Country Business, Inc. Research
Advisory Approach
Country Business, Inc. (CBI) is New England's largest and most established regional business brokerage and M&A advisory firm, serving business owners since 1976. With nearly 50 years of continuous operation and approximately 1,200 completed transactions, CBI operates with a clear thesis: successful business transitions require exhaustive buyer outreach combined with institutional-quality process management, tailored to the unique dynamics of smaller, privately-held businesses in the $500K-$30M range.
Unlike larger investment banks that focus on institutional buyers and public markets, CBI specializes in the lower middle market where transactions are often more personal, confidential, and complex. Their approach emphasizes confidentiality, thorough buyer qualification, and win-win outcomes for both sellers and buyers. The firm operates under the SEC's M&A broker exemption (established via their landmark 2006 no-action letter), positioning them as business intermediaries rather than registered broker-dealers—a model specifically designed for smaller transactions that don't require full SEC registration.
Sector Focus
CBI's expertise spans the traditional business categories that dominate the New England economy: manufacturing and wholesale distribution, retail and consumer businesses, hospitality and restaurants, and diverse service industries. Within manufacturing, they have particular experience with precision machining, metal fabrication, food processing, and building materials. Their distribution expertise includes industrial supplies, automotive parts, and equipment dealers. Retail experience encompasses specialty stores, equipment dealers, and consumer products. Hospitality work focuses on restaurants, inns, and tourism-related businesses throughout New England's seasonal economy.
The service sector practice is broad, covering professional services firms, healthcare practices, business services, and publishing companies. This diversity reflects CBI's regional positioning—New England's economy is characterized by small, family-owned businesses across traditional industries rather than high-growth technology startups.
Deal Track Record
CBI has completed approximately 1,200 transactions since 1976, making them one of the most active regional business brokers in the Northeast. Transaction values range from $500,000 to nearly $30 million, with the majority concentrated in the $1M-$10M range. This volume represents decades of continuous operation through multiple economic cycles, giving the firm deep experience navigating business sales in both strong and challenging markets.
Notable transactions include:
- Snow's Ice Cream and Bart's Ice Cream: Two iconic New England ice cream brands, representing CBI's expertise in food manufacturing and consumer products
- Quabbin Industries: Manufacturing transaction demonstrating industrial sector capability
- Graphic Printing: Commercial printing business sale, showcasing experience in traditional manufacturing
- New England Wetland Plants: Specialty nursery and environmental services business
CBI's long-standing principal Philip H. Steckler III (1944-2024) was inducted into the DealStats Hall of Fame in 2018 for his extensive contributions to private transaction data, reflecting the firm's commitment to documenting and sharing market intelligence. The firm maintains an in-house buyer database of over 500 qualified buyers and leverages BizBuySell and BizQuest for additional exposure.
Process & Fee Structure
CBI runs a structured sell-side process designed for smaller businesses:
- Goal Identification: Understanding seller objectives, value expectations, timing, and desired post-sale involvement
- Valuation: Market price analysis based on cash flow, assets, and intangible factors, with comparable transactions from similar businesses
- Confidential Business Review (CBR): Professional prospectus detailing operations, financials, competitive advantages, and growth opportunities
- Marketing: Confidential website listings, BizBuySell/BizQuest posting, distribution to 500+ buyer database, and targeted strategic buyer outreach
- Buyer Qualification: All buyers vetted before introduction to maintain confidentiality
- Negotiation & Closing: Arm's-length negotiation, LOI management, due diligence support, and purchase agreement coordination
Fee structure follows industry standards for business brokers: retainers credited against success fees, with success fees structured as a percentage of transaction value (typically 3-10% depending on deal size, with higher percentages for smaller transactions). The firm requires exclusivity and focuses on businesses with at least $500K in transaction value.
Buyer Network
CBI maintains relationships with over 500 qualified buyers in their proprietary database, including individual buyers, family offices, small private equity groups, and strategic acquirers. The firm has completed transactions with buyers throughout New England, upstate New York, and Atlantic Canada. Their geographic focus and regional reputation attract buyers specifically seeking opportunities in Vermont, New Hampshire, Massachusetts, and Maine—states where CBI's local market knowledge and relationships provide significant advantages.
Competitive Positioning
CBI differentiates through:
- Regional Dominance: Nearly 50 years in New England with 1,200+ transactions—unmatched local market knowledge
- SEC M&A Broker Exemption: Pioneer in the 2006 no-action letter that created the M&A broker exemption framework
- Valuation Expertise: Tammy Richards (CVA, CMAP) provides certified business valuation services
- Operational Experience: Team members include former business owners (Reid Williams founded and sold a $20M business) and operators with practical experience
- DealStats Hall of Fame Recognition: Philip Steckler's 2018 induction for transaction data contributions
- Full-Service Capability: Valuation, sell-side representation, buy-side advisory, and business transition planning
Not a Fit If
CBI typically declines:
- Businesses below $500K in transaction value
- Startups or pre-revenue companies
- Technology startups seeking VC buyers
- Businesses requiring national or international buyer reach (CBI's strength is regional)
- Public companies or registered securities offerings
- Turnaround situations or distressed assets outside their expertise
Team
Tammy A. Richards, CVA, CMAP (Brattleboro office): Joined CBI in 2011 with over 25 years of finance, valuation, and M&A experience. Former Citigroup Acquisition Finance Group and Global Loans Portfolio Management. Certified Valuation Analyst (NACVA), Certified M&A Professional (MMIBA). Serves on NACVA's Executive Advisory Board and previously chaired the Valuation Credentialing Board.
John A. Stimets, Vice President (Burlington office): Lead intermediary since 1991, former commercial lender with 20 years at Vermont banks. Former business owner brings unique perspective to transfer issues. University of Vermont graduate in Accounting and Business Management. Former IBBA member.
Reid Williams, Associate (Burlington office): Successfully founded, managed, and sold a $20M business in Boston, then turned around and sold another undercapitalized business within three years. Former VP at major office furniture dealership. Engineering degree from Lafayette College with process engineering and construction trade knowledge. Brains extensive buyer network to Vermont.
Kristi Bodin (Western Massachusetts): Ten years manufacturing management experience plus 20 years legal expertise in business transactions. Former Assistant Attorney General for Massachusetts. Serves on Franklin County Community Development Corporation board. Licensed attorney focusing on business law.
Melissa Lowe (Brattleboro office): Joined CBI in 2007, responsible for website management, marketing materials, and client coordination during sale process. Licensed Vermont Real Estate Salesperson. Montclair State University graphic design degree.
Philip H. Steckler III (1944-2024, Founder and Principal): Founded CBI in 1976, led firm for 47 years until passing in 2024. University of Vermont economics graduate, master's from University of Missouri. Inducted into DealStats Hall of Fame (2018). Served on Brattleboro Development Credit Corporation, Vermont Chamber of Commerce, and numerous regional boards.
Geographic Coverage
Primary: Vermont, New Hampshire, Western Massachusetts, Maine Secondary: Upstate New York, Atlantic Canada Offices: Brattleboro, VT (headquarters); Burlington/Essex Junction, VT; Western Massachusetts (Springfield area)
CBI maintains a physical presence throughout New England with particular strength in Vermont and the surrounding tri-state region. The firm's longevity and community involvement create deep local relationships that provide advantages in both finding sellers and identifying qualified buyers.