Finally, a Good Time to Sell the Business

Peter and Carla Schoon, left, sold System Support Solutions to Jon Von Rentzell and his wife, Sue. Jenn Ackerman for The Wall Street Journal

By Sarah Needleman on WSJ.com | October 23rd, 2013

Three years ago, Peter Schoon of Orono, Minn., wanted to sell the technology-services firm he founded with his wife and retire. But the economic downturn put those plans on hold as the company’s valuation took a hit.

In March, however, the 64-year-old Mr. Schoon finally handed over the keys to System Support Solutions Inc. to buyer Jon Von Rentzell, a laid-off operations executive who financed more than half of the deal with a loan backed by the U.S. Small Business Administration.

Good Time to Sell article

Peter and Carla Schoon, left, sold System Support Solutions to Jon Von Rentzell and his wife, Sue. Jenn Ackerman for The Wall Street Journal

The company, which had steadily increased its revenue and profit since 2010, fetched six offers. It was sold for $2.3 million, 15% more than the original asking price, Mr. Schoon said.

The transaction illustrates how the small-business-for-sale market is warming up as more sellers can point to three years of gradual or increasing revenue—the typical track record that banks and buyers look at when assessing a deal.

Read the full article here.

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