Scott McArdle & Damon Waltz have been close friends and co-workers in the food industry for years. They’ve been building up experience in different positions at a variety of locations, but have been long-time employees at King Eider’s Pub in Damariscotta. They truly knew the restaurant industry inside and out, co-managing & growing together.
When the opportunity to purchase King Eider’s arose, it put the business in a new light. The existing owners were committed to the transition and understood the value Scott & Damon brought, but they wanted to fully understand the risks & challenges that came along with the opportunity.
When Scott & Damon first approached Raynor Large, center director and business advisor at the Maine SBDC at Coastal Enterprises Inc (CEI), they already knew the asking price and started preliminary discussions with a lender. They all dug in together to understand the risks.
As they began to look at the business as entrepreneurs and owners, the pieces all fell into place. They purchased their place of employment with a combination of a loan from The First National Bank and a seller’s note. They continue to work hard and confidently grow their business – but now as owners instead of employees!