The Paximadakis family called me with nothing more than an idea and a long history of living and breathing the hospitality industry. They had just enough of all the ingredients needed to make a restaurant acquisition, but they couldn't find a way to blend them all together. I spoke mostly with Yanni over the course of the last 9 months. A middle-aged guy born of Greek immigrants in Nyack, NY. Yanni and his sister grew up working in their dad's restaurant they owned for 30 years before he retired and shut the doors. They thought they'd get out of the restaurant business, but this industry isn't something you can just leave behind. For next 7 years they waited for the right opportunity to come around. They finally stumbled upon Confetti Ristorante & Vinoteca, a high end Italian joint located on the Hudson River in Piermont, NY - Just a few minutes from their hometown.
I knew from the first time I spoke with Yanni this would be a tough deal, but a deal I desperately wanted to make happen. He sent in all the documents I asked for in just a day or two. Through all the financial information on each of them, the restaurant information, the lines and lines of past experience there was one item that stuck out to me. A handwritten note at the bottom of the personal information form:
"I eat sleep and breath this business. It’s my passion and my heart"
Time kills deals is a common saying in the business world. People get burnt out, no one wants to keep reviving the same deal over and over, things just go stale. But throughout the past nine months I went back to that sentence on several occasions - Yanni probably doesn't even remember writing it - and every time it reignited that initial spark. We hit more roadblocks (not just bumps) than I care to recollect on, but with each one the Paximadakis' never slowed down.
I only spoke with Mr. Paximadakis on two occasions - both times he snatched the phone from Yanni's hands to interject. The first time wasn't long after we had gotten a commitment letter - In the thickest Greek/New York accent you can imagine: "Zach my son tells me you've made a miracle happen. I can't believe this but I want to thank you. You bring your whole family up here and we're going to feed you." Food is love and to receive that offer from an old timer 1,000 miles away means everything to me.
Up until we got the clear to close you could still hear the fight in Yanni's voice. With every email and every phone call he received from the lender, he’d call me just to double check nothing was getting postponed.
No one thought this deal would get done. Not the seller, not the business broker, not the sellers attorney, hell, not even the buyers attorney was completely confident. You could hear the doubt in their voice throughout the process.
You know who did believe this could happen? The Paximadakis family, our lender, and us. And that’s what makes the SBA world such a beautiful place to be.
Yanni, Dina, and Mr. Paximadakis - May you continue throwing pies in the oven for many years to come.
