Marissa Elliott has worked at Lucinda’s Day Spa & Hair Studio for nine years, both in management and as an aesthetician, and recently had the unique opportunity to step into the owner’s shoes, as the owner looked to retire. However, the transition itself – putting together financial projections, negotiating the lease, purchase price, and gift card liability holdover, and obtaining the commercial loan – was complicated, with many factors to consider. She worked closely with Maine SBDC at CEI Business Advisor Raynor Large to carefully think through her options and make sure the business was able to both handle its seasonal fluctuations and service the debt.
Confidently moving forward, Marissa is now the proud owner! She is working hard to build value in the business and plans to acquire the real estate as well. 2021 was the best year to date in the company’s 29-year history, even amid a global pandemic, and 2022 looks equally as promising!
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