Six unique 4th quarter closings
Please find below a link to a very interesting article from the Feb 8th Grand Rapids Business Journal discussing six, unique 4th quarter successful Praxis Business Brokers closings.
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Successfully Bringing Together Business Owners And Business Buyers
More than 300 Michigan businesses sold in the past 15 years resulting in $1,000,000,000 of transaction value to Praxis business owner clients
When my brother and I thought about selling our Machine Tool Shop after 35 years in business, we were referred to Steve Kandt and Praxis Business Brokers by our CPA, and what a great referral that was. Steve was very quick to meet with us and laid out the process of selling a business…. there was absolutely no pressure. Once we decided to put it on the market, Steve took over and began the valuation process, listing, and vetting of potential buyers which allowed us to concentrate on running day to day operations. When a buyer was found, the transaction went very smoothly and we were satisfied with the terms. Throughout the entire process from day one, Steve presented himself very professionally and without false or misinformation. We were even told by the buyer’s banker at closing that Praxis is one of the few, legitimate Business Brokers out there. If you want a fast-talking broker wearing a 3 piece suit, you better look elsewhere because Steve is very humble and down to earth man who will always work in your best interest.
Steve... thanks for your efforts and professionalism
I would like to thank you for your commitment, professionalism, and experience in selling my steel firm. I always felt a steel fabrication / erection business would be hard if not impossible to sell. Your approach was great for a 25-year-old firm. I was impressed by your ability to place a valuation on different aspects of the company such as inventory, stock material and ongoing contracts. Your help in evaluation and your attention to detail at times was extraordinary. As a result, we were able to provide a buyer with solid figures and receive the highest value for all aspects of the company. Your ability to bundle the business, inventory, and equipment made this a great experience. Add in the value of your professional relationships, realtors, attorneys, bankers etc. who pitched in to follow through with the process of selling / buying the business. Your ability to structure a deal so it was a win-win situation was crucial. You made me comfortable and confident of what we were selling and the purchaser confident of what they were purchasing.
If ever I were to be in the market to sell or buy – you would be my guy.
Sam and I really enjoyed working with you. The sale of a business can easily get bogged down, and especially so in an uncertain time like this past year. You really educated us about the process. You used your years of experience to show us what the business was worth. You filtered through the responses of interested parties and then helped us to settle down to a serious buyer. You guided us through the always difficult negotiations until we came to the finish line. It is so nice to have a trusted, experienced guide for something as important as selling a business. We have already recommended you to others.
I purchased my business in Aug. 2010 and sold it Sept. 2020. Mike Greengard was the business broker for both transactions. What is significant in these transactions is the purchase occurred during a recession and the sale occurred during a pandemic. In any buyer/seller agreement there are challenges between the multiple parties and it is up to the broker to complete the sale and overcome the hurdles thrown at him. Mike Greengard was able to complete the Purchase/Sale of the business given these two major hurdles that are unprecedented in normal times. Mike's knowledge of all aspects of business; banking, finance, taxes, inventory, business valuation, etc. coupled with his knowledge of the people side of business is what makes him a true asset to a potential buyer or seller.
From the first minute, Praxis has been attentive to our needs and has gone above and beyond to make certain that we found a deal that was beneficial to us. In this climate of dine-in closure due to the pandemic, restaurants are virtually impossible to sell for any reasonable amount. Yet even with this being the case, Mike Greengard spent the time and effort necessary to find us a buyer and close the deal! I feel lucky to have found Praxis and am grateful to Mike for his persistence and knowledge. He knows his business extremely well and has consistently known the direction and amount to negotiate. His experience allowed him to see the value of our business and what makes it special. We tip our hat to Mike Greengard.
When I first started to consider listing my business for sale I did some snooping and interviewed a few brokers. I decided to meet with Mike because my accountant had recommended I do so. I knew from our first meeting that I was going to like him. He appeared to have impressive grasp of small business, vast experience and a sense of humor. There was an immediate connection.
This was my first and likely only business sale transaction. Mine is a small company that I closely held for almost 37 years. I was very cautious about all things. Mike was able to help me navigate the many potholes along the way, many of which I created myself. His patience was helpful in keeping the process on track, especially after it came off that track a few times. The recent process of selling my business was a tiresome and emotional experience. Mike’s involvement clearly was helpful in bringing about a happy conclusion for both the buyer and me.
I have come to believe the Praxis’ sale of a business isn’t just finding a buyer and working thru the process but it is a counseling service. There is so much emotion involved in selling a business that has been all consuming for so long that it is hard to keep focused on the target which is selling to a competent buyer for the best price possible. You really were the team leader that helped keep my accountant, my attorney and myself heading in the right direction. For that I am very appreciative. I can think back on several ways I could have gone off track or made a decision from emotion, that you kept things moving forward.
When I first spoke with Steve I did not know if there was a market for a niche commercial electrical contracting business like mine. After just a couple conversations Steve was able to give me a realistic value of what my business was worth on the market. Within 5 months we had multiple offers and were able to close a deal. Steve was extremely knowledgeable every step of the way and most importantly I always felt like he had my best interest at heart. Our entire experience was excellent and I would highly recommend Steve.
I wanted to send a note of appreciation for all you did in preparing us to sell our business. My partner and I were very impressed with your through analysis of our business and the time you took investigating who we were as a company, our place in the audio-visual market, and how we dealt with our completion.
Your assistance in managing the many of the details in listing the business, the financial reports, employee considerations, and dealing with the assets involved was appreciated.
The estimated sales price of our business was much higher than we expected, but once the business was listed, it appeared to be very accurate, because of the multiple offers we received at the asking price...
Thanks again for all your efforts…
The purpose of this letter is to thank you for the fine job you did for us in support of the recent sale of our business. We have truly appreciated your “real world” business experience, broad based “sale of business” expertise, plus a willingness to listen and to advise whenever each was appropriate.
