In Today’s Coffee…
* < 380 words, total reading time under 2 minutes
By now, many of you have learned about the recent merger (Friday) of the 15 companies who have been collaborating as the BRAVAS Group, some since February 2015. Our heartfelt congratulations go out to these entrepreneurs and leaders. The work they have put in to make this happen is impressive.
The deal itself is noteworthy but what has been happening behind this epic moment is in our opinion the real story. Consider just a few of their accomplishments:
i. The companies agreed to adopt standards for counting and measuring their businesses (KPI’s),
ii. They then spent months of collaborating on best practices,
Each improved their performance (almost quadrupling
their profit together),
iv. The companies agreed on the best way to value their companies between each other,
v. Administrative processes were aligned,
vi. Group reporting, budgets and key data structures were put in place,
Collectively they joined the same buying group,
They implemented the same payroll service,
ix. They adopted the same benefit program for all companies (a stark improvement over their independent programs),
x. A management team was put in place and worked together for over 9 months,
xi. They defined priorities to advance the good of the group through programs they could not have resourced individually,
1. CFO and Sr Accounting manager were hired to create a
reporting flow and define and implement the required
2. Work on consolidating multiple dealers in the same
market began (a key future strategy for the new company).
The bottom line: these local operators got a chance to work together, build respect and trust, learn from each other and form the foundation of a team driven to create the best luxury CI business in the world.
It is a rare moment when a culture is created in advance of a merger. We have seen way too many times when it is left to chance, and the results have been less than fantastic.
There is a lot to be proud of with this group, but what sticks out to us: is that why process is important, it is the people that make it work.
Our hats off to a really fantastic group of men and women who believe in themselves and are willing to work unselfishly to make it happen.
Our toast to them, BRAVAS!