Making a Molehill Out of a Mountain

Making the decision to sell a business can often feel overwhelming. Many business owners have no idea where to start, much less how to navigate the twists and turns of the deal making process. Luckily, business brokers like the agents at Calhoun Companies can act as personal guides, helping owners transition from their daily grind to the next step in their lives.

Judy and Bob Rieckhoff experienced that reality when it came time to sell their business, The Ground Round of Worthington. With retirement looming, and a growing need to prioritize health concerns, they decided to make the leap with only one goal - sell their business and property as quickly as possible. After doing their research, Judy and Bob chose to reach out to Calhoun Companies because of a proven track record of success. Agent Chris Lappen jumped in to help them begin their search for the right buyer. 

“There were a handful of considerations that we had to take into account when listing their business,” says Chris Lappen. “In general, restaurants tend to be one of the trickier industries to navigate. The market gets even slimmer when it comes to a small town setting. Even more difficult, Bob and Judy ultimately needed to close down their restaurant during the listing period.”

Despite these challenges, Bob and Judy were actually well-positioned for a sale. The building was in great shape, and already set up to be a sit-down casual restaurant. Their financial records were also in order and easily accessible, and Chris was already familiar with their CPA, making the process run smoothly. 

“Given the difficulty of selling restaurants in general, this deal at first appeared daunting,” explains Chris. “However, the location of Bob and Judy’s restaurant actually ended up working to their benefit. There was a high demand for restaurants in the Worthington area.”

Ultimately, Chris helped connect Bob and Judy with an industry buyer that already had a restaurant in a neighboring town and had the financial ability, experience, and desire to purchase an additional business. They found the layout and location of The Ground Round of Worthington to be ideal. After changing the name and concept, they remodeled and were open for business less than six months after the sale. Meanwhile, Bob and Judy were able to prioritize themselves and enjoy their well-earned retirement.