How did AssetWorks Appraisal become part of Volaris Group?
In 2008, MAXIMUS strategically decided to divest its software companies, packaging them and selling them to an operating group of Constellation Software, known at the time as Trapeze. This pivotal transaction marked the beginning of AssetWorks’ integration into Volaris Group.
At that time, AssetWorks operated under a unified brand but consisted of three distinct company verticals. Upon integration into Volaris Group, the leadership team quickly recognized the unique strengths within each segment and made the strategic decision to manage them as separate entities. This approach allowed AssetWorks Appraisal to become its own business unit within Volaris Group, contrasting with their previous owner’s strategy of keeping the companies closely integrated.
Volaris leadership understood that the diverse software products, development teams, and leadership within AssetWorks would thrive best if managed independently. By creating distinct business units, each could concentrate on its core strengths, leading to more efficient operations and specialized growth.
The transition into Volaris was not merely a structural change but also an insightful learning experience. Through this transition, the AssetWorks team gained valuable insights into how to strategically approach and expand their business under the Volaris umbrella. Since its integration AssetWorks Appraisal has more than tripled its original size.
Through the acquisition AssetWorks Appraisal was given the power to approach their business the way they saw fit.
From Stagnant Company Carve-Out to Growing Company at Volaris Group
The transition from the previous owner to Volaris Group marked a significant turning point for AssetWorks Appraisal. Under their previous owner, the company’s importance often felt diminished. Volaris, however, offered a stark contrast, placing a high value on each individual business unit, including AssetWorks Appraisal. This shift in attitude was evident from the start.
Mark Miller, former CEO of Volaris Group, personally conveyed the company’s commitment to AssetWorks, Appraisal leadership emphasizing that unlike their previous owner, where the business felt overlooked, Volaris genuinely cared about its success. This change in leadership approach created a new atmosphere of trust and support. Volaris recognized that AssetWorks was the right size to align with their growth strategy, which was a refreshing change for the team.
Additionally, the newfound support had a profound impact on each business. The leadership at Volaris trusted AssetWorks Appraisal to manage its operations with autonomy, providing clear parameters but allowing the company to drive its own success. This level of trust and empowerment was a departure from the struggles faced under their previous owners, where every decision was met with resistance from internal departments like accounting and legal.
At Volaris, the focus shifted to forward-looking strategies, with an emphasis on forecasting and financial planning. This proactive approach, coupled with a leadership team that genuinely cared about the business’s success, fueled AssetWorks Appraisal’s drive to grow and thrive within Volaris. What was once a stagnant carve-out became a dynamic and growing company, reinvigorated by the supportive environment at Volaris Group.
Our previous owners never really took the time to understand what we did and didn’t really understand our business model.
– Michael Borello, Group Leader at Volaris Group
Growth Opportunities and Leadership Development at Volaris Group
This sense of optimism proved to be well-founded, particularly as Volaris began to foster significant growth opportunities for the AssetWorks Appraisal team. One of the most transformative moments came in 2010, when AssetWorks Appraisal executed its first acquisition under Volaris—an event that marked a turning point in the company’s trajectory.
The acquisition of InCircuit, a strategic move to integrate development resources and strengthen AssetWorks’ capabilities, was more than just a business deal. It was a catalyst for professional growth within the organization. This integration under the AssetWorks brand allowed for greater control over development processes and opened the door for numerous promotions and leadership advancements.
Over the past 14 years, numerous individuals within AssetWorks Appraisal have advanced their careers significantly, thanks to the growth opportunities provided under its umbrella. These advancements have occurred while operating within their specific vertical markets, demonstrating how the company’s expansion has directly contributed to their professional development.
- Dean Hebert, originally one of the former owners of InCircuit, now serves as a Group Manager, leading a collection of companies within Volaris Group.
- Ellena Howes, who served as VP of Operations and Professional Services at AssetWorks, has advanced to the role of CEO/General Manager of AssetWorks USA’s Asset Management Division.
- Crystal Towns, formerly the Vice President of Sales and Marketing at AssetWorks, has advanced to the role of General Manager and CEO of eQuip.
- Chris Gutierrez, who previously served as General Manager of AssetWorks, is now the General Manager of Centurisk.
These promotions are not just isolated successes; they represent the broader impact of Volaris’ growth strategy. Volaris Group taught AssetWorks how to initiate and execute strategic initiatives, providing the tools and knowledge to assess markets, experiment with innovative approaches, and ensure that investments in growth would yield positive returns. This focus on organic growth, particularly following the acquisition of InCircuit, propelled AssetWorks Appraisal to new heights over the next seven years, solidifying its position within the Volaris Group. Today, the size of AssetWorks Appraisals has tripled.
Reflecting on this journey, the key lesson learned from Volaris Group is the importance of strategic initiative—something that was less emphasized during their years with the previous owner. Volaris’ support in development initiatives and market exploration has been instrumental in transforming AssetWorks Appraisal from being a stagnant carve-out into a thriving, growth-oriented company with a strong leadership team.
How Volaris Group Differs from All Other Acquirers
Volaris Group stands out from any other type of acquirer due to its unique “buy and hold forever” philosophy. Unlike private equity firms that typically operate on a short-term horizon, focusing on optimizing and reselling companies within a few years, Volaris commits to indefinite ownership. This long-term approach offers stability and allows businesses to maintain their legacy while receiving continuous investment. By never selling its acquisitions, Volaris ensures that companies can grow without the uncertainty of being resold, making it an ideal partner for business owners who value long-term sustainability.
In addition to its commitment to long-term growth, Volaris supports organic and acquired growth in ways unparalleled by other acquirers. With access to Volaris’ extensive global network, companies are empowered to expand internationally and scale their operations beyond their traditional markets. Volaris’ decentralized business model further distinguishes it from strategic buyers and private equity firms, as it allows acquired companies to retain autonomy and continue being led by their existing management teams. This approach fosters an environment where leaders can thrive, driving their businesses forward with the confidence that they have both independence and strong backing.
Volaris prioritizes the human element of acquisitions, building relationships based on trust, honesty, and transparency. This focus on personal connections is a defining feature that resonates with business owners who want to ensure their company is well cared for. The combination of a long-term investment strategy, support for growth, autonomy, and a commitment to nurturing relationships makes Volaris Group different from any other acquirer, providing a stable and empowering home for businesses and their leaders.
