Retirement is the main reason business owners choose to sell their companies. While many dream about passing their business down to the next generation, it’s not always possible. They may not have children, their children may not be a good fit to run the business, or their children simply might not be interested in taking over the family legacy. In those cases, business owners can turn to experienced business brokers to help them find an ideal buyer that can help their business and legacy continue to thrive for years to come.

Teri and Steve Meads were in that situation when they decided they were ready to sell their company Abella Farm Weddings & Events. After reaching out to Calhoun Companies for guidance and expertise, agents Chris Lappen, Duane Johnson, and Steve Deters promptly responded to them and began discussing next steps. 

“At this point in their lives, Teri and Steve were ready to retire and spend more time with their family,” explains Chris Lappen. “Our goal as their representatives was to find a strong buyer who could preserve their legacy.” 

The business itself was in a solid position for a sale. Teri and her CPA had a good handle on the books, and the financials were well-organized. Additionally, all equipment, real estate, future bookings, staff and customer relationships were intact and included in the sale, allowing the business to command a premium price, even though it hadn’t had an ideal year.

“Profits and bookings were down year-to-date when the business went on the market, but the seller did a great job helping increase bookings for the following year,” explains Duane Johnson. 

“While buyers generally look for businesses that are growing and profitable, small hiccups won’t necessarily hurt the sale,” adds Steve. “This is particularly true if the owners can show that the business is getting back on track quickly.”

The Calhoun Companies team quickly identified an individual buyer who fit all of Teri and Steve’s criteria. They were already in the wedding industry, having worked as a DJ for 15 years, and owned several real estate properties. Most importantly, they were willing to put together a fair deal.

All it took was a little negotiation, including an issue around fencing with a neighbor, and the deal was quickly done. Teri and Steve are now able to spend more quality time with their family, and the buyer has a thriving business and busy wedding season to look forward to.