Acquiring the Pueblo location has created new growth opportunities and allowed us to purchase the City of Parker store at a favorable price. To manage our three sites—each located in areas with different income levels—we have appointed a regional manager. The Parker site brings unique difficulties, such as higher rent and stiff competition from around 25 nearby pizza outlets. Our marketing plan will focus on attracting families and promoting our roots in Colorado, because local brand loyalty matters greatly. However, there are certain risks with this acquisition: Parker lacks dependable profit records and has seen a decline in recent years.
Business Lesson Learned: We acquired this location without the assistance of a business broker and successfully managed all aspects of the purchase process independently, including the preparation of the business plan, bill of sale, and required documentation. Given this experience, we are currently evaluating the necessity of involving a business broker in future transactions.