Founded in Crossville, Tennessee in 1982 by Richard Dalton, Durable Products, Inc. is a manufacturer of engineered custom rubber and polyurethane products. Richard’s son, Mike Dalton, took over the business in 1989 after his passing, nurturing the company in hopes of carrying on his dad’s legacy. 

Durable Products flourished under Mike by offering rubber flooring systems to heavy-duty trucking companies, building longstanding customer relationships and achieving Richard’s dream of a successful family business. With a close-knit team of long-term employees at his side, Mike’s journey as a business owner has been a rewarding experience. 

As he began to consider stepping back from the business, Mike never wanted to lose his passion for the business and his team. He reached out to a trusted advisor to see what his exit options might be, so he could make a smooth transition and secure a bright future for Durable Products. 

Read our interview with Mike to hear about his experiences as a business owner and how FourBridges guided him through the challenge of finding the right buyer for Durable Products. 

What inspired your father to start Durable Products? 

My dad had been in the industry for about 15 years, working for another company. It was always his goal to own a business, so when ownership changed at his company, he decided to venture out on his own. When he started Durable Products, I was a young guy, and he asked me to work with him and make it a real family business. 

Unfortunately, he passed away in ‘89, so at that point, I took over and ran the company until the sale. After he passed, it became an obsession for me to make his dream of owning his own business a success. Eventually, it became my dream, too. It’s been very rewarding to have his legacy continue through what we’ve built here.

What was your experience like as a business owner? 

I’ve worked with the heavy-duty trucking industry for about 25 years, supplying all of their flooring systems to three major brands. It’s been exciting, for sure, and it’s come with its ups and downs. You go through all the economic changes and growth strategies.

We’ve been very fortunate to develop a team that started here virtually out of high school and has been with me for 20-25 years. They’re great people, and we’ve had a family-type atmosphere over the years. I actually had one of them tell me that I was like a second dad to him, and that he’ll be sad to see me step away from the business. That in itself has been very rewarding for me, and it’s one of my greatest accomplishments as a business owner.

How did you know that it was time to sell?

Well, I’m aging out. I was still enjoying what I was doing, but I didn’t want to get to a point where I didn’t enjoy it anymore and didn’t want to go to work. I decided that it was time to see what opportunities were available to me. I didn’t have any real timeframe for a sale, but I just wanted to explore what my options might be. 

What were your goals going into the sale? 

Money is obviously always a consideration, but even more than the money, it was all about continuing the legacy of the company. A huge part of that is the group of folks who’ve been with me for most of their working lives, so I wanted the company to continue for their benefit. That was a huge part of my decision-making process.

Why did you choose to work with an advisor during the sale? 

I never had any intentions of doing this on my own because I knew that I didn’t really understand the process. 

When I really started thinking about an exit strategy, I reached out to a financial advisor that I’ve always had a great relationship with to get his opinion on the best path. He originally recommended a larger firm, and that firm told me that Durable Products wasn’t really big enough for them. They then recommended FourBridges. 

FourBridges was local to the area, and my trusted financial advisor knew of them. After our first meeting, I felt comfortable and knew they would be a good partner for me. 

Looking back, is there anything you wish you had known before selling your business? 

I never operated the business with the thought of selling. It was just all about growth. After 40 years of business, not all of our records were easily accessible, which made the due diligence tough. If I had anticipated that I would need these things, I would have better organized the documents and been able to spend less time searching to find them. 

It was probably one of the most challenging parts of the process, especially because I didn’t reach out to other staff for help. I tried keeping things confidential because I didn’t want to cause any concern during the process, but it would have been a lot quicker with their help. 

How did the FourBridges team help you overcome those challenges?

When I first met with Andy and Andrew, they were easy to talk to and down to earth. From the beginning of the relationship, they were always positive and enjoyable to be around, even through the frustrations of the due diligence. They carried a demeanor that made you feel like everything was going to be fine. They pushed where needed and really guided me through a process that I had no clue about. 

What was the best part of working with FourBridges? 

The guidance they gave me was just phenomenal. 

They answered all of my questions and were able to explain things in layman’s terms, which really made the process so much smoother for me. They made a law firm recommendation, which turned out to be a great relationship as well. 

Andy and Andrew made the process fun. It was pretty frustrating at times, but again, they kept me calm and focused on what we were trying to achieve. They were just great guys, and I never doubted my decision about partnering with them. 

What advice would you give to a business owner who is considering selling? 

I can’t imagine doing it on my own. I would recommend that you find a partner to guide you through the process, because it’s an enormous undertaking that’s really hard to wrap your head around. 

What’s next for you? 

I’ve stayed on as a kind of consultant, but that’s soon coming to an end. I never really had a game plan for retiring, like traveling the world or anything like that, so this has given me an opportunity to back away slowly. I didn’t want to be here one day and then gone the next. 

Now that I’m wrapping up that obligation, we’re talking about traveling and visiting some folks. I’ve also got a little piece of land where I can play on my tractor and my side-by-side, so I’ll probably spend some more time down there and just relax.