US Marine, Terry Watts now owns Fair Game, Sacramento, CA.
On April 19, 2016, I received an email from someone I never met before saying they had an interest in a business I had for sale they saw on one of the websites I used to advertise businesses for sale. Because I help those that want to buy and sell a business this was part of what I do every day. The email said the buyer’s name was Terry Watts and came with just the normal buyer request for more information.
After sending my normal information, which is a one-page executive summary of the business and a request for their information and their signature on a Non-Disclosure Agreement agreeing to keep all information shared with him confidentially, I spoke with Terry on the phone and he shared something that I found interesting. Terry was a US Marine and had left the service and been working locally at a fitness club in the Sacramento area helping them grow and improve their operation.
For valid reasons, Terry made a decision to leave his job and was now looking to buy his own business. Terry had never owned and operated a business before but had his MBA (as well as other credentials) and so had come to a decision that now was the right time for him and his wife to make this big personal step.
Part of the reason this was a big personal step for Terry is that he has three young children, all under 6 years in age, plus his wife has her own business. That is, it is pretty intimidating to have one entrepreneur in the same family let alone two. Plus, much more intimidating when you have 3 young children.
Terry and his wife decided he was up to the challenge and so together, Terry and I worked through his many questions. That is, Terry knew what he wanted to know and so I either provided the answer to that question or would go away get an answer so he could decide “should I keep going and take the next step … or not.” Needless to say, Terry took each “next step” and did so with great precision as he would stop and clarify until he was clear, then Terry would move forward…what turned out to be fairly quickly.
By early May or about two weeks after Terry’s initial inquiry he was ready to make an offer on the business.
Main Street Launch helps Military Vets with SBA loan
One of the pieces of the puzzle that were of great help to Terry was getting finance to help him buy a business. When Terry and I first met, Terry shared with me that he didn’t have a lot of downpayment to buy a business. However, what Terry had going for him and he didn’t know until we talked through his background, was that Terry was a US Marine and the SBA have a special program for retired Military Veteran that Terry was able to qualify.
In Terry’s case, the program is managed by Main Street Launch in Oakland, CA. They have a local contact here in Sacramento called Mike McGrane and so Terry was able to call and talk to Mike (who is also a Military Veteran) and Terry was able to quickly and easily move through their SBA loan process to the point he was qualified and now able to make an offer as his finance was in place.
On May 03, 2016, or two weeks after Terry’s initial inquiry to me, we sat down and put an offer together which I presented to the sellers; which they accepted with some minor tweaks.
With the buyer and seller coming together to do a deal, Terry now moved into the due diligence process and the necessary steps to navigate the escrow process.
By June 07, everything was in place and Terry and the sellers sat down and signed the escrow papers. That was an exciting day for Terry but what was more exciting was the next day when he was able to walk into the business and meet the employees and decide “this is the business where I would like to be.”
As the business broker in Sacramento assisting Terry, it has been an absolute pleasure helping him. Terry’s military training provides him with great discipline and clear thinking. He also has a natural ability to think through issues he’s never had to address before and gets to a common-sense solution very quickly. In my opinion, Terry will be incredibly successful and the help he’s received from the SBA and their loan program for a Military Veteran is able to give him a wonderful start to owning and operating his own business.
US Marine, Terry Watts now owns Fair Game, Sacramento, CA
Terry is now the proud owner of Fair Game in Carmichael, CA on Fair Oaks Boulevard. Fair Game provides a trip down memory lane for those that used to playing video games in their early years and would like to trade in the game or buy something new they have not played before. Fair Game even gets the video game controller operating if it’s no longer working or the disk needs repairing.
If you have a video game or a related question, give Fair Game a call. You are welcome to talk to Terry but the business also has three employees that are continuing with Terry and they have plenty of knowledge to help you out. The phone number at Fair Game is 916 944-4263 or you can visit their website – Fair Game.
If you are thinking of owning your own business you have three options. You can start your own from scratch, you can buy an existing business like Terry did or you can buy the rights to a local franchise concept. If you think buying a franchise is right for you, please visit my webpage Buy a business or buy a copy of my book – Successfully buy your franchise.
For more immediate help with buying an existing business or franchise, send an email to Andrew Rogerson or give me a call on 916 570-2674.
If you are a Military Vet and need some finance like Terry to buy a business, you can borrow up to $250,000 and Mike McGrane from Main Street Launch can help you. Mike’s phone number is 916 300-3470.