71 - Sold His Subway Franchise with 26 Locations!

This #PoisedforExit episode featured part two of our series with guest interviewers from Sunbelt Business Advisors! Today's interviewer was Mike Slater, a long time M & A adviser and former business owner, who specializes in the hospitality industry. Mike interviewed his client, Jim Armstrong, who sold  his numerous Subway restaurants over the course of 3 years, with Mike's expertise. In 2016, Mike and Jim first met and worked together to prepare 15 of Jim's stores for sale. They successfully accomplished that goal with some help from Subway corporate. Then they moved on to sell several more to Jim's son, who had been in the family business for 20 years at that point. The transition period happened during the onset of the pandemic, which slowed the process down a bit, but eventually they were able to get it all done. Jim says that Mike's expertise and the process that Sunbelt ran for him were the reasons why they were so successful in selling the stores to qualified buyers, and then later to his son, who he wanted to set up for as much success as possible! Jim said that his wife and son were instrumental in convincing him it was time to sell, because he was not convinced. But now, he's thrilled that he listened to them and took Mike's advice that the timing was right. He's enjoying his retirement with travel and spending his winters in southern climates. Jim's advice for sellers considering a sale but feeling hesitant, is that it's important to work with an M & A adviser who runs a strong process and who has your back, so you worry less and feel more confident that the outcome will be favorable, especially the financial part! Listen to more of Jim's story here.To reach Mike Slater, call 651-398-8921 or email him at [email protected] Julie here.Thank you to this month's sponsors! Sunbelt Business Advisors and JAK CPA'sConnect with Julie Keyes, Keyestrategies LLCFounder, Consultant, Author, Pod-caster and Instructor