Midwest Painting Contractor Sold for $310K, LOI in 33 Days

About the Business

• Industry: Home Services – Residential and Commercial Painting

• Location: Midwest

• Size: $1M–$1.5M in annual revenue

• Sale price: $310,000, all cash

• Listing to signed LOI: 33 days

• Signed LOI to close: 40 days

The Challenge: Handing Off a Company He No Longer Ran Day to Day

The owner had stepped back from daily operations to pursue another career opportunity. He wanted a buyer who could take over the company and its crew.

33 Days to a Signed LOI: Bringing the Offer Back Up

What happened at every stage

1. Valuation: Baton built the listing and a data room that included a filmed owner-interview series on the reason for selling, key employees and growth ideas.

2. Buyer Outreach: Baton syndicated the listing to BizBuySell, and 18 buyers viewed it and at least 6 opened the data room. A first-time buyer who was reviewing another Baton listing asked about this one and submitted an offer the next day.

3. Offer Selection and Negotiation Support: During diligence, the buyer re-valued the company at $230,000. The Baton advisor made the case for the prior year's results and brought the offer to $300,000, and the owner and buyer settled the final $10,000 directly.

4. Diligence and Closing Support: Baton drafted the all-cash LOI, sent it for e-signature and coordinated both sides through a 30-day exclusivity period. The deal closed 40 days after the LOI.

The Results

The buyer is a first-time acquirer from the local area with a background in sales and marketing. Through Baton's process, the business:

• Sold for $310,000, all cash at closing

• Signed an LOI 33 days after listing

• Closed 40 days after the signed LOI, with no seller note or earnout

What's next for the owner?

The owner is focused on his new career.

Advice and Lessons for Future Sellers

1. Be ready to defend every year of results. Making the case for the prior year's results helped bring the offer back up.

2. Let buyers hear from you before they meet you. Filmed owner interviews gave buyers the story behind the numbers early.

3. Keep your buyer pool working for you. The winning buyer first came to Baton for a different listing.