45+ year, family owned wholesale bakery in New York. Owner is 70, motivated to retire, realistic on value, and flexible on structure. Not running a formal process. Products: hearth breads, artisan breads, rolls, subs, bagels across fresh and frozen channels. Diversified customer base (foodservice, retail, school districts). No customer concentration above 8%. Facility: 60,000+ SF food-grade production building on 11+ acres. Industrial 1 zoning. 14 loading docks, 14-25 ft ceilings. Real estate appraised at $19M. 6+ acres of undeveloped industrial land for expansion. EBITDA has been negative past two years due to specific one-time event. Trending toward breakeven for 2026. The thesis: real estate alone is worth $19M. Owner is realistic on valuation. You're getting a $25M revenue business with an intact customer base as upside. Asymmetric risk/reward with a hard asset floor. No broker. Direct introduction to owner. Buy-side finder's fee applies. Please message me if interested and include details on who you are, funding source, and experience.