When Sheehan Psychotherapy Associates employee Ashley Marzullo began down the path to purchase the business from its retiring owner, she had no idea what obstacles and speed bumps would pop up. With the help of the RISBDC, today she stands proudly as the new owner, ready for great things.

Over the two years it took to close the deal, Marzullo, 33, worked diligently with RISBDC business consultants Paul Harden and Sandra McNamara to adjust to changes and develop a solid business plan for the acquisition. Hurdles included major life transitions, the impact of COVID-19, changes to the original approved loan stemming from the pandemic, and ultimately needing to submit a new loan application to a new lender.

While the original deal was structured with the owner providing a loan for 40% of the purchase price, as the deal progressed Marzullo’s bank proposed financing for 90% of the deal. Citizens Bank approved a 10-year SBA guaranteed loan and line of credit, and Marzullo also benefited from the CARES act, which authorized the SBA to make six months of loan payments—saving her approximately $47,000 in debt service.

Over the journey, the RISBDC helped Marzullo find legal counsel, develop a business plan, complete financial projections, analyze cash flow, negotiate with the seller, find a lender, develop the required loan documents, and navigate the transition period.

Since acquiring the business, Marzullo is in the process of hiring seven new therapists and is looking at additional office space for expansion. We’re grateful for the opportunity to be part of her unexpected journey and can’t wait to see where her next steps take her.

To learn more about Sheehan Psychotherapy Associates, visit their website at SheehanPsychotherapyAssociates.com.