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Established Industrial Service & Fabrication Company for sale in Bay County, MI

Bay County, Michigan (MI)

Asking Price: Gross: Cash Flow:
Undisclosed $ 9,105,151 $ 857,380

Business Summary:
This profitable Company is a long-standing contractor specializing in steel fabrication, steel erection and industrial plant maintenance, rigging and machinery moving, and storage solutions. The Company provides these services to many industries, including automotive, schools and universities, military, commercial, manufacturing, power and energy, food and beverage, utilities, and industrial. Many of its customers are considered critical infrastructure and were allowed to operate fully during the COVID shelter-in-place order. The Company is 70+ years old and has developed a diversified service offering and customer base that is unmatched in its geographic region. In addition to its unique services, the Company owns an impressive equipment base of specialized equipment with an estimated fair market value of $2.82M.
The Company is and has been operational and experienced only a minimal volume decrease during COVID-19. Ownership did not lay off any core staff, and a number of field staff were laid off temporarily while some projects went on hold. The Company received a PPP loan. The Company has taken a proactive approach to the current conditions by putting together a COVID-19 Exposure Prevention Plan, Preparedness, and Response Plan. If the field workers do not pass the questionnaire, they must go home. The Company’s president predicts revenue to drop minimally and only because of the timing of projects being completed. Ownership feels well-positioned in a post-COVID environment and believes that some small projects will be delayed/postponed, but major customers will continue.
The Company has had four consecutive years without a recordable injury and values all its relationships with its employees. The Company has maintained a low turnover rate by industry standards, and most of the key staff have over 20 years of service with the Company. Most employees retire with the Company rather than seek out new employment. The Company is dedicated to its employees, which has created an outstanding culture and special place to work.
This Company is owned by two owners – passive owner (75%) and active president (25%). The Company owns its current facility and is available for sale or lease. The president is the leader of the Company, deeply involved in all areas of the Business. He grew up working in the Company, so he understands all facets of the Company’s operations from estimating to performing the work. The passive owner serves as the Company’s chairman of the board. He owns a separate real estate company that owns warehouses, and the Company leases some of these warehouses for customer storage. The passive owner is in his early 70’s and wants to scale down, and he does not have any family members interested in buying him out. The president is interested in finding a buyer/party to buy and help him grow the Company. Both owners will help the buyer(s) transition into the Business.
Buyers will be required to have a minimum of $300,000, solid credit, and preferably industry experience to qualify for SBA 7a financing.
Thank you for reading this overview. The extent of the information that we are publicly permitted to reveal about this opportunity is contained in this overview. Please submit your contact information in the provided form. We have automated the processing of NDAs and sending of information for speed and efficiency. You will be sent a link to our online NDA. IF YOU DO NOT RECEIVE THE NDA LINK, PLEASE CHECK YOUR JUNK MAIL. If the email cannot be found, please email [email protected] and request a PDF version.
Once we receive your NDA and answers to some basic questions, the Confidential Information Memorandum (CIM) will be sent to you from the project manager.
IF YOU DO NOT RECEIVE A FOLLOW UP EMAIL AFTER YOU SUBMIT YOUR NDA, PLEASE CHECK YOUR JUNK MAIL FIRST. If you do not see the email there, please email [email protected] for support. Thank you in advance!


Year Business was Established: 1947
Number of Employees: 42  
Facilities / Terms of Lease: The Company owns a 51,379 sq. ft. facility and leases other storage facilities through the passive owner’s real estate company.  
Potential Growth/Expansion: Growth Opportunities Include: (1) Expand Current and Other Service Offerings: The Company has the potential to grow all four of its current services offerings (steel fabrication, steel erection and industrial plant maintenance, rigging and machinery moving, and storage). Plus, the Company could expand into similar services such as mechanical, sheet metal, concrete, and electrical. (2) Implement a Dedicated Salesforce: Currently, the Company has no marketing program or salesforce in place other than the Company’s website. The Company recently updated its website but gains minimal leads from it. Most of the inquiries and jobs come from word of mouth and current/past customers. The Company does not have any dedicated salespeople. One of the project managers, who oversees the storage department, from time-to-time makes sales visits to existing customers and customers that the Company has not done work for in a while. He also periodically calls on potential new customers; however, this is not done regularly. (3) Strategically Expand Geographically Across Michigan Into Other Metro Areas and Locations: The Company currently provides its diversified service offering to a wide array of customers across Michigan; however, the Company is heavily concentrated in its surrounding city. The Company could grow by expanding into other metro areas throughout Michigan like, 1. Grand Rapids, 2. Detroit, 3. Kalamazoo/Battle Creek, and 4. Upper Peninsula. (4) Facility and Equipment Improvements: The Company has accomplished many equipment improvements over the last five years. Two facility improvements that could be made right away is a front office makeover and new painting facility. The new painting facility specifically would greatly increase the Company’s efficiently with its fabrication process; therefore, cutting costs and increasing the Company’s bottom-line.  
Competition: Investment Highlights Include: (1) Long-standing Reputation: The Company has grown to become one of the region’s largest specialty contractors, offering steel fabrication, field installation, rigging, storage, and specialized transportation. The Company provides safe, timely, high-quality work based on family values set forth over 70 years ago and continuing today with its third generation of family ownership. (2) Experienced Team with Low Turnover: The future is bright as the Company has a solid group of younger managers in place and is learning the system. Plus, the Company retains many employees that have over 20 years of service with the Company, and the Company’s key staff has over 200 years of service. Most employees end up retiring with the Company rather than seek out new employment. As a result, the Company’s turnover remains remarkably low. The Company is dedicated to its employees and has created a culture that is both rewarding and appealing. (3) Equipment Base and Diversified Service Offering: The Company owns a substantial amount of specialized equipment that is geared toward its four unique service offerings, steel fabrication, steel erection and industrial plant maintenance, rigging and machinery moving, and storage. The Company is consistently investing and making improvements to its equipment, and its equipment does not rapidly depreciate like other equipment due to its unique service capabilities. The Company’s estimated fair market value of the equipment is $2.82M, and ownership believes that this substantial equipment base is a solid foundation for growth and consistent project execution going forward. (4) Quality of Work and Safety Record: The Company takes pride in its high-quality work, as well as safety for its employees and customers. Safety is one of the Company’s primary objectives. The Company’s family business takes the safety of the work environment seriously. The Company retains a distinguished safety record and has won dozens of awards and receives recognition in its industry for its safety records. The Company values the safety of everyone. The Company recognizes what the effects are on its ability to bid or perform work if the Company has subpar safety numbers. The Company has enjoyed four consecutive years without a recordable injury.  
Owner willing to finance: Limited Seller-Financing Available for Qualified Buyers.  
Owner willing to train: Ownership is willing to provide reasonable and customary transition assistance.  
Reason for selling: Passive owner’s retirement.  
Seller Reference Number: 083 Listing Number: 257614


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