The owners of Precision Motors, an independent auto repair and tire store in Mystic, Conn., have retired and sold their business to Icahn Automotive Group.
Tom and Vickie LaFrance have owned the business since 1995. They've retained ownership of the real estate and signed a long-term lease. The store has been converted to a Pep Boys Service and Tire Center.
Art Blumenthal LLC managed the marketing and sale of the business.
Blumenthal says, “Tom and Vickie LaFrance successfully sustained high sales revenue in the years leading to their retirement, thus ensuring the best possible sales price of their business. They avoided the pitfalls some owners face who wait too long before selling or try to sell when sales revenue is down. Right now in 2018, economic condition forecasts and renewed business optimism are fueling growth activities among expansion minded organizations looking to leverage their economies of scale and team resources. I am now actively working with many more individual entrepreneurs and corporate buyers seeking new business opportunities and expansion and matching them with sellers looking for a retirement exit strategy.”
For more information on Blumenthal, visit www.art-blumenthal.com.