Small Business Deal Advisors (“SBDA”) is pleased to announce the sale of Midland, Michigan-based Family Wellness Center to an individual investor.
Founded in 1998, Family Wellness Center is a provider of traditional Chinese acupuncture treatment, as well as, herbal medicine and nutritional supplements. The effectiveness of acupuncture as an alternative treatment has helped to grow its familiarity and popularity. By placing a key emphasis on customer satisfaction, Family Wellness Center has taken advantage of this trend and built an outstanding reputation locally. Many customers swear by the treatment and speak very highly of the business.
Shirley Moore, founder and manager of the Family Wellness Center, has enjoyed growing the business over the last 22 years. She has built a wonderful team and is well-known throughout the community. Shirley approached and engaged with Small Business Deal Advisors in July of 2019, desiring to retire and spend more time with family. “I decided to work with Small Business Deal Advisors to find a buyer for the clinic so I could begin transitioning into retirement. SBDA took the time to understand the business and ever-changing industry, and therefore was able to be creative in the marketing of my business. Throughout the sale process, Sam was quick to respond and helpful. I’m very happy to have Kent take over the reins and can’t wait to see what the future holds.”
Family Wellness Center was purchased by Kent Wadsworth, a Midland native, who had been running his own successful practice in Washington D.C. until recently. He decided to make the move back home and viewed Family Wellness Center as the perfect opportunity. Kent is looking to make a seamless transition to providing the same quality acupuncture treatment service.
Sam Scharich, lead advisor on the transaction, was pleased stating, “Kent is a tremendous fit to continue the legacy of excellent acupuncture treatment. Family Wellness Center is an outstanding business and checked all the boxes he was looking for. Kent was even familiar with some of his new staff, having previously crossed paths. Ultimately, I believe it proved to be a great fit for both parties.”
The Family Wellness Center transaction comes on the heels of new legislation signed into law by Michigan Governor, Gretchen Whitmer. In December of 2019, Governor Whitmer signed legislation requiring acupuncturists to be licensed in the state of Michigan. Overall, the bill will make acupuncture more available to residents, while also protecting the public through the required certification and licensing of practitioners. Furthermore, licensed acupuncturists are recognized by the Veterans Administration (VA) as a preferred alternative to opioid pain management.
SBDA served as an M&A Advisor to Family Wellness Center. This included providing advisory expertise and managing the preparatory, marketing, due diligence, and negotiation phases of the transaction.
Terms of the transaction were not disclosed.
SBDA is very pleased to have served in the transaction and wishes a smooth transition and continued success for Family Wellness Center.