Joining the PD Family
Do you have an exit strategy for your court reporting business?
You are a busy owner, wearing various hats, and juggling a myriad of responsibilities. You have probably spent the bulk of your professional career building your business, establishing, and nurturing relationships with clients, team members, court reporters, and videographers. At some point you may begin to consider what’s next for you and your business. Succession planning can be one of the most challenging aspects of owning and operating your family business, especially when there are no family members interested in carrying on your legacy. Whether you intend to stay on in a similar or different role, retire, or look for a new opportunity, probably the most important factor to consider in succession planning is who you will partner with to carry on your life’s work.
Why should I consider selling?
- Stressing about last-minute coverage
- I don’t have enough reporters to cover my jobs
- I can’t provide global coverage
- I’ve lost clients to national firms
- I can make more money reporting with a lot less stress
- Finding good employees and retaining them has become a challenge
- Lost revenue due to the pandemic
- I can’t meet clients’ data security requirements
- My profit margin has decreased due to rising reporter rates and premiums that can’t be passed on to clients
These are some of the common pain points we hear from agency owners. We assume all these unpleasant
duties and responsibility, allowing you to focus on what you want to do.
Why consider partnering with Planet Depos?
PD is a family-owned and independently operated court reporting firm – not beholden to outside investors whose decisions are often driven by the bottom line. Our business is structured like a family, with tight teamwork on display throughout the entire operation. This open communication and cooperation translate into a smooth acquisition process from your family business to ours. The emphasis on people rather than profits demonstrates our eagerness to make the transition for your employees, court reporters, and clients as seamless as possible.
PD is a leader in court reporting, covering legal proceedings all over the globe, adapting quickly to industry and world changes to remain at the forefront of the court reporting industry. Utilizing the
talents and skills of our team members enables us to pivot and adapt to market changes quickly. This is the foundation of our success and growth.
What this boils down to for you, your employees, reporters, and videographers is transparency, a supportive team and access to new resources, as well as challenging work that will allow personal and professional growth opportunities.
Discover the benefits of choosing Planet Depos
How will my clients be impacted?
Every client is as important to us as they are to you. We recognize each client has different needs and preferences, and are committed to delivering white glove, concierge service to your clients. What that means is they can expect unmatched service from their initial contact with Planet Depos all the way through to delivery of final transcripts and videos, and beyond. You and your clients can rest easy that specific needs and expectations will be met or surpassed time and time again. Your clients will also benefit from 24/7 live assistance and an appreciation of urgency no matter the time.
With a global network of premier reporters, videographers, interpreters, and technology specialists, domestic and international reliable coverage is stress-free, with our team members handling all the heavy lifting for you. Partnering with PD will give your clients access to cutting-edge court reporting technology, data security, and the convenience of our complimentary online repository, all delivered with the highest level of customer support.
What can I expect as a seller?
You get to decide your role after acquisition and transition.
Open and honest communication.
Promises are not just words; they are commitments to you, your clients, and team members.
Support before, during, and after acquisition.
Our Family of Previously Acquired Companies
What’s Next?
What does the acquisition process look like?
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1.Speak directly with one of the owners of PD
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2.Signing of nondisclosure
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3.PD will ask questions about your business and request some financial documentation
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4.PD will value your business and provide an offer
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5.Legal documentation prepared at PD’s expense
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6.Agreement is signed and closing date selected
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7.Collaborative transition planning
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8.In-person meetings with reporters and staff
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9.Meet the PD team
Frequently Asked Questions?
What will happen with my employees?
Your employees become part of the Planet Depos family – PD is growing and welcomes your valuable team into the fold! With our growth as a company come new opportunities for career development for any employee interested in taking on new challenges.
How will my reporters and videographers be impacted?
Your reporters and videographers will join the Planet Depos network, with 24/7 support from office staff, and an abundance of high-end work, educational/industry resources, and opportunities for growth.
Independent contractors are paid every two weeks via direct deposit. Employees can participate in PD’s excellent benefits offering that includes work-from-anywhere environment, PTO, and 401k.
What if I’m not ready to retire?
How involved you want to be after the sale is up to you. This will be an in-depth part of the conversation before an agreement is reached, drafted, and signed.
What metrics do you use to value my business?
This is the most commonly asked question. Unfortunately, there is not a one-size-fits-all answer. A number of different factors are taken into consideration when valuing your business. At a basic level, we look at your most recent 12-months of EBITA (Earnings Before Interest, Taxes, & Amortization). While this is a good starting point, EBITA can vary greatly depending on a number of situations. Some things to think about relating to EBITA: Has your EBITA remained consistent of the last few years? Has a large case/client/contract skewed your profitability? What are the quality of your earnings? Will EBITA remain post-acquisition under the new buyer? Has pricing remained consistent? Is your business growing based on revenue, EBITA, and job count?
As with all acquisitions, there are some a number of risk factors to consider as well: Are there contracts in place that are not transferable to a potential buyer? Is there high customer concentration? Does affiliate work make up a large percentage of your business? What is the quality of your work? Will clients, employees, and reporters stay-on post-acquisition?
Once we have determined a clear EBITA metric, we will apply a multiple to that number to get to a valuation of your business. Multiplies are based on the quality of earnings, the risk factors mentioned above, synergies, and potential growth post-acquisition.
If you are interested in receiving a valuation of your business, please reach out HERE. Identities of customers, employees, and resources can be anonymized. All inquiries will be kept confidential.
Can I speak with agency owners of the other companies you have acquired?
Absolutely. Should you wish to speak with an agency owner of another PD acquisition, just let us know during the process, and we can connect you.
Contact Us
If you are interested in receiving a valuation of your business, please contact us or call 888.433.3767 Identities of customers, employees, and resources can be anonymized. All inquiries will be kept confidential.