Getting your company acquired in a contracting economy may seem farfetched, but it's not impossible, according to Brian Fox, president and founder ofThough the company now operates in over 170 countries, with over 16,000 accounting firms and 5,000 banks using its tools, it had a humble beginning in Fox's grandmother's garage.
"In light of the magnitude of the current shocks and the long-run potential transformations of various activities and services, the positive case for M&A seems much stronger than in a traditional recession or downturn," Spratt told Business Insider. "The opportunity to exploit different synergies — including shoring up apparent weaknesses — for the new normal is huge."
Fox said he believes the COVID-19 downturn will last for 18 to 24 months, and encouraged the use of outside-the-box thinking to beef up the bottom line while weathering harsh economic conditions. "When we went through both the private equity funding round and then our sale just two years later, having a seasoned and accomplished executive team that was hitting on all cylinders and driving our growth was a critical component that allowed us to achieve the valuation multiples we wanted," Fox said.
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