Understanding your vision
Business Banking
The background:
Nearly a decade ago, Curt Kassigkeit incepted BrightCovers, a Northeast Ohio company that specializes in the design, manufacturing, and installation of porch roofs, canopies, patio and deck covers, and custom canopies for residential and commercial applications.
The challenge:
“I took a brief break from BrightCovers, working elsewhere for nearly three years. Then, I decided to return to BrightCovers, and transition ownership to become the sole member,” says Curt, President, Translucent LLC.
Transferring from management to sole ownership can be a long process, entailing detailed planning to ensure the legal, accounting, tax, and insurance are set in place for the transition.
Throughout the journey of transferring ownership, Westfield Bank recommended to:
- Set up the right partnerships. The purchase of your business, regardless of approach, must be well documented for tax implications and bank covenants.
- Understand your future cash flow. Align your company’s future capital requirements as well as your own with the current profitability of your company by utilizing treasury management business solutions and tools.
- Ensure the market value is favorable. Business valuations by an experienced professional can inform your decision to purchase, preparing you for opportunities when market forces are most favorable.
Our solution:
Partnering with Kassigkeit throughout his transition, our uniquely designed terms facilitated the transition from previous management.
“I showed them my financials and they understood the vision. Westfield Bank stepped up to the plate and helped structure and facilitate the transition of BrightCovers. Not only did we get the deal done, they made sure that I had the right access to a line of credit. Without them, there would be no deal,” says Kassigkeit.
If you’re deciding to take on a new venture, having the right banking partner to provide working capital for new business opportunities by asset purchase, stock purchase, stock exchange, cash, or any combination, can provide a seamless acquisition.
