The Choice For Staffing Inc.
This business was acquired from the founder in a highly leveraged transaction that included senior bank debt, seller sub-debt, and a contingent seller earn-out note. Senior debt was fully retired in 17 months, nearly 4 years ahead of plan. Sub-debt was retired on schedule (not early due to the favorable terms). Earn-out was determined at the end of 24 months and retired on schedule.
"I had been interested in selling my business for a number of years but could never get comfortable with prospective buyers. Most seemed unconcerned about my employees and the culture I had built. They didn’t seem to grasp the value of the many distinctive details that set us apart from the dozens of competitors in our industry, and most spoke openly of “improving profits” by slashing the costs that were necessary to deliver the outstanding service our customers had come to expect. When I imagined these prospective buyers as creditors who would be responsible for continuing to operate my business well enough to pay me the full value of the note they were asking me to hold, I simply could not sell.
The Trovare team was different. They immediately appreciated our culture, our people, and the value proposition of our company. They explored and took the time to understand why the extra costs and investment were necessary, and recognized the value of a company that competed on value and not just price.
They were a pleasure to deal with, they kept their promises and did what they said they would do. My requirements were important to me and they were flexible enough with the terms of our sale to meet my needs and still get the transaction funded and closed. After closing, they continued to openly communicate, sent reports in a timely manner, performed as promised, and paid me promptly.
I would recommend Randy and his team to anyone interested in selling their business."
B.K. - Founder, The Choice For Staffing
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The Darwin Technology Group, Inc
This business was a funded start-up of a management team in the IT consulting industry. By the end of month twelve, the company was profitable. Average growth rate was approximately 40 percent annually.
"Randy and his team gave us the autonomy and structural support to develop and realize our vision for a company that addressed obvious market demands. A lot of investors talk about empowering and then proceed to micro-manage and frustrate good managers. His team provided excellent financial, accounting, payroll, billing, collection, legal and other structural support so we could concentrate on building our business. But even more importantly, their strategic guidance was invaluable. The power of the Trovare team added a lot of experience that we would not have had on our own.
Our management team was motivated and offered great incentives to achieve performance goals. We enjoyed celebrations of milestones and even had the opportunity to take our entire team to Mexico to mark a key achievement.
Randy and his team took the time to listen to our ideas, challenge our plans, and help measure and monitor our progress. They remained open, candid, and helpful as a resource in many ways…a good leader’s dream team!"
K.O. - Founder, The Darwin Technology Group, Inc.
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Kallahan Marketing Group, Inc
Trovare brought operational, risk management, and capital expertise that this business needed to grow. A creative structure that secured a large working capital line at a very reasonable cost enabled the business to grow more quickly and freely.
"We needed a financial partner with more than just money. Trovare was experienced and strategic, two areas where we really needed help. Most of all, they helped us get great financing and put in place a deal that no one else even considered. They really took the time to understand our business and did a lot of homework to find a good capital structure for us. Without Trovare, we’d still be small potatoes".
J.M. – Founding Financial Manager, Kallahan Marketing Group, Inc.
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