Yankee Mattress was more than a business—it was the culmination of decades of craftsmanship, sales experience, and entrepreneurial commitment. Founded and built by Joseph Noblit over more than 20 years, the company grew from a one-person operation into a full-scale manufacturing and retail business with four locations across Massachusetts.

As retirement approached, the challenge was not simply finding a buyer, but finding the right outcome—one that preserved the company’s legacy, protected its employees, and allowed the owner to step away with confidence.

George & Company was engaged to guide the process and help evaluate all available options, including non-traditional paths to ownership.

Owner Situation: A Legacy at Stake

Joseph Noblit understood the realities facing small business owners nearing retirement. He was well aware that a majority of small businesses never successfully sell—and like many owners, he did not have children interested in taking over the company.

Complicating matters further, Joseph’s role was deeply embedded in every aspect of the business. He had spent years working in mattress manufacturing before moving into sales, gaining a rare, end-to-end understanding of both product quality and customer expectations. That experience allowed him to start Yankee Mattress and personally handle manufacturing, sales, and deliveries in its earliest days.

Over time, the business grew into a multi-location operation with 14 employees. Joseph wanted to retire, but not at the expense of the company, its people, or the community it served.

Key Challenges

Selling Yankee Mattress presented several unique challenges:

• The owner’s deep operational and industry knowledge was difficult to replace
• Traditional buyers often lacked the desire to run a hands-on manufacturing business
• Financial buyers, while capable of purchasing the company, might not preserve its culture or workforce
• The owner’s primary concern was legacy and employee continuity—not just price

Joseph needed an advisor who could appreciate both the financial and emotional dimensions of the decision.

George & Company’s Approach

Joseph was referred to George & Company by his longtime accountant, who recommended Senior Advisor Ron Ekstrom. From their first meeting, Ron focused on understanding what Joseph valued most, not just what the business might sell for.

George & Company guided Joseph through:

• Valuation expectations and market realities
• Preparation for buyer diligence
• Evaluation of multiple offer structures
• Honest discussion of the pros and cons of each path

Rather than steering the client toward a traditional sale by default, George & Company remained open to alternative solutions that aligned with the owner’s priorities.

Owner Perspective
“Will this company I’ve built be worth anything to anyone else?”
“I think I can do something with you.”

The Solution: Employee Ownership

Through the process, George & Company introduced Joseph to an option he had not originally considered: selling the business to Teamshares, a company that transitions small businesses to employee ownership at no cost to employees.

The structure ensured:

• The business would not be dismantled or stripped for parts
• All locations would continue operating
• Employees would become owners and share in the future success of the company

Rather than seeking a replacement with identical industry expertise, Teamshares installed a president with strong business leadership skills and a willingness to learn—someone who respected Yankee Mattress’s legacy while guiding it into its next phase.

George & Company played a critical role in helping Joseph understand the non-traditional deal structure, timelines, and financial implications, ensuring clarity and confidence at every step.

Suggested Image Placement: A mid-page image showing manufacturing employees at work or a collaborative production environment, reinforcing continuity and employee ownership.

Outcome and Results

The sale successfully transitioned Yankee Mattress to employee ownership in 2021. Nearly two years later:

• All 14 employees were retained through the transition
• A new president is actively growing the business
• The company continues operating across all locations

Joseph was able to retire early with peace of mind, knowing that his life’s work—and the people who helped build it—were secure.

Key Takeaways for Business Owners

This case highlights several important insights:

• Legacy matters: Exit strategies don’t need to be traditional to be successful.
• Employee ownership can be a viable solution: Especially for owners without family succession plans.
• The right advisor expands options: A broker who listens can uncover paths owners may not initially consider.

For some owners, success is measured not only by valuation, but by what endures after the sale.

Client Perspective

“My company is so much more than a workplace. It is my life’s work, and it matters in ways that I still can’t put into words. I’m incredibly grateful that my legacy lives on through employee ownership and that Yankee Mattress is here to stay.”

— Joseph Noblit, Founder & Former Owner

Certain financial terms, deal structures, and operational details have been summarized or generalized to protect client confidentiality. A downloadable PDF is available with the client’s original narrative and full perspective.