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"We knew if our clients had a fundamentally sound business and clean financials we would eventually close deals as the panic began to subside"
RIVERSIDE, CA, October 01, 2020 /24-7PressRelease/ -- Pairing buyers and sellers of companies is no easy matter under the best of circumstances. Apply one part pandemic and two parts panic and the selling of a million dollar business becomes a herculean task.
Southern California based business brokers, 1-800-Biz-Broker, just closed the sale of a regional trucking and logistics company based in Fontana CA. This family business had been operating for over two decades as a specialized LTL carrier serving the western United States. The buyer, a Utah company that moves hay across the United States, saw an opportunity to leverage efficiencies and improve margins.
"It seemed that the pandemic, especially in March and April, caused buyers and banks to hit pause on business transactions, but we knew if our clients had a fundamentally sound business and clean financials we would eventually close deals as the panic began to subside," said Pablo Fonseca, principal Business Broker at 1-800-Biz-Broker. "This logistic business was a no-brainer for the right acquisition partner. They had long-term contracts, good margins, and excellent financials. The problem we encountered was securing bank financing in April, as they were focused on processing PPP loans," Fonseca remarked.
Fonseca credits the relationships they have with acquisition financing partners to getting this deal done in the time of pandemic. He continued, "this deal took a little longer than normal, but we never gave up. Both the Buyer and Seller were committed to closing and trusted us to create the structure and find the financing that made sense."
1-800-Biz-Broker is a full service business brokerage in Southern California, they have been selling businesses since 2006. Pablo Fonseca is also president of the National Association of Business Brokers.
1-800-Biz-Broker has been selling businesses in Southern California since 2006. Their Business Brokers cover Riverside, San Bernardino, Orange, San Diego, and Los Angeles counties. Thinking about selling your business? Call 1-800-Biz-Broker for a confidential business valuation.
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