The Makings of a Merger
In December of ’06, he learned of a distributorship in Detroit that had fairly recently sold its business, and arranged a lunch meeting with the former owner. “I explained I was thinking of selling or merging my company and wanted to know about his experience,” continued DeWitt.
Now himself a business broker for the organization that handled his company’s transaction, the former owner suggested a few prospects. One was a large, sophisticated distributorship heavily involved in multimedia projects and high-level marketing. “The company is so big, I feared we would end up being just a little cog in a very large wheel,” shared DeWitt. “We have a lot of smaller customers, but they were looking for home-run accounts bringing in $500,000 a year or so. I wasn’t sure I wanted that kind of pressure, and I also didn’t want someone not appreciating what I bring to the table.”
- People:
- Susan Phillips DeWitt
- Places:
- Detroit