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In August 2021, the Seller’s accountant called me to attend a meeting with his client, who was considering selling his business.
When I met the seller, I learned that he had been in the dry cleaning business for 37 years and was ready to retire and move to his beach house full-time.
After my meeting, the seller checked the boxes of what I look for in a seller:
I prepared the business to market and started searching for a lender to finance the transaction, but it was not easy. We were turning the corner past COVID, and sales had not returned to 2019 numbers but were trending in the right direction. I had to sell the deal to the lenders before I tried to sell it to a buyer. Fortunately for the seller, other dry cleaners did not survive COVID and had to go out of business. Being one of the last remaining dry cleaners in the area, this later led to a huge rebound in 2022.
From when this went on the market to when it closed one year and three months. This should have been quicker, but I did not predict the difficulty we would face with two landlords who were not cooperating with our prospective buyer. The issues with the landlords were major sticking points with the bank.
My favorite part of my job is getting creative to find a solution for the lender, landlord, seller, and buyer. It took some time to find the right solution, but we were able to get there.
Thanks to Jim Frey and Gulf Bank for their help in getting this deal funded.
Justin Sandridge, Certified Business Intermediary
Murphy Business Sales – Baltimore
410-558-6365
