Mike Barnes, founder of Barnes Associates, an investment banking firm that handles both buy and sell sides in the security industry, doesn’t consider himself a prognosticator, which is good, because he said he was dead wrong in his estimates that 2023 would be essentially flat. “It was a really, really good year,” Barnes told attendees at the recent Barnes Buchanan, held February 8-9 in West Palm Beach, Fla.
This year’s event was the best attended since pre-COVID, and began in earnest (after what Barnes described as a morning “pre-game” session on preparing a company for sale and multi-state tax issues) with company presentations from ADS, Brinks Home, Elite ISI, PEAK Alarm, and Zeus Fire and Security. Many of these featured fascinating company stories, such as the one Nick Bonifas, COO of ADS, told about joining the company and having all six owners including the founder simultaneously decide to retire and step away.