Opening a fitness business in March of 2019 at the beginning of the Covid pandemic was not part of the business plan for Hotworx Texarkana owners Shawnna and Bradley Wilborn but, like most small business owners, they had to cope with or lose all their investment.
And cope they did. Concluding in the successful sale of the business to fellow Hotworx Central Arkansas owner Michael McNamara.
CBI Chairman Carl Grimes helped guide the deal to the closing.
Grimes was told by the landlord of the Texarkana location that the Wilborns were considering a sale. Grimes reached out to husband and wife, Bradley and Shawnna, and learned they lived in Bryant very near Grimes’ home in Benton so they met at Blue House Bakery and Cafe and came up with the plan to sell the business, which was not profitable at the time.
Grimes encouraged them to increase top-line sales which they did by increasing memberships through hard work and creative marketing. At the end of 2021, the business was showing nearly a six-figure SDE (seller discretionary earnings) which made the business more attractive to buyers, including serial entrepreneur McNamara, who added the Texarkana location to his Little Rock and Bryant Hotworx locations.
The transaction closed in late November.
The CBI Team has identified many other prospective fitness industry buyers, as well as buyers for just about any kind of business. If you are considering selling your business anytime in the next few years, contact CBI today for a free, confidential business review at confidential@cbiteam.com or call 877-582-5200. To grow your business, consider CBI’s Certified Value Builder program!
