American Dream Achieved
IBA, as a fifty-year old business brokerage firm serving the entrepreneurial community of the Pacific Northwest, has been uniquely positioned since before the American Bicentennial celebration of 1976 to witness and hear the stories of thousands of people who have lived the American dream through entrepreneurship creating beloved businesses by employees, customers, and communities while finding personal fulfillment and financial prosperity through execution of their ideas, hard work, perseverance, and ability. In an effort to share these stories heard throughout the years by our team of business brokers, who are commonly regarded as the “best listeners” in the M&A industry, IBA has retained highly regarded writer, Nesha Ruther, to tell their stories. It is our goal to share one story a month. It is our hope that you will find the stories as inspirational and motivational as they are to us and the buyers who bought the businesses in IBA facilitated transactions in Washington, Oregon, and Alaska. The following story comes from internal at IBA and features IBAs Vice President of Business Development, Curt Maier. IBA is blessed to have many successful entrepreneurs among its team of business sale intermediaries and corporate management. Guidance that comes from a place of knowledge is valued. However, professional counsel from a party with relevant academic knowledge and field experience is superior.
The Story of Curt Maier (IBA’s Vice President of Business Development)
By Nesha Ruther
Curt Maier is in the unique position of having had three distinct careers. His first was in the military; Curt served in the Navy for five years before beginning a 20-year corporate career for the Fortune 300 company Air Products and Chemicals. “We sold industrial gases like oxygen, nitrogen, argon, hydrogen, helium, along with medical and specialty gases for a wide variety of applications across all industries,” he explains. “From healthcare to food freezing, industrial gases are used in the manufacturing of all these products.”
Curt is a second-generation German American as his fraternal grandparents immigrated from Germany. From a young age, he displayed an impressive work ethic, cutting lawns, waiting tables, and working as a shipping clerk after school.
As an engineering student at Notre Dame in the late 1970s’, Curt enrolled in the Navy Reserve Officers Training Corps (NROTC) which covered his cost of tuition, room, and board. The first in his family to attend college, Curt developed a strong appreciation for knowledge. Upon graduation, he was commissioned and entered the United States Navy and became a Nuclear Submarine Officer aboard a Fleet Ballistic Missile Submarine, the USS Robert E. Lee (SSBN-601 Blue Crew) based in Guam.
Curt’s time in the Navy taught him the importance of attention to detail and absolute compliance to process and procedures, both as an Engineering Officer of the Watch running the nuclear propulsion plant as well as an Officer of the Deck, accountable to running the operations of the submarine.
While Curt is proud of his military service and enjoyed his time in the corporate world, his third career as an entrepreneur and small business owner was the most satisfying. “It’s interesting how my journey started and progressed over time because I had no idea, I would be a small business owner. Even my father was a corporate guy, he worked for AT&T for 40 years,” Curt says.
After leaving the Navy in the mid-1980s, Curt’s aim was to find a corporation that would take care of him for the remainder of his career. He put himself in the hands of a headhunter who led him to a job with FORTUNE 300 Air Products and Chemicals, Inc. “My primary assignments were in sales, marketing, product management, business management, and ultimately general management,” he says. He served Air Products in various field and corporate locations including an expatriate assignment in Malaysia in the early 1990’s. His job running the company’s joint venture out of Kuala Lumpur was one of his favorite challenges. A later position running the firm’s Global Helium Business was also particularly satisfying. “When I got to the 20-year point my last assignment with Air Products was as a strategic buyer. After purchasing American Homecare Supply for $165 million, we were acquiring companies in respiratory therapy and durable medical equipment. So, we would go out and buy smaller companies and roll them up into one integrated business and become an industry leader,” he says.
Working as a strategic buyer gave Curt valuable experiences in mergers and acquisitions that would prove critical down the road. “I learned how to value businesses, how to negotiate with owners, investment bankers, and other business professionals.” While Curt enjoyed his job and the challenges and opportunities it brought, it didn’t allow for the degree of flexibility his life required at that time. “My wife is a CPA, and our daughters were four and seven at the time,” he says. “My wife and I both had to travel quite a bit [for work]. There was one week where I had to be in China, and she had to be in Germany.” A less than ideal situation for two young daughters.
Curt and his wife were doing well enough that one of them could stay home for a couple of years. As many working husbands would, Curt assumed his wife would want to take on that role. Curt proposed that she continue working as a CPA, but on her own, so she would have the time and flexibility to take care of the kids. “She turned to me and said, ‘I agree with you, we need some flexibility, but I think it makes sense for you to consider something entrepreneurial.’”
“She looked at me and said, ‘What did you tell me Friday night when I picked you up from the airport? You told me that you had made another asshole a millionaire.’” Curt recalled his last business trip to Chicago. He had bought a company for $3 million that was in reality, only worth $2.5 million. The company paid a premium because they could, and that was his job. “She said, ‘I don’t think you like your job as much as you did years ago.”
