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.
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.
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