Tiffin, Ohio — Tiffin-Seneca Economic Partnership (TSEP) announced Monday that a growing Seneca County manufacturer is wanting to sell a successful industrial service business (powder coating) they purchased in 2011.
Detailed information about this opportunity, codenamed “Project Tower,” can be found on TSEP’s “Entrepreneurial Opportunity Clearinghouse” at tseoc.org. The opportunity will remain open from now until Feb. 7, 2022.
The business owner wishes to remain anonymous at this time. When the powder coating business was purchased, the company wanted to bring that function in-house. This service is utilized by many companies in a 60-mile radius of Tiffin, and selling the business will allow the local manufacturer to devote the current 7,000 to 10,000 square feet it currently occupies to core manufacturing, which will also be the space required to operate the business.
The owner is asking $300,000, which includes equipment and inventory not related to the seller. Additionally, the manufacturer will provide support and serve as a resource to help the purchaser learn the business. The powder coating business has averaged annual sales of $335,000 over the last five years with a profit margin averaging 28 percent. There are currently five employees running this line, but those employees will stay with the current employer.
Tiffin Mayor Aaron Montz is hopeful a new owner will be identified. “So far, we’ve seen great success with the Entrepreneurial Opportunity Clearinghouse in connecting investors with our local companies. I hope we can continue to achieve that again with this project.”
Eligible parties may include people wanting to run and/or own the business, but don’t have to be both. The Tiffin-Seneca Entrepreneurial Opportunity Clearinghouse (TSEOC), launched in April 2021, is designed to facilitate the flow of entrepreneurial talent and capital to new business start-up, franchise, and business acquisition opportunities. There may be investors that do not want to run the business but would be willing to invest if a competent entrepreneur and business manager could be found.
Interested parties should Contact David Zak, President & CEO of TSEP, at firstname.lastname@example.org or by phone at 419.912.1150.
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