Adding 15 companies to the Tech24 family in the past two years meant weaving multiple different corporate cultures into one corporate blanket. We realize Tech24 is not alone in this endeavor. The pace of consolidation continues in many of the segments of our industry, from the service side to rep groups to dealers to factories to operators.
Growth through acquisition is not an uncommon business strategy. While it makes for a clear business strategy on paper, it is what happens after the transaction documents are signed that sets a company up for continued success. For us, that starts with eliminating the word “acquisition” early in the process.
The term “acquisition” is a word that can bring with it a lot of negative connotations. Instead, we change the narrative from “acquisition” to “adding to our family.” That terminology is continually reinforced at Tech24 as we believe it is a core piece of our culture. We’ve all been well versed in that specific language. It might seem like semantics but it’s the little things that matter. The words you choose can be very important. This is particularly the case during an ownership transition.
That approach immediately establishes the tone of our culture for all involved. We want to welcome the employees in the acquired businesses into our family. We want the local leaders to remain in their roles and the brand recognition to stay in place. Most service and maintenance companies that we bring on are well known and well established in their markets and we want to maintain those local connections. This is a business you have to execute locally. It’s important to have that touch. When we talk to a national customer, we emphasize that this is our family of companies. That continues to reinforce how they receive local attention but also the benefits of a national network of service technicians.
The service sector consists of a tightly knit network of individuals. A lot goes on behind the scenes among different industry groups, such as the Commercial Food Equipment Service Association, where we get to know one another. The familiarity that’s built by attending events sponsored by organizations like CFESA makes it easier to start a conversation. People who start businesses like service agencies tend to be entrepreneurial in nature, take great pride in what they have built and want to know that their people will be treated well.
Employees have their concerns, too. We work to address those concerns early on with a town hall meeting and talk about who we are and how we go about our business.
I know using the term “family” may sound cliche, but we are just as cautious about adding someone to our corporate family as you would be when it came time to adding someone to your family. If you can build relationships around shared values and taking care of one another, your family can continue to grow and flourish.