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Dana and Ray Chery
For Ray Chery and his wife Dana, entrepreneurship has always been in their DNA.
Both grew up in families where corporate property was a lifestyle – in a Haitian house in Boston, surrounded by parents who owned bakeries and windows, and Dana in a Jamaican family in New York where entrepreneurship was just as widespread.
They have often discussed the possession of a business together, launching ideas over the years, but nothing has been taken.
Despite their early exposure to entrepreneurship, Ray and Dana initially took more traditional career paths. Ray has built a career in financial services, from the business bank. He frequented the Booth School of Business from the University of Chicago, where he studied finance and accounting, and graduated in 2011 before going to the investment bank and in investors. Meanwhile, Dana has dug a career in marketing, a student at the Kellogg School of Management in Northwestern along the way.
After fifteen years and more in their respective fields, Ray’s career took an unexpected turn when he left his corporate role. Rather than immediately reinstating the business world, he stopped to think. These longtime conversations with Dana about entrepreneurship have resurfaced.
“Dana and I always talk about how it would be cool if we had a business together, so when this opportunity arose, it seemed to be the right time to continue it,” said Ray.
Instead of going to another role of financial services, Ray began to seek entrepreneurship by acquisition (ETA). He started to chat with friends of the ETA ecosystem, to read the industry staples Buy then build And The HBR guide to buy a small business, And listened to podcasts on acquisition entrepreneurship.
More and more sold on the idea, he started handing his hand to business brokers.
The search for the right company
Ray and Dana approached ETA with a clear set of criteria: the company had to be sustainable, located near their home and managed by a retired owner, which indicated for them stability. For six months, they examined more than 300 companies, speaking with brokers and sellers to refine their research.
One day, they found a business that corresponded to all their criteria – Monsam portable wellsA company that designs and manufactures portable sinks, food trucks, laboratory workstations in mobile sciences and other specialized products. They contacted the broker, who connected them with the owner of the company. The next day, Ray visited the establishment to meet in person.
During this conversation, both immediately felt a connection. Monsam was founded by a husband and wife team who had immigrated from Egypt. In the midst of a successful corporate career, they decided to create a business together. This story was strongly resonated with Ray and Dana. The connections did not stop there – the name of the company itself is a portmanteau, a combination of the names of the children of the founders; The LLC previously formed of Ray and Dana is a combination of the names of their own children. This passion shared for entrepreneurship focused on the family laid the foundations for a solid relationship between the two couples.
“This is a family business, and the opportunity to put it back to our family specifically called and has created a lot of synergy between us,” said Ray. “We conducted with respect and appreciation for the company they built and told them that we did not want to bring drastic changes, we rather wanted to develop what they had already built to inaugurate the next growth phase for the company.”
“It resonated with them,” said Ray. “The fact that we are a husband and a woman who do it together, combined with our solid business plan, reassured them that they left him in good hands.”
Beyond the emotional link, Monsam met the criteria for acquiring Cherys. He had been in business for 26 years, delivered a unique practical product, served more than 10,000 customers and had diversified customers covering studies, daycare services, hospitality, health care, etc. Ray started spending more time in the installation, connecting with the owner, studying the manufacturing process and learning of the company. Each passing day, the owners and the Cherys have become safer than it was the right way to follow.
In the end, after three months of diligence, they closed the acquisition in May 2024.
The transition and growth strategy
After the acquisition, Ray and Dana adopted a practical approach to the company. During the first six months, they plunged into operations – cutting materials, assembling units and processing orders, working alongside technicians and administrative staff. They wanted employees to see them as teammates, not just the new owners.
At the same time, they have seen opportunities to improve the brand. They reorganized the company logo and website to modernize Monsam’s image and improve its presence on the market. Awareness efforts have focused on reconnection with previous customers and the identification of new opportunities in the basic target markets.
On the operational level, they approached the ineffectiveness of obsolete workflows and disconnected systems. With a vision of expansion, they focused on refining processes, the guarantee of scalability and the conduct of sales thanks to strategic marketing and the frequentation of salons.
And their efforts are already paying. The remained brand has started to settle, and they recognized old customers, while acquiring new ones.
“The next step for us is expansion, and we are really excited about it,” said Ray. “I spend most of my time to sell, make presentations and help potential customers understand that we have been here, we have been here for some time, we have supported more than 10,000 organizations of all sizes, and these messages resonate. We are really focused on acceleration. ”
The role of the stand in the success of ETA
Ray attributes to the stand of having provided the financial and operational meaning necessary to navigate in the complexities of ETA. His financing and accounting courses have laid the foundations for a successful investment bank career, which, in turn, prepared it for the complex processes to acquire a business.
“When I was in Booth, Eta was nowhere as large as now, but the time I spent there has always helped a lot during my trip,” said Ray. “From reasonable diligence and financial modeling to negotiation with sellers and the structuring of the transaction, the Academic Environment of Booth gave me the confidence and the skills to be executed through all this. It was just as important as the skills that I acquired in project management, analytical thinking and the ability to remain at pressure pressure, which is crucial in entrepreneurs. ”
Beyond academics, the Booth network played a decisive role in its ETA trip. Ancient colleagues provided advice and conversations with other stand graduates doing research have contributed to frame their approach to acquisition.
Advice for aspiring entrepreneurs by acquisition
The main advice of Ray to students who envisage ETA are to take time for self-reflection.
“Understanding personal forces, skills and lifestyle objectives is crucial to select the right business,” said Ray. “ETA is not just about buying a business; it is a question of finding the right adjustment that aligns your expertise and your specific aspirations.”
He also underlines the importance of reaching out to others, claiming that the connection with experienced researchers and operators, as well as other active researchers, can provide valuable information.
His career has been put to the ground, offering him a perspective beyond the world of financial services and highlighting the real impact that a company can have on people’s lives.
“Eta gave us the opportunity to create something lasting and make a real difference. We can see the daily impact we have about the lives of our customers and our employees, ”said Ray.
A family business based on confidence
Ray and Dana’s decision to make this trip together was intentional. Having been together for almost two decades together, simultaneously attending the first cycle and business schools, they had always shared a vision of working together at a given time. Their mutual trust, their complementary skills and their shared passion for entrepreneurship made them ideal partners in this company.
Although their partnership has led to a prosperous company, which matters most for them is the example they give for their children.
“Our children, who are seven and five, can look at their parents navigate the joys and challenges of business property, work together to solve problems and create something durable and meaning,” said Ray. “We give them the same exhibition and the inspiration that our families have given us – and for Dana and I, it’s the best part.”