When Michael Hinckley and his wife founded their software company, busHive, Inc., in 1997, it was built on a passion for innovation and a belief in their product. busHive, Inc. specializes in transportation management software, focusing on trip and charter management, personnel and driver compliance, and vehicle preventative maintenance. What began as a side project while Michael worked as a full-time math teacher soon grew into a thriving business, with 14 employees and clients across 45 states and several provinces in Canada.
By April 2024, after decades of growth and success, Michael and his wife made the decision to sell their company. However, stepping away from the business they had built from the ground up proved to be one of the most daunting moments of their entrepreneurial journey.
“On January 1, 2000, when I quit my job and put my salary, healthcare, and future retirement in my own hands, it was a scary moment,” Michael recalls. “But when we decided to put our company up for sale, it was in some ways much scarier than those early days of naive exuberance.”
As Michael and his wife embarked on the process of selling their business, they quickly realized that ensuring a successful exit required the right team by their side. They needed a trusted advisor—one that could guide them through complex financial considerations, negotiations, and the due diligence process while helping them achieve the best possible outcome. That’s when they turned to our Investment Banking team.
Guidance from Start to Finish
From the outset, our Investment Banking team— a division of our Corporate Finance team led by Jeff Lewis—worked closely with Michael to navigate the sale. Their expertise was essential in presenting busHive, Inc.’s financials clearly, identifying potential buyers, presenting the opportunity, and avoiding a multitude of potential pitfalls along the way, all while preparing the company for a seamless transition to new ownership.
“We worked closely with Michael to gain a deep understanding of his company so that we could communicate its true value to potential buyers. Our goal was not only to ensure that the financials were in conformity with GAAP, but also to provide a clear, transparent picture that would resonate with potential buyers,” shared Jeff.
One of the major hurdles in the transaction was transitioning the company’s financials, which had fluctuated between cash and pseudo-accrual accounting methods over the years. The Investment Banking team worked diligently to untangle the historical financial statements.
“They had the expertise to clearly present our financials, which went from cash to accrual and back to cash over the years before our sale due to a stupid decision I had made in the final years of my ownership,” Michael shares. “They took the time to get to know me and appreciate the unique things that made me successful without ever making me feel like a fool for areas where I had made mistakes.”
Beyond the Numbers: A Trusted Partner
Selling a business isn’t just about financials—it’s about finding the right buyer, navigating negotiations, and handling the constant influx of questions and due diligence requests. Our Investment Banking team acted as a buffer, shielding Michael from unnecessary stress while keeping the process on track.
The marketing and deal making phase of the investment banking process can be overwhelming, so our Investment Banking team shoulders as much of the process as possible. “From buyer outreach, distribution of the confidential information memorandum, fielding questions, receiving indications of interest, and managing negotiations to ultimately arrive at an LOI, we filter the noise, keeping owners informed without burdening them with unnecessary distractions,” explained Dave Dinolfo, Partner within our Corporate Finance Division.
“Our goal is to ensure they remain engaged in key decisions while staying focused on what they do best— running their business,” added Jeff.
“They worked their butts off,” Michael emphasizes. “Handling all the incoming questions and meeting requests from a field of potential buyers takes a lot of hard work and dedication. They shielded me as much as possible from anything that didn’t require my immediate input, and throughout the process, I always saw smiles at meetings and rarely waited for an email to be promptly responded to.”
Beyond the transaction itself, our Investment Banking team helped Michael connect with an exceptional law firm that efficiently handled the legal aspects of the sale. Their holistic approach ensured that every aspect of the deal was carefully managed from start to finish.
Support That Extends Beyond the Sale
Even after the deal was finalized, our Investment Banking team’s commitment to Michael didn’t end. The weeks following the sale brought their own set of challenges, as he transitioned into a new chapter of life. Our team remained a trusted resource, offering post-sale support and guidance to ensure a smooth transfer.
“After the deal closed, there were a few weeks of post-acquisition integration. After the closing date, the buyer’s integration and finance teams wanted to leverage our work for financial reporting on a go-forward basis,” explained John Rogers, Consulting Manager within our Corporate Finance team. “True to our corporate finance motto – “be helpful” – we remained actively engaged. We participated in calls, explained the structure of the financial databook and the cash to accrual conversion process, as well as addressed various inquiries from the buyer’s integration and finance teams,” added John.
“I must admit, I didn’t realize how important their assistance would be in the immediate weeks after the sale during the early transition,” Michael shares. “Bonadio was there for me every step of the way.”
A Strong Recommendation for Future Sellers
Looking back on the experience, Michael is confident that partnering with TBG was one of the best decisions he made in his journey. “I would highly recommend Bonadio to anyone, large or small, looking to sell their company,” added Michael. “Everyone on their team is an ‘A’ player!”
“When you work alongside someone during a sell-side investment banking process, you get to know them well. Working with Michael was truly a pleasure—he was incredibly responsive and always took the time to help us gain a deeper understanding of the business, allowing us to market his company effectively,” said Jeff.
“Through countless meetings, we built a strong working relationship that evolved into a genuine friendship. As this engagement comes to a close, we look forward to staying in touch,” added John.
At TBG, we take pride in helping business owners like Michael achieve their goals. Whether you’re planning to sell your company, seeking strategic financial advice, or looking for support in navigating complex transactions, our team is here to guide you every step of the way.
For more information on how our Investment Banking team can support your business, reach out to us today.
This material has been prepared for general, informational purposes only and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. Should you require any such advice, please contact us directly. The information contained herein does not create, and your review or use of the information does not constitute, an accountant-client relationship.
