Mark and Janice Utendorf were interested in purchasing a lawn care service company in the Chicago area and needed guidance through the acquisition process. The company offers customized lawn care programs including fertilization, weed control and pest control.
Challenges
The couple was on vacation when they received a call that a reputable, local lawn care service was for sale. Mark had experience working for several green industry companies so when this opportunity presented itself, the couple felt it was worth consideration. But, it was March and if they were interested, they would have to take ownership of the company in April before the warm weather started. “Lawn care companies are getting their contracts out in March and April before the season starts,” he said. “If we were going to put a deal together, it had to be quick.” But, they didn’t know where to start since buying a business was new to them.
Solutions
The couple called Brad Farris of Anchor Advisors for guidance. Does this business opportunity make sense? If so, how can they get it done quickly? Brad was quick to respond and compiled a financial analysis that clarified the risks and provided a financial snapshot of the business. After reviewing the numbers, Mark and Janice decided to take the leap and purchase the business. ‘We called Brad on April 1st and we closed the evening of April 16th. I would say that is amazing turnaround,” Mark said. Brad guided them through the business-acquisition process and connected them with the resources they needed. “Brad has an excellent network of professionals that he turns to,” Janice said. “He put us in touch with a lawyer and insurance agent, both of whom provided us with great service. And, because they were in Brad’s network, they went above and beyond to help us out in a very short timeframe.”
Results
Today, the Utendorfs are pleased with their purchase of Emerald Lawn Care and business is going well for them. They are grateful to Brad Farris of Anchor Advisors for guiding them through this life-altering decision – and especially on such short notice. They relied on Brad’s business insight and experience to provide clarity in a time of complexity. “Brad introduced us to the process that we needed to purchase this business,” Mark said. “He helped us see the big picture and synthesized it for us.”
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