Behind the scenes with Steve Bragg from Calhoun Companies
Aug 15, 2019 08:11AM
Steve Bragg (left), Business Broker, congratulates Stephen Skeels, the new owner of Buck’s Hardware in Grand Marais Photo: Skeels family
From Boreal Community Media - August 14, 2019
Matching business buyers with sellers can be a challenging task. But Lutsen based Steve Bragg does just that at Calhoun Companies bringing 30 year's of experience to the table.
"Like frequently is the case, owners planning to sell their business want the sale/marketing kept confidential until we have a buyer," said Bragg "They are concerned about creating anxiety among employees, vendors and the public at large until there is something real to talk about. Business sales transactions can take many months or even years."
Operating the Arrowhead Office of Calhoun Companies, Steve provides confidential, comprehensive services to northern Minnesota and western Wisconsin from Ashland to Lake of the Woods. Since June 2000 he has maintained the Certified Business Intermediary (CBI) designation from the International Business Brokers Association and is regarded as an "Industry Expert" for the restaurant/bar industry by the Business Brokerage Press. Steve is an aggressive marketer working with a large network of prospects, often selling "lifestyle" businesses to out of state buyers.
"Marketing a commercial property or business sale means we put confidentiality front and center", said Bragg. "As a business broker, this is done by marketing generically on 27 paid web sites. When a potential buyers shows interest, they must sign a “Confidentiality Letter” that states they won’t share the business information with anyone other than their attorney and accountant. Then we send a complete information package including pictures, real estate tax statements, equipment list, financials and more."
In the case of the recent sale of Buck's Hardware, eventual buyer Stephen Skeels saw the ads while living in Maryland, wound up buying Buck's, and moved his family to Grand Marais. Selling a so called "lifestyle" business to an out of state buyer means Steve must play the role of consultant more than broker.
"I try to be a comprehensive partner to our buyers. Buying a business in the Arrowhead region is more than a black and white financial discussion. I try to give buyers insights into what it takes to run a successful business up here, including conversations around workforce recruitment challenges, employee housing, transportation, education and health care. It is important they make the purchase considering the full context of what their entire life will be like, not just their business."
Bragg asks everyone to welcome the Skeels to the community and continue to patronize Bucks as he honors the business' long legacy of service in Cook County. "They are really excited to be the new owners of Buck's Hardware and I know they will work hard to earn the community's business," said Bragg.
To learn more about Steve's business opportunities, please follow this link to view his contact information: https://www.calhouncompanies.com/our-team/steve-bragg