Award Winning Event Planning and Rental Business
Location
North of BostonIndustry
HospitalityBusiness Broker
Situation
A couple launched and built this unique event planning business from the ground up. They built an impressive client list of businesses and party planners, delivering highly creative and unique events for corporations and conferences, as well as bat and bar mitzvahs. With a 30,000 square foot warehouse, the company designed and built high quality sets, elevating any event theme to a higher level. After many years of running the successful business, the owners decided it was time to pursue other interests and via an online search they found BayState Business Brokers to help them broker the sale.BayState Business Brokers’ Approach
Business Broker Stephanie Bloch was immediately impressed with the vast warehouse and the unique capabilities of the business. She had attended events where their custom sets had been featured and knew of the quality reputation the company had from top party planners in the Greater Boston area.
One unique capability of the business was the craftsmanship of the team who designed and built wooden sets for various event themes. The unique sets distinguished this event planning business and contributed to its value given the sets could be reused for other themed events. The valuation of the warehouse contents, including the existing sets, was estimated in determining the offer price.
Stephanie enjoyed working with the owners to develop the marketing strategy for selling the business. She immediately connected with one of the owners over their mutual love of music. The owner had an extensive guitar collection and Stephanie grew up in a suburb of Detroit where her dad owned multiple music stores. For so many years, the business had been central to the owners’ lives; building it from scratch. Finding the right buyers was of paramount importance and Stephanie was committed to attracting quality prospects to lead the business while also taking care of their team who had been with them for years.
Stephanie developed BayState Business Broker’s Confidential Brief, a thorough and professional package that immediately garnered attention from many prospective buyers.
Results
An ideal buyer was secured for the business and financing was secured with an SBA loan through Live Oak Bank. The buyers were a couple buying the business for the woman to continue her event planning career. She brought extensive experience to the business and the transition period was agreed to include three months in the business and three months available by phone to support a smooth transition for the new owners and for the employees.
