Beth Terstegen has co-owned Brick House Kitchen since she and a friend purchased the business in 2019 with the help of the SBDC. Located in the heart of downtown Skowhegan, Brick House Kitchen is a popular lunch spot serving unique deli-style sandwiches, wraps, and salads.
After years of co-ownership, Beth found herself in a complex situation. Beth was ready to slow down and have more time with her family so she decided she wanted to sell the business. As a 60% owner, her partnership with the remaining 40% owner became strained. For assistance navigating this unique situation, Beth turned again to the Maine SBDC and enlisted the expertise of Business Advisor Chris O’Brien.
Chris played a crucial role in guiding Beth through the intricate process of selling her shares in Brick House Kitchen. After offering her shares to her partner, which was declined, Beth proactively reached out to targeted potential buyers. The result was an asset-based, cash sale. The SBDC provided support in valuation, prospecting potential buyers, and managing relationships with partners, employees, and customers. Brick House Kitchen ceased operations on October 31, but the restaurant will rise again under new ownership, maintaining the same name and spirit.
Beth’s determination and the strategic guidance from the SBDC resulted in a successful outcome. As Beth reflects on the positive outcome of the sale, she expresses gratitude for the SBDC’s instrumental role. She comments, “I really don’t think I could’ve handled the sale of our business without the help of the SBDC. They made the entire process so much easier. Should I ever find myself considering owning my own business again, they will be the first phone call I make.”
For those considering working with the SBDC, Beth’s advice is clear: “They had answers to all my questions quickly, gave me the confidence I was making the right decisions, and have many contacts and resources that save a business owner valuable time and money.”
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