Document Type

Article

Publication Date

10-2018

Abstract

Sweeny Electronics is a family-owned S Corporation based in St. Paul, Minnesota. The company was started in 1946 by a returning army veteran, Mike Sweeney, and focused on the heating, air quality and cooling markets. The company has survived numerous recessions, market consolidation, and manufacturing challenges in China, and currently is run by the third generation Sweeney family. The current owner and CEO, George Sweeney, is the grandson of the founder and is approaching retirement age. The board of directors has seven members: George Sweeney, his wife Jane and five members of the business community. Under the direction of the CEO, the board has determined that there is no “heir apparent” in the family or in the current management team. They have elected to hire an investment banking firm to position the company for an asset-based sale. Sweeney would like to sell the company for estate planning purposes and allow him to transition to a consulting role with the new owner.

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