Success Story

Price Marketing

Overview

Price Marketing, Inc. is a successful manufacturers’ representative and distribution center for manufacturing firms producing construction materials for the municipal water and sewer market, irrigation and landscape construction, industrial process piping, and plumbing markets. They primarily serve wholesale distribution companies in these and related fields within the Carolinas but cover the entire southeast.
Price Marketing, Inc. is a family run business started in October 1984. Founded as Harwell & Associated of Charlotte, Inc., now Price Marketing, Inc. continues to build on their 37 years history serving clients from their corporate offices and warehouse located in Concord, North Carolina just northeast of Charlotte. On January 1, 1993, Mr. David Price and his wife Jane acquired 100% of Harwell & Associates and formally changed the name to Price Marketing, Inc.
Now 30 years later Mr. and Mrs. Price wish to retire and sell 100% of the business to an interested party. Both parties have retained the services of Turner Business Appraisers to determine the value of the business.

Needs

Mr. and Mrs. Price were first introduced to Turner Business Appraisers by way of their personal banker. The potential buyers of Price Marketing were requesting an SBA loan to be used for the purchase of the business, including all fixed assets, inventory, and all intangibles (accounts and trade agreements), working capital, soft costs, SBA guaranty fee and closing costs. One requirement of an SBA loan is a business valuation report. Turner Business Appraisers was hired to value Price Marketing. The Prices were the contact for all financial information.
As the working on the business valuation progressed, it was determined the Prices had an additional need for brokerage service to mediate communication between the Prices and the buyers.

Solutions

Turner Business Appraisers completed the bank’s assignment for a business valuation on Price Marketing. It became apparent there was a need for consulting services regarding the strategic planning and finalization of the sell with the Prices and their employees (who were to remain with the business). This service would include a business valuation for the Prices and the services of Solid Rock Advisors.
Solid Rock Advisors performed many brokerage duties including how the deal structure relates to the business valuation; conversations with the seller’s CPA and the buyer’s CPA; answering questions for both sellers and buyers regarding stock v. asset sale and tax consequences, etc.

Benefits

According to Dave Price, “the business sale process was surprisingly seamless. Solid Rock provided guidance, excellent information, and information that consistently remained accurate and true throughout the entire sales process.”

Dave goes on to say

“Not only would I recommend Solid Rock [Advisors] and Turner Business Appraisers, but I would also strongly recommend that [business owners] not sell your business without the support of [Turner Business Appraisers and Solid Rock Advisors]. Everything that [Turner Business Appraisers and Solid Rock Advisors] told us from start to finish followed through accurately; concisely. And at the end of the day, [our] business sold, and the bank was happy, and the buyers were happy.”
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