Bonamar Corp. Purchases International Marketing Specialists, Inc.
Purchasing a business is an exciting proposition. Instead of starting their own business, many individuals and even businesses purchase existing companies to diversify their services and offerings. This helps companies expand and reach wider audiences.
Bonamar Corp.—a seafood company based in Medley, Florida—recently purchased International Marketing Specialists, Inc., a brokerage service from Massachusetts. Bonamar bought the company in an attempt to expand its product line and extend its vertical integration.
International Marketing Specialists was founded in 1991 initially as a brokerage service for Thai shrimp companies. Since then, the company has expanded its services to include crab meat, surimi, calamari, red snapper and other fish. Its products are sold under the DelicaSea brand.
Bonamar is excited about the purchase of International Marketing Specialists. The company is looking to strengthen its leadership and add new products. Bonamar also hopes to become a full line seafood resource as they add upon their expertise and expand their product offerings particularly in the United States.
Bonamar is no stranger to the business purchase and acquisition process. The company just bought International Pacific Seafoods in March. This acquisition gave Bonamar more storage and office space. The deal also included a West Coast sales team. With the recent purchase of International Marketing Specialists, Bonamar will now be able to sell the company’s products through its warehouse and distribution facilities located in New England, New York and California.
Bonamar’s broker network and sales force is expected to be beneficial for the company. Customer service and product penetration should soon be at optimal levels.
After the transaction, the founders of International Marketing Specialists will join Bonamar’s board of advisors. They will also continue leading the sales teams.
Why Do Founders Sell Businesses?
If you are looking to buy an existing business, it’s best to do so with caution. Do not rush into a purchase without first understanding the circumstances.
When a founder decides to sell a business, it’s often because there is a problem. Maybe sales have declined. Perhaps the company culture is horrible and people do not want to work there.
But there are other reasons as well. A founder may be ready to retire. Perhaps they have a new idea. It may be that they are just bored and ready to move on.
In any case, it is important for a founder to find the right buyer. As a buyer, you need to find the right company. A good fit will ensure the business is in good hands.
Learn More About Buying a Business
Florida offers the ideal location to operate a business. The population is diverse and millions of tourists visit the state every year. However, businesses can be costly to buy and operate. There are many laws involved and mistakes are often made.
If you are thinking about buying a business, it is important that you seek legal help. There are many details involved in buying and selling a business, and it is important that you do not make any mistakes during the process. Let Orlando business purchase and sale lawyer B.F. Godfrey from Godfrey Legal help you. He has the resources to give you the guidance and advice you need. Call his office today at (407) 890-0023 or fill out the online form.