I have been in discussions for a while concerning the purchase of a local surveying firm here on the Cape. A pair of twin brothers (both PLS's) have owned Slade Associates, Inc. in Wellfleet MA for decades, and now they are retired. The business has been in business since the late 1940's and also has the files for three surveyors running back to the early 1900's. Not only that but they also have historical records, such as National Seashore Tract maps, ancient (pre-1800) town road layouts, and so much other information that it's impossible for me to really comprehend!
I have worked with Slade Assoc. for a number of years, always sharing information and since their decision to finally retire they have been sending us work for months, even years on a couple of larger projects.
We at Outermost Land Survey, Inc., are very excited to expand our client base and now own the records for 80% of the land in Wellfleet and Truro, not even counting the records for the other towns!
Exciting times ahead!!
Don
foggyidea, post: 442383, member: 155 wrote: I have been in discussions for a while concerning the purchase of a local surveying firm here on the Cape. A pair of twin brothers (both PLS's) have owned Slade Associates, Inc. in Wellfleet MA for decades, and now they are retired. The business has been in business since the late 1940's and also has the files for three surveyors running back to the early 1900's. Not only that but they also have historical records, such as National Seashore Tract maps, ancient (pre-1800) town road layouts, and so much other information that it's impossible for me to really comprehend!
I have worked with Slade Assoc. for a number of years, always sharing information and since their decision to finally retire they have been sending us work for months, even years on a couple of larger projects.
We at Outermost Land Survey, Inc., are very excited to expand our client base and now own the records for 80% of the land in Wellfleet and Truro, not even counting the records for the other towns!
Exciting times ahead!!
Don
Congratulations Don. Wishing you good fortune moving ahead!
This kind of news highlights the trade-off of working in a recording State. When folks retire here most records go in a dumpster. The value is the name and client list...
Congrats Don!
You hiring?
I only need off during fishing season.
Scott Zelenak, post: 442389, member: 327 wrote: You hiring?
I only need off during fishing season.
When is it NOT fishing season?
And Congratulations Don.
andy
Congratulations Don, looking forward to meeting and hearing you speak next month in Concord
Jim
Way to go man, I'm sure Dawn participated in the purchase decision. 😉
Ah...Truro...where you can see both the Atlantic and the Bay by standing in one spot with a nice ocean breeze in your face. That's cool! I remember seeing maps done by Slade. Hope it all works out well for you.
I remember sitting on the beach in Truro on my honeymoon. Beautiful area.
Good luck. I am still surprised you moved so far west before this... but I really loathe commutes.
Did you also gain some new employees to go with all the added work this should provide?
Congratulations
There has been a number of discussions here on establishing the value of a surveying business. Are you able to tell us how you came up with a number (not interested in the actual figure - more the method)?
15 Kazillion Dollars. All one needs to know is the current conversion rate of Kazillion Dollars into US Dollars. As soon as I get a solid offer of 15 Kazillion Dollars I'm going to retire and start selling JAVAD gear for gits and shiggles.
jim.cox, post: 442464, member: 93 wrote: Congratulations
There has been a number of discussions here on establishing the value of a surveying business. Are you able to tell us how you came up with a number (not interested in the actual figure - more the method)?
Jim, there was a lot of consideration given to the numbers, and the offer. Originally the brothers wanted to sell the business, building and real estate. I wasn't interested in the building without a partner so I concentrated on the business. I did have discussions with a couple of people regarding sharing the space, such as Civil Engineer, or an Environmental firm but those haven't panned out yet.
As for developing a price, well the brothers had a figure in mind for the business and real estate, but to me they were quite high. I evaluated the past three years taxes from the business and decided to make an offer that was equivalent to 10% of the gross revenues. Their numbers for the past three years were about the same as mine so I what I was really looking for was the client base, the CAD files, and the name, phone number, PO Box.
My initial offer was low and rejected, but the brothers were kind of split on the sale. One wanted it to be a package deal, but they both agreed that they wanted me to succeed them in the business. We share common philosophy in surveying and business practice, and they felt that my professionalism was consistent with theirs. We've been on opposite sides in court and learned to respect each others abilities.
So, really for the number, it was what I could afford. And after buying the new old old house it was less than it could have been if we did this last year, but we were all smiles at the closing yesterday!! Still friends, although one brother did say, "You did real well in this!" and he's right 🙂
Holy Cow, post: 442463, member: 50 wrote: Did you also gain some new employees to go with all the added work this should provide?
Hey Cow, there were two part time employees that we have declined to keep. One may assist on a flexible part time on call basis, the receptionist who knows where all the files are, and how to find them!!
foggyidea, post: 442620, member: 155 wrote: I evaluated the past three years taxes from the business and decided to make an offer that was equivalent to 10% of the gross revenues.
So just to clarify - was that 10% of the 3 years - or 10% of the average year?
Coworker overheard a conversation about cleaning out the file vault so the information was conveyed that you can't throw those old records away, we use them. We (surveyors) are unique in needing old records (why do you need those old Survey files and field notes?)
Most other professions don't use old records, you know like doctors. Only current information is relevant.
Congratulations Don!!!
Wellfleet huh? Very nice!!!
jim.cox, post: 442651, member: 93 wrote: So just to clarify - was that 10% of the 3 years - or 10% of the average year?
10% of the average year. All the years were abut equal, not but maybe 1-2% different.