In 2018, Noverra was approached by a business broker representing Troy Lynn, the Founder/Owner of Troy Forming Concrete (“TFC”), based in Colorado. Troy had founded and run TFC for over thirty years, navigating the ups and downs of the construction business. He was looking for a phased transition period, and the financial stability to be gained from selling his business.
The size of the business, geographic location and reputation for providing a specialized offering in the construction/industrial services sector, and a history of good operating results were compelling to Noverra.
Troy had identified an employee with the potential to one day run the business as President but didn’t know how to go about developing him to take on the responsibilities of leading the full business.
Through the deal process, the Noverra team worked with Troy to create a deal structure that would create the phased transition that Troy was looking for, as well as the support from Noverra to develop his identified internal candidate to take over the leadership of the Company as President.
The deal involved a reward sharing structure that enabled Troy to participate in the future earnings of the company over an extended time, while ensuring him the financial stability he was seeking through a leadership transition which he was unsure how to facilitate on his own.
The deal closed in the summer of 2018. Troy remained active in the management of the business for 2 years as we developed his internal successor to take over the leadership of the company. Noah Weiler, his second in command, has now transitioned into the President role and now leads the full scope of operations and overall management for Troy Forming. Through the strong relationship between Troy, the Noverra team and Noah, as well as our proven practice for developing internal leaders to take on the President role, this transition took place successfully despite the challenging dynamics created by COVID-19.
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