Ogletree at SFA: How to Combine 2 Companies
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Ogletree at SFA: How to Combine 2 Companies
“Has any employee in here had a good experience with your company being acquired?” Buddy Ogletree of Field asked the Southwestern Fastener Association.
No one raised their hands to indicate they enjoyed an acquisition.
Ogletree had 16 years in the fastener industry when Field of Rockford, IL, acquired HR Logistics – a Tyler, TX, distributor in July of 2014.
HR Logistics was not originally seeking an acquirer. They were looking to transition out Ray Robinson – who founded HR in 1972. “Business was good for us,” Ogletree recalled. “Business was extremely good for us. We were not looking to sell.’
HR sales had grown 155% in four years.
When contacted by a business broker, the Texas distributor didn’t know who the Illinois distributor was.
Early meetings revealed HR Logistics and Field had a “shared vision,” Ogletree recalled. Both had a similar customer-oriented culture.
HR Logistics’ was a less formal situation of staff “coming in and doing a good job,” rather than Field’s formal ‘in-writing’ program. “We were all good people, but the strategy wasn’t ‘displayed’,” Ogletree explained.
Speaking to the spring 2016 SFA conference, Ogletree declared the 2014 acquisition a success and said it has improved the former HR Logistics.
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