1 Business People June 2005

Tom Ellis, president of the Ellis Company (far left)and Dan Lawrence, president of LawrenceConstruction (far right), with Midwest BusinessBrokers owners Julie and Dan Replogle (standing).

Family firm

The family that plays togetherstays together. You couldinclude “works together” in

that saying, too.Dan and Julie Replogle, owners of

Midwest Business Brokers in Fort Wayne,know what it’s like to balance a family-owned business with a family at home. Ormaybe “blend” is the more appropriateword, since the two entities seem to meldinto one at times, rather than balancethemselves separately.

Dan inherited the business from hisfather, who began his operation in 1950 inFort Wayne, an offshoot of a business bro-kerage firm that originated in Indianapolisin 1936. The Indy office eventually closed

while the Fort Wayne office thrived, andDan eventually got his bearings in thebusiness following his graduation fromIndiana University in 1972.

Having your father as your businessmentor can be a blessing in a job such asbusiness brokering, as it’s an ever-chang-ing industry that takes years to learn.

“I couldn’t have started in it withouthim,” Dan says. “He was from the oldschool. He didn’t have a lot of educationbut he had a lot of experience, comingfrom the Depression era and selling smallbusinesses like taverns and hardwarestores. When I came in he taught meeverything he knew, and then I took it tothe next level by getting the education,

designations and certifications. But hegave me the foundation.”

Since attaining his bachelor’s degreefrom IU and entering the business, Danhas been awarded four professional des-ignations as a certified commercialinvestment member, business counselor,business intermediary and a mastermergers and acquisitions intermediary.He holds real estate licenses in fivestates and is a licensed general contrac-tor and auctioneer.

Julie Replogle, Dan’s wife, joined thebusiness in 2000 after managing a dentaloffice in the same building for 11 years andmanaging their home life, which includestwo children of their own and one from

June 2005 Business People 2

Dan and Julie Replogle of Midwest Business Brokers have kept their busi-ness successful — and in their family — for more than half a century.

article by Christine Randolph Velagapudi • photos by Steve Vorderman

Dan’s previous marriage. Their combinedexperience has helped prepare them for ajob that often requires a jack-of-all-trades-type knowledge.

Qualified business brokers help facili-

tate the process of buying or selling a busi-ness much the same way that real estateagents help with the flow and require-ments of buying or selling houses or prop-erty. However, there are some important

differences. Skilled business brokers can:• Identify qualified buyers without

disclosing a client’s intention to sell.Confidentiality is crucial to the business.

• Evaluate a business objectively to

3 Business People June 2005

The Replogles “knew of our dreamto become restaurant owners,”says Kara Pastor (second fromright), co-owner of Chop’s, alongwith her husband, Chuck (far right).

determine a fair selling price andavoid unrealistic and time-consumingexpectations.

• Prepare financial statements andother information prospective buyersneed to interest them in the potential ofthe business.

• Identify other intangible values ofthe transaction that may be important toeither the buyer or seller.

• Pre-qualify buyers to ensure theirfinancial ability to buy a business, deter-mine their ability to successfully continuethe business, and assess their motivations.

• Make sure the buyer and seller makea good match both economically andphilosophically.

Sounds pretty straight forward, butwhen you factor in the emotions that cancome from selling a business a client hasnurtured for a long time, one might saybusiness brokers also need to be effectivepsychologists too.

“It’s not just the financial transaction.When you sell your business you reallyhave to plan for the future,” says Julie.“A company is like a baby for a lot ofpeople. It can be hard to let it go, andyou really have to be both financiallyand emotionally ready.”

Buying one can be tricky, too, andrequires much the same emotional andeconomic preparation. That’s why whenKara and Chuck Pastor, owners of Chop’sSteak & Seafood restaurant in Fort Wayne,started searching for their own business,they made their first stop at Midwest

Business Brokers.The Pastors had long been acquainted

with the Replogles through their work atCork ‘N Cleaver restaurant, where Chuckand Kara were managers and Julie andDan were frequent customers. Their busi-ness relationship grew into a friendship,and eventually the Pastors sought toacquire a restaurant of their own.

“We got to know them and they knewof our dream to become restaurant own-ers,” Kara says. “We looked for a year ortwo, and when the previous owner ofChop’s decided to sell, it was a good

match; steak and seafood — that was ourbackground — and we wanted to stick towhat we were familiar with.”

“Most people have their business andpersonal lives separate,” Kara says. “Wemix ours together. You experience thehighs and lows together with both. It canmake you a stronger person.”

It’s a sentiment that many husbandsand wives who manage both a homeand business share. Sandie Karch, chieffinancial officer of 3 Rivers Archery,and her husband, Dale Karch, presidentof the company, also deal with estab-

June 2005 Business People 4

lishing the lines between their personaland professional lives.

The Karches also purchased theirbusiness, the world’s largest retailer oftraditional archery products, with thehelp of Midwest Business Brokers aboutfive years ago. They began by present-ing their product at archery shows, andthen built a small store in Wisconsin.While negotiating to get their productsfeatured in the 3 Rivers Archery catalog,its previous owner told them the bestway to accomplish that would be to pur-chase the entire business. So, with theReplogle’s help, they packed theirthings, headed for Fort Wayne and didjust that. They’ve doubled their businessin the last five years.

As far as bringing the children into the

fray and continuing beyond the currentgeneration, it’s something of a given forthe Karches: All three of their sons haveworked the business at some point, andsome have plans to return. The Pastors’daughters may have a way to go beforethey get involved in their family business,as they’re only 3 and 1 year old, and theReplogle’s 22-year-old daughter has theright training, with a multiple major infinance, accounting, international businessand real estate from Indiana University,plus a previous internship with her father.But choosing to continue a business thathas in part defined your family for muchof your life is a big responsibility.

“She’s seen what I do and says she’dnever be able to handle it, but the truth is,she’d be terrific,” Dan Replogle says. BP

5 Business People June 2005

ADDRESS:4626 W. Jefferson Blvd.Fort Wayne, IN 46804

TELEPHONE:(260) 432-3000

OWNERSHIP:Dan and Julie Replogle

WEB SITE:midwest-brokers.com

YEARS IN BUSINESS:55

PRODUCTS/SERVICES:Business brokerage firm helping

potential buyers and sellers in com-mercial transactions.

Midwest Business Brokers

for your information