Rye Brook marketing executive Mark Stevens sold his firm, MSCO, to a New Rochelle family, but will remain as CEO for “at least a few years.”
The firm, headquartered at 800 Westchester Ave., was acquired by Hilton Soniker, a New York City attorney, and his sons Robert and Jonathan. The financial terms were not disclosed.
Stevens, who founded MSCO 18 years ago, said his decision to sell was based on wanting to bring in new business perspectives and wanting to add liquidity.
He retains a share of the company.
“It was very important for me to find people I liked and respected. I turned down numerous offers,” Stevens said. “I chose to remain. I”™ll be here for at least a few years. I want to be part of the next chapter at MSCO.”
Robert Soniker has joined MSCO as general counsel and senior vice president, and Jonathan Soniker has joined as account executive and senior vice president.
Hilton Soniker, of Kamerman & Soniker P.C., will act primarily in an advisory role, Stevens said.
Over its history, the firm has served clients including IBM Corp., Metropolitan Life Insurance Co. (MetLife), RE/MAX L.L.C., and restaurateur Wolfgang Puck, among others.
Stevens, who made a name for himself with the 2003 publication of the book “Your Marketing Sucks,” said he founded the firm because, in his view, the typical marketing firm was more concerned with winning awards than generating profits for clients.
“I started it because I believe that most marketing sucks,” he said. “What I saw was that it was mostly an aesthetic show ”¦ I believe the only purpose of a marketing firm, the marketing process, is to generate profitable revenue.”
MSCO provides a range of marketing and public relations services, including Internet marketing, advertising, market research, social media and web design.
Stevens said he and the Soniker family are discussing plans to expand the firm, which currently works primarily for clients based in the tristate region.
“You always want to grow,” he said. “We have growth plans that we”™re discussing.”
While a number of major brands employ MSCO, Stevens said the company”™s “sweet spot” is small to mid-size privately held businesses with plans to innovate and grow.
“If you do that, you”™ll win,” he said. “It”™s that complicated and that simple. You need to ask not ”˜What do we see”™ but ”˜What don”™t we see?”™”
Stevens said there is no exact formula for when to sell a company.
He said his biggest considerations included finding a partner who could add liquid wealth to the company”™s portfolio and who could add a level of expertise that could “take the business up to the next level.”
