May 13, 2020 — COVID Impact Statement: The business has been partially operational during the shelter-in-place order. Retail is closed and wholesale is running with a smaller crew. No staff has been laid off and the business successfully applied and received the PPP loan. Revenue is off approximately 30% from the previous quarter (Nov – Jan vs Feb – April). The Company is financially solid and does not anticipate any issues with its line of credit or vendor relationships. Ownership feels that their end-users, commercial and residential customers, are getting bored and they want to spend so things will recover quickly.
This business markets and distributes electrical supplies and related fixtures from multiple wholesale and retail locations in the lower peninsula of Michigan. The Company’s primary goal is to operate for the benefit of all stakeholders including customers, vendors, employees, and stockholders. This is achieved by striving to offer the highest quality products and services at prices that provide the most possible value.
Over its long history, the Company has prospered via its commitment to being reliable, honest and fair-priced, and by offering a comprehensive (one-stop) catalog of products.
The majority owners of the company, now in their 70’s, would like to divest the business and retire.
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