Building, Growing, and Selling: One Entrepreneur's Journey

When Steve Adams started out bagging groceries at Basha’s Markets in Arizona, he probably never imagined that decades later he would be reflecting on the sale of two thriving businesses he built from the ground up. His journey from employee to entrepreneur holds important lessons for business owners thinking about how to plan their own profitable exit.

Steve’s entrepreneurial path began in Tucson with his parents’ janitorial business. Watching his father go through a difficult and disappointing sale—where a promissory note turned out to be “just a piece of paper”—gave Steve early insight into the challenges of business transitions. When his father faced health issues, Steve took a leave of absence from his nearly two-decade career at Basha’s to help run the family business. What was supposed to be a temporary stop became a permanent shift, even though it meant taking a 50% pay cut and no benefits.

Under Steve’s leadership, the business grew significantly. From his base in Phoenix, Handyman Maintenance Incorporated expanded from a small operation to a company employing over 250 people. Steve earned his qualifying party license with the Department of Agriculture and secured a registered contractor’s license, positioning the company to bid on lucrative government contracts throughout Arizona.

One of Steve’s smartest moves was focusing on government contracts. These deals offered steady, predictable income that made budgeting, equipment purchasing, and workforce planning far more manageable. Steve explains, “I like the idea of a long-term contract, a three to five-year contract where I can use my budget, I can see what my labor is going to be on a monthly basis, and you have guaranteed income coming in regularly.” This stability ultimately became a key selling point when it was time to exit the business.

Steve’s second business venture came through connections made via state government work: vending machine distribution and repairs. While many online voices hype vending machines as an easy source of income, Steve is quick to share the reality: “I honestly talk more people out of getting into the vending business than I did encouraging them.” The COVID-19 pandemic hit the industry hard, with office break rooms empty and slow to bounce back.

When Steve began preparing to sell his businesses, he initially aimed for an exit in his early sixties. But the process took longer than expected—about four years—and involved multiple interested buyers before the right fit emerged. Working with a business broker, he prepared detailed documentation and timed the sale strategically to coincide with the renewal of major contracts, which enhanced the company’s value.

A particularly challenging part of the sale was finding a buyer who truly respected what Steve had built. One prospective buyer suggested they could simply wait two years and try to outbid him on contracts. Steve was quick to respond, “Why do you think I’ve been awarded these bids for 15-25 years? I have relationships.” That long-term trust made all the difference.

Throughout the process, Steve emphasized the importance of working with experienced advisors—accountants, attorneys, brokers—and being transparent. “If you have any skeletons in the closet in your business or things you don’t want anybody to know about, you better tell them because it’s going to come out,” he said.

Since selling, Steve’s life has exceeded his expectations. Unlike many business owners who rarely take more than a week off, he and his wife Nancy are now embracing the freedom to travel and renovate their cabin. As his financial advisor put it, these are the “go, go, go years” of retirement—a time to seize opportunities that may not come again.

For business owners thinking about their own exit, Steve offers this advice: “I wish I would have done it five years sooner.” His successful transition proves that with careful planning, trusted advisors, and open, honest negotiations, selling a business can open the door to a rewarding and fulfilling new chapter.