique M&A firm and offers its clients access to buyers and sellers worldwide. The firm provides its clients with a high level of personal attention coupled with over 28 years of cross-border transaction experience. Clients benefit from world-class advice, broad expertise, and flawless execution. As one of the leading middle market investment banking firms in Boston, the firm’s focus is obtaining superior results for its clients. That’s the primary reason why Versailles Group has done more repeat business than any other middle market firm. The net result for our clients is a superior transaction, whether it is on the buy or sell-side.

If you are interested in buying or selling a business, please contact us for a free consultation.

Donald Grava
Founder and President
Versailles Group, Ltd.
617-449-3325

When To Sell Your Business

When To Sell Your Business

One of the most important questions in M&A is: When To Sell Your Business?

M&A in the middle market is stronger than it has been in years. Now that the domestic economy is gaining traction, an increasing number of companies are becoming interested in making acquisitions. As a result of this robust demand, valuations have been driven higher in nearly every sector.

Despite these higher valuations, sellers continue to show hesitation when it comes to the sale of their companies. As shown in the chart below, only 9% of mid-sized companies in 2015 are currently involved in a sales transaction, while another 6% are also actively seeking to be sold. These figures have shown little change from 2014, when 6% of companies were being acquired and another 6% were seeking opportunities. In summary, companies are still hesitant to put themselves up for sale, despite strong demand for acquisitions and attractive valuations.

Right now, some of these companies may be unwilling to sell because they suspect that demand and valuations will reach even greater heights in the future. Yet timing the market is always difficult. M&A conditions in the middle market are currently very favorable for sellers and it is difficult to speculate how long these conditions will last. A decrease in demand from buyers or an increase in the number of sellers could reduce valuations as demand falls and supply increases. For sellers trying to receive the most consideration for their companies, the key is to be ahead of this shift.

To answer the question when to sell your business, the time is now. The market is strong, the multiples are high, and buyers are plentiful.

Founded in 1987, Versailles Group is an independent, middle market boutique M&A firm and offers its clients access to buyers and sellers worldwide. The firm provides its clients with a high level of personal attention coupled with over 28 years of cross-border transaction experience. Clients benefit from world-class advice, broad expertise, and flawless execution. As one of the leading middle market investment banking firms in Boston, the firm’s focus is obtaining superior results for its clients. That’s the primary reason why Versailles Group has done more repeat business than any other middle market firm. The net result for our clients is a superior transaction, whether it is on the buy or sell-side.

If you are interested in buying or selling a business, please contact us for a free consultation.

Donald Grava
Founder and President
Versailles Group, Ltd.
617-449-3325

The Benefits of M&A From a Buyer’s Perspective

The Benefits of M&A From a Buyer’s Perspective

For those of you looking to sell your company, the benefits of mergers and acquisitions are probably already obvious: you want to retire or do something new, and now you’re looking for a big cash payout. If you’re a prospective buyer, however, the advantages of M&A may be less than immediately apparent. Why should you ever buy another company? What good can that really do you? These are the types of questions we intend to answer in this blog.

Buying For Growth

Buying another company is most beneficial when the acquisition is part of a larger “growth strategy.” While it is always possible to spur growth organically by building and developing new operational capabilities, this path will requires millions of dollars spent on new product development, countless rounds of hiring the appropriate staff, and many years of hard work. In the meantime, your company may already have been leapfrogged by its competitors.
In summary, M&A can spur growth for buyers in the following ways:

Expanding your product line and markets

While developing new products and entering new markets on your own is feasible, inevitably, it will be an expensive and time-consuming process. Additional people need to be hired, new research and development will needs to be done, and fixed assets may need to be purchased. In the meantime, you may lose your footing to a faster-moving competitor. In contrast, acquiring another company’s existing product line in bulk can be a surefire way to stay ahead of the competition.

Achieving synergy

In the context of M&A, “synergy” describes how a successful acquisition can create a new company that’s more valuable than the original buyer and seller combined, e.g., 2+2=5. In other words, becoming bigger makes your company more efficient. If your company purchases another company, the new combined entity will have greater purchasing power, better access to technology, lower borrowing costs, etc. The combined firm, if done properly should have less corporate overhead as the new entity only needs one accounting department, one HR group, etc. to run both firms.

Gaining market share

You can also use M&A to outgrow or eliminate competitors in your industry, both directly and indirectly. Organically developing your own business to keep up with competitors is a messy and difficult process, but a strategic acquisition will immediately remove at least one competitor from the field. In addition, making a synergistic acquisition will make your company larger and more efficient than your remaining competitors.

Conclusion

The benefits of M&A from a buyer’s perspective are achievable; however, if one is serious about pursuing this avenue, it is highly advisable to retain the services of a responsible M&A advisor who can guide you through the process to a successful conclusion.

Founded in 1987, Versailles Group is an independent, middle market boutique M&A firm and offers its clients access to buyers and sellers worldwide. The firm provides its clients with a high level of personal attention coupled with over 28 years of cross-border transaction experience. Clients benefit from world-class advice, broad expertise, and flawless execution. The net result is a superior transaction, whether it is on the buy or sell-side.
If you are interested in buying or selling a business, please contact us for a free consultation.

Donald Grava
Founder and President
Versailles Group, Ltd.
617-449-3325

(Photo by Don Grava)