In the following Q&A, Maio describes what’s happening with his companies and what may be in store for the rest of the industry.
Let’s talk about the background of the sale. How long did you think about selling?
I thought about selling for a number of years, but unfortunately, I thought I built my business so large that I didn’t know who I was going to sell it to. A lot of the value of our businesses are traditionally based on where your ads were in the Yellow Pages, how many years you had been in business and how many trucks you operated. I had several offers from private individuals over the years, but their prices were way too low, and the residual value after the sale was non-existent.