When the time came for Stacy Sass, former President of Cody Builders Supply, to transition out of her family business, brothers Koto and Imre Szombathy, employees who had helped her build the company for 20 years, were excited to take on the successive ownership. They turned to the team at The Bank of Austin to help them customize a financing package that allowed them to acquire the business quickly and without any added complications.
Cody Builders Supply was founded in 1994 by Stacy Sass’s parents, Bruce and Pam Patterson, who was a veteran steel fabricator. She had a vision for a company that could set itself apart by specializing in infrastructure, water and wastewater, and transportation projects. Koto and Imre Szombathy were integral to implementing that vision and helping the company grow and succeed over the past two decades, so it wasn't a surprise that they wanted to take on ownership to steward Cody Builders Supply into the future. But they needed banking partners who could also understand that shared vision and believe in their plans to facilitate the acquisition's financing.
They turned to Mark Odom, Executive Vice President, Commercial Banking Manager, and Jon Eckert, CEO & President, at The Bank of Austin, to help them bring their plans to fruition. “We worked with Koto and Imre to provide the financing for them to acquire Cody Builders Supply,” says Mark Odom. “The financing package we created allowed us to pay off the seller note, plus provide the additional funds needed to complete the current acquisition.”
My brother and I were trying to get a small business loan with another bank at the beginning of this process. It was very time-consuming and had a lot of paperwork involved. It did not look like it was going to work out. The Bank of Austin team knew right away how to solve the challenge we were facing and made an offer that was simple, fair, and easy. We are now proud business owners.
With a thriving team of tradespeople who want to practice their craft and create landmark structures that will last for generations, Koto and Imre were motivated to find the right banking partners to help them execute the ownership transition smoothly and swiftly. “We are proud of the trust the former owner has given us to take care of the company finances so it can flourish and prosper,” says Imre. “That's why it's important to team up with creative and constructive bankers—people who can meet challenges with courage and initiative and who restlessly seek to expand their scope and capabilities. These are the kind of partners we have found at The Bank of Austin.”
According to Imre, the future is bright. “The Bank of Austin has been a great team to work with. They are enthusiastic, hardworking, and solutions-oriented", says Imre. “The attitude is, we can do this!” Koto and Imre have grand plans for expanding their reach and scope further and will be leaning on their teammates at The Bank of Austin to help them achieve their goals.