Lobster and Crab Bait Company in Northern New England

Price: $175,000

Location: Portland, ME

Industry: Service Businesses

Listing ID: CM41923

***Confidential listing, not in indicated city***

Looking for a unique business that you can GROW? This might be it.

This company makes bait for lobster and crab traps, and they make it from cowhide.

Why cowhide instead of the usual fish-based bait?

• It lasts far longer in the trap. It can last 2 weeks and up to 8 weeks in very cold water, where fish bait can be gone in a day or two.
• It’s very easy to transport in 5-gallon buckets. No hauling big totes of fish bait!
• It’s cleaner and easier to handle than fish.
• The company provides de-haired cowhide for Maine, haired for other markets.

One 5-gallon bucket contains about 80 pieces of bait. With one piece of bait per trap, that one bucket is enough for an average lobsterman’s daily trip. If he has to pull his traps every few days to check his bait, he can make fewer trips with cowhide bait because it lasts longer. That cuts down on the number of trips, reduces fuel costs and wear and tear on the boat – and in the colder months, fewer trips means fewer frozen fingers.

That’s a compelling story that should impress any lobsterman!

The company sells direct to customers across the US and Canada, but never undercuts their dealers.
They deliver to dealers from Downeast Maine to Cape May, NJ.

Growth Opportunities:

The 75-year-old seller has slowed way down. You can put your foot on the gas and GROW!
Add ecommerce to the current website.
Organize a sales effort to reach more lobstermen with the compelling savings.
Add more dealers coast-to-coast.

The optional real estate includes a separate granite quarry with fantastic views of the Penobscot river. Estimated value $1.2M – and it looks like it would be perfect for a real estate developer to make some serious money.
Disclaimer: Information and financials provided by the sellers and Inbar Group has not audited them.

Listing Details

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Summary