New Ownership and Same Strong Company Culture
Situation
Growing up in Puerto Rico, Ingrid Hernández uncovered her artist talent at a young age. After graduating from the Rhode Island School of Design, she worked as a graphic designer for several prestigious graphic design and branding companies. She opened her own firm, INgrid Design, in Louisville, KY in 2002.
Ingrid and her team worked tirelessly to build a great portfolio over the past 21 years. The result: a strong, loyal client base, numerous industry awards, and a close-knit team that shares the same values.
Many of the team members have been employed for 10 to almost 20 years at INgrid Design, as have the clients. So, it was tough for Ingrid to consider selling the company she had built from scratch and leave the talented team she had assembled over many years.
Ingrid also knew the odds were long in finding a new owner who believed in and wanted to continue with the INgrid Design values and culture – and keep the company in its hometown of Louisville, KY – all while discreetly marketing the sale of the company.
And she wanted to ensure that clients with national recognition and branding, like Darden Restaurants (Olive Garden, Ruth’s Chris Steak House and more), YUM! Brands (KFC, Pizza Hut, Taco Bell, etc.) and Ferrero U.S.A., Inc. (Little Brownie Bakers, Girl Scout Cookies®) AND local iconic brands, like UofL Health, Hosparus and American Printing House for the Blind, remained firmly with INgrid Design during an ownership transition.
At about the same time, Glenn Goodman, creative director at another Louisville-based advertising agency, began to consider starting his own firm. He contacted Ingrid for a brief meeting to seek her advice on starting his new firm.
Neither of them expected the casual conversation to be more than a one-time discussion. But after multiple cups of coffee over several hours, they discovered that both shared the same business values and philosophy on company culture. So, Ingrid found the ideal new owner, and Glenn found his “forever” company.
How SBA Helped
Ingrid had obtained an SBA Paycheck Protection Program (PPP) loan during the pandemic, attended SBA training events over the years and knew most of the Kentucky District Office staff. However, she self-financed most of the company growth.
Glenn, a Kentucky native, was familiar with SBA and its programs but had never worked directly with the Kentucky District Office. But he moved quickly to secure funding to buy the business.
Glenn contacted Republic Bank, an active SBA lender in the region, and obtained an SBA 7(a) loan. And he appreciates the SBA's assistance in enabling a smooth leadership transition and providing a solid financial foundation for the company’s new journey. The transition took less than six months from start to finish.
Ingrid reflects on passing the torch, "Seeing Glenn step into this role reassured me that INgrid Design’s ethos and future were in capable hands. His vision aligns seamlessly with the values we’ve cherished and the culture we’ve fostered."
Outcome
With an enviable client base, Glenn’s industry experience and Ingrid’s desire to assist with the transition, INgrid Design has moved forward almost seamlessly.
Glenn stated: “This is a story of discovering common goals, embracing change, and leveraging supportive financial tools like SBA loans to facilitate growth and transformation.”
The company recently celebrated the move to new, larger space for their expanding firm.
And INgrid Design still holds its employee-focused events, celebrating company successes, holiday events and its dedicated team.
Ingrid added, “Focusing on the right things – solid company values and a strong, close-knit culture – is the best advice I can offer for any small business owner.”
The result – a happy ending for everyone.