When Banyan contacted me, I assumed it was a typical cold call from an investment firm looking to consolidate or ‘flip’ an acquisition within a few years. It didn’t take long to realize that Banyan’s stated vision of building a long-term home of great software companies was quite unique.
We got to know David and the team and had calls with board members who affirmed their enthusiasm for the Banyan model.
My initial impressions of Banyan before signing the Letter of Intent were affirmed in due diligence. They were thorough, professional, responsive and collaborative throughout the process. The outside firms they engaged (accounting, legal & intellectual property) were also professional.
A deal falling through at the 11th hour after having involved a number of key employees could be very damaging. Just as important is confidential client due diligence. Banyan respected these concerns and agreed to our suggestions on who to involve, how and when.
Beyond the P&L, Banyan sought to understand our company culture, employees, products and market. Last but not least, Banyan demonstrated a respect for me as an owner and our company’s story.
Consequently, the deal closed in a timely manner and the ownership transitioned without the drama that can accompany such a milestone.
I felt then, and still believe, that Banyan will be a good steward of Medicat’s future by bringing new talent, ideas and resources to bear.
Stacy Kottman, former owner, Medicat, LLC
My husband and I built our company with our own funding and sweat equity. Without the demands of debt and private equity, we were always free to make decisions that were in the best interest of our clients and our employee’s. Over the past decade, we were constantly approached with acquisition offers, but I had written down very specific requirements. When I met Banyan, I quickly realized that our business vision and philosophies lined up exactly. Banyan met every single requirement.
Although it was a difficult decision, I am confident that it was the best decision for the future of our company, for our clients, our employee’s and our family. Banyan has deep knowledge across their management team, board, and investors, and provides the perfect environment to accelerate the delivery of new products and solutions. We have had great success, and it’s just beginning! With Banyan, we now have the expertise, resources, and a strong foundation to do even more for our clients.
Jinny Laderer, former owner, vCreative
Deciding to sell your business is not easy! After long discussions about the future of our business, we concluded that the best long-term decision would be to seek a strategic buyer. Our desire was to find a partner who would ensure continuity for our customers and staff.
We received numerous offers for our business from a wide variety of buyers before eventually deciding on Banyan Software. Several things set Banyan apart from the rest, outweighing other offers that were as much as 15% higher, including:
The deal due diligence and negotiation process was thorough, tough at times, but in the end fair to both parties. Having been through this process several times in the past, I found that my gut was right in selecting Banyan. I knew if we selected a firm with a long-term view and strong morals, the details would work themselves out.
Today we find ourselves moving forward on the expanded sales and marketing efforts we discussed. The outside perspective has given new insight into opportunities for growing the business. Our future is bright and I feel confident the legacy of the company will continue for a long time to come.
Marvin Sauer, former owner, Lightspeed Data Solutions
Selling a company you’ve spent 20 years growing is no easy decision. Finding a buyer who relates to your desire to protect that legacy and its employees is a challenge. While we were vetting offers, Banyan entered our world. The promises you read about on their website have been a true reflection of Banyan’s operating principles.
We came away impressed with our initial meetings with the Banyan team. We had heard many prior pitches that devolved into disappointment, but from the start, the professionalism and confidence of Banyan’s team completely allayed our skepticism. Banyan handled our never-ending questions and concerns intelligently and we became convinced that this was the company we had been hoping to find.
The integrity and patience we experienced during the thorough due diligence process “closed the deal” for us. It was clear Banyan intended to continue the legacy of our company while taking it to new levels of success. The post-sale transition which kicked off with a series of town-hall meetings along with the continued smooth running of the company instilled in our employees – and us – the confidence that we had made the right choice.
Amy Gruber, former owner, School Pathways