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Jon Hyatt left management consulting to buy E.J. Willis, a New York maker of bells for Navy and Coast Guard ships. The company dates to 1888, sells 75 to 100 bells a year, and brings in about $250,000.
— THE LEAD
A Navy Bell Maker Founded in 1888 Brings In $250,000 a Year
E.J. Willis Company makes brass bells used aboard U.S. Navy and Coast Guard ships. Founded in 1888 at 91 Chambers Street in Manhattan, the company later established operations in Middleville, New York. Its bells come in seven sizes, weighing 3 to 200 pounds, and are manufactured to U.S. Department of Defense specifications. The company once sold a broader range of marine hardware, including brass bilge pumps, boat hooks, and other equipment. Jon Hyatt acquired its bell business in an asset purchase that closed on July 1, 2026.
The business generates about $250,000 in annual revenue and produces 75 to 100 bells. That works out to roughly $2,500 to $3,333 in revenue per bell. A 3-pound bell starts at $795, while a 20-pound bell costs about $3,700. The company has also offered a 5-pound bell mounted on a teak stand to gift buyers for around $1,500. The business is profitable, although its earnings are not sufficient to replace Hyatt's previous salary.
Most orders come from shipbuilders and suppliers serving the Department of Defense. Business comes through Defense Logistics Agency solicitations, which let government suppliers compete for military procurement requirements, and through direct requests for quotes. Individual customers also purchase bells for vessel christenings, dedications, retirements, and commemorative occasions. These orders provide demand beyond military shipbuilding.
The company's history is one of its most distinctive assets. A customer buying a Willis bell is purchasing from a manufacturer with 138 years of history and an established record of supplying military vessels. Its archives include a 1953 company logo, 1932 advertisements, and a 1937 technical diagram of a brass bilge pump. Hyatt uses historical documents, product designs, and archival material to develop the brand's identity and share its manufacturing heritage with a wider audience.
Hyatt spent approximately two decades in management consulting, working across retail, luxury goods, transportation, manufacturing, healthcare, and life sciences. He later operated a management services organization supporting a medical group and holds an MBA. Before acquiring E.J. Willis, he had submitted a letter of intent to purchase a dental practice. The proposed transaction required substantial upfront diligence costs and would have left him dependent on professional partners and employees to operate the business. After discovering E.J. Willis through Craigslist and visiting its Middleville facility, he abandoned the dental acquisition.
The previous owner was retiring and had already sold the rest of his machine-shop operation, leaving the bell business as the final remaining component. Hyatt acquired its assets, including machinery, molds, inventory, goodwill, and the company name, using personal cash and a home equity line of credit. He avoided SBA financing because the interest rates he encountered were approximately 11% to 13%. All four employees retired with the seller, leaving Hyatt without an existing workforce.
Demand remains difficult to forecast because a substantial portion of sales depends on military procurement activity. Orders are tied to shipbuilding requirements and government solicitations, which do not necessarily arrive on a predictable schedule. An outside foundry also casts the bells, creating a dependency on a third-party manufacturer for a critical production stage. Replacing the retiring workforce's knowledge adds another operational challenge as Hyatt rebuilds the business around its existing products.
The company's limited digital presence provides an opportunity to reach customers outside defense procurement. Its former website had displayed a coming-soon message for approximately two decades, leaving little infrastructure for direct consumer sales. Hyatt has since begun developing an online storefront and sees potential demand from recreational boat owners, yacht clubs, wedding customers, and companies purchasing commemorative gifts. These markets remain largely undeveloped, and expanding into them will require new marketing and sales channels. For now, Hyatt owns a profitable, specialized manufacturing business with established military customers.
— MIDWEEK TAPE EXTRA
Cedar Falls liquor store asks $300K on $1.5M revenue
Asking price: | $299,999, plus $400,000 for inventory |
Annual cash flow: | $299,999 SDE |
Gross Revenue: | $1,500,000 |
Asking multiple: | 1.0x SDE |
Rent: | $3000 a month |
Number of Employees: | 2 (1 Full-time, 1 Part-time) |
Open on Center Street in Cedar Falls, Iowa, since 1984, the store has 3,000 square feet and a drive-through window. The listing reports no other liquor store within three miles. Sales have run $1.35 million to $1.45 million a year since 2021. Employees run it without the owner on site. The price includes $150,000 of furniture, fixtures, and equipment. Its owner is selling to focus on new acquisitions. All shelves, freezer & walk-in cooler condenser & compressor are brand new.
Translation, if you own one: Liquor stores require substantial working capital beyond the purchase price. BizBuySell data shows liquor stores sold between 2021 and 2025 at a median 2.85x SDE, although comparisons depend on whether inventory is included. Industry conditions are also changing. A 2026 Bottle POS study of 1,478 stores found fourth-quarter sales declined 3.3% year over year, while 66% of surveyed owners identified rising costs as a major challenge.
COMING ON FRIDAY
Agreeing on a sale price does not settle how much working capital the seller must leave in the business. The working capital peg establishes the required amount of inventory and receivables, less outstanding bills, at closing. Friday’s SMB Manual explains how buyers and sellers calculate the peg and how a shortfall reduces the final purchase price.
