BOULDER — IT firm iSupportU is changing hands as its founder enters a sabbatical to sail the world.
Summer is within reach; school is almost out and many people are thinking about vacations and warmer weather. With a third of the year behind… read more
But the transition process has been deliberate, as founder Shaun Oshman has had the team interview new owner Brett Ramberg, and Oshman will be staying on for a month to train Ramberg.
Financial details of the sale were not disclosed.
For Oshman, the decision to leave the Boulder-based company stems from a lifelong dream to sail. After forming his business out of a spare bedroom in 2009 and growing it the multiemployee B2B IT business it is today, Oshman decided to follow his dream.
“But I couldn’t just quit the business,” he told BizWest. “I had to figure out a way the team could be taken care and our clients would be taken care of.”
After speaking to a few parties who were interested in purchasing the business, Oshman said he was drawn to Ramberg, for his humility and kindness.
“He made it seem like he would be the best fit culturally,” Oshman said. “That was important for me. The team is used to a kind of culture with this company: We’re a certified B Corp., and that mentality is really important to us. We have unlimited [paid time off] and great benefits. It’s part of the reason why the team is who the team is now. And I have a responsibility to them to make sure they’re taken care of.”
As part of that, Oshman had the team interview Ramberg, whose background is in IT and sales.
“They really liked him,” Oshman said.
Although the two would not disclose terms of the sale, Ramberg said Oshman’s transparency was a really big part in realizing this was the business he wanted to purchase.
“It made it a no-brainer,” Ramberg said. “That’s unique in buying a business. You don’t typically get to meet the team before you sign the papers. Another thing that was great is, something you don’t get in an acquisition on the buyer side is access to the seller’s Quickbooks, to have his financials at your fingertips. But Shaun gave me the login and password to do my own investigating. It was all the transparency that made this feel right.”
Oshman said that for him, the decision to be that open with the business made sense: He put himself in Ramberg’s shoes and thought about what he would want to know if he were purchasing a business.
In fact, Oshman said that keeping a secret was the hardest part in selling the business. He wanted to tell his team right away, but couldn’t.
“I’m close to the crew,” he said. “I trust them and think they’re great people. To have such a big thing happening in my life and not be able to share it with them was really hard.”
Fortunately for Oshman, he’ll have a little bit of time to spend with his team while he sticks around for another month to train Ramberg.
Ramberg, who said the biggest thing he learned was to have a good team of lawyers, CPAs and bankers to help with the purchase of a business, said that he plans to carry on the brand equity and grow the business.