Welcome to Franchise Talk, the engaging go-to information resource for franchise owners, including those interested in buying or selling a franchise. Franchise Talk is brought to you by Morgan & Westfield, a nationwide leader in business sales and appraisals. Visit morganandwestfield.com. And now, here's the host of Franchise Talk, Emery Orosz.
Emery: Good afternoon Jeff, Emery Orosz with Morgan & Westfield, how are you?
Jeff: I'm doing outstanding, Emery, thank you.
Emery: I wanted to tell the audience a little bit about you. Jeff Spires, our guest on Franchise Talk today. Jeff is the regional director of franchise development. He has 15 years industry experience. He's been AlphaGraphics' regional development director, or that's his present position. He has franchise development responsibility for the western region of the United States. And I mentioned that Jeff has been with the company, AlphaGraphics, for over 15 years. He first joined AG as a member of the field support team in 1999 where he focused on center level sales and marketing support. Most recently he was AG's vice president of operations. That means he has responsibility over network support functions including the new franchise launch team and corporate marketing efforts. And finally, Jeff works directly in his position as regional development director with Franchise candidates, leading them through the evaluation and purchase process from start to finish. So a little bit about Jeff and his past and his industry experience. Again, Jeff, welcome to the show. If you don't mind I'd like to ask you some general questions. I'd like to tap in to a little bit of your knowledge in the industry. But first of all, all things being equal, are franchises, in this case AlphaGraphics, worth more than independent businesses, and if so, why do you say that?
Jeff: I think that's a great question. A key in there is ‘all things being equal’ and unfortunately, things aren't much, and that's also in the franchise industry. I'm going to talk a little bit more specific as you said about AlphaGraphics, or at least that caliber of franchise opportunities. AlphaGraphics has been around, the brand, for 45 years, franchising, that model, has been around and the franchising, is the vast majority of that. Is the top 300 brand out of -- I think at the International Franchise Association Convention last year, I think it was 6,000 plus franchise opportunities that are out there, and AlphaGraphics is a top 300 brand.
When you start to take a look at franchise opportunities of that caliber I think absolutely there's a potential for you to draw top dollar for that business. I think because of a couple of different reasons, first and foremost there's the old adage that time is money. And I think more specifically when you take a look at business, time that I can spend on those activities that drive revenue and drive profitability for my business equate to more revenue and more profits. And the less time I can spend distracted on those activities that don't directly relate to those, the better off I'm going to be. I think really what a franchise opportunity does more than anything is just that. It takes away a lot of the distraction. If I’m taking a look at who are the appropriate vendors I should have, I'm having some issues with a certain piece of equipment, I'm having some staffing challenges, all things that are day-to-day issues that business owners deal with but aren't necessarily directly related to profit or revenue. Those are the types of things that an independent owner is going to need to take time away from those higher level activities to focus on those things. With a franchise you have the ability to have a lot of those answers taken care of for you so that you've been down that path before. One of the first things it does is it gives that business the ability to perform -- or the potential to perform -- at its highest level, because again, you're simply giving back more time to be able to focus on those elements that drive revenue and profit.
I think the other place that's often missed is the equity that you build over time. And if you take a look at an independent opportunity you are a little bit limited with that business, of who your audience is going to be if you're going to sell that business. Because an independent isn’t going to have that support mechanism that's going to train somebody on the industry that that particular business is in. So your net’s going to be a little smaller, who the interested candidates are, where a franchise owner has the backup of a franchise system. And somebody who doesn't necessarily come from that background could be a candidate for your business because they're going to be trained by that franchisor in the industry. So I think it just gives you a broader net to cast, and again basic economic laws of supply and demand: if I have more candidate opportunities, I have a much higher likelihood of getting top dollar for that business. So yeah, I do think that it increases the value of that business.
When you start to take a look at franchise opportunities of that caliber I think absolutely there's a potential for you to draw top dollar for that business.
Emery: Okay. That's a good starting point and your comments definitely give way to some follow-up questions. One thing, Jeff, when speaking to clients on my end, they want to mitigate their risk. Obviously, that's a very emotional decision. Sometimes more emotional than it needs to be. How can a buyer mitigate that risk when buying a franchise?
