(Carmel, Indiana)—One of the most basic axioms of a successful business deal is that the smoothest transaction is the one which leaves all parties happy. Current Carmel Signarama owner Jay Patel and former owner Joel Hall can both tell you firsthand how true that statement really is. In March, 2014, Patel purchased then-owner Hall’s successful Signarama business where he has since worked to both maintain business continuity to keep existing customers happy, while also putting his own stamp on the business as he seeks continued growth.
From his side of the transaction, Joel Hall, the store’s previous owner, found the process to be just as painless. “I worked hard to build a solid business and increased the value of this location by 400%,” says Hall. “United Franchise Group, the parent company for Signarama, values the overall business ownership process as an exit strategy.”
That’s the purpose of Signarama’s Mentor Program, which Hall headed up for the world’s largest sign franchise. “We found that experienced business buyers value the mentor program. Franchisee peer support and transition planning comes from our group and the new franchisees benefit greatly from taking part in it during a resale such as ours,” Hall adds.
In fact, Hall enjoyed his part in the Signarama Mentor Program so much, it was one of the reasons he sold his business and says, “This is the Best Exit Strategy One Could Have.” He is now pursuing his passion of educating college students on entrepreneurship and owning a business or a franchise.
Patel is working to keep—and grow—upon Hall’s success. “First and foremost, I placed an emphasis on keeping the customers that have been coming here for years,” says Patel. “It was nice to own a business that had already proven to be successful.” No stranger to entrepreneurship, Patel has business acumen gained from over 18 years of successful ownership experience, beginning with a single dry cleaning company which expanded to five by the time he sold the operation, as well as experience as the owner of a non-emergency medical transportation business.
For his part as both a former owner and reseller, Hall shares his advice for the next-generation of franchisees. “There is an incredible amount of work that needs to be put in to running and growing a business. At some point the business will transition into new management or ownership and many owners worry about ‘what am I going to do?’ after the business sells. During my ‘journey’ I found out that I like to teach. So, after 14 years of building a successful business and then selling it, I now teach full time and love it. The hard work does pay off.”
Signarama, www.signarama.com, the world’s largest sign franchise, offers branding and messaging solutions in addition to comprehensive sign and graphic services to consumers and commercial customers – from business signs, vehicle wraps, and digital signs, to advertising and marketing services. Signarama is part of a successful system of business-to-business franchise brands and development services under the United Franchise Group. As part of the $49-billion-plus worldwide sign market, Signarama has been at the forefront of the sign industry for more than two decades. Approaching 900 locations worldwide, the company expects to have more than 1,200 locations worldwide by the end of 2016.
For additional information, contact:
Sanderson & Associates