Scenario – You run a successful supply company and become aware of a smaller competitor that is in some financial distress yet has a solid customer base. You attempt to touch base with the competitor via email. No response. You soon learn that the company rarely uses email. In addition, the use of computers in general and for maintaining books and records in particular is limited, records of customer accounts are maintained on index cards and supplies are ordered by phone. At first blush you might think – stay away, this company is old fashioned and out of date. However, if the company’s core assets are strong (product offering, customer base) a terrific opportunity may be presented. By introducing technology into the fold, including computerizing books and records, increasing online presence and use of social media and implementing cost accounting tools, a tremendous amount of value can be added. So, the next time this opportunity knocks, leave the door wide open to explore.
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ABOUT GLENN D. SOLOMON
email@example.com | 443-738-1522
Glenn D. Solomon is a principal at Offit Kurman and has provided counsel to businesses and business owners for more than twenty-five years. He has extensive experience in the purchase and sale of businesses, structuring ownership agreements, and advising companies in financial distress.
ABOUT OFFIT KURMAN
Offit Kurman is one of the fastest-growing, full-service law firms in the Mid-Atlantic region. With over 130 attorneys offering a comprehensive range of services in virtually every legal category, the firm is well positioned to meet the needs of dynamic businesses and the people who own and operate them. Our ten offices serve individual and corporate clients in the Maryland, Delaware, New Jersey, and Northern Virginia markets, as well as the Washington DC, Baltimore, Philadelphia, and New York City metropolitan areas. At Offit Kurman, we are our clients’ most trusted legal advisors, professionals who help maximize and protect business value and personal wealth. In every interaction, we consistently maintain our clients’ confidence by remaining focused on furthering their objectives and achieving their goals in an efficient manner. Trust, knowledge, confidence—in a partner, that’s perfect.
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