BRONSTON, KY – A longtime friendship and love for boating have developed into a successful business partnership for two Pulaski County men.
Chase Brumett and Stefan Brown purchased All Boats Service Center in late 2022. Together, they’re combining their unique skillsets to build on the 27-year-old company’s legacy of service to the Lake Cumberland region, making it one of the premier boat dealerships in the area.
Brumett was working as a realtor when the previous owners of All Boats Service Center decided to retire and sell the business. Brumett’s previous experience in the boating industry gave him insight into the Bronston-based business’ success and worth, so he contacted Brown, a friend, and local banker, to discuss purchasing the company together.
Brown had done business with All Boats Service Center and knew the company’s quality.
“Once we got into the due diligence of the company, the two biggest factors that stuck out were the team already in place, including their customer base and knowledge, as well as an opportunity for Chase to really advance their boat sales,” Brown explained. The more we talked about it, the more we realized it could be a perfect partnership.”
Since purchasing All Boats, the partners have operated at full throttle, expanding the full-service business by boat sales to the operations. With more than 20 used boats in the showroom being brokered and a new luxury pontoon line secured to sell by this spring, the new All Boats team expects to fulfill the needs of boaters across the region.
Lake Cumberland boaters know All Boats has a reputation for being the largest marine parts dealer in the area, with a knack for having in-stock special-order parts, used parts and parts that are no longer available. In addition, its certified mechanics provide onsite services to boat owners on the lake and at the service center. They will also pick up and deliver boats, too.
But it’s the new line of pontoons they’ve added that have the owners most excited about their new venture.
Once they decided to purchase the business, Brown and Brumett turned to the lending team at Southeast Kentucky Economic Development Corporation to help them structure the deal and complete a smooth ownership transition.
“SKED was an integral part of the All Boats purchase,” Brown said. “Everyone at the organization lives in and is a part of the Southeast Kentucky area and is personally invested in its development.”
The nonprofit lender played a vital role in the project’s development and completion of the sale, he explained.
“The loan staff worked with us on structuring a loan product that was beneficial to all parties and pushed the business purchase through. They were with us every step, from inspecting the property, underwriting the financial info, and discussing the best way to make the business fund the growth we wanted and keep it successful for another 25 years.”
SKED Director of Lending Bob Burgess calls the All Boats acquisition a win-win for all parties involved.
“SKED has a proud tradition of helping businesses grow and succeed in this region of the state. All Boats is a very successful boat service business,” Burgess said. “When the original owners decided they wanted to let a new generation of leaders take over, we were happy to help Stefan and Chase realize their dream by packaging financing for the business purchase. We’re keeping to our mission of helping to retain jobs in the region and helping an iconic business transition to new ownership.”
For more information about All Boats Service Center, visit https://www.kyallboats.com/, follow them at https://www.facebook.com/KyAllBoats, or stop by the business located at 2100 Highway 90, Bronston, Ky. To learn how SKED helps small business owners do business better, visit www.skedcorp.com or call (606) 677-6100.