Jeff: I think a little bit in essence buying a franchise, you look at an opportunity to mitigate some of the high risk because again, you're looking at a proven model. And I go back to that statement I made earlier that all things aren’t created equal, even franchise opportunities. But again, when you're looking at a franchise that has a very strong track record, you're looking at a franchisor that has a model that's been proven, they have those processes in place. There's a lot things in there that what we tend to talk about as we talk to candidates is: small business, whether it's a franchise or whether it's an independent, is going to have similar challenges. Really what you're looking at with a franchise opportunity is taking what would be a hurdle, or in some cases a mountain of a challenge for an independent, and really bringing those things down to a much smaller level and hopefully a speed bump level when you're looking at a franchise, because people have been down that path before. To a certain extent just that franchise opportunity obviously mitigates some of those risks. But I think given internally when you take a look at a franchise, one of the challenges that we see sometimes when you look at the people that even struggle within our networks or in another network that we see with franchises, typically what we see are people who either can't or won't follow through on the recommendations or the recipe so to speak that the franchisor is really laying out.
One of the things that I would recommend to anybody looking at a business and specifically looking at a franchise is don't get so caught up in the numbers. So what is the performance of the network, what are the average sales, what's the profitability, those are all important. Or if you're looking at a resale opportunity, what's the performance of that specific center. Make sure that you're spending enough time understanding philosophically how that franchisor looks at the industry. How do they look at the industry today? How do they look at the industry in the future? When they're talking about where they're going to take that brand and what they're going to be asking the franchisees to do and commit to, you need to make sure that you're on the same page and you're capable of doing those things. Because ultimately the training, the support, the resources they’re going to provide are going to be things that are going to require you to do those things that are kind of following their path of how they see that model evolving over time. And that needs to be some place with an area of comfort. So just making sure that you're spending enough time understanding that part of a franchisor's model. It's going to do a great deal to mitigate your risk because you're going to be stepping into something where what they're going to be asking you to do, their recipe so to speak, is something that's comfortable.
Emery: That's a good point Jeff, and as you mentioned earlier I think you said AlphaGraphics has been around for 45 years?
Jeff: Forty five years, yeah.
Emery: So it's a very solid model and we could have another discussion about those franchisees that struggle, it's because they don't follow the model. But that's a topic for another discussion. But let me ask you this Jeff, when someone is looking at AlphaGraphics. Maybe they get an email from someone like us, that "Hey, take a look at AlphaGraphics, I have a resale in this particular city.” What's the investigative process? How do they investigate a franchise such as AlphaGraphics? What is the process a buyer needs to go through in your opinion?
Jeff: Absolutely. What we call it is the discovery process for us. For AlphaGraphics it's an extremely important process. Obviously, with the candidates it's an important process, for us it's a very important process. Franchisors generate revenues in different ways. There’s franchisors out there that really generate their revenue off of rooftops, how many businesses can they open. Those initial fees are a big driver of revenues. AlphaGraphics is more focused on royalties over time with the businesses so really what that means for us, is as important as it is for that franchisee coming in if their business is successful, it's just as important for us because we're really in it for the long run. And it takes us, I believe the number is about five and a half years right now for us to recroup just our initial investment on what we put into assisting those franchisees.
For us it's extremely important that somebody's successful and that really starts with making sure that somebody's a good fit. And that starts in that discovery process, for the candidate and also for us. So we have a very, very intensive discovery process where we're making sure that the franchisee gets first of all full exposure as I talk about before to philosophically look at how does AlphaGraphics look at the industry. But also making a requirement of that process of going out and talking to other owners, it’s not just something that's suggested. For AlphaGraphics we actually making it a requirement in our process that you go out and talk to multiple owners. Our number is at least 15 different owners in our network and randomly chosen, not selected by us, that you go our and talk to those owners to get the real world feedback on what it is like to be a franchisee owner in the AlphaGraphics network.
I think that making sure that there's a good discovery process that's in place that covers all of the bases. Making sure that there's good validation, you're talking to other owners out there. And then taking time to go down through the franchise disclosure documents which is effectively required, a document that all franchisors need to give their candidates that does a really good job at giving full disclosure on that business overall. So I think that's a big part of that investigation part.
Make sure that you're spending enough time understanding philosophically how that franchisor looks at the industry.
