BUSINESS NAME: | No Shorts Electric |
LOCATION: | Charlotte, North Carolina |
INDUSTRY: | Electrical/Contractor Services |
Situation
The owner had started the business years ago and was an active owner, serving primarily residential customers in Charlotte. As an electrician, the work had taken its toll, he was worn out and looking to move with his family and do something else.
He knew Adam Petricoff and Steve Stein and reached out to them to sell the business.
The Result
Steve met with the owner of No Shorts Electric and explained the business brokerage process of valuing the business which included a small team, several service vans, equipment, and tools. He had built a successful business by working closely with a handful of residential general contractors in the area who specialized in high-end home remodels.
The benefit of reputation and relationships once again proved invaluable as VR Business Sales identified a prospective buyer early in the process before formally taking the business to market.
The prospective buyer owned a business that specialized in home theater installation and sought to extend its capabilities to home automation. He had previously worked with VR Business Sales several years earlier. When the opportunity to acquire No Shorts Electric was presented to him, he was immediately intrigued with the opportunity to acquire the electrical capabilities needed to support this strategy. He quickly did his due diligence to confirm its reputation and respect among other business owners who relied on No Shorts Electric as their electrical subcontractor.
Business broker Steve Stein introduced the seller and the prospective buyer and the connections were immediately clear. The two parties shared a commitment to quality work and served the same high-end clientele in Charlotte.
With shared values and a good fit of capabilities, the parties came to agreement on price and a six-month transition. All parties involved benefited from the introduction by Steve Stein and the coordination of the transaction from start to finish.
For the buyer, the acquisition of electrical capabilities and a solid reputation fueled continued growth of his business. For the electricians, opportunities for career advances were clear as was the importance of additional employee benefits.
The seller was also happy as he could look ahead to determine what would be next including where to move to and what to do. He also had the peace of mind that No Shorts Electric would be in capable hands as it continues to serve his customer base and to offer his team career progression, training and valuable employee benefits.
“I had worked previously with VR Business Brokers on a business acquisition in 2019. When the opportunity presented itself to work with them again in 2023 for another acquisition, I knew the process would be seamless. Steve and his team exceeded all my expectations. Though he represented the seller, Steve always worked in the best interest of the deal, making the entire transaction seamless. I look forward to working with them again in the future.”
Mike Fitton, President and Buyer
Fitton Group, LLC dba No Shorts Electric
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