After acquiring an add-on business with us two years prior, the owner / partners of a well established IT & Engineering staffing business were ready to sell their business.
Founded in 1988, the business was now in second generation ownership and privately held. Started as an information technology staffing business supporting a Fortune 200 public company, the business had grown and expanded over thirty years to a multi-state staffing business exceeding $5 million in sales. This key customer had awarded the business as it’s top vendor the year prior - quite an accomplishment for a thirty year business relationship. At the time of the decision to sell, the business revenue was over $3,000,000 in gross sales annually.
The objective of the majority shareholder of this business was to find a strategic buyer for the business that would:
•Preserve the business established by his father.
•Value the customer base relationships and honor existing contracts.
•Offer employment to the current key employees.
While we advertised the business locally and on the Transworld network, most of our serious interest came through direct marketing. We directly contacted the executive teams and development officers at Midwest staffing companies on behalf of our client. Our team pitched our client’s business to over 200 competing staffing firms and reviewed the memorandum with over 30 interested potential buyers who completed NDAs.
Our marketing of this company lasted for over 12 months. While we received interest and informal offers, the accepted offer in the 12th month came from an IT consulting & staffing company that we had spoken with in the 1st month.
Following completion of the sale and transition, the acquiring company hired the selling CEO in a part time business development role. And the acquisition made some local headlines: https://www.insideindianabusiness.com/articles/sondhi-solutions-buys-staffing-agency
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