Story #1
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.
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.
Consequently, the deal closed in a timely manner and the ownership transitioned without the drama that can accompany such a milestone.
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Stacy Kottman, former owner, Medicat, LLC |
Story #2
Bryan shares his journey of selling his business and offers practical advice for other owners considering a sale.
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Bryan Knowles, CEO and co-founder, VersaBadge |
Story #3
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 employees 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.
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Jinny Laderer, former owner, vCreative |
The employee’s perspective
“When a company you enjoy working for is acquired by another company there is uncertainty and nervousness around the process. When Banyan purchased Medicat, I was both hopeful and fearful. The Banyan team quickly put my fears to rest.
The transition in ownership has been very beneficial for us. We have been able to keep our family culture while being given the opportunity and resources to grow and improve our business. It's been almost four years now and I am still proud to be a part of the Banyan family. ”
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Beth Nettleton, Application and Technical Support Manager, Medicat |
Story #4
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 before eventually deciding on Banyan Software. Several things set Banyan apart, outweighing other offers that were as much as 15% higher, including:
- Their long-term horizon and willingness to invest in the firm
- A board of directors with extensive software experience
- The integrity of their executive team
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.
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Marvin Sauer, former owner, Lightspeed Data Solutions |
Story #5
Hear Ardi share his story of growing and nurturing the business over 20 years and ultimately finding it a new home with Banyan.
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Ardi Batmanghelidj, CEO and former owner, Innovatum |
Story #6
“Selling a company you’ve spent 20 years growing is no easy decision — and finding a buyer that’s committed to protecting your legacy and employees is a challenge.
We had heard many pitches that devolved into disappointment, but when Banyan entered our world, we knew they were different. The team’s professionalism and confidence completely allayed our skepticism. They handled our never-ending questions and concerns intelligently and we became convinced that this was the company we were 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 smooth post-sale transition and continued operations gave our employees – and us – the confidence that we had made the right choice.
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Amy Gruber, former owner, School Pathways |
Story #7
We have found the perfect permanent home for our business.
After 15 years of growing Argus we felt it was time to take that next step. We were looking for someone who had the credentials to look after our team and continue to grow it even further. Banyan seemed like the right fit and, since the acquisition, this has proven to be the case.
Banyan’s values aligned well with our own, in being a people-first organization, and this was demonstrated to us throughout the M&A process. We had many discussions around company culture and values.
Being a family owned business, sometimes it’s hard to work on the business rather than in it. Having the support of a larger organization and our operating partner, who works with us to provide guidance and bring new ideas, has been amazing. I have gained new knowledge and experience, and I know Argus is on a trajectory to even greater growth thanks to their input.
I am so confident in our decision to join Banyan, that I will happily talk to any potential seller about our experience and how great the team at Banyan has been.
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Aaron Muir, CEO and former owner Argus Tracking |
Story #8
“Over the past ten years, DECIMAL has been approached on numerous occasions by potential investors. As soon as we were approached by Banyan, I immediately realized that they would be the perfect partner the day I was ready to sell my business. I found people at Banyan who looked like us: professional, warm and unpretentious.
They offered DECIMAL a permanent home in which the company can continue to grow, without shaking up the extraordinary organization that we have built up to now. This will allow employees to continue to develop and excel at their job, knowing that a serious and strong organization is behind them.
Over a year after the transaction we still believe that choosing to do business with Banyan was the best decision for DECIMAL, its employees and its customers.
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Stéphane Gaouette, former owner DECIMAL |