Thankfully, he immediately said, yes, absolutely. Like if you're going to sell your business, sell it to her. And so I had that good connection and network here that when I got on that first call with Sandy, it was like immediately, immediate trust, immediate let's get this done.
Acquiring Minds
Saying No to CEO Roles, Yes to Ownership
Excerpts · 490 segments · ~1:39:19 long
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He was getting at an age where he had really taken his foot off the accelerator, but the business was still holding strong. It wasn't growing, but it was still holding strong because of the recurring clients. Our average client tenure is over 10 years old.
We've got some clients who've been here for over 40 years. which is just incredible, but there was just so much opportunity. And that's what really drew me to this business was not, I mean, the, the current clients and everything is great, but like we were delivering and are delivering really, really high quality service.
He was under charging. So we, we, we needed to up that, but yeah, We had these really great relationships.
And what really drew me to this business was he had these kind of channel partners with associations, with healthcare brokers, PNC brokers, that I felt like that was really an interesting part of this business. Yes, of course, it's a direct relationship that we have with small business owners, medium-sized business owners that work with us for recurring, you know, fractional HR, but also for…
But there was also this component of these partnerships that I said, okay, that's where I feel like there's a lot of untapped value within this organization to really help grow it without having to build out a giant sales organization or something along that line. So that's one of the things that really drew me to this, Will, in addition to it being here in Central Florida, because my search was…
I was looking at Texas, Nevada, Illinois. I mean, anywhere that there was a PEO or an HR company for sale, I was having that call. But then this was right in my backyard.
I lived here before. It's been 12 years, but I lived here before. I've got friends and family here.
My mom is here. My aunt is here. There was just a lot of things that were like, okay, the stars are aligning here. Let's pursue this.
The team at Aspen HR recently published a short white paper targeted at searchers entitled A New CEO's Guide to Human Resources. It lays out the key items you should be thinking about as you transition into CEO and owner of the business you bought. The link to download it is in the show notes.
Aspen is a professional employer organization, or PEO, run by a searcher for searchers. Search fund veteran Mark Sinatra runs the company, which provides HR compliance, flawless payroll, Fortune 500 caliber benefits, and HR due diligence support for your acquisition, all for a fraction of the cost. Go to aspenhr.com or contact Mark directly at mark at aspenhr.com. Give us a sense of size of…
Sure, so we have about 85 clients that pay us recurring. And then we probably got about another 100 or so that we do reoccurring projects with every year, every two years. And then there's a handful that we do project work on top of that.
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