When he was exploring the ideal M&A partnership to help execute the long-term growth initiatives of Centric Business Systems, Rick Bastinelli wasn’t merely considering his own future. But in UBEO Business Services, the president of the Owings Mills, Maryland-based dealer saw an organization with the firepower and a shared vision to catapult Centric to the next level.
Best of all, the partnership—finalized in late December—enables Centric to maintain the look and feel that its employees and clients have grown to love. As Centric sets its sights on substantial growth goals, it now has a succession plan in place to ensure its future—one that includes Bastinelli, who still has a passion for the company and the business. We sat down with Bastinelli for a Two-Minute Drill segment to learn more about the UBEO deal from his perspective.
Provide some insight into your decision to sell; how long has this been in the works? Was it a matter of crafting a succession plan for the organization?
Bastinelli: In October 2021, our senior management team developed a five-year business plan to keep pace with future technology trends, invest in acquisitions, staff for organic growth and double our revenues from $60 million to $120 million. We realized after going through that planning session that a partnership with a mega dealership funded by private equity would be a smarter way to accomplish our goals. In addition, the acquisition by UBEO provided Centric with a sustainable future and solid succession plan. The company was no longer dependent on the health and welfare of one individual. Now, all employees of Centric have stability and security with tremendous potential for growth.
Of all the potential partnerships that were evaluated, what were the critical factors that led you to choose UBEO Business Services?
Bastinelli: Our industry is fortunate to have several potential acquisition options and they are all strong, capable companies. We established criteria that identified critical factors and guided us through this process. Our criteria was the name Centric Business Systems is maintained so we can continue to capitalize on a strong brand, we remain an independent operating company, all employees would be hired at the same job and same salary, and finally, I would remain as president. UBEO checked all the boxes and that was comforting to all the members of our team.
What are some of the benefits of aligning with UBEO?
Bastinelli: In today’s document industry, size and scale equal POWER! UBEO provides the access to products, Pro IT support, production expertise, marketing, lead generation and vendor pricing that can only be available from a company generating in excess of $300 million. They provide the tools required for faster and significant organizational growth. Our team members have better opportunities for growth within the company, the region or the national headquarters. The employee benefits are stronger and the workplace technology is more sophisticated. As a $60 million company, we could not match the total package UBEO brings to the table!
What does the future hold for Rick Bastinelli? Have you targeted a time frame for retirement, or do you plan to remain with the organization for the foreseeable future? Do you have post-Centric plans lined up?
Bastinelli: My plans are to remain with the organization as president. My reason to be acquired was to create a long-term sustainability and succession plan for Centric team members and customers. I do not have the desire or a time frame to retire. Centric has a terrific team and I enjoy working with them every day to make things happen. Exciting times are ahead and I look forward to seeing the company and employees grow.
