Frank Anthony’s Gourmet Market
Business Broker
Situation
This gourmet market, owned by three cousins, was in the fast-growing Seaport area of Boston serving the local neighborhoods as well as workers and visitors to the city. When one of the owners was ready to move south and retire, their financial advisor recommended they work with BayState Business Brokers.
BayState Business Brokers’ Approach
Business Brokers Bil Zarch and Molly Hanson worked together to develop the strategy of taking this business to market. Together they brought deep local market knowledge, an extensive network and Bil’s vast industry knowledge of the food and restaurant industry. Their strategy included proactively targeting owners of other local markets in Boston for an expansion opportunity into the Seaport. In parallel, they targeted industry buyers including restaurant owners as an opportunity to acquire a complementary business in an attractive area with a loyal customer base.
The business was highly marketable being in the Seaport area in a beautiful, new leased space that presented well as prospective buyers toured the market. In addition to its location, the market included a liquor license, delicious grab-n-go menus for breakfast, lunch and dinner and the convenience of picking up groceries.
Results
Key components of the sale included transferring the liquor license, negotiating the lease and valuation of the inventory. The buyer, an industry buyer, sought to expand his presence in the Boston area with the gourmet market complementing his current business. With three sellers, the industry buyer and his commercial real estate broker, business brokers Zarch and Hanson coordinated and quarterbacked the process to keep the deal moving to a successful close.
The terms of the sale included two of the owners staying on to work in the business for a period of time and retention of the market’s dedicated staff. The other seller achieved his goal of moving south and retiring while the industry buyer purchased a successful gourmet market to extend his presence, securing a business in a highly desirable part of the city.
