James Duncan, Former Business Owner and Treasurer – Eurodata Support Services Inc.
Eurodata Support Services Inc (ESS) has been a great business for myself and partner Leslie for many years, but our focus had totally shifted a number of years ago as other business interests grew, so we decided to seek a strategic buyer for ESS. Initially, we entertained possible acquisition partners ourselves which didn’t lead to success. In researching for an M&A consultant, we were very impressed by Tequity’s people and their approach, and chose to outsource the process to their group. It was a big decision for us and we are very pleased we went that route… we should have done it sooner! Perhaps our experience will be of help to others who are contemplating hiring Tequity.
It is clear that Tequity played a very important role in contributing to our successful outcome. From our first meeting they took ownership of the project. They set a clear framework of the process, expectations of what would happen through the stages, the timelines required from their experience, and how to keep the project moving forward. Their checklist of preparations and methods to gather and share information got the process quickly under way to get us on the market. When I look back it was amazing how accurate they were in their timelines and assessments.
While I know there were many involved behind the scene, Kevin and Anish were instrumental in conducting the day to day activities. They were practical, professional and helped us shave countless hours off of what might have been wasted work with unqualified prospects. They worked efficiently between potential buyers and ourselves to provide a professional platform to meet and greet, and share information to build interest toward proposals.
Their team cast a wide net to locate potential buyers across North America and they brought forward multiple offers from well-qualified buyers in a relatively short timeline. They were particularly helpful in our evaluation of the pros and cons of the offers, and in assisting us through negotiations. In threading our way through contentious issues with the buyers, they created outcomes where everyone left the table feeling successful. A neutral third party (Tequity) accomplished things that we could never have achieved on our own.
A review of their website was helpful in supporting our decision to hire them, but this was confirmed as they created a variety of high quality documents, information packages and a data room which greatly contributed to communicating our company value to prospective buyers.
We will always be grateful for the guidance and assistance that the team at Tequity provided. They increased our valuation, got us a clean offer, and helped de-stress crucial components of our process. They work hard and every step of the way we felt they had our best interests first in their priorities.
You may wish to learn from our misfortune. Several years earlier we had been approached by a potential buyer and thought we were capable of handling the process on our own. Running a successful business is one thing we know, but preparing for an M&A scenario with your own business is another project and requires special talents. It can prove to be a big waste of your time, and took us away from our work in growing and operating the business, and ultimately a lost opportunity to get the most value from our business that we worked hard to build.
If you have thoughts or opportunity to put your IT or Service business on the market, we highly recommend contacting the Tequity team for their Professional Services.