| 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 Adam Petricoff, Managing Partner at VR Business Sales Charlotte, more than 25 years ago, and contacted Adam to help them broker the sale of the business.
Adam 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?”
Petricoff recommended they market the business for sale. Leveraging his extensive network and industry-related expertise, he targeted 150-200 industry and strategic buyers.
The Result
Petricoff knew this was a unique opportunity and that it would only take one qualified prospective buyer to help these owners retire, with satisfaction that their years of hard work had paid off.
The prospective buyer who emerged as the lead was an individual who was 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 the market opportunity likely resulting from infusing the business with some new energy and ideas.
While the size of the acquisition was not typical for a first-time business buyer, the deal was negotiated and closed. All employees were retained and happy to have a young leader take the helm.
The sellers were thrilled with the price, which exceeded expectations; setting themselves up for a happy start to their retirement years.
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