Sell-side M&A advisory for Maine's trades & service businesses

Linking retiring business owners in Maine to the next generation.

You spent decades earning your reputation, your customers, and your crew's trust. When it's time to step back, you deserve a buyer who pays for what that's worth, and an M&A partner who helps get you there.

The opportunity
17,000
Maine businesses whose owners are at or reaching retirement age
<400
SBA-backed deals funded in Maine last year
2.4%
the odds your business sells in a given year without help

It's time they start enjoying the way life should be.

Seventeen thousand Maine companies are sitting where you sit today, and fewer than four hundred deals a year get bank money to close. The difference between the many and the few is not luck, and it is not the quality of the business. It is preparation.

That is what our playbook is built for: books rebuilt to bank-statement proof, a lender package finished before the first buyer ever calls, five buyer paths worked at once, and a weekly rhythm that answers every question inside 48 hours. Prepared companies leave the 17,000 and join the few hundred that close.

Sources: U.S. Census Bureau 2023 Annual Business Survey (56.6% of Maine business owners are 55 or older); SBA Maine 7(a) lending data; owner-age and deal-count figures include MSP estimates.

What we do

Everything we do answers one question: what puts the most in your pocket?

Your timeline. Your terms. Your name still worth something in town when it's done.

01

Know your number

Before you decide anything, you deserve a straight answer: what your business is worth today, what is quietly holding its value down, and a 12-month plan to fix it. Most owners are surprised, usually in a good way.

Free of charge, no strings attached.
02

Become the business buyers fight over

We bolster your performance, your balance sheet, and your business processes. Then we connect enhanced data transparency systems that give buyers a looking glass into your performance. When buyers see clearly, they bid confidently, and confidence pays premiums.

Offered standalone or as part of your exit plan.
03

The right buyer, not the first buyer

We run a confidential process and bring curated buyers to your table: Boston- and NYC-based search funds, SBA-backed operators, strategic acquirers, private equity. You keep running the business; we negotiate like it's our own retirement on the line.

Success fee paid at closing from seller proceeds. We only win when you do.
04

Stronger together: mergers

Sometimes the smartest exit is joining forces with the shop across the county. We structure the whole combination: valuation of each side, rolled equity, assumed debt, bank financing, and a clean capitalization at close.

See an example deal structure below.
Financing

Whatever road gets you paid, we have driven it.

We explore every financing strategy until the money is real and the closing is on the calendar.

SBA
Search Fund
Private Equity
Institutional Capital
Conventional Commercial Mortgage
Track record

Entrepreneurs for entrepreneurs.

Maine Succession is run by Justin Bristol, an entrepreneur who has spent his career doing exactly what we will do for you: finding overlooked value, building the systems that prove it, and turning it into real money.

From borrowed power tools
$250K

Started his first company in college in his backyard with borrowed power tools, building solar-powered food carts. Scaled it to $250K in sales, serving JetBlue at the Boston Marathon, MetLife, and MullenLowe.

Hydropower platform growth
$5MM → $100MM

Second employee at a hydropower firm that grew from $5MM to $100MM in valuation. Built the board-level financial reporting and performance transparency systems that institutional investors relied on.

Distressed mill, reborn
QOZ Engine

Found a significantly asymmetrical, distressed, abandoned mill property, 30 acres in the Providence, RI metro area, and purchased it for $5K. Turned it into a Qualified Opportunity Zone Fund engine that harbors capital gains tax and appreciation. Today it houses an industrial art studio and an industrial outdoor storage operation, fully leased.

Abandoned hydro, revived
$4.5–6MM

Identified and secured an abandoned hydroelectric power station in the Providence, RI metro area and raised over $250K of equity for its licensing costs, in anticipation of it becoming a $4.5MM to $6MM asset.

Our partners include seasoned professionals with backgrounds in commercial lending and senior bank management, financial and business advisory, private and public equity research, start-ups, business leadership, and most importantly, successfully managing business sales from start to finish. We have the ability to work with your tax, estate, and accounting team, or stand one up on your behalf.

How it works

Three steps from "someday" to sold

1

Talk, confidentially

A no-obligation valuation conversation. We learn your business (crews, trucks, backlog, licensing) and give you a straight read on what it's worth and what would make it worth more.

2

Get exit-ready

We find the deal-killers before a buyer does, strengthen your numbers and processes, and plumb in the data transparency that makes buyers comfortable paying full price. You stay in control of the timeline.

3

Go to market & close

We run a confidential process with curated buyers, negotiate on your behalf, and manage the deal to financial close, exploring every financing road until the money is in your hands.

The playbook

Every step of your sale, on one page

This is the whole engagement, from the first confidential conversation to the wire hitting your account. Most sales run seven to nine months. Here is what happens, in what order, and what you get along the way.

