- Associated Press - Sunday, June 21, 2015

DUBUQUE, Iowa (AP) - A retiring Dubuque businessman is keeping his company in the family, thanks to a sales pitch from his adult daughter.

Larry McDermott, 66, recently agreed to sell his business, McDermott Excavating, to his daughter, Tara Duggan. A deal was finalized in June, the Telegraph Herald reported (https://bit.ly/1H74cWW ).

McDermott said he never intended to sell the business to family.

“I had been trying to figure out how to retire the last five years, but my employees are my biggest concern,” he said. “I wanted to make sure they were taken care of.”

Then Duggan, one of McDermott’s three children, made an offer for the business in April. She and her husband own a restoration business in Wisconsin and they had recently agreed to acquire another business.

Duggan said she reached out to workers at McDermott Excavating to ensure they would stay if she took over the business, which focuses primarily on commercial work.

“I flat-out told some of these guys, ‘I am not doing it unless you are staying,’” she said.

The company started in 1978 with just three employees. It now has 20. Many employees have been with the company for more than 30 years, according to Duggan.

“I grew up around a lot of these people,” she said. “And this business always provided our family with a good life.”


Information from: Telegraph Herald, https://www.thonline.com



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