Successfully brokered sale of plumbing business in Wilmington, MA to an industry buyer in North Andover
Industry Expertise
Location
Business Broker
Situation
The seller, who started his plumbing business right after finishing trade school, had built a solid, reputable business. When he decided it was time to sell, he contacted BayState Business Brokers and Brian Labonte to market the business and help him find a suitable buyer as a reward for all his hard work.
BayState Business Brokers’ Approach
Brian Labonte marketed this plumbing business targeting industry buyers since Massachusetts law requires a master plumber be listed in the articles of inclusion for operating the business. There was great interest in the plumbing business, with investors disappointed to learn of the state law preventing them from moving forward with an offer.
The plumbing business is a small and tight community so, at the seller’s request, the business was marketed anonymously through much of the brokerage process.
Results
A single buyer was very interested in purchasing the business. As a master plumber, he was owner and operator of a plumbing business he had previously bought and sought to incorporate Kevin Scott Plumbing into his growing plumbing business. The final deal included the seller’s wife continuing to manage the office. A transition plan was agreed to including changing the brand to Hoffman & Kelley Plumbing and Heating. The seller, who along with his IT person had developed a proprietary billing system, allowed Hoffman & Kelley to incorporate it into its operations while retaining the rights to the system to sell to other plumbing business owners.
