Being told the pet resort you have owned for 17 years is worth less than you think is not the best news to hear. And thanks to PET|VET M&A, Sales & Advisory, Kyle and Claire McInnes are extremely glad they got a second opinion.
The dog-loving couple had poured their life and soul into Indiana-based B&S Kennels since the day they started working there in the early 2000s. “We always loved dogs and had worked with them in our spare time while we had other jobs,” Kyle explains.
A former photojournalist laid off in the widespread media cutbacks of the early 2000s, Kyle took the leap into working full time at B&S Kennels, along with his wife Claire. After five great years on staff, Kyle and Claire received a surprise offer from the owners who had decided to retire. Finding a buyer with the high-level knowledge of dogs required had proved very difficult so the owners offered the live-in business to the McInneses with an owner-financed note. Owning B&S Kennels with its 95 indoor/outdoor dog runs was a dream come true and the couple doubled down on ensuring the quality of the care at the pet resort was top-notch.
“It was just boarding and grooming when we bought it so we added individual play sessions and some small services, but primarily we just focused on the care of the animals. We didn’t want to try all the gimmicky stuff. We figured if somebody was happy with us, they might tell 10 people. If they were upset with us, they were going to tell 100 people.” Under the ownership of Kyle and Claire, the business’ profitability gradually increased as appreciative pet owners spread the word. Around 2019, the couple started to look at what retirement might look like and came across Teija Heikkila’s website (then National Kennel Sales) online. They reached out and got some information but sat on it for the next year and then Covid hit. While a difficult time in many respects, even Covid did not cause the business to go into the red. After Covid was over and the pet resort industry started to rebound, Kyle was approached by a buyer.
“We stupidly started talking with them ourselves but then we started dealing with the whole runaround of them not being able to get funds and wanting us to do seller financing etc. So it didn’t go anywhere. Later on, we talked with a local business broker and they told us that our asking price was too high. It was pretty disheartening.” Claire, however, was determined that this would not be the end. “Once you entertain thoughts of selling, of not working every day of the week and of having family holidays again, it is hard to go back to not thinking about it.”
Claire pulled out Teija’s information, which she had kept since 2019, and reached out. “Teija wanted to see our financials, especially during Covid. Then, unlike the other business broker, she told us the opposite – that our asking price was too low!”
Encouraged by Teija’s experience in the industry, knowing she was a specialist pet resort broker, the couple felt hope creep back in and began to prepare to sell with PET|VET. “It was slow going initially. We had a couple of people interested, but they kind of started playing some games, and she weeded them out real quick. After it had been on the market for about six months though, we started to get a little discouraged. But Teija said ‘No – don’t get discouraged!’ She really guided us through the process and what the industry was doing and we trusted her advice. And then just a short time later, we had two or three buyers who came out and did a tour of the property. And one of those three was our buyer.” “When I first met Teija, my impression of her was that she was a lion, and she was going to fight for us. And she really did.”
Now on the other side of their successful sale in June, Kyle and Claire’s son has stayed on at B&S Kennels as the general manager for the new corporate owners. The couple are also acting as consultants for a year post-sale to provide continuity of service.
Planning their next steps, Kyle is enjoying time to pursue his other specialty – hotrod and Indy car race photography – and Claire is working on some entrepreneurial ventures. “After working 70-hour weeks for many years, it’s a bit of a change waking up and thinking ‘what am I going to do today? But we like it!”
ABOUT THE BUSINESS
Location: Avon, IN
Purchased in 2007
Owned for 17 years
Services provided: Boarding, Daycare, Grooming
Multiple buildings, ~11,200 SF combined and 1 residence, ~2,500 SF on 2 acres
95 in/out runs with 165 dog capacity
11 full and part-time staff
Around 2019, the couple started to look at what retirement might look like and came across Teija Heikkila’s website (then National Kennel Sales) online. They reached out and got some information but sat on it for the next year and then Covid hit.
Encouraged by Teija’s experience in the industry, knowing she was a specialist pet resort broker, the couple felt hope creep back in and began to prepare to sell with PET|VET. “It was slow going initially. We had a couple of people interested, but they kind of started playing some games, and she weeded them out real quick. After it had been on the market for about six months though, we started to get a little discouraged. But Teija said ‘No – don’t get discouraged!’ She really guided us through the process and what the industry was doing and we trusted her advice. And then just a short time later, we had two or three buyers who came out and did a tour of the property. And one of those three was our buyer.”
“When I first met Teija, my impression of her was that she was a lion, and she was going to fight for us. And she really did.”
