Shoco Marine Successfully Transitions to New Ownership
Shoco Marine distributes boat docks and trailers to its network of dealers throughout the Southeastern US. The business was started in the 1950’s by the father of the seller, Dale Short, who began working in the shop as a teenager. During the 1970’s Dale took over the business from his parents and his wife Angie, has also been actively involved in an administrative capacity through the years, overseeing administrative matters. Dale and Angie reached a point where they were ready for the next phase of their lives. “I still know what to do, how to do, but I just didn’t want to do it 12-14 hours a day anymore.” said Dale. That’s when Dale connected with Viking Mergers & Acquistions for an exit strategy plan and to ultimately prepare the business for sale.
The buying team, led by Brad Simpson, is transitioning from the corporate world and closed on the business in late September. “What we saw was a stable and healthy business, with a good team of employees and a healthy customer base, but ultimately was ready in a position to grow,” said Simpson. He added “One of the things we appreciated about the Viking team was that they were prepared to answer all our questions, and if they didn’t have the answers they would get the data for us. It was nice to have someone one the other side that spoke the same language, and they ultimately delivered on the things we asked for.”
As the business transitions to new ownership group, Dale will continue to work with the buyers in an advisory role for the next year for a seamless transition. Viking advisors Jeff McKeehan and Mike Donahue facilitated the transaction. Donahue mentioned “It was really important to them, they found someone who would take care of and respect the history of the company and that happened here.”
Viking Mergers & Acquisition has continued to help over 600+ business owners successfully exit their businesses over the last 25 years and our success rate Are you interested in an exit strategy and selling your business?