With the concept gaining traction and
approval from the BBNC Board of Directors,
it was given the project name “Aipaq”—
“partner” in Yup’ik. BBNC then contacted
village corporations that had participated in
its In-Region Government Contracting (IGC)
Program to gauge interest and capacity.
After thorough review of the applicants,
BBNC determined that Dillingham-based
Choggiung Limited was the ideal partner,
as it had successfully participated in the IGC
Program and had developed a strategic plan
for engaging in government contracting.
The potential sale then went through a
rigorous review process, while BBNC and
Choggiung worked to ensure a smooth
transition for BAC employees—a top priority
for both companies. BBNC and Choggiung
finalized the deal with the Small Business
Administration’s approval in August 2018,
marked by the exchange of commemorative
coins bearing the name and guiding theme
of the deal: Project Aipaq.
FY2019 RESULTS:
IMPACT & OPTIMISM
The partnership has delivered strong
results, with a successful integration for
employees and the business exceeding
its financial targets. It is also expected
to lay the groundwork for additional
benefits to both Choggiung and BBNC
shareholders as BAC grows, including
job opportunities, workforce training,
development assistance, and increased
scholarship support, as well as increasing
and predictable shareholder benefits.
The collaboration between BBNC and
Choggiung continued throughout FY2019,
as leadership from both companies met
regularly to discuss BAC operations and
strategy. “We want to stay connected with our
partners in an open and communicative way,”
said Scott Torrison, BBNC Executive Vice
President and Chief Operating Officer. “As
the minority partner in BAC, we are there to
support Choggiung and offer our experience
in running complex operations. Hopefully
this helps as they pursue additional growth
and development, and will continue to
benefit BBNC and our shareholders.”
Beyond fiscal growth, the partnership
has offered Choggiung a sense of what’s
possible. “Acquiring majority ownership
of BAC and working closely with BBNC
throughout the process has helped us
see a bigger and brighter future,” said
Cameron Poindexter, Choggiung President
and Chief Executive Officer. Scott Torrison
hopes this example will encourage other
village corporations to reach for their own
new possibilities, whether a small venture
or big step: “Innovation has always been
an important part of our strategy,” he said.
“When you combine that with partnership
and hard work, it can lead to great things.”
PARTNERSHIP FOCUS
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