Communications Associates, a Springfield, Missouri provider of two-way mobile radio communication systems, has been sold. IAG M&A Advisors represented founders Mike and Joan Salmon, with Joe Lieberman leading the transaction and a team supporting the effort behind the scenes.
The deal took nearly two years, survived two offers that would have left the sellers financing their own exit, and nearly came apart under repeated lender delays. It closed anyway — and both buyer and seller are thrilled with the result.
Deal highlights
- A national footprint from a Springfield base. The company grew into a highly diversified operation serving more than 400 Costco locations nationwide.
- Two offers declined on structure, not price. One prospective buyer proposed acquiring the business entirely through a seven-year seller note at 0% interest. Another required seller financing with no cash down. Both were rejected.
- The right buyer arrived in the eighteenth month. An Army veteran with industry experience came forward last fall and proved to be an excellent fit after several conversations and an on-site visit.
- The close held through repeated lender delays. Duplicate document requests and week-by-week extensions stretched due diligence well past the original year-end target. The transaction closed successfully.
About Communications Associates
Founded in 1979 by Mike and Joan Salmon, Communications Associates specializes in the design, installation, maintenance, sales, and service of two-way mobile radio communication systems and equipment. Over four decades the company built a diversified book of business, including service relationships spanning more than 400 Costco locations across the country.
After decades of success, Mike and Joan were ready to move on to the next chapter of their lives and partnered with IAG to find a buyer who could carry the business forward.
How the process worked
Patience is a strategy, not a consolation prize. For more than a year and a half, buyer interest was limited. That is a long time to hold a position, and the pressure to accept whatever appears is real. Holding out is what made the eventual outcome possible.
A bad structure is worse than no offer. Two buyers came to the table with terms that would have made the Salmons the lender on their own company — a seven-year note at no interest in one case, no cash at closing in the other. Both were declined without hesitation. An offer that transfers the business but leaves the seller carrying the risk is not an exit.
Fit shows up in person. The buyer who ultimately closed brought industry experience and genuine enthusiasm for the company. Several phone conversations and a site visit confirmed what a spreadsheet could not: that this was the person to hand the business to.
Deals die in the last mile. An agreement was reached and everyone expected to close by year-end. Instead, lender delays pushed the date back again and again, with duplicate document requests and extensions granted a week at a time. Getting to the closing table required both sides to stay committed long after the process stopped being pleasant.
Why this outcome matters to sellers
- Terms deserve as much scrutiny as price. A headline number financed entirely by the seller is not the same as being paid.
- A quiet market is not a verdict on your business. Eighteen months of limited interest preceded the buyer who was right for this company.
- Specialized service relationships with national accounts are a durable asset — and a specific reason a motivated buyer will pursue a business in a niche field.
- Closing delays are common and usually survivable. The deals that fall apart in diligence are typically the ones where one side was never fully committed.
Looking ahead
Under new ownership, Communications Associates will continue serving its commercial and national accounts from Springfield. Mike and Joan Salmon move into their next chapter after forty-plus years of building the company.
Congratulations to Joe Lieberman and the team who supported this transaction, and to the Salmons on a well-earned outcome.
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