$1M Check: Fishbowl Prepays Zions Bank Loan; Celebrates Buyback
December 29, 2011
Inventory management leader sends entrepreneurial message for businesses throughout Utah; U.S.
SALT LAKE CITY, Dec. 29, 2011 – Fishbowl® (www.fishbowlinventory.com) is joining with Utah-based Zions Bank to send the state and the nation a critical message: We can survive the recession, and we can work together to help our businesses rise higher and better than ever before. Today Fishbowl CEO David K. Williams and his company are underscoring their message with Zions Bank as they present Zions President A. Scott Anderson and Relationship Manager Brad Adamson with a ceremonial $1M check.
The money represents pre-payment in full of the $1M loan Zions extended to Fishbowl as a critical piece of Fishbowl’s buyback from its prior majority investor to become 100% employee owned on May 20 of this year.
Without the loan, Fishbowl could have been sold or possibly broken in pieces. Instead, the company achieved record growth in 2011, and won multiple awards (including Utah’s Best Kept Entrepreneurial Secret on Dec. 9). Fishbowl launched key partnerships with Utah Valley University, eFileCabinet, Voonami and other Utah and national partners by developing Fishbowl Partner Nation. The company also created CAM (Courage Above Mountains), an organization giving support to underserved individuals. CAM recently gifted more than 55 refurbished computers, 150 jump drives, 4 video cameras and a significant amount of warm clothing to the Navajo Nation to be used in offering computer training programs through their communities.
“Our message is that we can transcend today’s economic challenges when we all work together as trusted friends and partners to honor the principles our forefathers brought to this great land,” Fishbowl President Mary Michelle Scott said.
“One of the timeless principles our forefathers taught was financial responsibility—to not misuse or overuse debt,” said CEO David Williams. “We want to represent that message and to send it again, right now, to our Utah neighbors –and to our entire nation – that we must use debt prudently to remain strong. We want to underscore that message with our great working partner, Zions Bank, who believed in Fishbowl and extended us the loan we critically needed to become employee owned. In return, we are repaying the loan in full, 84 months early, on the date our first full principal payment has come due.”
Scott Anderson said, “As Utah’s oldest financial institution, Zions Bank is pleased to take a leading role in business lending for our region. We join with Fishbowl in adding our voice to the high priority of prudent use of business debt, and we are proud to have played this critical role in Fishbowl’s current success.”
Anderson noted that in addition to traditional banking services such as the commercial loan Zions completed with Fishbowl, Zions has ranked as No. 1 lender of U.S. Small Business Administration 7(a) loans in Utah for the past 18 consecutive years.
Fishbowl executives noted that for a software company, finding collateral is difficult, and Fishbowl’s loan came at a time other banks were not providing software company loans. However, Zions Relationship Manager Brad Adamson, recognizing the value Fishbowl holds, worked to find the avenue to make the $1M loan possible. CEO David Williams stepped forward to gladly provide everything he owned as collateral. Fishbowl’s executive team participated also, volunteering contributions, temporary pay cuts, and most importantly, their full hands and hearts in helping the company achieve unprecedented growth during 2011.
In 2011, Fishbowl achieved the following:
- Inc. 500|5000 – Fishbowl placed 3283 on the 2011 Inc. 500|5000 list as one of the fastest growing private companies for the fourth consecutive year.
- MWCN Utah 100 – The MountainWest Capital Network ranked Fishbowl 63 on its annual list of the 100 fastest growing companies in Utah based on revenue increase from the last five years.
- UV Fast 50 – Utah Valley BusinessQ named Fishbowl the 24th fastest growing company in Utah County based on 120% revenue growth over the past three years.
- The Deloitte Technology Fast 500 - Fishbowl was honored for the fourth consecutive year.
- UVEF: Utah’s Best Kept Entrepreneurial Secret – on Dec. 9, the Utah Valley Entrepreneurial Forum named Fishbowl 2011’s best kept entrepreneurial secret in honor of the great accomplishment the 2011 buyback represents.
Fishbowl Inventory 2012 is the most advanced update of Fishbowl’s inventory management software. Fishbowl Enterprise (FBE) is a lean ERP solution with a robust feature set for small and midsize businesses that allows customers to automate and control everything from inventory to finance for less than most annual renewal fees of more expensive systems.
Fishbowl and its cornerstone product, Fishbowl Inventory, make it possible for every business to have the level of flexible and mobile inventory management solutions large organizations enjoy. Fishbowl Enterprise is a lean ERP (Enterprise Resource Management) solution with a robust feature set that allows Fishbowl to provide organizations ranging from SMBs to mid-to-large enterprises with all the components required to meet their inventory and business management needs.