Deal Story: Ready for Another Chapter

After more than 20 years of building Norco Precision, Inc., owners Phil and Robin Nori decided it was time to take a step back and prepare for retirement. But, they didn’t want to walk away entirely. Instead, they wanted to find a knowledgeable successor who was willing to work alongside Phil post-acquisition to grow the business and set it up for future success. Phil planned to stay with the company for five more years. They turned to Calhoun Companies agents, Chris Lappen and Duane Johnson for help.

“Business owners invest decades of their lives into growing their companies,” explains Chris. “After that many years, they want to ensure their company continues to thrive long after they retire. Brokers can help them find buyers that will do just that.”

With strong infrastructure in place, including experienced staff, established customer relationships, and well-maintained equipment, Norco Precision was positioned for a premium sale. Even better, their financials were clean and well-organized and included yearly audits from their accountant. 

“Clean financials are crucial to helping buyers to understand the value of a business,” explains Duane.

The ideal buyer for Phil and Robin turned out to be a young business professional with an engineering background who was motivated to acquire his own business. He also had two other silent partners. The sales process was relatively smooth, particularly since all parties were engaged and motivated to resolve any issues. For example, when interest rates posed some challenges for buyers, Robin and Phil’s willingness to participate in seller financing helped keep the deal moving forward. 

In the end, the sellers achieved exactly what they set out to do. Robin retired. Phil remained with the company to support the transition. And, Norco Precision moved forward under new ownership, well-positioned for continued success.