Your guidance toward determining the valuation and asking price for our business was based on solid economic logic, aimed at arriving at a price that would make sense to both buyer and seller. We certainly agreed with this approach.
We also wanted a confidential listing that would not become public information until the business was sold. You and Praxis accomplished that very well, and we very much appreciate it. In sum, we could not have asked for a more professional and competent relationship with a business broker than we have had with you. We would be pleased to recommend you and Praxis Business Brokers to other business owners who are contemplating the sale of their business.
I wanted to take a moment to express my sincere appreciation for the work that Steve Kandt performed during the sale of my HVAC business. I found him to be very professional at all times as well as informative. He always returned my calls promptly … His work ethic and dedication to me the customer was nothing short of outstanding! In this day and age, I have found it difficult to find people that are dedicated to customer service. Steve Kandt is one of those few who still cater to the customer, takes pride in his work and does an outstanding job for his clients.
The business brokers at Praxis have over 35 years of combined business brokerage experience and over a century of “real world” business experience. We have lived and breathed your side of business so we respect, understand, and appreciate what you do and what you have accomplished. At Praxis, we have successfully completed more than 100 transactions. We will be pleased to give you a comprehensive list of pleased business sellers.
We believe that complete confidentiality is our first job. Our business model protects you from employees, customers, competitors, suppliers, and bankers learning about your contemplated business sale until you are ready for them to know. We offer business owners and business buyers a completely confidential process while exploring selling or buying a business.
The Praxis offices are an ideal location for private meetings. We are located in a free standing, conveniently located office building in a large office park. There are no other financial or transactional tenants in our building. As such, we can offer complete privacy and confidentiality to both our existing and potential clients in which to explore selling or buying a business.
Finally, we understand you might not be available during normal business hours to discuss a contemplated sale of your business. Praxis brokers are available by cell phone, through emails, via fax, and/or through live operators at our 24/7 call center. Meetings can be scheduled after hours and/or on weekends. We can meet in our offices, at your business site, or a “neutral” location (such as a coffee shop). We recognize your comfort throughout the process of transitioning your business in an integral component of our success.
Consultations are always without charge or obligation, and Praxis operates exclusively on success fees. That means there are no upfront fees or charges. We are paid at the closing table, just like the business seller.
To learn more about how Praxis Business Brokers can help you, please call, fax or go to the contact us section of this website to send us an email.
A: Praxis Business Brokers works exclusively on a success fee (commission) basis. We receive our one and only payment at the closing of the sale of your business. And unlike most business brokers we receive no upfront fees, no monthly fees, and nothing post-closing. Our goal is to be your (little) partner in the sale of your business – the better we do for you, the better we do for ourselves.
A: Our success fee (commission rate) never exceeds 10%, and on larger transactions can be as low as 3.5%. We quote your commission rate at the time we present you our no charge – no obligation business valuation which is of course before a listing agreement is signed.
On September 2nd (2020), Praxis Business Brokers owner, Michael Greengard, sold the successful automotive aftermarket business, Ziebart of Lansing, for the fourth time in 14 years.
Each seller engaged Mike as his exclusive business broker after having purchased the Ziebart of Lansing through Mike 1-10 years earlier. We are delighted to report that all parties were pleased with the outcomes from both their buying and selling this business.
Mike, who is not a young man, laments that with the 35 year old buyer, his streak of four consecutive sales of the same business will likely end with this recent transaction. He is OK with that as long as the brand new buyer is as successful with Ziebart of Lansing as all the previous owners were.
The 2nd of December (2019) was a day to remember at Praxis Business Brokers. On that Monday, Praxis owner Michael Greengard enjoyed a truly unique accomplishment:
How fun and gratifying was that for Mike and Praxis Business Brokers!
Take a look at our updated list of over 100 tombstones (completed sales announcements) under the "Completed Transactions" dropdown and an impressive list of business owners (under "News and Articles") delighted with the successful efforts of Michael Greengard (owner of Praxis Business Brokers) in selling their businesses.
The Brokers of Praxis celebrate 15 years in business brokerage with over 300 completed transactions. To learn how Praxis can help you sell or buy a business, please contact us for a no charge, no obligation consultation.
Praxis is pleased to report that in November 2018, ten new listings were added to our portfolio of businesses for sale. The two largest new listings averaged $7.0 million (listing price), and the next three averaged $2.5 million. There were also five smaller listings averaging just under $500,000 each. All in all, in November we added nearly $25.0 million of new listings for our active business buyers to consider.
Kudos to long time Praxis broker Glen Toadvine who on July 2nd, 2019 closed on the sale of a business he listed only 16 days earlier – a Praxis record for sure and maybe an all-time record for the fastest business sale ever to a previously unknown buyer.
In June, the owner of a successful SE Michigan service business died suddenly. The deceased’s attorney recognized that the business must be sold quickly to avoid a deterioration in value. The solution? Call Praxis broker Glen Toadvine who has a long history of successfully responding to challenges of business transactions of all sorts. 16 days later the business was under the new ownership of a corporate buyer from Ohio.
We will long remember the week of June 1st, 2016. On Monday of that week, a Lansing design and build business was sold to a Tennessee private equity group. On Tuesday, a West Michigan professional firm was purchased by a strategic buyer from Berrien County. On Wednesday, a Grand Haven financial buyer closed on the purchase of an attractive metal fabrication business, and on Thursday, an Oceana County strategic buyer purchased a large wholesale/retail distribution business. In total, well over $20,000,000 of deal value was delivered to our four seller clients. To learn how you can join our growing list of satisfied sellers, please contact a Praxis broker to schedule a confidential, no-charge, no obligation meeting.