Background
Founded in 1993, InCircuit Development Corporation established their niche offering highly customized software solutions to public sector entities for fixed asset and equipment management.
With two owners, one who was ready to sell and another who wanted to stay with the company, AssetWorks LLC and their model proved to be the perfect solution for InCircuit. In 2010, InCircuit joined the AssetWorks family. Their employees, customers, and solutions continue to thrive today.
AssetWorks’ commitment to investing in the growth of the companies they acquire eased my concerns over the future of InCircuit.
– Dean Hebert, Former Owner of InCircuit and Current Group Manager at Volaris Group
The Decision to Sell
With strong customer relationships, a close-knit group of employees, and a partner who wanted to stay involved with the business, the decision to sell was not an easy one for the leadership team at InCircuit. Selling to a buyer who might dismantle the company to find value was simply not an option.
AssetWorks along with their parent company Volaris Group share an acquisition philosophy of buying good businesses, keeping them intact, and investing in their growth. For InCircuit, this was exactly what they were looking for in a buyer. When InCircuit joined forces with AssetWorks’ Fixed Asset Management team, it created the perfect storm of knowledge, talent, and resources for the two companies to thrive together.
The industry leading solutions developed by InCircuit were a perfect complement to our existing offering in the fixed asset management space. Merging the two has allowed us to excel together.
– Michael Borello, Group Leader at Volaris Group
Volaris Family Dynamic
For Dean Hebert and the leadership at InCircuit, engaging with other General Managers (GMs) within the Volaris portfolio has become an integral part of their operational strategy. This practice, often a monthly ritual, has proven invaluable for InCircuit’s continued growth and success. Interacting with businesses of similar sizes and models provides a rich tapestry of perspectives. Some of these sister companies excel in areas where InCircuit seeks improvement, while others trail slightly behind, offering InCircuit an opportunity to share its insights and experiences.
What sets this collaboration apart is the absence of competition within the portfolio. The companies operate as a cohesive family, fostering an environment where challenges and triumphs are openly discussed without reservation. This transparency is a rare and precious commodity in the business world. It allows InCircuit to gain unparalleled insights into diverse business operations, making it possible to adopt best practices and avoid common pitfalls.
Being part of this ecosystem eliminates the isolation that founders often experience. It creates a support network where shared experiences and knowledge enhance each company’s capabilities, leading to a collective elevation of standards and practices across the entire portfolio.
Post-Acquisition Success
InCircuit leveraged its skilled development team and AssetWorks’ extensive experience in public sector appraisal services to launch Recoup, a software solution for managing surplus property and warehousing. Collaborating with customers has enabled continuous improvements and the addition of new features to Recoup.
Access to this development team has facilitated AssetWorks in bringing new products to market. With the support and resources of AssetWorks and Volaris, InCircuit has expanded its product line, most recently achieving success with surplus management software in the higher education sector.
Joining the Volaris ecosystem brought a new level of security to InCircuit, allowing it to maintain its unique culture while alleviating small business concerns. This security enabled a shift in focus towards growth and innovation. The transition from a small business to a part of a larger ecosystem has transformed InCircuit’s operational and strategic outlook. The readily available resources of the Volaris ecosystem have profoundly impacted how the business operates and expands, preserving its essence while opening new avenues for exploration.
Talent Acquisition After Joining Volaris
The acquisition by Volaris has significantly enhanced InCircuit’s approach to talent acquisition, development, and retention. By leveraging Volaris’ robust HR foundation, InCircuit has elevated the importance of HR, providing employees with an extensive benefits portfolio and abundant personal and career development opportunities. The company’s association with a recognized brand aids in attracting new talent by blending the charm of a small business culture with the resources of a larger entity.
Moreover, the collaborative environment within the Volaris portfolio facilitates networking and training across different business units, allowing employees to expand their professional relationships and explore roles beyond their current industry. Since 2010, Dean Hebert has seen his role evolve and has observed colleagues transition into various leadership positions within Volaris. This ongoing growth within the Volaris ecosystem continues to create promising opportunities for aspiring managers and leaders.
Advice for Business Owners Pre-Acquisition: Balancing Legacy and Financial Goals
Dean Hebert offers insightful advice for General Managers navigating a pre-acquisition process. He emphasizes that selling a business is deeply personal and varies for each owner. Drawing from his experience, Hebert highlights the significance of considering not only financial aspects but also the emotional and relational components of the sale.
For Hebert, ensuring the well-being of his employees and maintaining strong relationships with long-time customers were crucial. He found that preserving the legacy of the business and the happiness of those invested in it were more important than he initially anticipated. Even after the acquisition by Volaris, Hebert chose to remain with InCircuit, reflecting his commitment to the people and relationships that had shaped the business.
He advises future GMs to balance financial goals with the personal elements of the sale. While financial outcomes are a key consideration, the impact on legacy, team dynamics, and long-standing customer relationships should not be underestimated. Maintaining these aspects post-sale is essential for lasting success and personal satisfaction.
