We have a custom object lookup field (RF_Reseller__c) in our opportunities that defines what company is handling the opp.  What I want to do is create a formula field that outputs "Direct sale" when the lookup field has our company name in it, and "Indirect sale" when it's any other value (i.e. our resellers).

What I've got is

IF(CONTAINS(RF_Reseller__c , "ABC Co."), "Direct Sale", "Indirect Sale")

I get no syntax errors, but every opp comes back with the false value (Indirect sale), even when the lookup field is "ABC Co." with case-sensitivity taken into account.

Any idea how I can get a simple IF like this to return a certain text value based on the value in a lookup field?