BayState Business Brokers sold Montessori Centre of Barrington, a school with real estate in Barrington, Rhode Island
Industry Expertise
Location
Business Broker
Situation
The long-time owner of the Montessori Centre of Barrington decided to sell the school and real estate as she prepared for retirement. The owner had actively been the face of the school for decades, and her husband worked part-time on administrative/financial tasks.
The school site included a 3,600 square foot, two-story building with weather-protected outdoor stairwells and two age-group-appropriate outdoor playgrounds. Interior areas included the director’s office, a lobby with a piano and two classrooms on each of the two floors.
BayState Business Brokers’ Approach
Molly Hanson, CFP® of BayState Business Brokers was introduced to the owner of the Montessori Centre by the school owner’s attorney. Molly quarterbacked the sales process, including the business valuation, and collaborated with a local realtor to determine the value of the associated real estate. The Montessori school and real estate were listed for sale as a package deal, and BayState worked in conjunction with the realtor.
With the entire sales process happening during the pandemic, Molly organized virtual tours for prospective qualified buyers to learn about the Montessori Centre. The business was listed on the market confidentially. Molly led BayState’s proven process to effectively market the business to targeted buyers including developing BayState’s Confidential Brief, managing the due diligence effort, keeping the owners informed and ushering the offer letter, P&S and closing.
Results
The buyers were Massachusetts residents who wanted to relocate to Rhode Island. They had teaching experience in a Montessori school in another country. In addition to facilitating out-of-state realtor coordination and buyer/seller communication, Molly referred the buyers to a lender, who helped them secure the financing.
The buyers and sellers coordinated frequently for a collaborative, well-organized transition. The staff and students’ families were informed of the ownership transition before closing – and that helped significantly from a licensing perspective, while also maintaining morale and continuity for the children and school community.
