Sunbelt Helps PDQ Doors Transition Ownership to the Next Generation
For Casey McCreadie, the sale of Milford-based PDQ Doors wasn’t just a transaction, it was an important next chapter in a quarter century-long legacy.
McCreadie had taken over the family business from his father, William McCreadie, who launched PDQ in 1999 in Sharonville. The company became the first garage door company in the Cincinnati area to be accredited by the Institute of Door Dealer Education and Accreditation, and has developed a reputation in the area.
But after seven years at the helm, McCreadie was ready for PDQ to help him achieve his goals in the next part of his life — early retirement.
McCreadie had a number in mind that would help him achieve that goal, but he couldn’t sell his father’s company to just anyone. He wanted to be a good steward of the business his father started; and on a small team, he knew he didn’t have the time to become a brokerage expert himself.
So McCreadie, thanks to a connection through his accountant, turned to the Sunbelt team of advisors to help him facilitate the sale, and quickly found out how much interest could be generated in a thriving business.
Over several months of working together (the typical timeframe for a sale is anywhere from six to 18 months), McCreadie and Sunbelt reviewed several offers for PDQ, some more interesting than others.
Because the business had a paper trail of responsible operation and ownership, the company drew the interest of a variety of recent MBA graduates who had found financial backing from small investment firms or family sources. Those inexperienced investors found PDQ attractive on paper, but they had no experience actually running a business. Handing over his father’s company to a recent graduate didn’t sit well with McCreadie, and he and his Sunbelt advisors forged through a variety of offers before finding the right fit.
During this process, McCreadie was able to remain an integral part of the PDQ operation. Without a brokerage by their side, owners are often saddled with so much of the responsibility during a sale that it negatively impacts the performance of their company. But Sunbelt was able to lead outreach, negotiation and more, ensuring that PDQ could continue to maintain its high standards while a deal was managed.
And along the way, they were able to find the right fit.
Nick McMahon, a Dayton native and Xavier University alum, had been looking for an opportunity that would take him back toward home after moving to Texas to manage an industrial manufacturing plant. Unlike the other young entrepreneurs with interest in the purchase, McMahon had real experience in management, and had worked as a financial analyst and senior associate.
Sunbelt was able to negotiate a purchase agreement that worked perfectly for both sides, helping McMahon and his family return back to southwest Ohio, giving McCreadie the retirement boost he needed, and ensuring that PDQ would remain in stable, local hands. The process was so amicable that McCreadie stayed on to help with the ownership transition.
“I’m humbled to serve as the next generation of ownership of PDQ and help maintain the company’s reputation of quality work and exceptional service,” McMahon said in a release.
Related News:
