8 Questions with BeQuick Founder Sean Biganski

The software CEO shares the ins and outs of selling a business and what he’s still learning along the way.

Entrepreneur Sean Biganski was just 21 years old when he and his family, wife Gissela and in-laws Steve McIntosh and Christel Reinoso, launched the software platform that started it all.

A self-taught programmer, Sean came up with the idea for BeQuick while working in a software support role for a wireline company in South Florida. After building a platform to streamline billing services for the provider, he realized there was a gap in the market: hundreds of small telecom companies across the U.S. could benefit from a software solution that improved the efficiency of their day-to-day operations.

Within a couple of years, Sean and his partners had launched BeQuick, a fully hosted platform originally designed for wireline customers that eventually shifted to serve mobile virtual network operators. The out-of-the-box solution features easy configuration, minimal maintenance, and functions including billing and payments, inventory and shipping, and a subscriber portal.

Two decades into operations, what started as a grassroots family business serving a handful of companies has expanded into a successful niche software business with a growing team that supports dozens of MVNOs and millions of subscribers across the U.S.

With the company stable and their long-term security in mind, Sean and Steve decided in late 2022 to sell the business to Banyan, a move that resulted in a 50% increase in customer accounts in less than a year.

For Sean, who stayed on as CEO, the change in ownership has been a growth opportunity for both the business and his career. This interview has been edited for length and clarity.

Selling a business can be a tough decision. How did you know the time was right?

We had considered selling the company at a few different points in our history. Probably once a month, on average, we’d get an unsolicited email from a prospective buyer. We got all the way through to due diligence at least twice, but those processes felt more like a bait-and-switch as we got closer to closing. That made us skeptical about anybody that would come knocking on the door.

After some persistence from Banyan and a short pitch on being an honest player with a buy-and-hold philosophy, we decided to have a conversation. We weren’t shopping, but we had just passed our two-decade mark and had been flat for a couple of years. The initial offer was good, and we felt confident Banyan would protect the long-term interests of our business, team, and customers. That was enough for us to say, “Let’s give it a shot.”

Based on your experience fielding multiple offers, what felt different this time?

First, it was a gut feel for Jeff Davie, our primary contact from Banyan, that he was being truthful and wasn’t just telling us what we wanted to hear. The more we talked to him, the more trust we established. Not just short-term trust that we weren’t wasting our time, but trust that this new buyer would not dismantle what we had built, let our customers down, or break employee trust.

Second, it was the concept that Banyan is buy and hold. We have a couple dozen companies depending on our existence. Within those companies, thousands of employees depend on things running properly. They can’t run properly if someone comes in and breaks the platform.

Then there was the personal financial equation. Our owners have families and mortgages and need reliable income. Banyan came in with an offer generous enough to get our attention and largely stuck to that number throughout the process.

What support did you get during the transition to Banyan ownership?

We closed in December 2022. There was a fast budgeting and projection process to establish goals for the next year. That was eye-opening, and it set us on track for significant growth over 2023.

It was a relief to merge into Banyan’s healthcare, legal, payroll, and other administrative functions. We also established a weekly call with our Operating Partner. It took time to learn the roles and boundaries. At first, I didn’t know: am I still the boss? Is he the boss? Is the board the boss? I realized, over time, I’m basically still in charge, but now have the support of a broader team.

What was surprising or unexpected about the sale process?

We knew due diligence would be a lot of work. It could have been easier if we had an internal database and CRM. Ironically, we build CRM functionality for our MVNO customers but did not have an easy way to gather our own customer contract and pricing data from a central place. Since the acquisition, we gathered that information and now keep it maintained in a simple database.

How did the change in ownership affect your team and customers?

The team was nervous when they learned about the sale. Some had worked with us for over a decade and had only known BeQuick as a family-owned company. But nobody ran for the door.

Customers were equally surprised. Some have been with us for 16 years. They expected it to be bad, like a private equity firm picking us apart for dollars. That hasn’t been the case. Banyan has come through on its promises and had a light touch. If I didn’t tell the customers and employees, I don’t think anybody would know.

What does your role look like today?

Right after we closed with Banyan, I took the CEO title. Over the past year, we took on more accounts than we had in the previous three or four years combined. We have about 30 customers total, and 10 came on after the acquisition.

Working under Banyan, I’m learning a lot. I feel there’s a lot of work I can do, and as long as it’s challenging and changing, I’ll be here.

I feel like I’m in charge of shaping my role. I’ve largely acted as the salesperson and business development person, but there’s more opportunity in the business where I can hand off some of those conversations. We’re engaging an outside sales partner and have added several employees and contractors.

What’s the biggest lesson since the acquisition?

One thing I’m learning is the discipline of a formal budgeting and projection process. That was never a regular practice for us. As long as things worked on a month-to-month basis, we never looked out a year and tried to make predictions or work toward a specific goal.

Now we’re asking: What hires are we planning? How much will we spend? If we build something new, where is the return? We’re also setting growth goals. Previously, we took on whatever business came our way. We didn’t set a number and work backward to determine how to reach it efficiently. I’m shifting my focus from customer-facing and operational work to being more financially goal-oriented.

What advice would you give owners thinking about selling?

Trust your instincts during due diligence. With other companies we considered, there were little signs that something was off. Pay attention when a buyer seems to alter the deal, isn’t forthcoming, or makes you feel like you’re wasting your time. Stop and back away. Wait for somebody you connect with from the beginning.

I would also say, don’t run for the doors right after the deal closes. Stay on for a while and see it through. You may find there’s something you can learn from the new owners.