Emery: You mentioned two points that I stress with my buyers, my clients. You mentioned a good fit, and a business has to be a good fit. When I talk to my buyers I try to determine -- I don't have a crystal ball but just looking at their background I try to see if it’s a possibility of a good fit there. Sometimes I don't see it and I'm very honest with people that "Why don't we look at something else? This may not be for you." I'm sure in your conversations with candidates you delve into their background. You try to determine if this business of AlphaGraphics is going to be a good fit. I know Jeff if you don't see it you're going to be very honest with that candidate and tell them right away. You don't think this is going to work for them.
Jeff: Absolutely. And as I mentioned earlier for us it's particularly important. We work, known within the industry for having the highest revenue, the highest profitability at the center level. And again, we're very, very dependent upon that. Our money is made on our sideoff of royalties and that only comes if those centers are successful in driving high revenue, driving high profit. As I mentioned earlier, the biggest challenge to that is when there's an improper fit. And like I said, as important as that is for that individual and it's just as important for us. And that's a conversation that needs to be had often and early as far as where to fit in. We talked about the discovery process. That's a regular check-in point of the discovery process as well. As we're going through that process, continuing to go back and make sure that what we know today versus what we knew yesterday, this is still a good fit. Is there's something that came up, is there a concern. And again, going back to those validation calls, because I think hearing from the franchisees really helps with determining that fit as well. Getting a little feel for what is a day in the life look like. It really helps to determine that fit as well.
Emery: That was the second thing I wanted to touch on. I'm glad you used that word several times, validation. Because a lot of buyers, they hear that word, they don't really know what it means, validating a business. But I think you explained it very well, just calling owners at random. You don't give them a list and say, "Here, call these 10 people." Because you know those 10 people are only going to give glowing reports. They can call pretty much anyone they want and ask any questions on the table. "What do you like about the business? What don't you like? What don't you like about the corporate office? What do you or don't like about the support?" Am I correct in that, Jeff, that any question, when someone is validating, is on the table?
Jeff: Absolutely. And one of the things I would say with that, it would be wonderful to say that any call that you make, it's a validation call, all you're ever going to get is a glowing report. And the fact of the matter is that we take a look at our network and we break it into what we call a 20-60-20. So you got your top 20, your middle 60 or what we call the heart of the network, and then you get your bottom 20 percent. And unfortunately, for anybody out there, there's going to be the people that it just wasn't the best decision in the world for them to make that move, for whatever reason. And it's important that you realize that as you're making those validation calls and really hear everybody's story because there's going to be people that are going to be very much on that positive end of the spectrum. There's going to be people that are going to be in the middle, and there's going to be people that have run into some challenges. One of the things that we recommend on the validation calls is keep at least a chunk of your questions consistent. That no matter who I'm talking to, I'm asking that same question. I think that's something that gets missed because we think, “Well, I’ve got the answer to that.” I got that from the last call so I'll ask something else. It's very important to have a core group of questions that are the same questions that you're asking multiple franchisees because you're going to get different perspectives on that. And one thing that’s going to significantly drive that is where are people in that 20-60-20 model. And I want to hear back from the people that are having amazing success. And I want to definitely hear from the people that are more of the median of performance centers. But I also want to hear from those challenge centers as well and understand those pieces because I want to have a better feel of what got them there and how can I sidestep that.
Emery: I'm glad we talked about that, Jeff, good fit and validation, very important keys. But if you don't mind I'd like to shift gears just a little bit and focus a little bit more on AlphaGraphics. That's why we're here today. Can you give me, Jeff, in a nutshell just an overview of AlphaGraphics and the types of services that they provide?
Jeff: Absolutely. And AlphaGraphics, if you look at the technical side of everything we’re in what would be called the quick print industry. But we're also known for being pretty progressive and expanding in those services quite a bit beyond what just the standard services are. We like to talk about digital communications versus print. So we do all elements of print, all elements of marketing, so direct mail, brochures, business cards, book publishing, all the print and large format and signage. But also some of the digital technology as well. So mobile websites, mobile apps, QR codes, website, web hosting, e-publications, taking something that was a hard copy document and virtualizing that to be able to put it on the web. All services that we provide in addition to just print. And really what we've found more than anything is that truly for our customers to be able to communicate with their customers at the highest level, it's not about print, or it's not about web, or it's not about mobile and their means of communication, it's how you allow all of those channels to work together. So I could have a fantastic website but nobody knows I have that fantastic website. It's not going to do me much good. I can have a great mobile presence but again, if nobody has a way of engaging that mobile presence it's not going to benefit me as much as it could. But when you start to use print to drive exposure to the web, to drive people to a website, or to drive people to a mobile site, you start to get a lot of synergy between those different channels.
