Situation & Context: Long-time owner of Oink’s Dutch Treat Shop, Roger Vink, was ready to transition into retirement. Roger found Small Business Deal Advisors online and reached out in early March of 2020. After numerous conversations, Roger decided the time was right to list the business for sale and begin talking to buyers. He officially signed with our team toward the end of March of 2020. When signing, Roger brought two buyers to the table with him expecting to sell the business to one of them, under a discounted agreement with Small Business Deal Advisors. Within a few weeks, both buyers had disappeared and aggressive marketing was launched to find new buyers.
Reason for Sale: Roger was ready to retire, having owned and operated Oink’s for over 35 years.
Positive & Negative Deal Attributes: Roger had built a strong local name, and the business demonstrated strong margins, despite being closed during the winter. Although this was viewed as a plus, the seasonality and the fact that the workforce consisted of 10 to 40 part-time employees, that largely had to be rehired at the beginning of the season presented some difficulty.
Results after 3 Months: After 3 months over 10 potential buyers had inquired, signed NDAs, and received detailed business information. The strongest offer emerged from the competitive bidding process run by Advisor Doug Yntema, leaving Roger an easy choice.
Decision: After moving forward under a Letter of Intent with the eventual buyer, Michael Schimanski, the deal encountered a few hurdles. With Doug spearheading the process, both buyer and seller were able to get through financing, get out of a side lease, terminate an easement with the neighboring lot, and properly value collectibles that would be part of the sale. The eventual purchase price came in over $25k above the initial asking price.
Conclusion, Feedback & Recap: The seller commented, “I’m very pleased with the outcome of this process. I was impressed with the number of buyers brought in. We received three offers in the first few weeks on the market. Doug promised me SBDA had a large database of buyers and robust marketing plan, but receiving three offers and getting over asking price was a nice surprise, especially in the middle of the COVID shut down!” commented the former owner, Roger Vink, “There were some challenges with financing, early possession, easements with an adjacent property, and valuing collectibles that were included in the sale. We could not have completed the sale without the expert guidance and relentless push to get over every obstacle. I couldn’t be happier.”