“After selling my company,
I didn’t want to ride into the sunset.
But driving into it sounded nice.
Upon reaching his 70’s, Bob Humboldt realized he
couldn’t own and run his company, Poly Foam, forever. Plus,
his love of golf was calling. It made sense to Bob and his wife
Joyce to begin the process of selling his
custom packaging company to an owner that would
continue to treat his company and long-time employees well.
Bob sat down with Joyce and his lawyer to
interview business brokers.
“When we interviewed Crescenda and Jim Odney,
we were impressed with his background, positive attitude and
enthusiasm. I explained that I would set a fair, but “non
negotiable” price, and that my main concern was to find a
buyer that would continue and grow my business...and very
importantly, support my many loyal employees.”
“During the 14 month process, Crescenda met all my expectations, dili-
gently searching for prospects and bringing several along to the serious
stage. Their enthusiasm never flagged.”
“When Jim found the right buyer, he worked hard to bring the two sides
together to reach an agreement. The buyer was a large, publicly traded
Canadian firm, which made this deal a little more complicated, but Cre-
scenda had the skill level to handle it. Jim made several suggestions on
how to structure the deal for minimal tax disadvantages to either party,
and used good common sense in resolving issues. He worked very well
with my lawyer and my accounting and financial people, while showing
the buyer the depth of talent at Poly Foam. He made the deal work.”
So what’s next for Bob and Joyce, beyond the golf games they share
often at their club in Minnesota or their home in Florida? “We love to
travel so we’re planning a trip to Italy in September and Joyce is laying
out the whole itinerary for that. I have a grandson who is playing Division
I football in New Jersey, so we’ll plan to attend some of his games.”
“I am hopeful that I’ve left everything in good hands for the “Poly Foam
family” and can enjoy my retirement knowing that.”
Bob and Joyce Humboldt
taking some new swings.