Poteau, Oklahoma — Meet Dr. Phil Chitwood. He started his veterinary practice in Poteau nearly five decades ago and grew his reputation for taking excellent care of small animals, especially bulldogs.

His practice soon developed into a full veterinary hospital, including emergency and extended care and became known to Eastern Oklahomans as the premier veterinary care destination.

At the end of 2018 after nearly 50 years in business, Dr. Chitwood knew it was time to sell Poteau Valley Veterinary Hospital (PVVH) to a veterinarian whose career was in front of them. He turned to CBI’s Fort Smith/River Valley team to ensure his business legacy would continue to thrive. Mark Kincannon and his team went to work to guide the sale of his life’s work.

Dr. Kristy Tackett, a practicing Oklahoma veterinarian, had aspired to own her own practice one day.  She obtained her veterinary degree from Oklahoma State in 2012 and has since been working as a small animal veterinarian at Oklahoma’s Enid Pet Hospital.  Dr. Tackett grew up in Seiling where her family farms and raises cattle. An OSU alum, she received her bachelor’s degree in 2008 with a major in Animal Science.

“I had always intended to be a large animal veterinarian, but by chance, have fallen in love with the small ones,” Dr. Tackett explained in a prepared letter to new clients. “I enjoy internal medicine, wound care and soft tissue surgery.”

Her husband Kody grew up in Bokoshe. There were lots of trips to the region to visit family and friends which afforded her an opportunity to meet Dr. Chitwood.

News of his retirement created the opportunity for she, her husband, two daughters and two furry family members (two dogs – a chocolate Labrador and a three-legged Pomeranian) to make their goal of life in Eastern Oklahoma and ownership of her own practice a reality.

“We wanted to live and work in a place we could raise our family,” she said.

She felt the time was right to take steps toward owning PVVH. Dr Chitwood agreed, and CBI Team Fort Smith-River Valley intermediary Chad Dickinson became a crucial part of this transaction as he communicated with seller, buyer, attorneys, and accountants to execute the sale.

Dr. Tackett looks forward to continuing to provide excellent service for those across LeFlore County, OK, and will be working with Dr. Chitwood as they transition ownership of the business. If you find yourself in LeFlore County and in need of veterinary care, be sure to contact PVVH. Tell them CBI Team sent you!

Seller Terry Timmons (left) operated and managed CPR on a daily basis for many years  providing trusted service for mobile technology repairs to customers. He decided the time was right to explore other interests and turned to the CBI Team to guide the sale that included CPR NWA’s three locations in Fayetteville, Springdale & Rogers. In addition to the acquisition of the three store locations, the sale also included a Master Franchise License which included Arkansas territory that encompasses Fort Smith and Little Rock regions. CBI’s John Green knew that successful business owners are ones who have a passion for the business and experience in the industry. He was excited to connect Chad Staudt to the opportunity to buy CPR from Terry. CPR moved quickly – within six months – and the sale has allowed Terry the ability to focus his energies on his next business, Blackbird Coffee Roasters. Be sure and stop by one of the NWA CPR locations to welcome Chad and check out Blackbird Coffee Roasters to learn more about Terry’s premium, small batch, coffee roasting company.

CBI’s proprietary Loans4Business (www.loans4biz.biz) program continues to make the dream of business ownership a reality. Whether you are interested in exploring acquiring a business or accessing working capital for your existing business, this is a great resource. CBI Team’s Loans4Biz is a program available to anyone needing helping with a business acquisition loan, explained program coordinator Kelly Tivis (kelly.tivis@cbiteam.com).

Most recently, a buyer in Little Rock needed financing so he could purchase a business from his friend. Unsure of how best to move forward, he turned to CBI. The CBI L4B team went to work, guiding him on developing professional business proposal packages and submitted the proposal to CBIs national lending pool. As a result of CBI’s efforts, the Little Rock buyer obtained proposals from both regional and national lenders. “For this deal, our client opted to pursue a customized loan structure put together by a creative lender who is also helping the buyer refinance some high interest equipment loans,” Tivis explained.

“It’s heartening to help so many prospective business owners realize their dream of business ownership. Navigating the financing side of the transaction is something we love to support and Loans4Business is often an important step to help seal the deal,” explained CBI’s Kelly Tivis.

“By having many lenders with different perspectives and past experiences participating in Loans4Biz, the likelihood of finding a lender who will finance a deal as well as getting competitive terms is greatly increased.” said Tivis.

According to CBI experts, a common misconception is that online loan matching portal programs are just as good as Loans For Business.

“That’s simply not true as those services often place the customer in the position of having to field every sales call, develop their own tracking and comparative tools and take a great deal of time just to assemble and review each offer,” Tivis explained.

The CBI/L4B team creates a professional information package to present to a pool of more than 80 lenders. Then, within a week, we present the most favorable loan options to our clients. CBI manages the entire process and saving you time and hassle.

