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STRATEGY

Bell Rock Legacy Partners is looking for a great, small business with some of the criteria outlined below. Of course, every business is different, and very few businesses display all of these traits, but they are helpful in guiding our search.

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Target Industries

Bell Rock is searching for service-based businesses in growing industries with sustainable, defensible market positions.  Industry examples include:

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  • Business process automation (BPA) & Business process outsourcing (BPO)

  • Education & training services and related SaaS 

  • FinTech and tech-enabled services

  • Healthcare IT services, including monitoring, practice management

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Financial Requirements

Bell Rock focuses on lower, middle-market businesses with recurring revenue models and low capital intensity.  Financial criteria include:

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  • Annual revenue $5 to $30 million

  • EBITDA $1.5 to $5 million 

  • EBITDA margin >15%

  • Consistent profitability 3+ year history

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Business Attributes

Bell Rock's investment thesis emphasizes the following business attributes for the operating team to build upon:

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  • Strong historical revenue growth

  • Low to medium capital intensity

  • Well-positioned in growing and fragmented industry

  • Recurring revenue streams from diverse customer base

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Management Profile

Bell Rock's managing directors will take a direct operational role in the acquired company. Ideally, we are looking for the following management profile:

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  • Owner seeking liquidity and/or exit

  • Owner willing to step away from daily management 

  • Experienced middle management planning to remain

  • Solid employee relations with high retention rates​

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