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Recommendation…
A former client of BDM had, some two
years earlier, purchased a clean shell BD in the state
specified by the Buyer, through BDM. The former
clients’ business plan had been to introduce his
sophisticated proprietary online trading software, and
build an online discount brokerage. He had executed
successfully, and the company was now producing and
profitable, with a good client base. The firm had
built a clean, sound reputation in the online discount
brokerage market, and had invested heavily in an
advanced network infrastructure. The owner had also
begun a new, unrelated project – and he expressed his
interest in devoting more time to it, but was unable
to do so because of his day to day responsibilities at
the BD. Significantly, he had toyed with the idea of
selling, but had not made any serious efforts. But he
was interested in preserving his firm, and finding a
buyer who would retain all of the employees of the
firm, and continue to grow his firm in a way that
could compete with the biggest online brokerages - who
were now pumping hundreds of millions into
advertising. When approached with BDM's
solution, he was interested. Significantly, he would
be willing to stay on at the brokerage until the
change in ownership process was complete, and would be
willing to assist new management with integration.
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