Lloyd’s Automotive and Transmission Specialists has a new owner, Jason Faust.
The full-service automotive shop has operated in downtown Olympia since 1963. It started as a family-run operation by founder Lloyd DeBoer, whose son, Neil DeBoer nurtured it until 2004 when he sold it to Eric Bagley.
Bagley started working at Lloyd’s Automotive when he was 18 in 1996, sweeping the floors and learning the details of automobile care. Hard work, perseverance, and ambition drove Bagley to rise from shop hand to owner.
Now 45 years old, Bagley worked six days a week managing the successful repair shop. In recent years he developed new interests. “I day trade options,” Bagley told The JOLT. Other varied business interests and a desire to move to Nevada motivated him to contact Sound Business Brokers about finding a buyer for Lloyd’s.
Selling your business can be a daunting affair, especially when many families have come to depend on the business. Since 1993, Sound Business Brokers has facilitated the successful transfer of ownership for many categories of business.
“We allow you to keep your focus on maintaining and increasing the value of your business while we partner with you to realize your exit strategy objective,” according to Wes Martin, Sound Business Brokers’ managing broker.
Bagley rejected several potential buyers of his business prior to Martin’s introducing him to Jason Faust.
Martin also assisted Faust in securing SBA financing through Umpqua Bank in downtown Olympia.
Faust describes himself as ‘a Wrench’. Like Bagley, Faust has spent his adult life in automotive repair. Born and raised in the Portland Oregon area, Faust became a certified automotive technician as a young adult. Like Bagley, Faust always had his eye on ownership as he learned the automotive repair trade.
The road to Olympia and Lloyd’s Automotive was not straightforward for Faust. Originally, he moved to Olympia to purchase another automotive repair business. But after getting close to the finish line, the deal fell through. Faust was left empty handed and searched for another opportunity until Martin connected Faust with Bagley.
Faust loves his new home base in Olympia. “There is a lot of positive interest in downtown Olympia. It’s a lot better than Portland.” He officially took ownership on January 1st this year. Faust looks forward to the changing dynamics of the automotive repair business. “We don’t just serve the everyday driver. We do custom modifications and upgrades.” He looks to expand Lloyd’s Automotive customer base in the future through increased expertise in electric and hybrid vehicles.
Lloyd’s Automotive is hosting a ribbon-cutting ceremony tomorrow at 9 a.m. – and the public’s invited. It’s located at 425 State Ave NE. Telephone (360) 357-7422 and https://www.automotiveolympia.com/
Sound Business Brokers can be contacted at 866-690-0326 and https://soundbusinessbrokers.com/
This story was sponsored by Sound Business Brokers.
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