FishnChik Creative
Borrower, with 30 years of fishing media industry experience, acquires “dream” publication
“Believe it or not, I almost didn’t want the loan process to end because I enjoyed working with Ann and Amber so much. Note I said ‘almost’…I was thrilled when my 2-year dream of trying to buy a business that seems to be custom made for me finally came to fruition. I can honestly say, it absolutely would not have happened without Ann Nonemaker. She’s the badass of bankers and I would recommend her to ANYONE who needs a business loan.”
— Angie Thompson
The Opportunity
When Angie Thompson learned that the owners of a prominent fishing industry trade magazine were looking to retire, she knew it was the perfect opportunity for her. With over three decades working of the fishing media industry under her belt, she already knew all the customers and she had already worked with most of the staff during her time at Bassmaster or ESPN.
She just didn’t know how she was going to pay for it. She believed if she found the right lender who understood the value of intellectual property and media, she could buy the magazine.
The Challenge
Despite her 30-year career in the fishing media industry and a verbal agreement from the owners to buy the magazine, she exhausted all her contacts at two other banks. Neither of them had experience financing a business acquisition without commercial real estate or other tangible assets to secure the loan.
By the time an SBA Loan Consultant recommended Angie to a loan officer at Celtic Bank, she was frustrated, discouraged and ready to give up.
Angie found her loan officer’s, Ann Nonemaker, competence refreshing, “like a cold drink of well water on a hot summer day.” Celtic’s loan officer understood what she was trying to do right away and was confident and encouraging to Angie. When the loan was approved and she started working with the Bank’s closing agent, Angie knew she had the banking equivalent of an All-Star team.
The Solution
The loan closed in June 2023, 64 days from when she first applied, and it would’ve even closed faster if the seller’s bookkeeping had been in better order. Untangling the seller’s bookkeeping led to several delays but Angie’s loan officer and the rest of the Celtic team were always one step ahead of everyone else.
The fishing industry was one of the few industries that had a massive boom during COVID, as more people than normal went fishing in 2020 because it was a low-risk activity. Despite sales returning to pre-COVID levels as people return to their old lives, Angie has the skills, resources and connections to continue growing the magazine and turning a profit in 2024.
Quick Look
- $817,000
- SBA 7(a) Loan
- Business Acquisition
- Panama City, Florida
- Media Publishing & Advertising
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