Besides podcasts, Ascension CEO and Founder Chelsea Mandel drums up sale-leaseback business by hosting poker nights, concerts and sports outings.Chelsea Mandel and her firm Ascension Advisory are on a mission to help small business buyers borrow a $17 billion a year tactic from private equity’s playbook known as sales leasebacks. But finding the right deal is nearly impossible.ccording to the U.S. Small Business Administration , the final week of April marks National Small Business Week.
Dennis purchased a dealership where just the real estate was valued at $20 million. The whole package—real estate, dealership operations, and other assets—was being sold for just $17 million. By arranging a sale leaseback, Dennis managed to cover this entire cost of the acquisition. “We were able to cover the lion’s share of the acquisition just by leveraging the property,” Brian Dennis says. “Using sales leasebacks provides the lowest cost of capital.
Mandel ought to know. Since graduating from Dartmouth in 2015 with a degree in economics, Mandel’s career has been dedicated to real estate finance. She got her start as an acquisitions analyst for real estate billionaire Barry Sternlicht’s Starwood Capital Group and later joined New Mountain Capital, where she developed and helped lead their sale leaseback strategy, executing over $400 million in transactions.
But there’s more to it than just selling; figuring out how much rent your newly purchased business can afford is crucial. The higher the rent you agree to, the more an investor is willing to pay for the property. However, if you push the rent too high, you risk drowning a previously solvent business in unmanageable costs. So, the new buyer is essentially being compensated for assembling the deal and assuming the risk of paying rent on property the business used to own outright.
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