Property preservation is a relatively unknown industry, even though it is in operation on a daily basis in just about every corner of the country. In general, local property preservation companies, such as PerWess, are charged with the responsibility of preserving and protecting those properties that have fallen into foreclosure. The work performed can range from basic services such as changing door locks and mowing lawns, to more involved responsibilities such as evicting residents and repairing major damage inside homes.
When personal circumstances forced PerWess president Bob Perkins and his wife to relocate to the East Coast in 2007, he attempted to sell the business. He engaged a Dallas-based business brokerage office, but the resulting relationship with this broker floundered and Perkins decided to run the business remotely. After a few years of operating absentee, he decided it was time to sell the company again, and that’s when he contacted Sigma.
“There were two things about Sigma that I started to realize in our first meeting, and that really stand out to me today,” Perkins said. “First, I had some significant concerns about working with another intermediary after the fiasco that I went through a couple of years ago, but Sigma addressed all of those concerns up front and more importantly followed through on exactly what they said they would do.
“Second, it took less than 120 days to close on my business from the day I signed to the day the proceeds from the sale were in my bank account. In the weeks prior to accepting an LOI with the eventual buyers, Sigma brought me more qualified buyers with more relevant questions than my last broker presented me in a full year. I couldn’t have been happier with the volume and quality of buyers, especially in such a short period of time.”
Kevin and Adrienne Hamblin of Hamblin Enterprises, LLC saw PerWess as the acquisition opportunity they had been searching for. With both partners having management experience, coupled with the “itch” to own their own company, they were going through the searching, investigating and closing process for the first time.
“We were shocked by how frustrating, stressful and overwhelming the process of buying a business turned out to be,” Adrienne Hamblin said. “In the end, we were lucky to be working with Sigma on the other side of the table – although they represented Bob (Perkins), we always felt they operated with integrity towards us, and there’s no question that without their guidance and creative solutions, this deal would not have closed.”
This particular transaction offered some of the most unique and interesting problems – the vast majority of which were not objections between the acquisition partners, but were outside forces reeking havoc with the deal.
“There were certainly some moments over the last couple of weeks where I was wondering if we would ever close,” Perkins said. “I have to credit Jeremy (Furtick) for staying the course, even while battling obstacles all the way to the closing table. He knew that as long as he had sellers who wanted to sell to buyers who wanted to buy, the deal would get done, and he approached each and every bump in the road with that mindset.”
Sigma Mergers & Acquisitions’ (www.sigmamergers.com) roots as a Dallas business brokerage and M&A firm date back to 1984. After the company was acquired in 2004, Sigma has grown into one of the country’s most successful firms of its kind. The proprietary Sigma DealMap™ process has changed the way businesses are sold in Texas and has established Sigma as one of the most productive business brokerage and M&A firms in the country year after year. Sigma has closed more than 500 business transactions since 2004, and on average those businesses have sold for 95% of their asking prices.