So that's really one of the things that's a little bit different about AlphaGraphics and where we focus is we have all those elements. And I think that's something that's a little bit unique to us. Typically you're looking at a different provider for each of those types of services. AlphaGraphics is the place where I can really, not only can I get all of those services but more importantly, I get the extra keys so people who understand how those services work together and how they're better as a group of services as opposed to a single channel.
One of the things that we recommend on the validation calls is keep at least a chunk of your questions consistent. That no matter who I'm talking to, I'm asking that same question. I think that's something that gets missed because we think, “Well, I’ve got the answer to that.” I got that from the last call so I'll ask something else. It's very important to have a core group of questions that are the same questions that you're asking multiple franchisees because you're going to get different perspectives on that.
Emery: You mentioned quite a few services, Jeff. But does every owner try and fill every niche or do some owners concentrate on some core services? For example, you mentioned direct mail, you mentioned small print book runs. Are there some that concentrate on just a few core services and they don't try to fill every niche of what AlphaGraphics does?
Jeff: I think that's a great question and the truth is that very few of AlphaGraphics centers produce 100% of all of our products and services in-house. And actually, they all have the ability to scale those businesses. There's going to be a core capability within any AlphaGraphics business and we'll talk a little bit about that. But as you build that business you're actually going to be able to scale the capabilities of that business, what you produce in-house versus what you would outsource based upon the market place. So if there is a strong demand in your market place for signage and that side of the business,.that may be a piece of the business that I'm investing a little bit more, I'm expanding my capabilities in that particular area, I'm buying some equipment that makes me a little bit more efficient. But I don't need to spend across the board so that I can produce all products and services. I have that base core competency, your capability. And from there I'm able to scale the business depending upon what the market is telling me that the needs are. But at the same time, through the AlphaGraphics network, still be able to provide those other services. So if I had somebody that wanted an email campaign, but that really wasn't something that I had done before, I'm able to outsource that particular piece to internal vendors that we have or other AlphaGraphics. And if over time I build up enough of a market for that, that may be a thing that I turn to AlphaGraphics and say, “Hey, talk to me about how I bring that internally. What type of training do I need, what type of software do I need, what it look like to bring that internal?”, but only after I've developed the markets for.
Emery: I'm glad you mentioned how the AlphaGraphics family works together. When I was in Salt Lake City, which by the way is the headquarters of AlphaGraphics, I visited several shops in the area. One of the AlphaGraphics centers that we visited had a full array of offset printing equipment. And the owner mentioned that not every AlphaGraphics has offset printing capabilities. So the family shares. I mean, if another AlphaGraphics needed an offset printing job be calls this gentleman and he does the job. He makes money. He gives a discount to an AlphaGraphics family member. So it's not necessary to have a full offset printing production site in your shop, is what I saw.
Jeff: Absolutely. And it goes back to that investigation thing that we talked a little bit earlier, in one of the interesting pieces, you're talking about our Discovery Day. And one of the things that we do on our Discovery Day is we don't just tour a center, we tour three different centers. And I think one of things that you probably saw there that was fairly interesting is that you have three centers, and those centers are probably within 30 minutes of one another, all of them. So they're in similar markets. But if you take a look at how those business have built out, there's a core level of capability that's the same with all of them. But as they built up some of their specializations, it's very different. You talk about the one with offset. There was another center that I'm sure you saw that was very heavy into signage and actually doing vehicle wraps and other elements.
We are very much a, "Let's go out and engage with the market place" versus "If you build it, they will come." So I think a lot of times, especially when you're looking at direct mail campaign, that's probably going to be something that's going to have its origin of conversation in a meeting that's going to take place at a company because we're going to them versus waiting for somebody to come to us.
Emery: Yes, that was 60 or 70 percent of his business.
Jeff: How you could scale those businesses really comes down to what does the market look like and it can be very different depending on the AlphaGraphics. Like you said, still have those capabilities. If they needed offset they could sub out the offset work to that other location. If the other location had a car wrap opportunity, there's an opportunity to utilize the other AlphaGraphics to handle that.
