Situation & Context: Denny Henson created a remarkable software, Map-N-Tour, using proprietary 3D mapping technology designed to educate, engage, and encourage people to connect with locations. By blending complementary technologies, the platform provides a suite of tools for organizations, public and private destinations, and travelers and residents.
The decision to sell came at an interesting and uncertain time – in the midst of a global pandemic. Henson appointed Small Business Deal Advisors to guide and support her through an unusual process of selling and marketing a business without any face-to-face interaction.
Reason for Sale: Henson was ready to combine resources, knowledge, and experience with another company to bring greater benefits and enhanced opportunities to the customer.
Positive & Negative Deal Attributes: Map-N-Tour reached out to Small Business Deal Advisors in April of 2020, just weeks after the entire country went into lockdown at the start of the U.S. COVID-19 crisis. But even with an incredibly relevant platform for the times – Map-N-Tour’s software provides robust, media-rich, 3D interactive maps that not only integrate seamlessly into websites to enhance location-based marketing efforts, but also provide travelers an opportunity to enjoy and learn about locations while unable to visit in person – the uncertainty and ever-changing protocols of the pandemic meant the entire deal, start to finish, had to be done without ever interacting with either side of the deal in person.
Every single meeting, performance of due diligence and negotiation were done exclusively over the phone or through video conference.
Results after 6 Months: In the chaos of a world-wide pandemic, 24 NDA’s were signed and received detailed business information. Twelve prospective buyers were hosted exclusively by conference and video calls and 3 strong offers began a competitive bidding process. Two LOI’s were considered, but ultimately the selected buyer was an easy choice for Henson because they had the experience and plans for the company that resonated with her.
Decision: After only 4.5 months from market to LOI and 6.5 months market to close, Map-N-Tour was acquired by buyer Jordan Shaw of Map-N-Tech. With a passion for entrepreneurship, backed by years of IT experience, Shaw was searching for a company in an industry he is passionate about. Map-N-Tour was a perfect fit and SBDA was able to put together a deal that was best suited for both the seller and buyer.
Conclusion, Feedback & Recap: The future is bright as these two companies become one. “By combining resources, knowledge, and experience we are confident it will bring greater benefits and enhanced opportunities to our customers,” said the seller. “I am delighted that I appointed the Small Business Deal Advisors team and would highly recommend them to anyone who wants a differentiated M&A advisor. Shane was extremely diligent and responsive throughout the process, I felt at ease that [he] was guiding the ship,” says Henson.
From start-to-finish, during a global crisis, “he put together a deal that would work for both the seller and me,” buyer Shaw commented, “throughout the entire process, Shane was top notch and always made sure the deal was moving forward. I couldn’t have asked for a better partnership than Small Business Deal Advisors and I look forward to working with them again in the future.”