Deal Story: Finding a Harmonious Buyer

To free themselves up to pursue new goals, Joseph and Emily Kellerman decided to sell their business, Modern Day Music. But, they didn’t want to sell it to just anyone. In order to help the business continue to thrive, they want to find a buyer who shared their passion for music. They called Calhoun Companies for help, and were connected to Chris Lappen and Duane Johnson.

“The business was well-positioned for a premium sale,” explains Chris. “Infrastructure was strong, financials were organized, and inventory was included in the transaction. We priced the business appropriately based on cash flow and focused on the quality of buyer rather than speed of sale.”

The right match came through Calhoun’s online marketing efforts when a young buyer expressed interest in the business. He already owned a similar music store in Wisconsin, but wanted to move back to the Twin Cities to a bigger market and start or buy a music studio in the area.

“The buyer was financially capable and well-qualified for an SBA loan to help get the deal done,” explains Duane Johnson. “The SBA team at Choice Bank did a tremendous job structuring the deal and providing financing in a timely manner. “

In the end, the sellers achieved exactly what they set out to do, pass the business on to a young, energetic, and capable owner who shared their passion for music.