Tapping Into a New Future: J. Hancock Plumbing

business lending business success customer stories family business small business Apr 01, 2024

Tapping Into a New Future: J. Hancock Plumbing

Matt and Alex Gibson had a dream of becoming entrepreneurs. With strengths and weaknesses that balance each other out, they knew working together would be good for their family. Alex had the back-office business side of things covered, while Matt had built a career in the plumbing industry. When his employers came to him last fall and asked if he’d be interested in buying their business, the couple jumped at the chance. “There are a lot of advantages of purchasing an existing business, from gaining current customers to keeping an established name,” Alex explains. “We are so grateful for the opportunity and hope to make the Hancocks proud as we grow the business in the future.”

J. Hancock Plumbing was founded in 2018 by Jay and Paula Hancock, who built the company from the ground up to the large, successful business it is today. From the beginning, Matt and Alex worked with Sam Renta at Alliance Capital Corporation on their two SBA 7(a) loans, one for the real estate and one for the business assets. “We had no idea how to do any of this, but Sam, through his banking connections, helped us facilitate the purchase. Not to mention he answered all our late night phone calls,” Alex says. “He even stayed on the phone with us while we were filling out paperwork and walked us through each step of the process.”

Buying an established business requires a few extra hoops to jump through, with the transaction closing in February 2024. With the seller’s assistance and their financing structured to fit SBA guidelines, Alliance Capital was able to offer the purchaser 100% financing. Now that the Gibsons own the company, they are looking ahead to the future. With a staff of five plumbers, they offer both commercial and residential plumbing services and have done jobs from Cullman to Tuscaloosa and throughout the Birmingham metro area. “We want to be your neighborhood plumber because we really enjoy building relationships with our customers,” Alex explains.

Now that their lives have been changed for the better, Alex and Matt are excited about the future. They have added advertising and sponsorships of local events to their marketing plan and love the flexibility the business gives them. “Jay, Paula, Sam and the entire team it took to make this happen, changed our lives with this opportunity,” Alex says. “We hope to grow J. Hancock Plumbing and pass it down to our kids some day.” 

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