Businesses can find themselves in complex financial situations. Luckily, they don’t have to go it alone.
While there are many ways to get the banking and lending services your business needs, one of the most important aspects is ensuring your bankers are invested in building a partnership with you. Finding the right banking partner can help you capitalize on good times and navigate any rough waters.
Annie Selke, founder and chief vision officer for The Annie Selke Companies (known for inspirational and uplifting design and décor offerings), works with Gretchen Troiano, vice president of commercial banking at Rockland Trust, to support her growing business. We asked both Annie and Gretchen about their working relationship and why trust, and collaboration has always been at the forefront of their conversations.
Q: Annie, can you tell us about what brought you to Rockland Trust?
Annie: After 11 years, I was going to buy out my business partners. I needed to work with a bank that understood how to recapitalize the business and could also help supply lines of credit that would support our rapid growth.
Gretchen: There were three aspects to this deal: buy out a business partner, refinance existing debt, and provide working capital for business growth. As is typical for management buyouts and recapitalizations, they can be complex due to all of the factors we need to consider when structuring a financing proposal.
Q: What were your expectations with this deal?
Annie: We were looking for a banker that we could partner with and have a good, open dialogue about the financial pieces needed to continue our business’s success. Instead of going with a lender that would provide a line of credit for just this transaction, we wanted to work with a lender that would help us achieve our long-term goals as well.
Gretchen: Our goal was to not only meet the company’s request to finance the buyout, but to structure the debt to factor in growth while being mindful of cash flow and leverage.
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Q: Gretchen, how did the Rockland Trust team ensure that this went smoothly?
Gretchen: The process went smoothly because we listened, communicated often, developed relationships with all parties involved, and tried to be as flexible as possible to bring the transaction to a successful close.
For instance, we worked closely with the company and the private equity firm to make last-minute changes in order to close before the end of the year. In fact, we successfully closed on December 27! Our team looks for what is possible in these situations so that we can meet the needs of businesses and the business owners we partner with.
Q: What is the strategy behind handling a situation like Annie’s?
Gretchen: Every deal or situation is unique due to a variety of factors. To be sure that we achieve what our commercial customers need, we first establish a relationship with the management team to understand the company; its current and future strategy; its historical and projected financial performance; and understand the financing and bank services the company is looking for.
The ultimate aim is to arrive at the best financing solutions as quickly as possible. We bring our credit partners into the deal at the outset to help with efficiency. Following initial due diligence and throughout the process, we continue to work with the management team to identify concerns or other special considerations that impact the structure of the deal. We then determine a transaction structure that meets everyone’s needs.
We are able to do this for clients with borrowing needs from $5 million to $50 million because our team is nimble, responsive, and has a successful track record of closing loans from simple to complex under tight deadlines.
Q: Why did you choose Rockland Trust to support you through this, Annie?
Annie: The Annie Selke Companies focuses on delivering exceptional customer service. We naturally looked for a bank with similar values that provides its customers with hands-on customer support. Rockland Trust is that bank. Gretchen and the team at Rockland Trust have been true partners in our business. They are attentive, flexible and I love that they support and understand entrepreneurship at every level.
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Need a banking partner like Rockland Trust? Here is what Gretchen wants you to know:
Gretchen: Our team at Rockland Trust offers loans up to $50 million, a full suite of treasury management, foreign exchange, derivatives and trade, and deposit solutions with a competitive earnings credit on deposit balances. We look at what your business needs and can offer the solutions that work for your business specifically.
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