Entrepreneur Plus - Short White
For Subscribers

How to Find, Buy and Turn Around a Fixer-Upper Business Here's what you need to know if you plan on rehabbing an existing business.

By Michelle Goodman

This story appears in the June 2015 issue of Start Up.

Aaron Cobb
Cleaning up: Bill Hennessey of Qwatro RoyalPak.

After pocketing $500,000 at age 25 from several ventures, including St. Party's Day, the event-marketing brand he created and licensed, Bill Hennessey decided to buy "a sleepy brick-and-mortar business" in an industry that wasn't crowded with other business-school grads. That way, the Toronto 'trep believed, he'd have less competition.

In 2012 Hennessey began snatching up Canadian companies that manufacture industrial cleaning products, purchasing four for roughly $2.5 million in all and consolidating them into one uniform brand, Qwatro RoyalPak. He says most of the companies were stagnant, mismanaged or both. One was on the verge of bankruptcy. Another had no digital records to speak of—the previous owner maintained all data by hand. But all had one thing in common: a strong, loyal customer base.

This is a subscriber-only article. Join Entrepreneur+ today for access

Editor's Pick

Related Topics

Cryptocurrency / Blockchain

Why the Next Crypto Bull Run Will Be Like Nothing We've Ever Experienced

We are on the precipice of what could be the greatest transfer of wealth that has ever happened in human history.

Business News

Gen Z's Main Career Aspiration Is to Be an Influencer, According to a New Report

Over half of Gen Z individuals surveyed expressed a desire to become influencers, compared to 41% of adults from other age groups.

Business News

Disney Is Investing a Massive Sum to Expand Its Theme Parks and Cruises

The company made the $60 billion revelation in an SEC filing earlier this week.

Business Ideas

55 Small Business Ideas to Start in 2023

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2023.

Business News

Sam Bankman-Fried's Parents Sued by FTX Over Alleged 'Misappropriation' of Millions

FTX has initiated a lawsuit against the parents of its founder, Sam Bankman-Fried, in an attempt to recover millions of dollars that the company alleges were fraudulently transferred and misappropriated.