For nearly 30 years, Rick Vaal had been working hard for decades building up The Lab Zone. The Lab Zone specializes in designing and manufacturing unique formulations for the detailing market. Rick also sensed that in order for the business to grow he needed to transition it to new ownership.
When it came time to sell the business, Rick wanted to ensure that not only he would get maximum value upon selling his business but to be able to stay involved, continuing to develop new formulas. Rick reached out to Larry Lawson of Viking Mergers of Tampa to help him develop the right exit strategy, value the business, find the right buyer, and execute the transaction.
Viking found a match with Russ Buchanan. Russ was a former successful executive who was a first-time business buyer and wanted to go into business with his children. As a former Corporate Executive for a leading global company, Russ was looking to take over a profitable manufacturing business and the Lab Zone was the perfect opportunity. Rick and Russ continue to work together. Larry Lawson and the Viking team were successfully able to structure this deal in such a way that allows both of them to focus on what they are best at and most passionate about: Rick can create while Russ can focus on operations and developing and growing the business.
When it comes to selling a business, Viking understands that one exit strategy does not fit all. In this case, Rick wanted to stay involved with the business while securing his financial future, while handing off much of the day-to-day operations to an experienced leader who could bring his extensive supply chain experience to the table. The Lab Zone continues to thrive and grow under new ownership.
Whether you are considering selling your business soon, or 5 years down the road, you owe it to yourself to speak with a professional to determine the value of your business and set up a successful exit strategy.