Dave and his wife Laura were referred to us by their attorney to assist Dave with negotiations with his boss to buy their business.
Dave has been in gymnastics since he was 3 years old and has been a coach all of his adult life. When his employer was thinking about selling their business, Dave decided he wanted to buy it.
Negotiations started prior to COVID and during talks, the gym was forced to temporarily close. Talks were started again when the shutdown was over, but revenues were slow to bounce back to pre-COVID numbers.
Because of this, many lenders were unwilling to finance business acquisitions in this industry because of the risk of another government shut down.
We were able to find him a lender who was able to be creative with financing and get a deal closed.
After almost 18 months, we were able to get the deal to the closing table on June 7, 2021.
I could not be happier with Dave and his willingness to stay in the deal and get it to the finish line despite the many obstacles we were faced with.
Congratulations to Dave and Laura on fulfilling their dream to own a gymnastics training facility in Columbia, Maryland.
If you are an employee and have an opportunity to buy your employer’s company, we can help assist in those difficult conversations so you can stay focused on your job until the deal is done.
Give us a call at 410-558-6365 to learn more about how we can help.