Sometimes business owners with multi-location companies will choose to list each location separately. That was the case for Angie Decker, owner of Woof Room, a popular dog daycare with locations in Roseville and Brooklyn Park.
After deciding she wanted to sell her business in order to pursue other interests, Angie initiated the process with an email to Calhoun Companies in 2018 to ask about a free business valuation.
“Getting a business valuation is a great first step if you’re thinking about selling your business within the next few years,” explains Chris Lappen, the Calhoun agent that worked with Angie. “It allows you to make informed decisions about your goals, the timing of a potential sale, and whether or not you’re ready to sell.”
Angie decided to wait a few years before selling in order to continue building her company and getting plans for a future sale. Two years later, she decided to proceed by selling the more mature location in Roseville.
Because of her advanced planning, the business was in a great position for a premium sale. It was an established company with a decade-long track record of success. Additionally, all staff and management were in place and the business was able to operate without much day-to-day investment from the owner, something many buyers appreciate. Angie was also extremely organized and kept detailed financial records, making it easy to demonstrate the business’s performance.
The Roseville location garnered a lot of interest once it was listed, with more than 80 potential buyers inquiring. Ultimately, the Roseville location was sold to a large national company that specializes in acquiring pet-related businesses. While it took over a year to close the transaction from the initial call with this buyer, it proved to be worth it when it was all said and done.
When it came time to sell the second location, Angie again turned to Calhoun Companies. While the Brooklyn Park location was also successful, it was much newer, with only three years of performance. However, what it lacked in longevity, it made up for in location, property lay-out, having key staff members already in place, and clear financials that showed the company successfully rebounding after COVID. All these factors made it attractive to potential buyers, and meant that it would sell at a fair price given market conditions.
While the first location sold to a national buyer, the second buyer turned out to be an individual, hands-on owner that was prepared to manage day to day operations.
“It was great to see a woman-owned business sell to another woman,” enthuses Chris Lappen.
The sale of both Woof Room locations provided Angie with the money and flexibility to pursue her new goal – opening a multi-location business within the beauty industry. We call that a successful double header.