From the first conversation to the funded wire

Maine Succession Partners  ·  What to expect  ·  Typically 7 to 9 months

Step 1 · Talk It Through

First conversationFree, confidential
Straight answer on fitIncluding a no
Worth todayAs-is vs. prepared
Engagement + NDASigned
You getDocument list in 48 hours
We tell you up front if something would stop a sale: a license with no successor, income we cannot prove, or a price the market will not pay.

Step 2 · Prove the Numbers

Proof of cash36 months tied out
Rebuilt P&L3 years + trailing 12
Owner earnings bridgeBuyer-ready
Balance sheet + WIPBuilt with you
You getLive reporting, punch list
You cannot sell what you cannot prove. This is the work that turns decades of operating into a file a bank will actually fund.

Clean books

2 to 3 weeks

Some cleanup

4 to 6 weeks

Shoebox records

6 to 8 weeks

Step 3 · Price & Package

1. What similar shops sold for
2. What a lender will finance
3. What the assets are worth
Teaser · book · lender package

Buyer Path A · SBA / Searcher

$500K to $5MM value60 to 120 days
Bank sets the ceilingNo earnouts

Buyer Path B · Family Office

Earnings $500K and up75 to 120 days
They verify the moneyBooks hold up

Buyer Path C · Strategic

Brought in late45 to 90 days
Limited disclosureName protected

Step 4 · Take It to Market

Qualified buyers30 to 100
Signed buyer NDAs10 to 20
Meetings with you5 to 8
Written offers2 to 4
Every call through usQuietly run

Step 5 · Offers & LOI

Offers side by sideYour true net
60-day exclusivityMilestone-gated
Working capital set earlyNo late cuts

Step 6 · Diligence & Closing

Weekly all-hands callFull visibility
48-hour turnaroundsMomentum protected
Price-cut attemptsMet with documents
Maine specificsLicense and tax

Closing Day · The Funded Wire

Funds-flow memo5 days out
License transferNo gap in coverage
Maine tax clearanceIn hand
Guarantees releasedIn writing
Day-1 plan + 30/60/90Check-ins
Typical timeline7 to 9 months
Your crew, your customers, and your name handed over the way you wanted.
What you get every week, start to finish

Weekly report

Every Friday

Buyer log

Who saw what

Risk watchlist

Checked monthly

48-hour answers

No chasing us
Weeks 0 to 2
Weeks 3 to 8
Weeks 7 to 11
Weeks 16 to 22
Weeks 20 to 36
Paths A and B run together, C comes late
How we work
You cannot sell what you cannot prove, so we build the file before we build the buyer list. The buyer's lender is the real counterparty, so every price is tested against what a bank will actually finance. Deals die of time, so we compress every stage we control and answer inside 48 hours. And a sale is personal before it is financial, which is why you get a straight answer from us at every step, including the ones you might not want to hear.

Scroll sideways to follow the full process, left to right.

Merger facilitation

What a facilitated merger actually looks like

Two owners, one stronger company. Below is an example of how we structure a combination: two Aroostook County septic businesses merged into a single platform, with one family fully bought out, the other rolling equity into the new company, and bank financing sized to close. The companies and figures are illustrative; the mechanics are exactly how a real one is built.

Presque Isle Septic and Fort Kent Pumping are combined into Pine Tree Sanitation Group

Illustrative example  ·  Aroostook County, Maine  ·  Sources & uses at close  ·  $ in millions

Thibodeau Family:

$1.42mm

Boulder Ridge:

$0.28mm

Katahdin Ave Ptrs:

$0.15mm
Presque Isle proceeds
Total to holders$1.85mm

Presque Isle Septic Service

Cash Consideration$1.85mm
Assumed Debt$0.25mm
Less Current Assets$0.12mm
Plus Trans. Costs$0.09mm
BS Basis of FA$2.07mm
Owned by: Thibodeau family and Boulder Ridge Capital (being bought out pursuant to the Presque Isle MIPA), and principals Dale and Renée Thibodeau

Fort Kent Pumping & Septic

Cash Consideration$0.95mm
Assumed Debt$0.18mm
Rolled Equity$0.40mm
Less Current Assets$0.07mm
Plus Trans. Costs$0.05mm
BS Basis of FA$1.51mm
Owned by: Cyr Brothers Holdings, and principals Marc Cyr and Luc Cyr (rolling 30% of proceeds)

