This month HMV Holdings LLC closed on a deal to acquire 57 Brew Pub & Bistro in Greenville, Michigan, including the brew pub’s real estate on highway M-57. HMV Holdings plans to keep the current staff and unveil new food and beer menus beginning in the new year, adding more taps and branded beer like Bell’s and Founders to the beers the company brews itself, HMV Holding’s Marc Vander Velde told MiBiz.
More than 100 interested buyers from all over signed non-disclosure agreements to inquire about 57 Brew Pub & Bistro. Three groups submitted written offers for the business, but Greenville locals were the ultimate buyers. Andy Hurst, Jason Maher, and Marc Vander Velde pursued the business for more than half a year. They were already invested in the Greenville area. Vander Velde owning three convenience stores in Belding, Greenville, and Caledonia. “We like the community, and we just saw there was an opportunity to upgrade that place into something that us and our families would want to go hang out in,” Vander Velde said.
“I think the cool part of it is keeping the business’s ownership in Greenville — there is an angle there that feels good,” Friar said. “Who your buyer is and where they are from matters.”
Calder Capital represented the seller, Ollie Inc., in this deal. The owners, Bob and Dottie Olsen were looking to retire. The business was on the market for more than a year, but the eventual outcome was excellent for all parties. The length of time was not because of lack of interest. Managing Partner Max Friar stated, “We had buyers inquiring weekly on the property. Brew pubs are sexy, and this one had some awards under its belt.”
Brokers and sellers often have different ideas about how long it will take to sell or buy a business, with brokers being more realistic. In the current market the average length of time it takes to sell a business is 146 days, down 14.6% in the last year from 171 days. The average is only an average, though, with factors like geography, financing, and type of business for sale all impacting how quickly an individual business will sell.
While the length of time it takes for a business to sell is an important consideration for sellers, there are many other concerns owners have, including the welfare of their employees after the sale, the industry experience of the buyers, and, of course, the sale price itself. Most owners have invested money, sweat, and emotion in their companies, and they want to see them continue and prosper under the right buyer. An experienced business broker with the right contacts will have a more extensive list of potential buyers to cultivate and will be able to help sellers differentiate between good and better offers to ensure the best outcome. Calder Capital was able to provide their experience to Bob and Dottie Olsen, and, as a result, 57 Brew Pub & Bistro, its employees, and the entire Greenville community will benefit.