In a recent success story from the heart of a vibrant Coromandel community, a well-established hire services business has found new ownership, marking a new chapter for both the seller and the buyers. This transaction highlights the benefits of realistic pricing, effective marketing, and a good match between seller and buyer.
The previous owner, referred to as ABC, ready to retire and spend more time with family, had struggled to sell the business through private efforts and other channels. The initial asking price was too high, and despite the business’s strong performance, it failed to attract suitable purchaser interest.
After re-evaluating and re-packaging the business for the market, we set a more achievable asking price. The revised strategy led to multiple enquiries, including on-site vendor meetings, and subsequently a successful sale with a final price that met both the seller’s expectations and market value. Additionally, an increase in premises rent was negotiated, which enhanced the value of the vendor’s commercial property.
The new owners, a young couple transitioning from dairy farming, saw this as a prime opportunity. With rising costs in their previous industry, they chose to invest in this established business, closer to their extended family and in a lifestyle location. The business, having recently reinvested in new equipment, is set to be an ongoing profitable venture for them. With a growing family, they are excited about relocating to the area and building their future.
This transaction also included a strategic provision allowing the new owners the option to acquire the Hire Centre premises in the future. This arrangement benefits both parties, with the seller enjoying retirement and the new owners embarking on a fresh and promising journey.
We are delighted to have facilitated this smooth transition and appreciate the support from all involved. This successful sale underscores the impact of proper business appraisal, targeted marketing, and finding the right fit between seller and buyer. Another referral, another success story, and another great business transition completed.