Charles Tenney & Associates announces the sale of Maine Limousine Service. Maine Limousine is a 20 year old limousine business in Portland , MN . Maine Limousine has been owned by Larry Cobb for three and a half years. After successfully growing the business, Larry decided to sell, take the value increase and move on to another investment. The complete selling process took about 9 months. The third party financing took about 30 days. When the SBA vendor was asked how this deal was completed in record financing time, the SBA spokesperson said it was due to 4 things, the Buyer, the Seller, and the 2 attorneys all working together with one single purpose, to close the deal. Tenney said attorneys can make deals work smoothly and quickly or they can make them very difficult. In this case both attorneys had transaction experience, and both committed to a specific fee and time frame in advance.
The business was sold to Teale Smith and his wife Kim. Teale and Kim lived in Chicago and wanted to move to Maine. Teale has a background in fleet management and Kim has experience in sales and marketing. Maine Limousine seemed to be the perfect fit. Larry Cobb said he was pleasantly surprised and pleased with how quickly the deal was completed and how Charles Tenney managed every aspect of the transaction from pricing the business, marketing, screening inquiries, qualifying prospects, negotiations, deal structuring, financing and closing. “I am sure glad I chose the recognized limousine industry expert instead of the local brokers I considered, who did not have a track record of selling limousine companies”, said Cobb.