Curt always considered himself to be risk-averse; this was what allowed him to thrive under the strict requirements of the Navy and was part of what attracted him to the corporate world. Striking out on his own as an entrepreneur seemed risky and unstable. But at the same time, being his own boss would allow him to create a career he found meaningful, while also providing the flexibility to care for his young children. His wife loved her work as a CPA and a North America Tax Director and could provide stability as a W-2 employee with compensation and benefits while Curt explored his options.
Curt told his wife he would think about it. Later that day, he ran into a friend and business broker while golfing at his country club. “I didn’t really know what business brokers were at the time, but I knew I could count on him for objective feedback,” Curt says. He bought his friend a beer and picked his brain about what his wife had proposed. “I told him the story and I said, ‘She’s got this idea that I should do something entrepreneurial? Isn’t she crazy? Please, confirm she’s nuts.’
He folded his arms and said, ‘How many guys in this club work harder than you?’
I said, ‘Well probably not many.’
‘How many of these guys are smarter than you, sharper than you, and have more business acumen than you? I can tell you, Curt, none of these guys have anything over you. So, in answer to your question, is your wife nuts, or are you the luckiest guy in the world?’”
Curt had begun the day as normal, by the time he arrived home that night, two people he deeply trusted had told him to become an entrepreneur. “I realized they were right. These people I had been dealing with [as a strategic buyer] weren’t any smarter than me, but they had taken a risk and taken control of their life.”
When Curt got home that night, he went to the website of his friend’s brokerage firm and looked at the businesses they had listed. A few were healthcare companies, similar to the kind Curt had purchased for Air Products and Chemicals. “I realized that I could buy one of these companies for myself and make more money, control my own destiny, and maybe even grow and improve [the business],” he says.
Despite every positive indicator, Curt’s cautious nature still held him back. The final omen that pushed him over the edge, was an early retirement package from Air Products. “I had a meeting with my boss to discuss cost-cutting measures. As we had secured M&A acquisition capacity with the AHS acquisition, my position could be eliminated and was. The early retirement/severance package, combined with everything else, gave Curt the security to finally feel ready to take the leap and buy his own business.
In 2003 Curt left his corporate job and began looking for the perfect business but couldn’t find one that met his high standards. “One day I had lunch with a friend from Air Products, and he said, ‘You’re never going to find anything that’s completely perfect. You’re so conservative, so risk-averse and over-analytical, you’re going to drive yourself nuts!’” Curt’s friend pointed out that throughout his career, no matter the industry, Curt had worked as an executioner, and he thrived when executing business plans. Curt’s friend suggested that this skill would serve him best when looking at franchises.
“My initial reaction was ‘Franchises, like McDonald’s?’ you always assume people are talking about fast food. But franchises can be quite different and include B2C and B2B opportunities across all industries. The chance for success is much greater than anything I could do on my own. I recognized I was not much of an innovator but rather an executor, I would enjoy doing that,” Curt says.
He took the advice and shifted his search and considered many options; he found a franchise specifically in senior healthcare. There was a market for it in Eastern Pennsylvania where Curt and his family lived, and a high number of older adults who needed care. The business catered specifically to elderly individuals who had physical or cognitive impairments but were not ready for an assisted living facility. “They’re either living with their spouse or baby boomer children and need some level of attention,” he says. “Reminders to take drugs, help getting dressed, things like that. It was an alternative to in-home care. Instead, they come to my facility, spend the day there, and go home at night. It’s adult daycare.”
With his adult daycare business (SarahCare of the Lehigh Valley), Curt would not only be alleviating some of the strain of care that is put on the family members of the elderly but also help combat some of the loneliness and isolation that so many older individuals suffer from. “Humans are social, some might be introverted, some might be extroverted, but they all like being around each other. We had activities, meals, and a nice atmosphere for people during the day,” Curt says. There was a productivity angle to the business as well, while the older adults spent a great day at Curt’s center, they freed up their spouses to spend some much-needed time alone or their children to be able to work.
Curt made the leap and purchased the business in 2005. For two years he put his talents as an executioner into growing and expanding what was already a stable and successful business model. “I built it up and executed it,” he says. “Eventually, not only did I break even but I replaced my corporate income and paid somebody to come in and run [the business].” Additionally, Curt served on Sarahcare’s Franchise Advisory Council. Curt was then able to dedicate time to his family. “The kids were in private school, had violin lessons, swimming practice, Girl Scouts, etc. My wife was the corporate player and I’m Mr. Mom,” he says with a smile. During this time Curt also had an opportunity to establish an industrial business apart from SarahCare. He founded National Nitrogen Generators, which provided product and services to replace air with nitrogen in passenger vehicles by selling to automotive service departments.
