The offer, the plan & the transition.
As an owner of a business, burnout can happen easily—when it came to the owner of ConData, they were looking to focus on their life and missionary work outside of the business. Understanding how stressful owning and running a business can be, Dave and the NGP team assured the owner that this process can be as flexible as needed. As Dave continued to meet with the seller, he learned that both the well-being of ConData employees and closing quickly and efficiently were of the utmost importance. After a thorough discussion and planning, Dave, members of the NGP team, and the owner of ConData agreed on the terms of the offer and decided to move forward with the transaction—which successfully closed in August of 2018.
Post-close, Dave and the NGP team helped facilitate a swift transition for the seller by putting a specific post-close plan in place. The plan was to have the owner remain as President and CEO and within 2-3 weeks of closing, they would discuss the transition and transaction plan with top customers, IT staff, and other key personnel. Following these discussions, they would remain engaged in a full-time capacity while working alongside Dave on a daily basis—the owner of ConData wanted to remain involved for at least six months but instead was ready to transition out after three months.
During the transition period, Dave focused on building meaningful relationships with ConData employees, customers, and stakeholders. Additionally, he spent time investing in the team, technology, and infrastructure to replace the responsibilities previously held by the seller.
As a result of Dave’s instincts and NGP’s process, ConData has grown significantly post-close. By accelerating organic growth, investing in additional members of the team, acquiring a complementary company in the space, and other initiatives, ConData continues to thrive. Since closing, ConData’s revenue, service offerings, and the team have grown dramatically.
With the specific and flexible NGP process, our team can continue to add value to the businesses we invest in months after closing. Specifically, with ConData, we were able to make a notable difference with the post-close hire of Dave Rhodes. Dave originally joined ConData as a member of the board but he was so compelled by the opportunities at the company that he decided to join full-time as Chief Technology Officer.
The NextGen difference.
Within every partnership and deal, we prioritize meeting every need of the seller—no matter how specific. Whether they want to remain involved in the business or smoothly transition out—we’re here to provide a thoughtfully detailed plan and with as many solutions as it takes to make each deal a long-term success.