Jay Sachetti joined Jeff O’Brien, partner at Husch Blackwell and Dyanne Ross-Hanson, president of Exit Planning Strategies talked about the market for mergers and acquisitions, exit planning opportunities for companies that don’t end up for sale and how companies can maximize their eventual sale price during an early October panel at the first Upsize on Tap event at Summit Brewing Co. in St. Paul.
When the state Legislature passed a law requiring employers to provide paid leave and safe time for employees, Justin Bieganek started hearing differing details from friends, colleagues and peers.
Owners of The Retrofit Cos. Inc., one of three winners of last year’s Upsize Growth Challenge, were poised to begin selling franchises last year. But it took until this spring to finally get legal approval.
“We ran into some legal frustrations with some other states in the franchise system,” says Eric Kyllo, chief operating officer of the lighting and electrical service, retrofit and recycling company based in Owatonna. “I couldn’t believe how long it was taking.”
With franchising there’s a single state that administers the system for several surrounding states, and in Retrofit’s case one individual in one state didn’t follow through, Kyllo says. Retrofit’s law firm finally got the problem fixed.
The first franchise is ready to go, in Nebraska. Next will be two more by the end of August, in Colorado and Arizona, and up to six by the end of the year, in the Pennsylvania area.
Retrofit just hired a new vice president of sales, Bob Marquardt, who has a distribution background. “We’ll use his national contacts with distributors to sell franchises,” Kyllo says.
The best news for Retrofit: The main business is growing again, after stalling and even declining in one recent year. “We’ll have 20 to 25 percent growth this year from last.”
Lessons he’s learned: “No. 1, patience is still a virtue,” Kyllo says. No. 2, “if you do your homework, you can come up with an answer” to any business question.
Eric Kyllo, The Retrofit Cos. Inc.: 507.455.2181, ext. 113; ek****@***************es.com; www.retrofitcompanies.com