Within two years, the adult daycare business had reached a point of complete stability, it was a thriving successful business. At that time, Curt’s wife got an opportunity to relocate to Seattle. Once again, they decided to take the leap. Curt was able to monitor the business remotely, while his well-trained, on-the-ground staff kept the wheels turning. “I didn’t hesitate, I said, ‘Let’s go,’” he recalls.
In 2011 Curt was contacted by a former coworker from Air Products and Chemicals. He had been laid off and was looking for work in the industry. “I told him ‘Why look for a job? Take control of your life like I did.’” He took the message to heart. Curt had done so well for himself as an entrepreneur that he not only inspired his friend to buy a company but to buy his company. “I lived in Seattle now, I wasn’t going to be able to continue to build the business from 3,000 miles away,” Curt says. “Eventually I was going to have to sell it, why not sell it now?” Six months later, he sold the business and enjoyed a great return on his investment.
Once the thrill of the sale had worn off, Curt was faced with the question all entrepreneurs who sell their businesses must reconcile; what next? “I realized, instead of buying another business, why don’t I help people sell them the way I sold mine? I know the value of a franchise, and I know how to work with clients to find the best fit for them,” he says. “There have got to be a lot of people like me looking for businesses to either buy or sell, why don’t I become a business broker?” Curt was able to control his calendar and his clients. To support his business, he became a Certified Machinery & Equipment appraiser, was licensed as a franchise broker, and joined various business networking groups to grow his business.
Curt found a national brokerage firm, Murphy Business Sales, that would not only allow him to help others sell their businesses, but that was part of a larger franchise. Becoming a franchisee once again allowed Curt to do what he did best, execute an existing business strategy. It also gave him the support of a larger network, including a designated broker who served as a mentor of sorts. “He provided me with the knowledge necessary to be successful, and I started doing a lot of deals to the point where I could build out my team,” Curt says.
He also became acquainted with other brokerage firms working in the area, including IBA. “I met [Gregory] because he had a business for sale, and I was working with a buyer,” Curt recalls. “We were on opposite sides of the table. We had a very professional relationship, and I was impressed with his process. I felt my company had a good process, but I could see IBA had something special.”
“[IBA] has a high attention to detail. In our business, if you don’t stay on top of the minuscule details, it will cause the deal to crater. Gregory had attention to detail, processes that were well documented, and a really good group of professional partners like lawyers, CPA firms, and lenders. We were competitors, but we became friends as well. I was really impressed.” High praise from a detail-oriented executioner.
In 2016, Curt dropped his youngest daughter off at college at Villanova. Feeling reflective, he began to ponder his exit strategy. He had successfully run several businesses (both independent and franchised), but he was nearly 60 years old and growing increasingly aware he could not do this forever. He decided to continue to run the brokerage firm for another five years and begin planting the seeds for one of his brokers to take over the business.
Those seeds took root faster than expected, and by the end of the year, he had fully transitioned the business over to one of his agents. Upon completion of the sale, one of the first people Curt shared the news with was Gregory. “He said, ‘Sorry to see you leave, you’ve been such an asset to the industry,’” Curt recalls.
The pair’s professional relationship continued, often seeing one another at baseball games and local events. Curt used that time to do some angel investing, travelling, and visiting his parents on the east coast. Gregory on the other hand had a keen awareness of Curt’s talents and felt he still had more to accomplish. “One day he just came straight to me and said, ‘Curt, you’ve got too much tread on the tire. You have wonderful relationships with referral sources, financial advisors, and CPAs. You understand this business really well. I’d like you to consider an opportunity with IBA.”
Curt, however, was enjoying his retirement. “I said, ‘If I wanted to continue doing hard work, I wouldn’t have sold my business!’ He was enjoying his time as an Uber and Lyft driver and became a volunteer van driver at the VA Medical Center at Beacon Hill in Seattle.
Gregory however was not one to give up easily; “He said, ‘Look, I’ve gotten to know what you like, you like to eat fancy food, drink, and play golf. What if we can structure something where I pay for you to do that, and you can work as many hours as you want, just like you did when you were an owner? I don’t need you to be a broker, I need you to help develop business opportunities for us.’”
Gregory had given Curt an offer he couldn’t refuse. In essence, Curt would serve as an ambassador for IBA, participating in various industry associations and referring business owners to IBA and the services they offer. “I meet these owners, size them up, and match them with who I think the best broker would be. I basically find the deals.” Curt says. All while eating, drinking, and golfing no less!
