Painting Contractor on the Outer Banks Sold to Growing Family
Think selling a business is scary? Try cashing in your IRA, selling your house, quitting your job, and moving your wife and kids from Pittsburgh to the Outer Banks.
Big Opportunities Call for Big Changes
It all started in
Having worked for two different top-300 construction firms, Matt felt confident in his ability to manage a contracting company. In 2011, he began his search. After two years of searching, he found Beach Painting.
After meeting with the owner and researching the area, Matt knew he had found what he was looking for. He discussed the opportunity with his family, and decided to move forward with acquiring the business.
Matt and his wife Liz packed up their belongings, sold their home, and moved their two young daughters from Pittsburgh to the Outer Banks.
About the Business
Beach Painting Contractors was founded in 1995. Located in Kill Devil Hills, North Carolina, the business offered painting, repair, restoration, and chemical exterior washing services to the Outer Banks.
The North Carolina coast is known for its stunning beauty. It’s also known for strong winds, torrential rain, and periodic flooding. The high-demand for tourism, mixed with harsh
These factors allowed the original owners to build a very profitable business.
When they decided to list with MidStreet, our first step was getting the business pre-approved with the SBA.
“One of the things that made dealing with MidStreet so easy, was that the company had been pre-approved for an SBA loan. They put me in contact with a broker, who really streamlined the process. There was a lot of paperwork involved, but I always felt like I had a team of people working with me, which made it much easier.”
The Perfect Fit
Matt and Liz Brauer visited the Outer Banks in August 2013 to see the business and meet the owner. They also visited the local schools, met the principal, and explored some of the nearby neighborhoods.
After much thought, the Brauer’s decided to take the leap.
The sale was completed by Jeffery Baxter, President of MidStreet Mergers and Acquisitions. Beach Painting attracted several qualified buyers and sold for the full asking price.
“Beach Painting is the type of company that has hundreds of potential buyers. It’s a simple business model with recurring revenue and a strong foothold in the local market." said Baxter.
Matt no longer has to travel, he spends more time with family than ever before. By applying his construction background to Beach Painting’s strong foundation, he and Liz have grown the company substantially since 2014.
“In four years we’ve managed to grow the business by 60%.” says owner, Matt Brauer.
In 2016, Matt expanded the business to include construction and renovation after successfully passing the NC General Contractor’s exam in June 2016. The decision to expand came after customers of continued to ask for Beach Painting to help with construction and renovation projects.
“Given the amount of wood rot on the Outer Banks and our growing reputation as rot repair specialists, I decided to become a licensed general contractor. We can now take on substantially more complex jobs and broader scopes of work for our clients.”
Matt, wife Liz Brauer, and their four daughters have grown to love the business and the community on the Outer Banks.