Randy and Carol Jones of Central Fastening Systems in Rogers, Arkansas, had dreamed of moving to the arid New Mexico desert for several years. Vacationing there many times, they enjoyed the wide open spaces and huge vistas. When Carol injured her neck, the low humidity of desert provided comfort from the constant pain so they decided to pursue their dream and move to the desert.
In order to make that dream a reality, they needed to sell the business they started 18 years ago in their garage. Central Fastening Systems is a story right out of the book of American dreams. They started the company with almost no money and even kept their day jobs while they built the company into one of only 13 Master distributorships for Alcoa Fasteners and Huck fastening tools in the nation. With Carol handling the administrative side of things and Randy taking care of the technical details, they built a strong business that provided them with a nice living and the opportunity to retire. So, the question—-how do Randy and Carol go about selling the company?
Mike and Vicky Clifford had been vacationing at Beaver Lake for years and planned on retiring there and building their dream home on the lakefront land they owned there. They currently owned a business in the Kansas City metro area and longed for the simplicity of small town life but were not quite ready to retire. That’s how they decided to relocate their existing business and to buy a local business near their property on the lake to begin working towards the eventual goal of retirement. The question—how do Mike and Vicky find a good business to buy?
The CBI+Team was there with the answers to both questions. David Proffitt, an intermediary with the firm, had spoken with the Cliffords several months before the Jones’ decided to sell their business so when CBI+Team Senior Advisor, Jon Holbert, agreed to help them and listed the business for sale, the match-making process began. On Monday, May 7th, the Cliffords had an accepted offer for Central Fastening and closing took place on Wednesday, May 9th. By the end of the week, both couples were at a conference together in Waco, Texas. The Jones’ wanted to help the new owners by properly and personally introducing them to Central Fastening’s vendors and contacts.
The CBI+Team serves as an intermediary for buyers and sellers of businesses. Many times, even when business owners are leasing their real estate, they are able to sell their business based on its assets and cash flow. Business buyers are looking to buy a business instead of starting one to avoid the costly ramp up time and to have an instant customer base and income. It just makes sense.
As it turns out in this case, The CBI+Team wasn’t just able to provide business brokerage services to the Jones and the Cliffords, they were able to help their dreams become a reality.
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