Acquired – 2019
Focus – Transformers & Inductors
Hobart Electronics designs and manufactures custom transformers, inductors and magnetic components for a wide variety of OEMs.
As a business owner, the succession of my business was always a part of my long-term strategy: what would happen to my business and its valued people if something unexpected happened to me or when I was ready to retire? Because I valued my people and my customers, I needed to be sure the company would continue and prosper without me. This realization was the first step in my being ready to discuss selling my ownership in my life’s work.
There were two factors involved in selling the business: 1) finding a partner who had the means to realize and be able to provide appropriate value and 2) to partner with a company who had a track record for maintaining and growing companies they have acquired in the past. My largest concern, as it related to selling the company, was to do everything in my power to avoid selling to a company whose strategy is to buy a company, lean it out for a few years and then turn it around and sell it again. Selling the business was not just about realizing value, but also about protecting my staff and the jobs they had done so well. This is why I chose to go with discoverIE. My research into their business practices helped me to understand that they desire to acquire successful companies and allow them to continue to run while also investing in their future success. This was a strategy that gave me great comfort as it related to the most significant professional decision of my life.
The process of selling a business is, generally speaking, quite challenging. The transaction is significant and as a result the due diligence process needs to be thorough; it is an unavoidable aspect of selling a business. However, discoverIE conducted themselves with 100% integrity during the entire process. Their conduct was professional, respectful and completely honest. I have heard from many business acquaintances over the years who have sold their business and I would say that my experience with discoverIE was in all ways superior to those of others.
I have achieved my goals with the sale. The company’s survival is no longer dependent on my health or ability to continue to run the operations. Our customers, employees and suppliers are all protected and no longer dependent upon the good fortune of a single person. Several of our key customers welcomed the news as they had concerns about the sole ownership aspect of my company. Knowing the company was now in the hands of a larger entity gave them comfort that the business was now more stable. My personal experiences after the deal closed were pleasant. I found working with the management team of discoverIE to be professional and courteous.
Selecting a company to buy your business is one of the most important decisions you will ever face as a business owner. I am pleased that my business is now owned by discoverIE and I believe that the company’s future and the future of all our valued people are in very capable hands.
Gary Kriadis
Former MD Hobart Electronics