Niche Home Painting & Restoration Business: Buyer leaves corporate world and buys niche business focused on restoring vintage Victorian homes
Location
Business Broker
Situation
The founder and owner of this unique home painting and restoration business was ready for a change. Since launching the business in 1996, he had grown the business, earned a quality reputation throughout the North Shore of Boston and the northern suburbs of Boston. Recently, he and his wife had purchased a second home and were ready to make a lifestyle change. They found BayState Business Brokers via an online search and started working with Business Broker Bil Zarch.
BayState Business Brokers’ Approach
Bil Zarch developed the BayState Confidential Brief, BayState’s version of the industry’s Confidential Business Review (CBR) or Confidential Information Memorandum (CIM) to start marketing this niche painting business focused on restoring vintage Victorian homes. A list of strategic buyers who were interested in residential painting companies was targeted as were individual buyers.
Prior to the business listing going live, a friend introduced Bil to an individual who had recently left the corporate world and was evaluating what he wanted to do next. During the initial conversation, it became evident to Bil that he may have just the right opportunity for this individual to make a change.
Bil presented the painting and restoration business as a career changing opportunity and interest was immediately generated. A letter of intent was signed, and the prospective buyer and the seller quickly formed a relationship where the seller was thrilled to feel his legacy would continue with this individual buyer.
The due diligence process proceeded smoothly. BayState Business Brokers recommended a preferred SBA lender to the buyer while the seller agreed to seller financing. The sale included the purchase of multiple trucks and light materials.
Results
The sale proceeded smoothly, including the seller agreeing to an extended transition period to enable the new owner to get familiar with the business and the residential painting industry. The buyer was thrilled to buy a new career offering growth opportunities and the chance to be in charge of his destiny. As owner, he would leverage his core skill set to be the rainmaker for the business, continuing to build a pipeline of business for the stable group of contractor teams in place to complete the painting and restoration jobs.
BayState Business Brokers’ goal is to quarterback the process and enable the result where both buyer and seller achieve their goals and are happy. The stars were aligned for this sale and Bil Zarch was thrilled to help make it happen.
