Philadelphia, PA-NJ (1888PressRelease)
January 09, 2009 - Business Broker Kevin Freeman with the Benjamin Ross Group (www.BenjaminRossGroup.com) wants people to know that it is still possible to buy and sell businesses despite the current economic conditions. Freeman recently closed a $1.8 million deal on behalf of Westway Electric Supply in Upper Darby, PA. The transaction was a win-win with benefits to both the buyer and the seller.
“Many business owners are reluctant to put their business on the market during a down economy. However, now is an opportune time for both buyers and sellers,” Freeman said. “A solid business is defined by its internal qualities, not market fluctuations. There are plenty of opportunities to buy solid businesses and the sale of Westway Electric Supply Company is a great example.”
Westway Electric Supply Company has two divisions, a traditional supply house with a warehouse in Upper Darby, as well as an online division. The original owner, Nick DiMedio, started the business in 1979, and although the company grossed more than two million dollars a year, at 79 years old, he was ready to retire.
The buyer, Anthony Buonocore, received standard commercial financing through Harleysville National Bank. Freeman closed the deal in only three months after executing the listing contract and just five weeks after Buonocore made his offer.
Freeman said that the benefits to the buyer are that he will acquire a sound, high-grossing business, with an online division that has significant opportunity for future growth. The $1.8 million closing will also benefit the seller by allowing him to retire comfortably and pursue personal endeavors.
About the Benjamin Ross Group: With offices in Southampton (Bucks County), Pa., Radnor (Delaware County), Pa. and Princeton, NJ, the Benjamin Ross Group is the most experienced, professional and exclusive business sales, mergers and acquisitions firm in the Mid-Atlantic Region. They represent well-managed businesses, regardless of their size and their business brokers provide a full range of services relating to buying, selling, or merging businesses; business financing and valuation; and exit planning. For more information, go to: www.BenjaminRossGroup.com.
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