Next Door

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“I had never bought a business before, and I really had no idea how to make it happen. SBDC was with me every step of the way … they helped value the business and found the best way to finance the deal, and they even coached me through the negotiations. Now we’re off and running! Their support was invaluable.”

Jack Major, President

Client Impact:

Areas of Assistance:

  • Capital Infusion: $130,000

  • Obtained Financing

  • Jobs Created/Retained: 3

  • Negotiation & Deal Structuring

  • Business Saved from Closure

  • Business Valuation

  • Purchase Agreement/Promissory Note

Jack Major’s favorite place to have a nice glass of wine with his wife Cheryl was only a 3-minute walk from their home. When he learned that their favorite local spot was going to be closing its doors, Jack jumped at the chance to save the business.

But he had a problem. Like most people, he had never purchased a business and was unsure how to proceed. That’s when he contacted the SBDC. After many weeks of working together on business valuation, financing options, and negotiation strategies, the end result was the successful purchase of Next Door (…and at a very favorable price no less).

Description of Business:

Next Door (www.NextDoorSD.com) is a craft wine bar that has been a neighborhood favorite for nearly 10 years. It caters to the more discerning wine-lover looking for an excellent selection of world-class wines in a small, intimate atmosphere with a true sense of community.

Use of Capital Infusion Funds:

The financing was utilized to purchase the business, and it was provided by the sellers.

Location:

San Diego, CA

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