FEDA Learn Institute
Distribution Talk: Ben Whitlock Talks COVID-19 and Transitioning Ownership
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Continuity is an underappreciated aspect of ownership transition. Ben Whitlock, president of Mobile Fixture, a kitchen and restaurant supply wholesaler based in Mobile, Alabama, followed that game plan to the letter when he and three partners bought out the company's longtime owner. Bader caught up with Whitlock to discuss drafting a protracted transition process into the buyout deal, maintaining organization-wide confidence throughout the pandemic and succeeding in the crowded hospitality space.
Whitlock and his three partners, all members of the senior leadership team since approximately 2017, entered into a sale agreement with Mobile's longtime second-generation owner Walne Donald five years ago. But rather than pushing Donald out immediately, they wrote him into their purchase agreement.
In addition to Walne staying on as majority owner, Whitlock and his partners were adamant about forgoing private equity. The team believed in the organization's inherent family philosophy and didn't want to tinker with it too much. That holistic approach to company culture served the organization well, especially during the pandemic. With no customers to sell to, Mobile closed its showroom and warehouses for several weeks to refresh and reorganize. That time together proved to be an excellent, if unplanned, team-building exercise.
Now that the transition switch has finally flipped, Whitlock and the team are ready to tackle post-pandemic challenges like supply chain issues and inflation.
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