Sold – College Hunks Hauling Junk
A premier moving franchise, College Hunks Hauling Junk, was only on the market a few weeks before a savvy buyer snapped it up! The seller, Nolen Hughes, had built this well-known service business from scratch in the eight years he had owned it. The franchise was growing quickly with a strong upward trend, a six-figure cash flow, and increasing revenues. It was also very easy to operate. While he enjoyed the business, Nolen decided to go in a different direction; and he felt he had taken the franchise to a point where it would be good to have a fresh perspective.
Nolen was referred to Shep Campbell, with the CBI+Central Arkansas Team, who put together an attractive marketing plan and listed the business.
Shep had talked a few months back about multiple business opportunities with potential buyer Ronald Nobles, who was looking for a specific type of venture. Shep knew his buying strategy, and he felt College Hunks Hauling Junk was a great fit for his business goals. When they met to go over the listing, Ronald was immediately interested and ready to pull the trigger. He had limited personal funds, but he had a strong credit score, a good salary job, a 401K, and his wife owned a business in Hot Springs.
Shep introduced him to the BORSA Program, which would allow him to tap into his 401K to obtain partial funding to buy the business. The seller was willing to owner finance the rest. The seller also had four trucks that he was leasing, and he didn’t want to lose those funds. So, with a bit of creativity in the contract terms, the buyer subleased the trucks from the seller. This out-of-the-box thinking created a win / win scenario for everyone involved, and the business transferred ownership in June 2018.
If you would like to learn more about how the BORSA Program can help you utilize your 401K in business purchases, or have just been thinking about selling now, or in the next 5 years, call 877-582-5200 for a no-obligation consultation from a CBI TEAM professionally-trained intermediary. You may also email email@example.com.