BIG Client Spotlight
On February 2, 2016, Jonathan and Bob Chambers, owners of Citrusolution, presented a unique situation at BIG Café. Their challenge was “looking for an entrepreneur to take Citrusolution to the next level.” Because Bob is looking to retire and Jonathan is planning a move to North Georgia with his family, the father/son duo were unsure of “how to market the sale” of their business.
Each attendee was engaged in an effort to help Jonathan and Bob. Fred David, owner of Minuteman Press, stated, “it’s very important to put together a complete package of what you want and [to] be able to show a potential buyer what your cash flow is and how you justify your price.” Brian Reiss, owner of Party Harbor Inflatables, suggested, “Don’t advertise it because people may think the quality isn’t that good, and …[you] just want out.” Other suggestions included using a broker, considering owner-financing, and looking at repeat customers to see if they have an interest in buying.
After a follow up with Jonathan and Bob, it seems as if BIG Café assisted them in this business endeavor and has helped point them in the right direction. So far, they have
- Met with their accountant to clarify numbers;
- Met with a credit union president to solidify numbers;
- Met with a potential business broker twice to explore that option;
- Had lunch with the Citrusolution founder/CEO to crystallize their plan;
- Called a business valuation expert and Georgia Southern alumnus in Jacksonville, Florida, to better understand valuation;
- Had lunch with Allen Amason, dean of the Georgia Southern College of Business to explore options and fine tune business exit strategy, including how to market it; and
- Spoken to five potential buyers.
- After meeting with experts and advisors, the partners have learned that their business is worth $160,000. This strong number backs up Citrusolution’s reputation and book of business. Jonathan and Bob have arrived at the final asking price of $115,000, which gives the buyer a profit of $47,000 or 41 percent for the buyer to use at his or her discretion.
Jonathan and Bob are well on their way to selling their business. BIG Café can have the same impact on your business. If you need a solution to a business problem or issue, don’t miss out on an amazing opportunity to resolve it by presenting at BIG Café! Thank you to all the local entrepreneurs, students and faculty who make this program successful.
Posted in Entrepreneur Spotlight, In the News, involvement