Private Owner/Operator was acquired by Braunbach Granite
Transaction Description
25+ year-old Fabricator & Installer of Stone Countertops was acquired by an individual Owner/Operator relocating from out of state to Texas.
Transaction Details
Braunbach Granite
Private Owner/Operator
Transaction Overview
Structured as an Asset Sale with Third Party facility lease. SBA-backed lender financing.
Challenges
This was the second Buyer engaged on this transaction. The first Buyer was under an APA with full approval for SBA financing. Within 2 weeks of closing, he decided to back out for personal family reasons.
This second Buyer executed. This Buyer was out of state but relocated to operate this business. The Buyer was primarily remote except for site visits and final documentation at closing.
A Trust was involved in the transaction requiring a third Attorney review and approval of all documents. Coordination and timing of the execution of the documents were key with multiple remote parties involved and long-distance travel for the Buyer.
Solutions
We were able to refer multiple lenders to the Buyer that had already pre-approved the business for SBA financing. The Buyer went with a Texas lender from our referrals.
We effectively coordinated all parties involved through due diligence, site visits, trust requirements, execution of documents, and closing actions.
Summary
After the first Buyer backed out, we knew of a different Buyer that was interested and had been working with us on a couple of our other listings. This particular Buyer ended up not being interested because of the location but referred the executing Buyer to us.
We maintain a large list of registered Buyers. We notify all of our registered Buyers of our listings and re-listings prior to posting them online. Many of our listings will be under contract with a Buyer without posting them online.
Client Testimonial
"To tell you the truth, I don't think much of, and haven't had the best experiences with business brokers in the past, but you are different. You have your act together and are on top of things. Can I refer you to some of my clients that are thinking about selling their businesses?"
“Thanks so much for getting this to the finish line. This process is so much easier when there is someone like you quarterbacking the everything.”