9 | Orgill Case Study the sale. You have to be respectful of the seller’s feelings and be mindful about more than just the numbers you are putting on the table.” Once the deal was finalized, a date of April 1, 2020, was set for the acquisition to close. With the rapid onset of the COVID-19 pandemic, it quickly became clear to all the parties involved in the acquisition that the original closing date might not be feasible. And while it may seem simple enough to reschedule the closing date of the acquisition, according to Sieggreen, this was not standard operating procedure for CNRG. “Once we put a deal together and produce a letter of intent, we really pride ourselves on honoring that,” he says. “Changing dates is just not something we do. But in this case, there were circumstances that were beyond our control, and we had to move the date to May 18. But, even in the middle of COVID-19, we managed to complete all of our due diligence and close the deal.” The CNRG team’s commitment to living up to their word, even in the face of an unprecedented pandemic, impressed Morris Jr. “This let me know I had made the right choice for where to go with the business,” Morris Jr. says. “Their integrity and honesty—that came through loud and clear. They do what they say they are going to do, when they say they are going to do it.” With the business side of the acquisition complete, the CNRG and Home Hardware teams also wanted to ensure the business transition went smoothly from a personnel—and personal—side as well. “So many of these businesses are driven by the personality of the people who run them, and those relationships between the ownership and the employees and the ownership and the communities can be incredibly important,” Sieggreen says. “This is just one example of how we want to leave the feeling and character of the business intact and make sure the team remains energized and positive even after the transition,” Dorrill says. One of the ways Morris Jr. continues to interact with employees and customers is by cooking and serving barbecue once a month. “I don’t have any real obligations or anything like that. I just do what I can to be supportive,” he says. “I try to do that without getting in the way. If I have ever seen anything crop up though, all I have to do is call and let someone know, and they are so responsive.” Orgill Case Study | 9 For CNRG, a successful acquisition involves maintaining the elements of a retail operation that made it successful in the past such as popular local brands, assortments and a strong corporate culture. Then, CNRG works to create efficiencies within the operation and make enhancements that create opportunities for growth.
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