Chicago, IL, May 04, 2011 --(PR.com
)-- Donn Raabe, Broker at Chicagoland Sunbelt, recently completed the sale of a men’s spa located in the Chicagoland area.
The spa industry in the United States is estimated to be a $12 billion dollar industry. It employs approximately 332,000 people. The industry has grown dramatically in the past ten years. In 1999, the number of spa visits was just over 90 million, in 2009, there were 143 million spa visits. Approximately 31 per cent of spa customers are men.
The spa Raabe represented had been in business for five years under the same ownership. The seller wanted to return to his previous career. The buyer had a strong industry background having owned and run multiple salons previously. His interest in the spa stemmed from its location in a very popular shopping district and the spa’s excellent reputation for service and quality.
The challenge in getting the deal closed was working with the landlord to adjust the rent to fair market value. Given market conditions, the existing rent was well over market. Raabe’s extensive experience in business brokerage and commercial real estate helped all parties come to a mutual agreement as to the rate and terms. “It is always a challenge bringing a new party into a relationship where the seller and the landlord had a relationship and trust built up. Building trust with the landlord was easier when our buyer pointed to the other spas and salons he has run successfully for decades,” said Raabe.
“Having a business broker working for the seller leads to better deals and more deals actually getting done. It is very hard to sell a business in Chicago representing yourself. The majority of people who have sold their business with a business broker acknowledge that having a professional manage the deal results in a better outcome,” commented Domenic Rinaldi, Managing Partner of Sun Affiliates, the parent company of Chicagoland Sunbelt.
About Donn Raabe
Donn Raabe has been bringing people together and facilitating transactions for nearly 30 years, mainly in Chicago and suburbs. As a business broker, he draws on his own experience of having owned and operated a $2.5 million consumer electronics retail store. Raabe is versed in marketing, recruiting, managing transactions, and contract negotiations. He is committed to facilitating win/win outcomes for sellers and buyers and is held in high esteem for his ability to creatively help clients resolve issues.
As a licensed real estate broker in Illinois for over 20 years, he specialized in representing sellers and buyers of investment, commercial and industrial properties ranging in size from $50,000 to over $3,000,000. Raabe held senior positions within the 1,300,000-member National Association of RealtorsÒ, the world's largest professional real estate association, where he managed corporate sales, marketing, training and client services. He also held executive positions with the Commercial Investment Real Estate Institute (CCIM), the Realtors' Land Institute, and the International Association of Assessing Officers.
In addition to his business interests, Donn is involved in community, service, and professional organizations. He and his wife Carol enjoy volunteering at the Chicago home of L'Arche ("The Ark"), an international ecumenical community for developmentally disabled adults.
About Domenic Rinaldi
Domenic Rinaldi is the President and Managing Partner of Sunbelt Chicago. He was awarded the professional designation of Certified Business Intermediary from the International Business Brokers Association and is considered an expert in the field of business brokerage. He is a seasoned executive who brings over 24 years of proven experience in merger/acquisition, sales, service, marketing and operations to the business brokerage arena.
Domenic’s career began at Sprint Corp, where he spent 13 years in sales and operations. As VP of their Hospitality Division he led a national organization to $250 million in annual revenue. His experience as Chief Operating Officer of an e-commerce travel company offered the opportunity to grow a Silicon Valley startup into an international solutions provider. Additionally, Domenic’s small business experience running a New York City technology company gave him firsthand knowledge of the challenges facing business owners. It was at this privately held company he learned the business of raising venture capital and driving a small company to profitability, which ultimately resulted in an acquisition.
Domenic is recognized by colleagues and associates as a leader with determination and integrity. He has helped countless business owners develop, execute and maximize their exit strategies. The business press frequently turns to Rinaldi as a subject matter expert in small and lower middle market transactions in Chicago.
Contact: Domenic Rinaldi
Address: 8745 W. Higgins Road, Suite 220, Chicago, IL 60631