Mainebiz

V O L . X X X N O. X X V N OV E M B E R 4 , 2 0 2 4 14 FA M I LY - OW N E D B U S I N E S S F O C U S "e more families run their busi- ness like a business, the better they fare," he says. Less enthusiastic about smaller operations like mom-and-pop stores, he warns that "if you have an owner that can't take more than a week off, that's not a business. at's just a job." He recommends exit planning as early as possible, adding that "you should always be thinking about reduc- ing risk and trying to do whatever you can to maximize value." Playing the long game Sometimes the longer a business has been around, the longer the timetable for a sale. For H.A. Mapes, it took multiple steps to cross the finish line. Henry Allen Mapes founded the company in 1936, to deliver heat- ing oil to local customers. His son Harry joined in 1950 and led expan- sion across southern Maine. Harry's son, Jonathan Mapes, who grew up emptying ashtrays from offices and driving the oil truck in high school, formally joined the business in 1982 and built the fuel distribution divi- sion. He sold the heating oil business in 2004 and started adding conve- nience stores in 2018. Realizing the need for a partner with expertise in running the stores, In 2019, Mapes hired Matrix Capital Markets Group Inc., an independent investment bank, to explore a potential sale of the company and identify any shortcomings from a buyer's perspective. After implementing some of Matrix's recommendations, Mapes went back to Matrix in 2022 to prepare a sale of the company, which had grown to around 130 employees and more than a dozen retail locations. Out of 30 potential suitors who received the initial pitch deck, 10 expressed interest in proceeding and three made the final round. In August 2023, Nouria Energy Retail, a division of Worcester, Mass.-based Nouria Energy Corp., agreed to buy the operating assets of H.A. Mapes for a multiple that Jonathan Mapes said exceeded his expectations. "It was a great run, it was a great name, and we had nice conclusion to the play — it was a fitting ending," he says. e final act followed a lot of sleepless nights, especially in March 2023 when the Silicon Valley Bank collapse rattled financial markets and sparked concerns about the health of the banking sector. He also » C O N T I N U E D F RO M P R E V I O U S PA G E We're not just a bank—we're a team, one that's committed to Mascoma Bank's mission of using business as a force for good and prioritizing people over profit. We are passionate about supporting our clients with creative financial solutions while improving lives in our communities. Using Business as a Force for Good. Member 207.553.3984 mascoma.bank Tad Atwell Community Development David Carter Private Banking NMLS# 529558 Todd Batchelder Commercial Lending Amberlynn Esperanza Commercial Lending Andrew Cook Maine Market Manager Kelly Dorsey Treasury Services Manager Ryan Bishop Community Development Director Paula Watson General Counsel Risk Garrett White Real Estate Management H.A. Mapes, founded in 1936, was acquired by Nouria Energy Retail in 2023. F I L E P H O T O / C O U R T E S Y O F H . A . M A P E S I didn't sell the business to retire. I sold the business. — Jonathan Mapes H.A. Mapes

• Cover