Business Partners Purchase 3 Businesses in 6 Years

Buying an already-established business can be difficult because you aren’t familiar with the company’s entire history. What is the environment like? Is the business profitable?

On the other hand, an established business can be an easy purchase. You don’t have to build the business from the ground up. It already has revenue and customers, so the hard part is already done.

A pair of Florida business partners, both South Africa natives, have made three profitable business purchases since 2018. The two men have bought three related design and decor companies in Florida and are looking to possibly acquire more. However, their biggest challenge is finding the right people to grow their 60-employee business.

The two men bought their first Florida business, The Upholstery Shoppe in Sarasota, in 2018. In 2022, they purchased Yarnall Moving and Storage Solutions, also in Sarasota. Their most recent business purchase was Carpet Source, located in Winter Park.

The three businesses have a collective history of more than 150 years. They have many devoted customers but the best part is that there is also an opportunity for reinvention and a cohesive strategy. While each business may be separate, the two men have a plan for the three businesses to work together.

First, they expanded the services of The Upholstery Shoppe to include drapery, carpeting, flooring, and custom furniture. That meant the shop’s clients such as interior designers and builders could purchase multiple products from a single outlet.

However, the business’s name didn’t convey everything the shop now offered, which is much more than upholstery. The men decided to change the branding to encompass the different items sold there. That’s when the Designer’s Resource of Florida was born.

Operating the Designer’s Resource of Florida, however, meant that the partners were dealing with delivery and storage issues. Limited space on the work floor meant frequent pickups and deliveries as well as a need for storage units.

To deal with this issue, the men found an opportunity to purchase Yarnall Moving and Storage Solutions. This would give them a fix for their storage and delivery issues in the form of a local business.

The men were ready to make another business purchase when Carpet Source in Winter Park became available for acquisition. Acquiring Carpet Source would allow them to expand their reach across Central Florida.

Purchasing legacy companies comes with challenges and opportunities. All three companies are very well-known and respected, which means there is pressure to continue those legacies. But lengthy histories also present opportunities for reinvention. The business partners hope to give these businesses new blood and new energy to increase their presence.

Learn More About Business Purchases

Buying an already-established business is not an easy task. You have to research the company thoroughly and make sure a purchase is a good decision. Otherwise, you could end up losing a lot of money.

Orlando business purchase & sale lawyer B.F. Godfrey from Godfrey Legal provides the legal advice and representation that business owners need for simple to complex transactions. We work hard to protect our clients’ interests. To schedule a consultation, call (407) 890-0023 or fill out the online form.

Source:

businessobserverfl.com/news/2024/sep/13/sarasota-entrepreneurs-buy-companies/