A Nearly $500K eCommerce Exit, Closed on Time: Craig’s Story with Baton
Rachel Horner
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6 min read
Inspired by Baton’s owner success stories, here’s how Craig went from six years running Master Tool Repair to a nearly $500K asset sale. The buyer had exactly what the business needed, and the deal closed by July, right on schedule.
About the Business
Industry: eCommerce / Industrial Repair Parts
Location: Richmond, VA
Sale price: Just under $500,000
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The Challenge: Time to Do Less
Craig Coffey is no stranger to buying and selling businesses. Over the years he has bought and sold four or five, including a commercial ice machine repair service, a magazine, and a high-end hand tool company.
In 2020, he bought Master Tool Repair, a business that started in 1994 as a repair shop and later moved online. He had a strong, experienced team, and the business didn’t demand long hours. The catch was that eCommerce never closes.
“Because it’s eCommerce, it’s seven days a week. There could be problems at night. It’s not like a shop that closes at the end of the day. You’re kind of always having to be on, which is why I wanted to get out of it.”
He had been running several businesses at once and was ready to cut back. “It was more just age and not wanting to work as hard. So, time to do less.”
Selling before had taught him how slow and draining the process could be.
“I wondered what the market was like, if we were gonna be able to find somebody, how long it was gonna take, how much of my time it was gonna take. I wouldn’t say fears, but a lot of anxiety over the process.”
He also knew exactly who he was looking for. Any buyer had to:
Have a warehouse, or be willing to get one. “We’ve tried to use 3PLs, and it just doesn’t work well with a 3PL.”
Close without Small Business Administration (SBA) financing. He has nothing against SBA loans and used one to buy the business he’s keeping, but he wanted to sell quickly and SBA deals can take a long time.
From Valuation to Closing: How Baton Kept the Deal Moving
Craig considered the traditional broker route again, along with a few other listing sites. He ultimately chose Baton because he wanted a sales process that worked like his business did.
“What I found with a lot of business brokers is they’re not into the technology as much, so you end up with a lot of things via email or phone calls. I’m selling an eCommerce business. I’m used to platforms and systems and processes. So I wanted that type of a solution for the selling.”
What happened at every stage
Valuation: Baton’s valuation confirmed his own number. “I ended up seeing that I had put a pretty good value on it, but it was good to get somebody else’s eyes on that.”
Buyer Outreach: Getting the business onto the platform was “super easy.” What stood out most was how information reached buyers in stages. Buyers saw enough before signing an NDA to get interested, then saw more after the NDA and more again at LOI, all without him rebuilding anything. “You put it in there once, and then certain pieces are shared depending on where they are in the process.” From there, his advisor, Ebony, “just took over.”
Offer Selection and Negotiation: The buyer met both of his requirements. They already had a warehouse in Texas, and they funded the deal without SBA financing, using only a small seller note.
Diligence and Closing Support: Every sale he’d been part of before had dragged on longer than expected. This one didn’t. “It was after the beginning of the year, and I had the business sold by July.”
The Results
Craig sold Master Tool Repair at the exact price and terms he set out to get. The deal was structured as an asset sale, which mattered to him, with 10% seller financing paid over five years.
Through Baton’s competitive outreach, intuitive platform, and end-to-end support, Craig:
Went from getting started early in the year to a closed sale by July, on the scheduled closing date
Found a buyer who met both requirements: an existing warehouse and no SBA financing
Got the price and structure he wanted without giving ground on terms
“A hundred percent. I got the exact price and terms I was looking for. And we closed, I would say, faster than I expected. And we closed on time, which is crazy.”
He was glad to carry a small note. “I think it helps the buyer with confidence and helps keep the seller engaged.”
What’s Next for Craig?
With two businesses sold, Craig is down to one: a three-generation family service business he bought more than 10 years ago. Like Master Tool Repair, it’s built on personal service. Customers get the same technician each time, and the team keeps detailed notes on how each customer likes the job done.
“Now I can spend more time on the remaining business and grow it and get it better, and, you know, maybe sell it down the road on Baton.”
Advice and Lessons for Future Sellers
Go to market early, even if you’re not ready to sell. Craig suggests listing early to get real feedback on value and timing, then fixing gaps before you commit. “Post it and gauge reaction, gauge where you are on valuation, and maybe then not even pull the trigger yet. Then work towards making improvements and come back at it six months or nine months or 12 months down the road.”
Know your add-backs before buyers ask. Separate personal or discretionary expenses in your financials so buyers can see your real seller’s discretionary earnings (SDE). “These are the things I’m doing, but when I sell it, you don’t necessarily have to do it that way. So you can factor those into the price.”
Make yourself replaceable. When he bought Master Tool Repair, the founding husband-and-wife team was deeply involved, so he spent years training people and stepping back. The team documented every process in Google Drive and made sure each role had a trained backup. “When I was able to hand over the business, there’s good documentation. It’s a lot easier for the new owner to step in and start doing things that are more strategic.”
Find a partner whose process and pricing fit your goals. Comparing his past deals, the cost difference was hard to ignore. “The commission amount I paid with Baton versus what I’ve done on other businesses, it’s around a 10% difference in cost, which is huge. On a $500,000 deal, that’s fifty grand. Find a partner, find someone you trust, and a process that’s gonna match your timing and the cost structure you’re looking for.”