Tounge Associates had the privilege to assist Tidewater in the sale of their business to Dead River in 2022.
We first met Matt and Michele Porter in 2021 to learn more about their business and complete a Valuation. It wasn’t until 2022 that Matt and Michele made the decision to sell their business and engage with Tounge Associates. I remember Matt and Michele being very thoughtful at the early stage of the process – weighing the pros and cons of keeping/growing the business vs exiting while they were both still young and able to enjoy their time with their children and start a new adventure.
Matt Porter grew up in a Family oil company. When he started Tidewater in 2006 – he remembered tagging along on deliveries and service calls when he was young and witnessed day in and day out his father’s commitment to exceeding his customers’ expectations. Those early lessons in how to do things right are the foundation upon which Tidewater was built.
I also remember Matt sharing with me some of the hard times his family had in the early days of Tidewater. It takes perseverance and commitment to start, grow and sustain a Family-owned oil and propane business – and Matt had plenty of both. However, after 15+ years of operations, Matt decided he was ready to exit, and that was the best decision for him and his Family.
Matt ran a tight ship and the sale process (as detailed and complicated as it can be) was a success.
I caught up with Matt over the phone a year after the transaction to see how He was enjoying his next chapter:
- What are you doing with your free time now?
After the four-month transition post close with Dead River, Michele and I decided to take 12 months off to enjoy a slower paced life before re-entering the workforce. During that time we did a lot of traveling. We visited family in Florida, friends in Hawaii and we took a 92 day road trip in a Toyota Grand Highlander we outfitted to travel cross country. We visited all of the tower 48 states and had the freedom to explore places in this country we did not know even existed! Most days we had no idea where we would be staying that night until late in the afternoon. We did not tie ourselves down to an itinerary which allowed us the flexibility to decide on the fly what direction to head in, what attractions we wanted to stop at and when/ where we would stop for the night.
In addition, we used the time we were not traveling to tackle projects around the house and yard that we just seemed to never get done while running the business. We also made it a priority to reconnect with family and friends that we did not see as much as we wanted to while running Tidewater! As we drove around the country we had a lot of time to discuss what the next chapter in our lives would look like. We knew getting back into a normal routine would be important.
As the 12 months ended we have found ourselves exploring new opportunities, business ventures and personal goals. During our cross country trip we had a lot of time to discuss what the next chapter in our lives might look like. We both felt getting back to a normal routine would be important as we moved forward with our lives. Although we have not made any long term commitments we have both felt the urge to start doing something daily that would bridge the gap between our year off and our next chapter. Michele has started door dashing and loves it. Sometimes I join her on a door dash dates!
Ultimately, I’d like to start another business, but am still exploring what markets and segments to focus on. Who knows, maybe I will scrap owning another business and join our local fire department!
- Any new business ventures?
As we drove around the country we had a lot of time to discuss what the next chapter would look like. We knew getting back into a normal routine would be important.
In the meantime, we are exploring new opportunities, business ventures, personal goals – Michele is even door dashing and she loves it. Sometimes I will go with her and we call it a door dash date! We like staying busy.
Ultimately, I’d like to start another business but am still exploring what markets and segments to focus on. Who knows, I might even consider being a firefighter a few days a week.
- How is the family adjusting without the full-time requirements of an oil and propane business?
Not seeing the employees and customers and family members has been one of the biggest challenges. We grew into a small community at Tidewater and it has been a challenging transition. That said, we are enjoying our freedom to explore new things and I think even my health has improved since not having to work 80 hour weeks!
- What have you learned from the sale of your business?
The sale of our company has given us a lot of freedom in life. We get to share our story with others, travel and explore new adventures. We worked hard building Tidewater and know we are very blessed to have had the opportunity to sell at our age and enjoy life with less restrictions. That said, we know many people work hard and never get this opportunity. We feel very fortunate and realize how richly God has blessed us and our family.
When we first met with you [Tounge Associates]– and we were considering selling the company – I was struggling with thinking about what life would look like after running an energy company – but I’ve learned that there are a lot of opportunities out there.
- How are Michele and the kids?
My kids grew up watching me start this business. We put everything into growing it and then we were fortunate enough to exit at the right time. I have always had the mentality that if you want, go out and get it. Don’t wait for others to hand it to you. As a young man in my twenties I witnessed first hand several family members running successful businesses. The common theme among them all was that they had strong ethics, worked hard and were generous to
those who worked for them and the less fortunate in our communities. I took these traits and built my business around them.
I believe we have done a good job of instilling these values into our kids. They are all doing well. Evan has started his own burner service business. Brandon and Ethan are exploring new careers in heavy machinery and earthwork. Alexis is still with Dead River working as a service dispatcher. Our other son Rick continues to excel as an officer in the United States Navy.
Michele is enjoying the numerous opportunities we have had to travel and is currently planning our next trip!
