Serge Savoie is pumped.
Five months into ownership of A1 Plumbing, he has the heightened energy that comes with knowing that every sale he completes is money into his own business.
“Every problem is mine, too!” he smiles.
Serge admits that his first week of ownership had him panicked, but with that behind him, he’s now able to sleep like a baby. For him, it comes down to “getting something that runs well,” an established business with a proven record of success.
Admittedly, Serge had an insider’s view of the Moncton, New Brunswick, business he purchased from previous owner, Dennis Poirier. Serge worked alongside Dennis in the business for some 15 years.
Owning the business, though, was never something he thought possible. Meeting Sunbelt business broker Dave Barnett changed everything. Dave, owner of Sunbelt Moncton’s office, helped pave the way for Serge to secure the bank loans he needed to seal the deal, including financing from the Business Development Bank of Canada (BDC).
A1 Plumbing is a hub within a hub within a hub. With thousands of polished, gleaming plumbing supplies interspersed with appealing displays, Serge’s plumbing showroom is a focal point in the core shopping area of Moncton, the geographic centre of the Atlantic provinces. Moncton has the largest catchment area in Atlantic Canada with 1.4 million people living within a three-hour drive of the city, the fastest growing urban region east of Toronto, Wikipedia notes.
“We do very well,” Serge comments on his business, one of the largest plumbing suppliers in Eastern Canada. While there are “always ideas”, he doesn’t plan or need to change the formula that clearly works, continuing the business’s reputation for quality products and great customer service. Over the next few years, he’ll be keeping pace, adjusting products and suppliers with the industry and refreshing the aesthetics of the showroom.
“Owning a business is a good way to make a living,” Serge sums up.
Yet, while they had talked about it, the purchase of a business was not something that Serge and his wife, Monique Hebert-Savoie, a high school teacher, believed they could realize. We had no idea how to even approach financing, recalls Serge.
“Dave made it all possible. He helped structure the deal, managed the loan application process, helped with documents and managed the needs of the lenders.”
“Since everything was put together at the time of application the turnaround time at the bank was kept to a minimum,” adds Dave.
Most people who purchase a business are first-time buyers, like Serge. Business brokers can provide insight into all aspects of buying a business including financing-- down payments, cash operating requirements, vendor financing, bank financing and private financing.
To get more information on buying or selling a business, please contact your local Sunbelt office. We have existing businesses for sale in all sizes and locations.
You might be interested in our blog post on this related topic : can you afford to buy a business?
By Karen Runtz