Emery: That's what's so ideal about the AlphaGraphics model is the feeling of family, that we're all in this to help one another. That's one thing I appreciated about AlphaGraphics. Jeff, a few minutes ago you mentioned direct mail as being one of the services. Do you mind if we focus on the direct mail aspect for a few minutes?
Jeff: Not at all. I think that's a huge opportunity and I just found that one of those more core competencies, that any AlphaGraphics regardless of size is going to have the capability to focus on that direct mail side of everything.
Emery: Before I get into it with you on the direct mail and how AlphaGraphics can help. In my research I came across just four statistics that I wanted to share with the audience that show where direct mail can take you. First of all, 79 percent of households say they try a business because of direct mail ads, 79 percent. Thirty nine percent of customers say they read or scan direct mail ads. And here's one that really impressed me. You wouldn't think that this would be true but obviously there was a lot of research done to come up with these statistics: 92 percent of young shoppers say they prefer direct mail for making purchasing decisions. That's pretty impressive. But here's the one that shows the return on the investment when it comes to direct mail. For every $167 spent on direct mail, US marketers sell $2,095 in goods. That's a 1,300 percent return on average. So looking at these statistics tells me that direct mail is not a dinosaur. It's growing, and growing, every year. But Jeff, if you could take me. Let's say we walk in to the local AlphaGraphics shop in your area and you tell ... Who's your first point of contact when you walk in to the shop?
Jeff: If you were to walk into a center it's going to be one of our customer service representatives. But when you're looking at something on this level one of the things that, and it sets AlphaGraphics a little bit apart as well, is we're very business to business focused. We are very much a, "Let's go out and engage with the market place" versus "If you build it, they will come." So I think a lot of times, especially when you're looking at direct mail campaign, that's probably going to be something that's going to have its origin of conversation in a meeting that's going to take place at a company because we're going to them versus waiting for somebody to come to us. Probably in all likelihood that's going to be an appointment with the key marketing individual within the company, is where that would typically start.
Emery: Okay. I should probably rephrase my question but we'll take that scenario. Let's say that the AlphaGraphics representative is sitting down with that businessman. The businessman expresses his desire to start a direct mail campaign. Lead me through the process, if you would, please.
Jeff: Absolutely. So where we’re going to start with the direct mail, and again, I think this comes back to us really probably taking more of a marketing view of what the conversation would be than a print view of how that conversation would go. The first thing that we're going to talk individual about is who is their audience. Do they even have a good understanding of that? Who are the types of either individuals or if business to business, other businesses that purchased from them. But what we're going to try to do a little bit of reconnaissance on what is a proper list look like for this direct mail campaign, which is probably the most important part. It's very easy to get focused on the print and what type of stuff are we going to do on that side. But it really starts with who's the audience and do we have a proper list. And talking to that particular customer about that audience, what it looks like, do they have a list already, do we need to provide a list. And then really talk to them about the list services and how we can start to really dial in on who their target customers are and who their target audience is, you sell a list providers if we would need that.
I think it would all really start with that list conversation, who's our audience. The next step in that process would be: what's the message that we want to get to that particular audience, or are there multiple audiences and are there very different messages with it. Because one of the things that we have with direct mail today is the unique capability to have every one of those pieces a little bit different. Every one of those pieces personalized and to be able to speak to somebody a little bit differently. So if it was a bank for instance that was looking at trying to drive loans and those loans come in all different facets, mortgages, student loans, personal loans, auto loans. If you have a little bit of information on those individuals there may be ... You're able to start to identify who there's a higher likelihood would look towards what product or service. We're actually able to cater that message depending on some of those demographics. So if there are certain age groups that are going to be looking at auto loans, we probably draw those people out. And we change up that direct mail piece just slightly to speak to them about an auto loan opportunity. If there's others that we realize either would have kids of college age or would be kids of college age, that would be looking at student loans I can tailor that particular piece or that particular message to that audience.
