About the business

• 🗂️  Industry: Bakery 

• 📍 Location: Bushwick, New York City

• 💰 Revenue: $1.56M

• 🏢 Size: 6 full-time, 12 part-time employees 

The challenges

Gus Reckel, founder and owner-operator of L’Imprimerie, built a successful artisan bakery in Bushwick, NYC, over 10 years. Though celebrated as one of the best bakeries in the U.S., and known for their chocolate croissants, Gus found the business unsustainable. Despite attempts to delegate, it remained heavily reliant on him. Working long hours and feeling increasingly burned out, Gus considered options for retirement, spurred by both personal events and the demanding nature of the bakery. He knew he needed to make a change and prioritize his well-being.

L'Imprimerie Bakery (Photo credit: Kate Previte)

Why Baton?

Gus explored selling the bakery himself, speaking with realtors, and traditional business brokers. He found each option lacking. He didn't want to sell for "key money" and wanted a team approach. Baton offered a tech-oriented, team-based approach, a transparent process, and competitive fees. Most importantly, it provided expert M&A advisory to guide him through an unfamiliar process.

From “hello” to close

Gus began exploring a sale with Baton around Thanksgiving two years ago. Here’s what his Baton journey looked like:

1. Data-Backed Valuation: Baton provided an initial valuation using QuickBooks data, which Gus found easy and smooth.

2. Strategic Listing: Baton’s team, including his M&A Advisor, Fahad, and Gus decided to list slightly above Baton's valuation.

3. Buyer Outreach: Baton leveraged its team for extensive buyer outreach.

4. High Buyer Interest: The business attracted significant buyer interest due to L'Imprimerie's stellar reputation. Over 10 parties engaged, resulting in 3-4 Letters of Intent (LOIs).

5. Offer Selection and Negotiation: Baton's advisory guided Gus through offer evaluation and negotiation.

6. Diligence & Closing: The process took longer than expected with many false closing dates.

7. Support through Emotional Rollercoaster: Gus found the process challenging, particularly the uncertainty surrounding financing and closing. He valued Baton's reassurance.

Gus Reckel

The result

Gus successfully sold L’Imprimerie, achieving his goal of retirement. He felt supported throughout a complex process.

"Working with Baton was great at a few different levels. I spoke earlier about the advisor [Fahad]. I think it was really, really, really helpful to have him with us… I think that dashboard is really helpful to bring some transparency to the process for the seller... The fact that we're a team was very powerful for this deal. Every deal is unique and every deal is complex in its own way. So think being team makes a difference."
- Gus Reckel, Former Owner, L'Imprimerie Bakery

M&A Advisor Fahad Salman and Gus Reckel

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