As a sell side business broker, nothing makes me happier than helping operators to fulfill their lifelong dreams. For Jodi Glimpse of Camelback Vending, selling her business is a dream come true that is pointing her and her husband to Hawaii.
Jodi and her husband Mike had a clear plan to retire in Hawaii, a plan that took shape during their 18 years as a full-service operator. They own a home and a sports fishing operation there, and after Jodi helps to support Canteen’s ownership transition for about six months, she will explore a career in property management once they move. “That’s the next chapter,” said Glimpse, in an interview with Bob Tullio of Vending Market Watch.
A humble beginning in vending
Her journey as an operator, which ultimately ended up with 26 employees on board, ten full-service hybrid routes and covering all of Maricopa County in Arizona, began with a side gig in bulk vending. “I did bulk vending for a handful of years when I had toddlers and then we decided to go down the road of more traditional vending,” she said.
She and her husband decided that once their youngest son, Austin, was out of high school, the timing would be right for them to move on to the next chapter of their lives. About two years ago, they decided to start positioning the company to ensure an easy transition for the right buyer.
The broker’s perspective
As a business broker, it was such a pleasure working with Jodi and her team on the sale of her business. Her organized approach and responsiveness made my job easier. Her performance as a client during the selling process was a clear reflection of how she ran her business as an operator. From our very first meeting, I was excited about serving Camelback.
Laying the groundwork
“Early last year in '22, we started meeting with some different brokers, interviewing different brokers and just trying to find a good fit, the right person to represent us,” Glimpse said. “By May of last year, we knew Mike was the guy that we wanted to work with. Mike and I had calls pretty much on a monthly basis over the course of six months. Our goal was to be on the market by January 1, 2023.”
“We spoke regularly, went through our financials and I followed his guidance - even on some business decisions,” she said. “We would sit down and review the numbers at the end of the quarter and just see how everything looked, areas of concern and positive aspects as well.” For Camelback, there were plenty of positive aspects as the company enjoyed strong growth over the past two years.
Gathering data with ease
Glimpse said she appreciated the convenience of VBB’s online system for gathering information. “It was great,” Glimpse said. “Mike would say, ‘I need this list of documents,’ and then I would go in and upload it, giving him access. Once Mike started getting interested parties and they signed their nondisclosure, he would give them access to some documents and we could see who was going in and looking at them, which was nice,” she added.
Buyers were interested
There was plenty of interest in her company and Glimpse said she was happy to have a broker who was representing her exclusively. “The fact that Mike is a seller’s broker was very important,” Glimpse noted. “I never wanted to feel like I had someone playing both sides. It's like trying to buy a house using the realtor who is selling the house. You don't ever know if you're getting the most honest feedback or advice. With Mike, I always knew he was looking out for our best interests.”
“A no brainer”
“When evaluating business brokers, we saw that Mike is very data-driven, very structured, in the way that he goes about things. With Mike, his process is very systematic and we're big on that as well. When we started talking about his process, choosing Mike Kelner to sell our business was a “no brainer,” she said.
Glimpse is pleased to see that Canteen values Camelback’s employees, from the drivers to the techs to the office people. “They can see the quality of our people, who are accustomed to wearing 10 to 15 hats in a given day. Some of them do the work of four people, so I know they will thrive in their new roles at Canteen,” Glimpse said.
“Selling a business isn’t easy,” observed Glimpse. “I would highly recommend Mike Kelner and VBB Advisors. He is a straight shooter and was fantastic to work with. He did a great job for us.”
Your dreams can come true!
Jodi’s experience at Camelback Vending is a perfect example of how powerful the VBB Exit Advantage can be. The process starts months before you officially put your company on the market for sale. The VBB Exit Advantage is a customized approach that emerged in 2022, created for a couple of very smart operators who recognized that if you want to maximize the selling price of your business, you need to take a deliberate and thoughtful approach to your exit plan. It worked so well, we decided to make it the standard approach for any operator who wants to take the most professional route and ultimately, experience a business sale that will exceed expectations.
It’s a $10,000 value, a tailored exit planning program, ultimately free to any operator who works with VBB Advisors on the sale of their business. I’m happy to discuss the VBB Exit Advantage, so give me a call.
Check out this 2022 Interview from the NAMA Show
Our Philosophy at VBB Advisors
“No matter what is going on with the economy or the world, it is time to sell your business if you are ready and we can make the right deal, a deal that makes sense for you, your family and your company.”
Buyers come to me because they know that I serve sellers who have thoroughly and thoughtfully considered their exit strategy with my help. That is the type of seller that you want to be – a seller who has their ducks in order, has taken steps to make their business as attractive as possible and a seller who values their employees enough to make a deal that everyone will feel good about.
Take that critical first step. That is often the toughest one to take.
Order my free 2023 Exit Strategy Planner. At the very least, it will provoke some thought, and this is a good time to think about your future.
Whatever your reasons are to sell your company - the timing, a sense of frustration, the desire to enjoy life or an interest in rewarding yourself for years of hard work – VBB Advisors can help you realize your goals.
I am Mike Kelner, the leading sell side intermediary in the convenience services industry. Let’s sit down and have a conversation. Use this appointment scheduler to set up a meeting with me.
Or – give me a call at 704-942-4621.