How ICC Helped a Real Estate Brokerage Grow Team + Profits by 50% in 1 Transaction
“The merger and acquisition that ICC helped us with was probably the biggest deal that’s happened in our local real estate market. It was executed perfectly, and it probably wouldn’t have happened without their guidance.”
The Challenge
FINANCIAL INSTABILITY STALLS GROWTH
Gary acquired a real estate brokerage and was eager to put his growth plan into action. However, once he assumed control of the company, he realized the assets were not as robust as expected and the bookkeeping had not been well managed.
Without a clear picture of the financial state of his new business, Gary was unable to create a budget, make projections, or hire staff. His growth plan stalled.
“It was an ongoing problem and we needed to do something, but we had no idea what because we didn’t know where we were financially. We didn’t know if we could afford to hire help. We really didn’t know anything. It was awful.”
As Gary and his team worked hard to make sense of their financial position, expenses continued to grow while revenue diminished after some of their top producers retired.
“We were headed for deep trouble, and I didn’t know how we would keep going. Our future was looking bleak.”
The Challenge
FINANCIAL INSTABILITY STALLS GROWTH
Gary acquired a real estate brokerage and was eager to put his growth plan into action. However, once he assumed control of the company, he realized the assets were not as robust as expected and the bookkeeping had not been well managed.
Without a clear picture of the financial state of his new business, Gary was unable to create a budget, make projections, or hire staff. His growth plan stalled.
“It was an ongoing problem and we needed to do something, but we had no idea what because we didn’t know where we were financially. We didn’t know if we could afford to hire help. We really didn’t know anything. It was awful.”
As Gary and his team worked hard to make sense of their financial position, expenses continued to grow while revenue diminished after some of their top producers retired.
“We were headed for deep trouble, and I didn’t know how we would keep going. Our future was looking bleak.”
The Solution
BRING IN A SPECIALIST TO MAKE A PLAN FOR LONG-TERM SUCCESs
A few months into his new venture, Gary’s partner heard Wayne Einhorn, President of ICC, speak at a broker conference and knew that Wayne could help them through their challenges.
Gary reached out to Wayne and was immediately impressed by his vast experience, his forthright appraisal of Gary’s circumstances and his warm demeanour. Gary knew that in Wayne he had found someone who would be as invested in his success as he was.
“It was so nice to find a coach that would become such an integral part of my team. From the start, Wayne was encouraging and helpful which was great because it was all so overwhelming. I knew that I had just found a coach, a mentor, and a friend.”
Wayne got right to work helping Gary and his partner determine what their goals and priorities were for their new brokerage. Then they sorted out the finances. With a clear understanding of the company’s cash flow, Wayne and Gary created a budget and developed an effective growth, acquisition, and recruiting strategy that would allow the brokerage to grow their profitability—and meet their targets—faster.
“I needed someone to help me figure out where we were going and to help me make a plan on how to get there. Wayne was so helpful. To have someone beside me who has seen it all is fabulous.”
The RESULT
OPPORTUNITY LEADS TO MASSIVE GROWTH + INCREASED PROFITS
With Wayne’s insight and guidance, along with Gary and his team’s hard work, the brokerage got back on track and maintained its position as top producer in Pueblo County. Wayne helped Gary strengthen his growth mindset and sharpen his business sense and it didn’t take long before Gary identified a great opportunity to expand again.
Gary hired Wayne to develop an accurate valuation and a solid strategy while guiding him through the acquisition. With Wayne’s direction, Gary was successful in buying the brokerage which had a significant impact on his business.
“This merger and acquisition was a big, big deal. Wayne helped me develop a clear picture of the value and what I should offer. He structured it really well and we were able to retain almost all of the new agents.”
The acquisition grew Gary’s agent count by 50% and skyrocketed his profitability. Together with Wayne, Gary and his team developed a recruiting program that transformed their talent acquisition process tremendously.
Gary values Wayne’s extensive knowledge, breadth of experience and targeted solutions. He intends to continue working with Wayne to maintain his forward-thinking approach while focusing on growth.
“Wayne’s on my side, he’s my teammate. Since working with him, we know where we’re going. My team and I have a much, much brighter future.”
Gary Miller has been practicing real estate in Pueblo County, Colorado, since the late 1970s. From day one, Gary’s commitment to continuing education and ethical practices has inspired trust in buyers, sellers and the real estate community.
Every year since 1985, Gary and his team’s hard work and devotion to their clients has made them Pueblo County’s top producing real estate company. However, staying in the top spot hasn’t always been easy. In 2018, Gary realized that competing real estate companies in his region were growing rapidly and nipping at his heels. Refusing to give up his number one position, he made the decision to expand.
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