It was recently brought to my attention that 2017 is the 50th anniversary of the ATM serving as a 24/7 banking tool in our lives (http://abcnews.go.com/Technology/wireStory/atm-50-oddity-changed-consumer-behavior-500029100). This news refreshed a memory of a stock sale transaction I facilitated in 2004, the sale of Electronic Transactions Advantage, Inc. ETAdvantage was a specialized service company providing maintenance & repair services to a network of over 3500 ATM’s in the Pacific Northwest which I negotiated the merger of into a larger entity on behalf of my client in a competitive marketplace with multiple suitors.
The following is the text from a letter sent to me by the CEO of ETAdvantage after the sale was completed:
On behalf of my partners and myself, I wanted to take the time to thank you for a job well done. We are very pleased with the professional representation you provided us throughout the sale process. The fact that the other mergers & acquisitions firms we contacted required a large deposit and what appeared to be an open check book before they would assist in selling our company was very disconcerting to use.
Your unique approach of no money down, only selling a small number of businesses a year, and only the ones that your felt you could assist was exactly what we needed to set our minds at ease. We are very pleased with your efforts.
Your knowledge was quite useful when questions arose and was always very timely. The manner in how you presented options and negotiated on our behalf was professional and I never felt we had made the wrong choice selecting you and IBA.
Please feel free to use this letter, as a reference from us, so that others will consider doing business with you and IBA.
Patrick L. Scott
Owning a company that has the banking industry as a primary customer base is not a niche that is commonly explored by entrepreneurs. However, if the demographics of banking industry customers are assessed against other potential customers it is easy to identify the positive attributes of building customer relationships with banks & credit unions.
IBA has sold a spectrum of companies that serve the banking industry. The businesses have ranged from sophisticated, service business models like J.R. Bruno & Associates, a consulting firm that helps banks create & improve lending departments specializing in SBA backed loans, to companies that installed & serviced heating & air conditioning units in banks, to cabinet shops that manufactured bank interiors.
All of these transactions involving privately held companies with a customer base of banks & credit unions have been facilitated by knowledgeable, experienced, IBA professionals while maintaining an environment of confidentiality. The banking community is a small tight knit world where news travels fast. It is also a world inclined to make decisions on a conservative footing resulting in a need for a carefully orchestrated transition of customer relationships during the transfer of ownership.
IBA is unique in the business brokerage community in that it has a track record of successfully selling companies serving the banking industry. If an entrepreneur serving this niche would like to discuss the sale of their business, we would welcome the opportunity to provide an overview of the services we offer our clients.
IBA, the Pacific Northwest’s premier business brokerage firm since 1975, is available as an information resource to the media, business brokerage, and mergers & acquisitions community on subjects relevant to the purchase & sale of privately held companies and family owned businesses. IBA is recognized as one of the best business brokerage firms in the nation based on its long track record of successfully negotiating “win-win” business sale transactions in environments of full disclosure employing “best practices”.