A native of West Texas, C. Byron Snyder bought his first business, a printing company, with collateral consisting of five cows and a '73 Fiat. Building on that initial success, he has continued to expand his business interests and explore new opportunities across the U.S. and around the world. His companies currently include Commercial Alliance Insurance Company, Paul Musslewhite Trucking, Affiliated Power Systems, Inc., and Glendale Boat Works.
How would you describe your relationship with BBVA Compass?
I've dealt with a lot of bankers over the years, and most of them have the same pitch line. But with BBVA Compass it was totally different. I've been working with my wealth manager for about 15 years now and you can tell by the total involvement she brings to her job that she really cares about you and your family.
Has that made a difference for you?
Definitely. When I'm in the process of doing due diligence on a possible business opportunity, I want a banker's perspective to help me judge what can or cannot be done. My wealth manager is very smart and has a good read on people, so her opinion is extremely valuable to me. She knows more about our structure and how we look at businesses than just about anyone else. When she helps interview management and looks at the numbers, I know she'll tell it like it is – not just tell us what we want to hear.
So banking is only part of it.
That's right. My wealth manager has actually traveled with me and my acquisitions team to look at companies all over the world, from San Jose to Singapore. She's also introduced us to other people at the bank who can help us in various ways, such as investment management for my family and for many of the companies I'm involved with. She helps us determine our strategy and then identifies and oversees the team within the bank to implement our plan. That legwork saves me time and I know with her involved, the details are taken care of.
What else do you look for in a bank?
Aside from the people aspect, I know that wherever the next business deal may take us, BBVA Compass is large enough to meet our needs. For example, the international component has been very important for us by enabling our non-resident automobile insurance agents to deposit funds via remote deposit scanner into the company's U.S. accounts even when they're doing business in Mexico.
What about BBVA Compass's role in terms of your family?
We rely on them for investment management and various banking services. My wealth manager has been helping us with estate planning as well, not only for me but also for my son and his family. She meets regularly with me and my attorney and my accountant to structure our asset base in a way that will be as tax advantageous as possible for my family. She's an important part of my team.
How would you describe your approach to business?
I'd say it starts with being fair. I'm interested in buying companies to build them up and make them better, not drain resources away. And I believe in being involved in the business on a daily basis. When you're just beginning, it's hard to buy a good company. You make mistakes. Your resources and experience are limited. But I've learned that you can make the right decisions if you surround yourself with people you trust. The folks at BBVA Compass are part of that group.
The BBVA Compass Difference
"One of the ways we save is with sweep accounts, which we use to make money to offset operating costs."
"Most of our family's liquid assets are at BBVA Compass because of their wealth management team. In fact, many of the companies I'm involved in have chosen to use BBVA Compass investment management for the same reason."
Neither BBVA Compass, nor any of its affiliates, is providing tax or legal advice for your individual situation. You should always consult your individual tax or legal advisor about your personal tax situation.
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