XPX MEMBER SPOTLIGHT: CHRIS MANICK
XPX Chicago member Christopher Manick, M&A/SBA Specialist with Busey Bank, recently transitioned a 30-year-old niche manufacturing company in the Chicagoland Area. The transition in ownership occurred between the seller and the company’s Shop Supervisor/Manager, who had been with the company for over 20 years.
The sale and transition of the business was not easy or quick. After several years of the broker trying to attract strategic buyers, the broker refocused efforts on selling the business internally to the Shop Supervisor/Manager – who had the technical knowledge and experience to continue to run and grow the business.
The seller and buyer of the transaction faced a number of challenges with several failed attempts to secure bank financing. Once the transaction was presented to Busey Bank, the deal was structured with a $5 Million SBA 7a Loan that financed the purchase of the company’s commercial real estate, highly specialized heavy equipment and a significant amount of goodwill.
This transaction left in its wake:
- A multimillion dollar payout for the seller that secured his family’s retirement
- Secure jobs/careers for 20 employees, most of whom had been with the company for 10-20 years
- Referrals made from the Deal Team:
- M&A Attorney
- Wealth Management Advisor
- PEO Firm
At XPX Chicago, we are a community of professional advisors who work collaboratively to help U.S. privately-held businesses build long-term, sustainable and realizable value. Share your success stories with fellow XPX members by e-mailing them to Laura Yunger, CEO of Saltare Solutions and XPX Chicago Communications Chair: firstname.lastname@example.org