From Employee to Owner: H&H Sheet Metal
Mike Braddock and Jason Magers spent over a decade each as employees of H&H Sheet Metal; learning the ins and outs of the business as well as the sheet metal industry itself. When the current owner made the decision to retire, Braddock and Magers saw the opportunity to grow from employees to co-owners and offered to purchase the business. They worked with the Alaska Small Business Development Center to review the financials and prepare their business plan for loan review. Assistant State Director Julie Nolen inspected the financials and assisted the new owners as they negotiated the business sale.
“Without the SBDC’s help we would have never made it to the closing table,” said Mike. “Julie helped with the entire process of buying a business, start to finish. There was so much more involved in the process of buying a business than we had ever imagined. We learned a lot, thanks to the help from the SBDC.”
Braddock and Magers knew early on that having a team dedicated to the success of the business was imperative. In addition to Nolen, they worked closely with a local CPA to ensure that the agreement would work well for both the buyer and seller.
After months of work and negotiations, Braddock and Magers are officially the new owners of H&H Sheet Metal and have already jumped head first into the day to day operations of business management. You can learn more about H&H Sheet Metal by following them on Facebook.