| BUSINESS NAME: | Heritage Fabrics |
| LOCATION: | Concord, North Carolina |
| INDUSTRY: | Distribution |
Situation
This decorative fabric supplier had a majority owner and several minority owners. All were nearing retirement age when the majority owner decided it was time to sell so he could attend to personal matters.
One of the minority owners had worked with the VR Charlotte Team more than 25 years ago and contacted the team to help broker the sale of the business.
The VR Charlotte Team met with all owners to discuss marketing the business. The primary concern was “Is there a market for our business?” or “are we better off liquidating the inventory and proceeding with an orderly shutdown of the business?”
VR Charlotte recommended marketing the business for sale. Leveraging their extensive network and industry-related expertise, the team targeted 150 to 200 industry and strategic buyers.
The Result
VR Charlotte recognized this as a unique opportunity and understood that it would only take one qualified prospective buyer to help these owners retire with the satisfaction that their years of hard work had paid off.
The prospective buyer who emerged as the lead was an individual looking to buy a business for the first time. With a business background, he was intrigued by the stability of the business and industry and saw a market opportunity in infusing the company with new energy and ideas.
While the size of the acquisition was not typical for a first-time business buyer, the deal was successfully negotiated and closed. All employees were retained and were happy to have a young leader take the helm.
The sellers were thrilled with the final price, which exceeded expectations and set them up for a happy start to their retirement years.
“The experience with the VR team was superb in every respect! Their expertise and vast experience was critical for our transaction to succeed. The whole process was extremely professional, with no detail left unnoticed. We were expertly guided through each and every step of the transaction. We would highly recommend VR Business Sales!”
Wayne McNeely
President and Seller
Heritage Fabrics LLC
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