FT. COLLINS, Colo. (BRAIN) — Big Shot Bikes, primarily an online seller of custom-colored fixed-gear and single-speed bikes, is looking for a buyer.
Matt Peterson founded the company nine years ago, using his background in software engineering and product sourcing to offer bikes that can be ordered with the buyer's choice of frame, component and wheel colors. The brand later branched out to offer cruiser bikes and sales through bike shops, using a proprietary kiosk that lets dealers offer custom bikes on the sales floor. The company has also offered custom branded bikes for corporations.
Peterson said Big Shot is debt-free and profitable, with average annual revenue of more than $600,000 for the past three years. It has sold a total of 20,000 bikes in its history, and its highest-grossing year was $1.8 million. Peterson is the sole owner and has been able to build Big Shot without bringing on investors or partners. He said the company will continue if he doesn't find a buyer, but he'd prefer to move on to new challenges.
"I have other opportunities to launch more software-related ventures. ... I think I've built the business as much as I can on my own and it would be beneficial to hand it off to someone with more resources who can breathe more life into it," he told BRAIN this week.
In a statement, Peterson said, "We have grown a fantastic bike brand based on a unique business model. As the original owner, I am proud of how far the company has come, and the role we have played in the mass customization field. ... This was a difficult decision for us, which we made after carefully assessing the needs of our business. We are confident that new ownership can build on the profitable foundation we established over these last nine years and steward this company into an even more successful future."
Peterson declined to publish the asking price. The purchase would include the brand, other intellectual property and inventory — Peterson said it's essentially a turnkey business that could be managed remotely. More information is available by emailing Peterson at investors@bigshotbikes.com.
Related stories:
- Big Shot Bikes expands Colorado facility — March 17, 2014
- Big Shot now offers cruisers — Oct. 2, 2013
- Big Shot offers IBDs a custom bike ordering kiosk — April 12, 2012
- Big Shot Bikes launches wholesale division — Oct. 20, 2011
