Precision Motors, an auto repair and tire center in Mystic, Connecticut, was recently sold and the location has converted to a Pep Boys Service and Tire Center. The highly profitable business, operating in a spacious 9,750-square-foot facility, was family owned since 1995 by husband and wife owners Tom and Vickie LaFrance. Tom LaFrance still owns the real estate, signing long-term lease with Pep Boys to provide consistent retirement income.
Leveraging more than 35 years of experience as both an aftermarket business owner and technology executive to become an automotive aftermarket-specific business broker, Art Blumenthal LLC managed the marketing and ultimate sale of the business.
Blumenthal noted, “Tom and Vickie LaFrance successfully sustained high sales revenue in the years leading to their retirement, thus ensuring the best possible sales price of their business. They avoided the pitfalls some owners face who wait too long before selling or try to sell when sales revenue is down. Right now in 2018, economic condition forecasts and renewed business optimism are fueling growth activities among expansion-minded organizations looking to leverage their economies of scale and team resources. I am now actively working with many more individual entrepreneurs and corporate buyers seeking new business opportunities and expansion and matching them with sellers looking for a retirement exit strategy.”
When interviewed post-sale and while still assisting the new owners with the business transition, Tom LaFrance said, “Handing the reins of our shop’s sale over to Art Blumenthal was the best business decision I ever made. The experience was 100% positive and professional. The guy is terrific and knows his stuff. He is able to turn an initially daunting project into a smoothly running process. If everyone conducted business the way Art does, we would have no problems today. He developed and successfully implemented our exit strategy after we owned our business for 23 years.”
For more information, or to initiate a no-obligation confidential consultation, visit art-blumenthal.com.