Last March, we profiled TMG Production Services, a Nashville production company that stages concerts as well as corporate and Christian conventions. Founder Steve Mitchell was hoping to sell his business to become the manager of a promising young songwriter. But there were no takers at the $2 million sale price. So, after a year, Mitchell took his company off the market and refocused on the basics. To cut TMG's costs, he decided to lay off some longtime staff members and close two of his three warehouses. He was also able to ramp up the company's sideline of selling professional audio equipment. Mitchell still wants to sell the business, but he is willing to wait until the price is right. Until then, his dream of becoming a music industry manager is on hold. "This is my retirement," explains Mitchell. "I better spend the next four or five years trying to build it up rather than sell it short."
Time On The Market: 12 months
Asking Price: $2 million
Actual Price: With no takers, TMG is now off the market.
Reporter NITASHA TIKU covers technology, finance, green business, and social entrepreneurship for Inc. magazine and contributes to the staff’s daily links blog. Her work has appeared in New York magazine, The Villager, Chelsea Now, and on nymag.com. She lives in Brooklyn, New York. @nitashatiku