Case Study: ScanData
Background:
An unusual situation unfolded when the business owner and founder passed away without a will and the Travis County Probate Court became a key player in all material company decisions. Following the founder’s passing, the company hired an interim CEO tasked with the sale of the company.
Focus Strategies Service:
The probate court engaged Focus Strategies as its exclusive advisor to pursue an extensive sell-side process. Focus Strategies worked with the interim CEO and the court-appointed administrator as they compiled sell-side marketing documentation and due diligence. Focus Strategies identified an audience of more than 100 targeted private buyers and private equity groups. A substantial response of more than 10 Indications of Interest (IOIs) were received. Focus Strategies assessed the prospective groups to find the right match for the company. This transaction was unique in two main ways. First, the process was more thorough and time consuming than usual as Focus Strategies worked directly and in parallel with the company, the probate court and the potential buyer. Second, the business was very complex, with their systems operating in over one thousand locations. The resulting acquisition was not only successful from a financial perspective but also delivered long term executive leadership to the company.
Outcome:
The expectations of all the key stakeholders – the company, the interim CEO, the probate court, the employees and the buyer – were met or exceeded by the transaction process and result. New ownership has bolstered operations of the existing company and they are well-poised for future growth.