Case Study: WR Valuation and the Value of Trust
Overview
When a widely respected business valuation firm prepared to break out on its own, they needed a financial partner who could immediately get them functioning at peak capacity. On paper, their business looked like a start-up, but in reality they had over 15 years of experience as an existing firm.
The Problem
WR Valuation faced a unique challenge. The group of highly skilled and experienced valuation professionals had been around for 15 years, but they were buying themselves out from the international financial institution that housed them. This new independence would greatly enhance the firm’s ability to grow. The problem was that WR Valuation looked like a brand-new business on paper. Despite this, the WR Valuation team had been operating for 15 years, with as many years' worth of networks and prospective clients that needed to be served immediately. WR Valuation needed a financial partner that could understand their situation and set them up for a seamless launch to become immediately functional.
Switching to First Financial Bank
Co-founder and Senior Managing Partner of WR Valuation Rob Stutz was aware of First Financial’s reputation and decided to find out if they could help navigate this business milestone. The first step was securing the line of credit to purchase the business. By taking the time to get to know the business, its owners and their history of growth and success, First Financial gained the confidence of creditors to support the purchase agreement.
A line of credit was just the beginning—the transition needed to be smooth. The minute WR Valuation became independent, there would be active credit cards, deposits and checking, bill pay, and more. It was important to ensure that everything lined up with prior earnings and credit approvals and set WR Valuation up for success with their sophisticated projects.
With First Financial Bank as their champion, the transition was achieved over the holidays, and in just 20 days. WR Valuation now enjoys a holistic banking package: commercial revolving lines of credit, corporate credit cards with different limits based on associate career level, deposit accounts, private banking, even WORKlife® packages. Stutz expresses particular gratitude for the WORKlife employee banking offerings.
He acknowledges that his people are his most expensive asset and that the products offered by First Financial has allowed him flexibility in retaining and recruiting top talent.
A comprehensive financial partnership deepens the knowledge of the business’s needs and the bank products that best serve them. It establishes a foundation of trust so that business owners know that they can turn to their bankers for recommendations that align with the business’s strategy and goals. This commitment to a mutually beneficial relationship is what clients have learned they can expect when working with First Financial.
