What changes do you make to my business after I sell?
By Adam Friend | Senior Vice President of Business Development
The short answer is as little as possible. We are interested in growing our business, including the businesses we acquire, so we look for opportunities to expand our market share with new clients and offering value-added products and services to existing clients. That usually means we need to not only take on your staff and reporters but also continue to invest in the business.
Most of the changes we make to acquired businesses to bring it onto the Veritext platform are invisible to the outside world. In some cases, we will make changes to the timing of pay cycles, so if subcontractors are paid upon collection from clients, then we bring them into our pay standard of paying all subcontractors based on what has been invoiced, resulting in faster payment to subcontractors. We will harmonize the standard deliverable to clients so there is a common look and feel. We will offer products such as Veritext Virtual and ExhibitShare to enhance the client experience. And, of course, all hired staff will be eligible for Veritext’s competitive benefits package that includes healthcare coverage (individual, spouse, and/or family), 401k plan with a company match, and paid time off based on years of service (crediting all service prior to the acquisition).
Our general philosophy is that we don’t want to mess with the successful formula that has allowed you to develop talented staff, quality reporters, and loyal clients over many years. We want to maintain your secret sauce while enhancing the staff, reporter, and client experience where we can. Often we find many great ideas from the businesses we acquire, and then change what we do at Veritext as a whole!