So we can actually start to change up our messaging depending on the audience. We can personalize those pieces. So instead of just a static direct mail piece that comes out it's something that says, "Hi Emery." And then starts a little bit to what your values would be. That would be the next step in that process is really understanding what do we want to say to that audience and then how do we break that audience up. And it's only after we start putting all of those pieces together that we really start talking about the printed side of everything and what is that design going to be in order to help carry that message along. So those would be really the first three steps in that process is listen, let's understand the audience. Secondly, what is the message that we want to get to that audience. And then third, from a visual standpoint what do things need to look like in order to communicate that message. And then the fourth item that would be in there would be some form of trackability.
You mentioned a lot of statistics in the beginning and it's nice now that there's a lot out there. But for a long time there just weren't many statistics around direct mail because there wasn't an easy way to measure it. We talked a little bit about some of the technology of driving people to a website, or driving people to engage that particular piece with their mobile device, their mobile phone or their tablet. And all of those things now create touch points. We have a website that we're trying to drive somebody to offer that direct mail piece. The message is really telling them, go to this website. As soon as they touch that website, even if they never bother to call that customer at all, as soon as they touch that website we know that they touch that website, we know exactly who that individual is because we use what's called a personalized URL on that particular direct mail piece. So we know exactly who that individual is. And we know that they were engaged enough to actually start to go up to the website and we pull up the data of that direct mail piece.
You're starting to get things that allow measurement of that campaign, who's actually engaging with it. Those are things that you can follow. You can do follow up calls and just understand a little bit more who that audience is. Again, going back, it's list, it's what is my message, then it goes into the design piece of that particular printed piece. And then the last piece of that is, is there a tracking mechanism in it. We actually focus all the way through. So all those things are in place. You'd actually handle the mailing process as well. Everything's printed, actually, getting it mailed and sent out. And then we work on a consultant level as well with that customer to come back afterwards and check those results. How many responses did we have? How many were people that have ever actually called or did ultimately what we wanted to do but we saw that they touched the website some place. What did we want to do with those individuals, and what does the next campaign look like. That's probably a longer run than ... You wanted a reflection on that, but that's kind of the process that we would go through to help somebody communicate that way
If there's others that we realize either would have kids of college age or would be kids of college age, that would be looking at student loans I can tailor that particular piece or that particular message to that audience.
Emery: That was great, Jeff. That was a very structured process, targeted, you're not just throwing darts out there randomly hoping one will stick. It's structured, it's targeted, the trackability is there. That's why I wanted to focus on direct mail because I think people have the overall impression that direct marketing doesn't work anymore, that it's not cost effective. But I think we've shown not just by the statistics, the 1,300 percent return on average, but how AlphaGraphics goes about it. It's a very structured process and it's very effective.
Jeff: Direct mail is not what it's used to be. Direct mail used to be a static card. Everybody got the same piece and it was very linear. Today, the US Postal Service has really opened up their regulation to allow oversized or even dimensional pieces where you can ship a box, you can ship something, that piece of self-wrapped... Somebody's attention is a little bit better than what it was in the past. That personalization that I've talked about, being able to modify those pieces so everybody's piece, even though the look and feel, the branding is the same, the message that it's communicating can be different depending on who that audience is. And then the ability ... and one of those stats about young people which was a little bit surprising. But one of the reasons that young people love to engage is, it’s not just about that printed piece, it's about having a QR code on there that you scan with your mobile phone. And now I can get mobile content, videos, or whatever, from that marketing piece. It can take me to a different place or it can take me to a website. So it allows engagement at that new level. It's the Buick commercial, it's not your father's direct mail.
Emery: Yeah. You mentioned QR codes, for those that don't know what that stands for, it's Quick Response. And you just simply take your smartphone. And if you have the app, you need an app to scan that little QR code. It's very quick. It comes up with a link to a website. I use it all the time on my smartphone when I see those QR codes. I just bring up my app, scan it, boom, I'm at the website. I don't have to type anything into Google. It takes me right there. QR codes are the wave of the future, I think. I think they're becoming more and more popular. Would you like to do this again and maybe talk about another aspect, maybe focus on another aspect of AlphaGraphics, would that be okay?
Jeff: Absolutely, absolutely.
Emery: We appreciate you taking time out of your busy day. Again, we were talking with Jeff Spires today, regional development director for AlphaGraphics, been in the business for 15 years. Take care Jeff.
Jeff: All right, thanks.
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If you would like additional information on Five Star Painting, please call Emery Orosz at 928-793-3000.