Specialized Electrical Contracting Company
Industry
Location
Business Broker
Situation
The owner conducted an online search for a business broker after the business did not sell when listed with another broker. His search brought him to BayState Business Brokers as he wanted a firm with both breadth and depth of experience. He was connected to broker John Brice.
The owner had launched the business right out of high school, running it and growing it for more than 40 years. He was ready to sell and retire.
BayState Business Brokers’ Approach
Business broker John Brice developed a list of targeted buyers, focusing on attracting private equity firms given the business size. As a lower middle market specialized trades business, it was important to attract a buyer who could take over for the owner, grow the business and care for the team that the seller had built.
The initial response to the listing was favorable, securing more than a dozen letters of intent (LOIs). Brice facilitated evaluating each prospective buyer with the seller to choose the ultimate buyer. It became evident that a more experienced corporate attorney would best serve the seller and his needs, so Brice referred a corporate attorney to manage all legal aspects of the sale.
Results
The process from listing to close was quick, spanning August to early January. From start to finish, Brice coordinated all aspects of the deal. The seller achieved his goals and the buyer, a private investment firm, was pleased to have successfully completed its second business acquisition with BayState Business Brokers. The staff was thrilled to receive retention bonuses, and the business was well-positioned with a new operator in place to lead the specialized trade firm’s continued growth.
What Our Clients Say
Blueline Ventures recently acquired a niche industrial electrical contractor that was represented by BayState Business Brokers. The deal was well prepared to hit the market and much of the data room was fully built out by the time our LOI was accepted. John Brice was extremely responsive and helped facilitate a smooth closing. This was my second closing in which BayState represented the seller.
Bo McMahon, Partner, Blueline Ventures, Buyer
