A Dream Realized: Restaurant Employee Transitions into Ownership

Recent Posts

Overview

Stacey Hamilton had been in the restaurant industry for over ten years, and with this extensive experience, she eventually wanted to own and operate her own establishment. However, when the opportunity came to become the new owner of her workplace, Gordon Street Tavern, in November 2022, she was unsure if she was in the best position to purchase a business. After discussing her financing options at a local bank, she was referred to the Brazosport College SBDC for additional guidance.

Preparing for Ownership

Hamilton's advisor, Jennifer Finny, reviewed all the aspects of buying a business and lender requirements, such as a completed business plan. She emphasized the importance of seeking professional help from an accountant and lawyer to structure and analyze the deal, as the asking price remained undisclosed. Finney also provided her with a few resources, including relevant webinars, a Business Valuation Checklist, and a Buyers and Sellers Guide. 

Once Hamilton learned more about the restaurant's financials, she worked with Finney to draft a business plan to present with her loan application. The funds from the loan would cover the acquisition costs and provide vital working capital to bridge the gap during the ownership transition.

The business plan was finalized in early 2024, and Hamilton was ready to apply for a loan. She was referred to a bank, which later approved an SBA 7(a) loan. This funding was enough to acquire Gordon Street Tavern and support the transition.

Finalizing the Acquisition

By October 2023, Hamilton's Dream had become reality. The acquisition of Gordon Street Tavern was complete, and she proudly stood as the restaurant's new owner. Her journey, however, doesn't end here.

The Brazosport College SBDC remains a steadfast advocate, offering ongoing support with resources, relevant webinars, and classes to help Hamilton keep the business thriving. With her unwavering dedication, meticulous planning, and the invaluable support of the SBDC, Gordon Street Tavern is poised for continued success under her leadership.