Hawaii Business Sales — M&A Advisory Profile

Hawaii Business Sales Research

Advisory Approach

Hawaii Business Sales (HBS) is a full-service business brokerage focused exclusively on Hawaii-based businesses. Founded in 2006 by Tom Caltrider, the firm operates with a clear thesis: business owners in Hawaii face unique challenges and opportunities when selling their businesses, requiring specialized local knowledge combined with world-class corporate M&A expertise. The firm's sweet spot is founder-owned businesses with revenues between $500,000 and $10 million located across the Hawaiian islands—Maui, Oahu, Big Island, Molokai, and Lanai.

Unlike mainland M&A advisors who may treat Hawaii as an afterthought, HBS has deep roots in the islands and understands the local market dynamics, including tourism-dependent businesses, military-related economic factors, and the specific considerations of selling businesses that come with real estate in a high-cost island market.

Sector Focus

Hawaii Business Sales maintains broad industry coverage across Hawaii's diverse economy. Their primary sectors include:

Retail & E-commerce: Gift shops, souvenir stores, sporting goods, liquor stores, clothing boutiques, and tourist retail. Hawaii's tourism economy creates unique opportunities for retail businesses that capture visitor spending.

Construction & Trades: HVAC contractors, electrical contractors, plumbers, pool builders, and mechanical contractors. These businesses are essential to Hawaii's construction and renovation markets, both residential and commercial.

Manufacturing & Distribution: Plastics fabrication, food product distribution, printing operations, and sign manufacturing. These businesses serve both local and export markets.

Professional Services: Accounting practices, medical billing services, engineering firms, physical therapy practices, and court reporting services. These businesses often have recurring revenue models and transferable client relationships.

Tourism & Recreation: Fishing boat charters, sailing charters, hiking tours, zipline operations, and outdoor activity companies. These businesses are tightly linked to Hawaii's visitor economy.

Education: Tutoring centers, medical schools, and sports education programs serving both local residents and visitors.

Deal Track Record

Hawaii Business Sales has completed 70+ transactions since 2006, establishing itself as one of Hawaii's most active business brokerages. Verified deals include:

Hawaii Electrical Contractor (2016): Sold for $300,000 with $1.76 million in annual revenue and 10 employees. The deal involved a profitable, well-known contractor established in 1996.
Geotechnical Engineering Firm (2020): Sold for $275,000 with $700,000 in annual revenue. An established engineering firm founded in 2000 with four employees.
Kauai Outdoor Activity Business (2022): Sold for $700,000 with $1.26 million in annual revenue and 10 employees. A tourism-focused recreation business established in 2010.

The firm's website lists 90+ businesses sold across all Hawaiian islands, spanning industries from dry cleaners and restaurants to medical clinics and equipment rental companies. The aggregate deal value across their 19-year history exceeds $50 million.

Process & Fee Structure

HBS runs a comprehensive sell-side process tailored to Hawaii's market:

Business Valuation: Providing estimates of business value based on Hawaii market comparables and mainland multiples
Exit Planning: Working with owners 1-3 years before sale to optimize business value and integrate with estate planning
Confidential Business Profile: Creating professional, full-color marketing materials
Targeted Marketing: Executing detailed marketing plans while maintaining seller confidentiality
Buyer Qualification: Screening prospective buyers for financial capability and fit
Negotiation & Closing: Direct management of offers, due diligence, and closing process

Fee structure follows industry-standard business brokerage models: success fees typically range from 8-12% for businesses under $1 million in value, scaling down for larger transactions. Retainers may be required depending on engagement complexity. The firm requires exclusivity for sell-side engagements.

Buyer Network

Hawaii Business Sales maintains relationships with:

Local Buyers: Hawaii residents seeking business ownership, including operators looking to expand
Mainland Buyers: Continental U.S. buyers interested in relocating to Hawaii or acquiring island businesses
International Buyers: Particularly from Asia-Pacific markets given Hawaii's geographic position
Strategic Buyers: Existing businesses looking to add complementary operations or expand market reach
Family Offices: High-net-worth families seeking lifestyle businesses with income potential

The firm is also a member of Axial (since 2014), providing access to a national network of lower middle market buyers and M&A advisors.

Competitive Positioning

Hawaii Business Sales differentiates through:

Corporate Executive Background: Tom Caltrider's 29-year corporate career including SVP roles at Johns Manville ($1B business unit) and CEO positions provides institutional-quality M&A expertise rarely found in business brokerage
Hawaii-Only Focus: 100% of transactions are Hawaii-based, creating deep market knowledge and local network effects
Island-Wide Coverage: Active across all major Hawaiian islands, not limited to Oahu or Maui
Exit Planning Integration: CEPA designation enables sophisticated exit planning beyond simple transactional brokerage
Long-Term Perspective: Willing to work with owners 1-3 years before sale to build business value

Not a Fit If

Hawaii Business Sales typically declines:

Businesses outside Hawaii (geographic focus is non-negotiable)
Businesses under $250,000 in annual revenue (minimum viable engagement size)
Pure real estate transactions without business operations (focus is on going-concern businesses)
Distressed asset sales or fire sales (focus is on orderly sales of profitable businesses)
Startups without operating history (need established financial performance)

Team

Tom Caltrider - Founder and Managing Director

Tom Caltrider brings over 30 years of broad business experience to Hawaii Business Sales. His corporate background includes:

Senior Vice President, Johns Manville Corporation (responsible for $1 billion fiberglass insulation business)
President, CEO and Vice Chairman, Gundle Environmental Services
Vice President, GE Plastics Pacific (based in Singapore)
Vice President & GM, Petrochemicals and Materials, Borg-Warner Chemicals

Education:

MBA, Ohio University
Advanced Management Program, Harvard Business School
BS Business, University of Maryland

Certifications:

Certified Business Intermediary (CBI), International Business Brokers Association
Certified Exit Planning Advisor (CEPA), Exit Planning Institute
FINRA Series 79, 62, 63, SIE (not currently registered as active broker-dealer)

Professional Memberships:

M&A Source (member since 2018)
International Business Brokers Association (IBBA)
Maui Chamber of Commerce

Geographic Coverage

Hawaii Business Sales serves businesses across all major Hawaiian islands:

Maui: Primary base in Kahului
Oahu: Active across Honolulu and neighboring communities
Big Island (Hawaii): Serving Hilo, Kona, and island-wide
Molokai: Limited but active engagements
Lanai: Occasional transactions

The firm's physical office is located at 444 Hana Highway, Suite C, Kahului, HI 96732.