GarageTek of the First Coast has been sold and the new owner, Jeffrey Cosgrove of Ponte Vedra Beach, has begun operations.
When Mark Berman and business partner, Stephen Laveck, started GarageTek of the First Coast in 2002, it was the ninth market in the GarageTek franchise system. There are now more than 50 franchises nationwide.
Berman and Laveck transformed what was the seed of an idea into a $1.2 million local business with six employees and with more than 850 garage “transformations” installed in just three years..
“Selling the business now is the right time,” commented Berman, “We’ve gotten it to the point where it runs at capacity and it runs itself. I think there is a point in any start-up business where the initial team hands over the keys to someone who wants to take it to the next level.
“GarageTek of the First Coast is our baby. We birthed it, nurtured it and saw the concept through from writing the business plans to its current level of success. It wasn’t an easy decision, but it’s the right thing to do.”
Cosgrove is a former executive in the shoe business and recently retired with the hope of finding a successful business to buy to which he could apply his experience as a marketer.
“As an organization-oriented person with a knack for making small business larger, GarageTek was a perfect fit.” He said.
“There weren’t a lot of businesses that fit my model. I wanted to buy a small, established business in Jacksonville with a great product, a solid reputation and a leadership position within its category. GarageTek was the perfect fit—it met all my criteria.”
Under Berman and Laveck, GarageTek of the First Coast was named GarageTek’s Franchise of the Year in 2002 and 2003 and they were named to the President’s Club in 2004.
GarageTek of the First Coast has outfitted the Symphony Showhouses in 2002 at World Golf Village, in 2003 at Palencia and again this year at VillaRiva.
Additionally, GarageTek outfitted the 2003 Southern Living Idea House in Tallahassee as well as doing the NFL Alumni Showhouse in conjunction with the Super Bowl.
Berman was on the board of directors of the Sales and Marketing Council for the Northeast Florida Builders Association and was the chairman of the Laurel Awards in 2004 and 2005. Berman won Laurel Awards for Best Advertising Campaign and for Best Television Spot.
He served on the Builders Care Board of Directors in 2003 and currently serves on the board for the Cystic Fibrosis Foundation. He was also the chairperson of GarageTek’s Franchise Advisory Council.
GarageTek has relationships with more than 30 builders, including The Vintage Group, Arthur Rutenberg Homes, North Florida Builders and Flagship Development. GarageTek was also the “Official Garage Organization Solution “ of Prudential Network Realty, a deal Berman crafted with Prudential.
“There are a lot of mixed emotions leaving this behind,” stated Berman. “We were successful building the brand and the business, and it was also a lot of fun. Certainly we couldn’t have done it without a great staff of dedicated people.
“There are a lot of people to thank - the builders that adopted us, the Realtors that helped promote us and, of course, more than 800 clients that trusted us as experts in the field and as contractors.”
Originally from Pennsylvania, new owner Cosgrove moved to Ponte Vedra five years ago. Similar to Berman and Laveck, Cosgrove’s career threads through the corporate world as opposed to the home improvement world. He was most recently president of Ann Marino Shoes, a footwear company based in Hayward, Calif.
“I’m truly excited about this business, “stated Cosgrove. “I’ve wanted to own my own shop for a long time - to be able to apply all I’ve learned running other companies. I’m walking into a healthy situation in which the prior owners built a phenomenal local brand and a great reputation among their constituencies. I’m hitting the ground running.”
GarageTek’s territory stretches from Jacksonville to Tallahassee, south to Palm Coast and north to the Georgia border. Cosgrove has purchased the entire territory.
As for Berman and Laveck, they are now officially free agents.
“We’ll probably spend a few weeks of retirement working on our short games, but after that it’s back to making a living,” said Berman. “We both have some oars in the water, but our options are open.
“At the end of the day, we spent three years sowing the seed of an idea into a million dollar business and a renowned local brand and we’re getting out with the business on a high point. Hopefully that makes for a pretty attractive senior level candidate.”
While owning GarageTek of the First Coast, Berman handled the front end of the operation including marketing, sales and the day-to-day business operations. Laveck handled GarageTek’s back of the house operations including installation management, client satisfaction and inventory control.
The national GarageTek franchise was incorporated in January 2000 and franchise sales began in March 2001. GarageTek is sold through authorized dealers and is the only installed garage system sold at Home Depot Expo Design Centers across the nation.
GarageTek posted first year sales of $2 million; 2002 sales topped $6 million. By 2003, sales are forecasted to reach $18 million.