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An Unconventional Path to Business Ownership
When it came time for one BeeHive Homes franchise owner to sell their business, they were lucky to have the perfect buyer on staff. Learn how a onetime nurse became a first-time business owner with the help of an SBA loan from Byline Bank.
January 04, 2023
BeeHive Homes began over 35 years ago with a single location in Meridian, Idaho. The facility was constructed to resemble a residential home, small by design, with 16 to 24 beds and three to four employees who care for residents as though they’re family. It’s an innovative approach for the assisted-living industry, motivated by the original founder’s desire to provide a home-like residence for his own grandmother.
As the business has expanded over the years—to more than 200 franchise locations across 21 states—BeeHive Homes has preserved its approach to making residents feel, quite literally, at home.
A chance to own, but barriers block the way
When the owners of a BeeHive Homes franchise in Utah decided to sell, they knew the best option for the business’ future was one of their own employees.
The sale wasn’t without obstacles, and there were clear challenges to financing the deal. The employee buying the franchise didn’t have the 10% cash down payment to secure SBA financing, she would be a first-time business owner without a track record to show, and the pool of lenders that serve assisted-living facilities is small compared with other industries.
With Byline Bank, the lending process was transparent and direct for both buyer and seller. Byline, a top-five SBA lender in the U.S., is also a preferred lender with the SBA. That means credit and approval decisions are made in-house, without ever needing to submit applications to the SBA and wait for their approval.
Byline’s SBA lending team is about relationships and getting to know the borrowers, sellers and businesses personally. Keith Nigbur, a Byline lender, was able to find a way to execute the loan by drawing on his years of experience financing assisted-living facilities for BeeHive and other customers.
