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BizCONSTRUCTION

Within a week we had a solid letter of intent and everything was set. It was great. –

continued from page 149 he was essentially selling the company to his employees in preparation for his eventual retirement – and it was to go into effect on Jan. 1. “I said, ‘If you’re serious, I’m happy to listen to it – but this has to get done in the next week to 10 days because I’m moving forward one way or another,’ ” Brav said. “I said, ‘You’re going to have to get there real fast.’ ” Larson said he and Brav were “shocked,” but thoughtfully approached the prospect of selling the company. Back at their hotel, they found a patio where they discussed the implications of a sale to JV Driver versus the employee stock ownership plan. Brav particularly wanted to get Larson’s

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Chuck Sanders, President, JV Driver Group input because it was Larson who would end up with the reins to the company as Brav pondered his ride into the sunset. “He honestly asked me, ‘David, what do you think? What should we do? I want to make sure I have your input on this because you’re the one that’s going to be heading forward with this thing no matter which one we do,’ ” Larson said. “I felt this was an important moment in my life and in the lives of everybody here – and Garry’s life – and he’s asking me what I think. I had thought about it in those five minutes and felt strongly that we’re supposed to go forward with the sale of this thing.” As it turned out, the preparation for the employee stock ownership plan – as well as Brav’s longtime strategy to be

financially stable with lots of cash on hand, no debt and few capital assets – made it easy to value the company. Brav and Sanders agreed to terms of the sale on a phone call the following week – Sanders was in Scotland on other business at the time – and the two firms began to nail down the legal and operational details. The sale of BFL Construction to JV Driver Group officially closed on March 9, but the deal was done in 10 days after the dinner in Vancouver on the Sunday after Thanksgiving, Brav said. “It was really quick,” Sanders said. “Within a week we had a solid letter of intent and everything was set. It was great. You know, the good ones come together quick.”

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