This matchmaking element of the job plays well to Curt’s strengths as an executioner, as it relies heavily on strategy. When pairing up a broker with a seller, Curt must consider many factors including personality, industry background, and more. “We have some brokers that are intellectually oriented, and some that have more ‘blue-collar’ backgrounds. I think about what personality traits would work well. I also consider industry experience and knowledge, so if one of our brokers has been involved in that particular industry, it makes it easier for them to talk to the owner and do the valuation. It’s also a matter of capacity, I work with Gregory to make sure everyone’s plates are full,” he says.
Curt’s position with IBA is in many ways, a perfect amalgamation of his previous careers. It draws from his knowledge of deals and acquisitions, as well as his own experiences of buying and selling businesses. Moreso, his love of franchises has helped IBA expand into selling not only individual businesses but franchises as well. Curt works entirely on commission and still gets to enjoy the freedom and flexibility of retirement. He has done so well that in 2019, he was named the IBA Broker of the Year, despite not being a ‘production’ broker.
Curt has the unique perspective of having viewed the buying and sale of businesses from all angles. He has been a buyer, seller, broker, and worked in acquisitions. “I’ve labeled myself as The Super Broker,” he says, laughing. One way he distinguishes himself is by the care and attention he gives to buyers, rather than solely to sellers. “I am the only broker in the State of Washington to be both a licensed business broker and a licensed franchise broker” Curt says.
“Most business brokers in this country are solely focused on selling the business,” Curt says. “[Brokers] are paid by the seller, and generally buyers can be fickle. But when I was buying, I didn’t have any help, I didn’t know what to look at or how to do it. I have empathy for buyers, and in order to get a deal done, you need a buyer and a seller. Also, businesses change hands about every eight years on average, so eventually [the buyer] is going to sell that business. He is going to remember who he bought the business from and how pleasurable that experience was. It makes sense to also take care of the buyers.”
Over the years of running both his own business brokerage and working for IBA, Curt has come to see many businesses bought and sold, some of the connections he has made for IBA particularly stand out. “Recently a buyer came to IBA looking for a business to purchase. I met with him to understand what he was looking for. He was a Microsoft software engineering manager who didn’t want to just keep making the shareholders wealthy and he wanted flexibility and his own wealth generation capability. I told him my story and it seemed to resonate with him, to the point where he started asking about franchises. I connected him with Charlie, our in-house franchising expert, and he shifted, just like I did, from looking at existing businesses to franchises,” Curt says proudly.
By sharing his story, Curt was not only able to help someone sell their business, but help a buyer find exactly what they had been searching for (even if they didn’t know it yet). “The software engineer decided to buy something he never would have thought of, just like I never would have thought of buying an adult daycare franchise, He ended up buying a franchise called Pet Evolution. He now has the opportunity to become an area developer and open many stores throughout Washington, he’s ecstatic,” Curt says.
Curt enjoyed his Murphy franchise experience as he took great pride in serving those ‘Main Street’ owners who truly needed his expertise. Even more enjoyable is serving owners in the lower end of the middle market. “IBA’s performance compensation model attracts the highest performers in the industry,” Curt says. “They get paid a success fee only after putting points on the board upon a successful transaction closing” He also takes personal pride in assisting Veterans, both transitioning out of the active military and those who have served years ago.
In the past, the ideal career was to find a stable job for a big company and work in that role until retirement, but that reality is no longer desirable to many. Entrepreneurs like Curt embody that careers outside of corporate life can not only survive but thrive. “In my day, the greatest opportunity was to work for the biggest, baddest Fortune 500 company for your entire career,” Curt says. “Younger generations now understand they can control their destiny through small-business ownership. The greatest risk in life is not taking one.”
For Curt, the American Dream is about self-actualization. Reaching the top of Maslow’s hierarchy of needs, so you do not simply exist to survive, but to be the best version of yourself. Having reached that point himself, Curt now helps others accomplish the same. “I help others achieve the American Dream by doing what I did: leaving the corporate world by purchasing either an existing business or new franchise. I work with each buyer to find the best fit for them in terms of balancing what they need in their new entrepreneurial life.”
Nesha Ruther
Nesha Ruther is a writer and editor from Takoma Park, Maryland. She received her BA in English Creative Writing from the University of Wisconsin Madison, where she received a full tuition scholarship through the First Wave program based on academic and creative merits. She was a 2016 Young Arts winner in spoken word, a 2016 winner of the DC Commission of the Arts Larry Neal Writing Award, a 2017 winner of the Mochila Review Writing Award, which was judged by Nikki Giovanni, a 2020 winner of the University of Wisconsin’s Eudora Welty Fiction Thesis Award, and a 2022 Tin House Winter Workshop Participant. She has been commissioned to write and perform for the National Education Association, and has had work published in NarrativeNortheast, Angles Literary Magazine, Beltway Quarterly and more. She currently lives in Cincinnati Ohio, is a Lead Writer at Bond & Grace, and a co-host for the podcast Lit Talk (https://www.bondandgrace.com/the-lit-talk-podcast).