Progression Brewing engaged George & Company to explore a sale after navigating a challenging launch period and shifting industry dynamics. While the craft beer market was experiencing overall contraction, the business itself demonstrated consistent profit growth, strong brand loyalty, and meaningful upside for the right buyer.

George & Company was retained to identify a buyer who could recognize the value beneath the surface—balancing market realities with operational strengths and long-term potential.

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Owner Situation

The owner of Progression Brewing was no stranger to entrepreneurship. Having successfully sold a previous business, he initially retired before deciding he wanted a new professional challenge.

Progression Brewing launched shortly before the COVID pandemic—an unfortunate timing that coincided with major disruptions across the hospitality and beverage industries. As the market evolved, the owner closely observed broader trends in craft beer, including slowing growth and increasing competition.

Rather than push forward indefinitely, he made a proactive decision to engage George & Company to explore strategic exit options and identify a buyer who could take the business to its next phase.

Key Challenges

Although the business showed consistent profit gains, the broader craft beer market was clearly in decline. Once-booming retail outlets and taprooms were closing, and buyer sentiment across the industry had softened.

Despite these headwinds, Progression Brewing had several key strengths:

• A high-quality product with a loyal following
• Distribution limited to Massachusetts, leaving room for expansion
• A strong operational team that allowed the business to run without deep industry knowledge
• A part-time, lifestyle-focused owner—creating clear upside for a full-time buyer

The challenge was positioning the business in a way that acknowledged market realities while clearly demonstrating its unique value and growth potential.

George & Company’s Approach

George & Company pursued a dual-track buyer outreach strategy—targeting both strategic buyers with industry synergies and financial buyers seeking strong cash flow and operational upside.

A critical component of the offering memorandum was the accurate presentation of a significant non-recurring expense add-back. The business had experienced several months of downtime due to brewing equipment malfunctions, temporarily impacting cash flow.

George & Company performed extensive diligence to:

• Validate the non-recurring nature of the expense
• Clearly document its impact on historical performance
• Present the add-back in a way lenders and buyers could confidently underwrite

This detailed preparation proved essential in supporting valuation and buyer confidence. After several months of outreach, an ideal financial buyer was identified and a mutual letter of intent was executed.

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Outcome and Results

The business ultimately sold for near the asking price, though the path to closing was not without complications.

At the time, most SBA 7(a) lenders were quoting interest rates in the 10–11% range. To preserve deal economics, George & Company sourced a lender offering a significantly lower 8.5% rate. This enabled the buyer to service more debt at a lower cost—creating a win-win outcome.

However, the transaction faced delays:

• The selected bank experienced heavy loan volume, extending processing time
• The expected 90-day closing stretched beyond 150 days
• Additional delays arose due to the buyer’s attorney being unfamiliar with liquor license transfer requirements

Despite these hurdles, the transaction successfully closed, supported by strong alignment between buyer and seller.

Key Takeaways for Business Owners

What ultimately made this deal successful was the relationship between the buyer and seller. While George & Company fielded multiple offers, there was an immediate mutual connection between the chosen parties.

George & Company believes that trust and alignment are critical—especially when transactions encounter inevitable friction. Rather than keeping parties at arm’s length, the firm often works to foster open, productive relationships.

In this case, the trust was strong enough that the buyer began working in the business several months prior to closing, while legal and banking matters were still being resolved.

The true value of an experienced business broker lies not just in valuation and negotiation, but in matchmaking and relationship management—ensuring deals hold together when timelines extend and challenges arise.

Certain details have been generalized or omitted to protect client confidentiality, including specific financial metrics, buyer identity, and operational specifics.