You Need Persistence in Selling Your Business
Originally purchased 32 years ago, Dan and Ginger Ness’s business is the fourth oldest Miracle Method franchise across the country. It is also one of the most profitable, being among the top 5 Miracle Method franchises in terms of production level and earning an estimated $1 million or more annually in the past several years.
For the first few years, Dan was hands-on and performed a lot of the work himself. “I did all the labor. In the beginning, I was the only technician until we hired our first technician. It was all up to me. I learned how to do everything and never stopped,” Dan recounted.
Despite having a successful million-dollar business, the Nesses decided to sell their company when Dan developed health problems. The couple then started looking for a broker who could sell their business.
For Dan and Ginger Ness, the road to selling their thriving home refinishing franchise in Portland has been a long and bumpy one. They worked with two different brokers for two years but were unable to sell their business.
Despite the many hurdles that Dan and Ginger had to overcome, their patience and persistence have ultimately been the keys to successfully selling their business.
“We found a broker and listed the company, did all of the paperwork that they wanted us to do, [and] paid the money upfront for the advertisement. Then a year later, we had no buyers,” said Dan when they started looking for brokers on their own and without any referrals.
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Not to be discouraged by their experience with the first broker, the Nesses worked with a second broker, this time a franchise broker, in the hopes of finally selling their business. But as luck would have it, they were unable to close a deal, let alone be in contact with any serious buyer during the entire year.
“I think it's because it wasn't advertised. It's the only thing I can think of — they brought us absolutely nobody,” said Dan about the possible reason why their previous brokers were unable to get any buyers.
“So we found what we thought would be a better situation, which is an actual franchise broker, and that turned out to be just about as big of a mistake. It didn't cost us any money, but it cost us a year in the contract,” said Dan.
Instead of giving up, the Nesses were determined to push through with the sale. The couple, after exhausting all options on their own, asked for help from the national Miracle Method franchisor who then referred them to Morgan & Westfield.