“I thought signing up for one of the online lending programs myself was the best option. I was wrong. Within minutes of providing my phone number, I was inundated with hundreds of telemarketers and phone calls. I quit answering my phone! I soon learned CBI would manage the process for me, take every phone call on my behalf, and identify the best opportunity for me!” explained one Loans 4 Business advocate.

“Loans 4 Business has saved business buyer clients time and money, and we can do it for you too!” said Tivis. Email confidential@cbiteam.com or call 877-582-5200 for more information.

Jon Holbert, CBI NWA Managing Partner

It’s been said the time to plan for the sale of your business is when you first launch it. Truer words have never been spoken. At CBI, our team provides turn-key business sales and transition support, creating benefits for both the seller and the buyer.  

“We know business continuity begins with smart planning and strong organization,” explained Jon Holbert, CBI’s Northwest Arkansas managing partner. “When you decide to exit your business, you’ll discover sellers who have taken the time to plan are the ones who could realize even greater rewards.”

Planning for the sale also means planning for the transition. And, as a bonus, buyers will respect an organized seller as it creates trust and adds transparency.

Savvy business owners will have taken the time to compile necessary documentation and detail to allow for a seamless transition and continued day-to-day operation of the business.

Some transition files to compile in advance include everything from alarm codes; office, vehicle and filing cabinet keys; operating manuals; passwords for everything from operational systems to social platforms – Google My Business, Shopify, Etsty, eBay, Facebook, LinkedIn, Twitter, etc. And, knowing how the transition will be shared and with which stakeholders – key clients, important vendors, employees, is critical. Building that list should be top of mind. And, don’t forget service providers. Knowing who to call during an outage or if key machinery needs repair will keep the new business thriving and avoid excessive downtime.

“Everything from contracts, passwords, talent succession and more, makes a big difference and enables the survival of your business in the event of an emergency, crisis or ownership change,” explained CBI founder Carl Grimes. 

Not sure where to begin? Contact CBI for a no-obligation business sales and transition consultation.   

If you’re looking to leave the corporate world and start a venture of your own, buying an existing business can be a great option. The benefits are numerous! You don’t have the burden of creating a new business idea, dealing with startup costs, or establishing your brand. With a for-sale business, the current owner already cleared those hurdles for you. However, you do need to research certain aspects of the business to find a great fit. This article outlines three factors to consider before buying an existing business that will ensure you make a sound investment.

The Business Financials

Pay attention to tax returns and current profit and loss records. These will give you a clear idea of sales trends, expected income, and the overall health of the business. However, declining sales aren’t necessarily a sign of a poor deal. The owner may have intentionally slowed their business as they neared retirement or shifted their focus to other business ventures. They may also have invested in a new piece of equipment. If you work with a business intermediary, they will discuss the financials during your scheduled buyer meetings.   

The Existing Company Details

When researching a prospective business, consider the details of the company. Is it product- or service-based? Does it currently have inventory and working equipment? Your industry knowledge, working capital, and amount of time available to invest will determine if a business is a good fit. If you have more of the first and less of the latter two, a business that is turn-key ready is a better option. Beyond that, look into the management team. A capable and loyal team will allow for a smoother transition.

The Business Growth Strategy

It’s important to consider the growth strategy of before buying an existing business. You want to have a clear idea of both the current sales landscape and the growth opportunities available to you. Look into these four things to get a better understanding of the potential return on investment.

Current Client Breakdown

Firstly, what is the current client breakdown? You want to see diversified and evenly distributed accounts as opposed to a small handful of large accounts. On the off chance that the transition causes you to lose an account, you want the assurance that it won’t put too large of a dent into your bottom line.

Marketing Plan

Secondly, is there a current marketing plan in place for sustainable sales growth? A good plan outlines targeting efforts for existing customers , budget allotment for new customer acquisition, implementation of current initiatives, and any available growth opportunities you can capitalize on as you step into the role of owner.

Business Scalability

Thirdly, is the business model scalable? Put simply, if you add to your operating costs (i.e. utilities, marketing, administrative salaries, rent, etc.) at the same rate you grow revenue, then your business doesn’t scale. However, if further revenue requires relatively smaller and smaller additions to operating costs, then the business scales. Assess the business to ensure that it has the potential to multiply revenue with minimal, incremental costs over time.

Existing Business Reputation

Lastly, does the company have a sound reputation? If the company you’re looking to buy has been involved in scandals or has a history of treating its customers poorly, you’re going to have an uphill battle on your hands. Browse online reviews, check with the Better Business Bureau, and look at customer feedback for the company’s track record.

Conclusion

Purchasing an existing business has much less risk involved than starting from scratch, especially when you consider the number of businesses that fail within the first five years and the number of variables that cause their downfalls. Buying the business from an owner who has successfully navigated the pitfalls gives you a leg up on your new venture. Beyond that, you start with an established customer base, reputation, and cash flow.

Consider financials, company details, and the growth strategy before buying the existing business. Consequently, you will be sure to meet your financial goals and fulfill your entrepreneurial dream. If you want to start the process, you can view our current listings or contact one of our intermediaries. We can find the perfect fit for your next business!