Asset Project Companies

Presque Isle FA$2.07mm
Fort Kent FA$1.51mm
Total Fixed Assets$3.58mm

Current Assets

Cash$0.11mm
Net AR/AP$0.08mm
Total Current Assets$0.19mm

Cyr Converted Equity

Total Converted Equity$0.40mm

Aroostook Sanitation Borrower*

All assets of Presque Isle Septic and Fort Kent Pumping
Cash$0.30mm
Net AR/AP$0.08mm
Fixed Assets$3.58mm
Total Assets$3.96mm
Katahdin Trust Term Loan$1.98mm
Deere Equipment Loan$0.68mm
Equity$1.30mm
Total Liabilities & Eq$3.96mm

New Cash Contributions

Boulder Ridge Cash$0.85mm
Management Cash$0.05mm
Katahdin Term Loan$1.98mm
Deere New Draw$0.25mm
Total New Cash$3.13mm

Rolled Contributions

Cyr Rolled Equity$0.40mm
Assumed Equipment Debt$0.43mm
Total Rolled / Assumed$0.83mm

Pine Tree Sanitation Group

Katahdin Trust Term Loan$1.98mm
Deere Equipment Loan$0.68mm
Boulder Ridge Equity$0.85mm
Management Equity$0.05mm
Cyr Rolled Equity$0.40mm
Total Capitalization$3.96mm
*Debt $2.66mm / Equity $1.30mm

Katahdin Trust:

$1.98mm

Deere Financial:

$0.68mm

Boulder Ridge:

$0.85mm

Management:

$0.05mm
$0.12mm
$0.07mm
$3.58mm
$0.19mm
$0.40mm
Aroostook Sanitation
*Borrower cash of $0.30mm = $0.11mm delivered by the two targets plus $0.19mm funded by Pine Tree Sanitation Group. Cash uses of $3.13mm (Presque Isle $1.85mm, Fort Kent $0.95mm, transaction costs $0.14mm, cash to balance sheet $0.19mm) are funded by the $3.13mm of new cash shown. Total capitalization of $3.96mm = debt of $2.66mm (Katahdin Trust term loan $1.98mm; Deere equipment loan $0.68mm, incl. $0.43mm of assumed debt) and equity of $1.30mm (Boulder Ridge $0.85mm, Cyr rolled $0.40mm, management $0.05mm). Consideration reflects 4 pump trucks, 2 vac tankers and the Caribou yard at Presque Isle, and 2 pump trucks plus the Fort Kent transfer site.

Scroll sideways to see the full structure.

Value calculator

See your value the way five kinds of buyers see it

Same company, five kinds of money, five different numbers. Enter your averages from the past three years and see what each buyer type could pay, how much arrives as cash at close, and what carrying a seller note does to the math. Everything runs right here in your browser; nothing you type is sent anywhere.

Your numbers

Use the average of your past three years. Example numbers are loaded; replace them with yours.

Owner earnings (SDE)$0
Earnings after a hired manager$0
The assumptions behind these numbers
  • Owner earnings (SDE) = net income + your salary and benefits + personal and one-time add-backs, averaged over three years.
  • Institutional buyers value earnings after paying a manager to run the company; we assume a $90,000 manager salary.
  • SBA 7(a): 10% rate, 10-year term, 1.25x debt coverage, 10% buyer down payment, and the program's $5,000,000 maximum loan. SBA rules also let a standby seller note count toward part of that down payment.
  • Conventional loan: 8.5% rate, 7-year term, 1.35x coverage, 25% down.
  • Maine trades and service companies typically trade at 2.4x to 3.2x owner earnings; family offices at 3.5x to 4.5x and private equity at 4.0x to 5.5x of earnings after a manager.
  • Seller-financed sales: 20% cash down, the rest carried by you at 8% over 7 years.
  • Every figure a buyer or lender uses will be verified against tax returns and bank statements. That is why preparation is the work.

This is a planning estimate, not a valuation or an offer. Real numbers depend on provable books, customer mix, licenses, equipment, and terms. The free conversation gets you the real one.

What's my business worth?

Find out, confidentially

Tell us a little about your business and we'll set up a confidential valuation conversation. No obligation, no pressure, and nobody hears about it but us.

Submitting opens an email to us with your answers; nothing is stored on this page.

Free download · PDF, 12 pages

The Maine Owner's Briefing

Prefer to read before you talk? Twelve pages on what your company is worth, why most Maine sales fall through, and how we make sure yours doesn't. Written for owners, not bankers.

Download the briefing
Contact

Talk to us first, decide at your convenience

The first conversation is free and confidential. Even if you're five years out, knowing your number now changes what you do next year.

justin@mainesuccession.com  ·  401-793-6041

Ready to move today? These are the two documents that start an engagement. Fill them out on your computer and email them to justin@mainesuccession.com; we countersign and get to work.

Maine Succession Partners · Portland, ME