Many businesses do not know what Acqui-Hiring is or do not fully understand it. In my interview with Bruce Eckfeldt in Episode 6 of the Fueling Deals podcast he explains not only what Acqui-Hiring is, but how you can use it to accelerate your business growth.
Seeing the need for a more fast-paced and innovative approach to technology development, Bruce was an early adopter of Extreme Programming (an early Agile/Lean software methodology). He advanced the field as an early contributor to the Agile Conference and as the founder of Cyrus Innovation in 2003, one of the first Agile/Lean development consulting firms.
After more than a decade of developing products and coaching companies adopting Agile/Lean practices such as Extreme Programming, Scrum, Kanban, and other Lean methodologies, Bruce sold Cyrus in 2014 to focus on broader organizational development initiatives and served as interim CEO, COO, and other executive roles across a number of different high-tech and professional service companies leading these companies through periods of high growth and leadership transition.
Today, Bruce uses his experience as an entrepreneur and Inc 500 CEO to help high-growth companies scale more quickly with less drama. He is an expert in business and operational growth strategy, talent planning, performance coaching, and using Lean/Agile to achieve operational excellence.
Bruce’s background in professional development, leadership, and organizational scaling have given him valuable wisdom that he shares with the business leaders of today. Bruce’s calls upon his experience in reaching #241 on the Inc. 500 list within five years of founding his prior company in helping his clients scale and accelerate their business growth.
On this episode of Fueling Deals, Bruce and I discuss “aqui-hiring”, integrating – but not buying – an existing business for the purpose of gaining access to its talented and already-formed team, and why acqui-hiring is a great option for rapidly scaling your business over more “organic growth” strategies. Listen to our conversation and learn how to evaluate an organization for its compatibility with your company, determine and mitigate potential risks before closing the deal, and maximize the benefits of acquiring your talent rather than hiring them.
Traditional growth methods and scaling strategies are meant to be implemented over time. Acqui-hiring, on the other hand, has an immediate impact on the size and scale of your organization. Additionally, it can be an effective way to add top talent to your team. Why add people to your company one-by-one, when you can access an already-functioning team of talented staff?
Acqui-hiring is all about speed. In today’s highly competitive business world, agility and quick response to market changes can mean the difference between a business thriving or barely surviving.
Look Before You Leap
Though the benefits of acquiring a team through a business deal can be many, there are also reasons to be cautious. Acqui-hiring comes with its own set of challenges, such as ensuring that your new team is a cultural fit for your existing business, as well as the need for implementing changes necessary to adapt to rapid growth.
It’s also important to keep in mind that an existing team under new leadership may not function the same. If the previous owner of a business you acquire was integral to the operation, how do you make the transition without stumbling? Bruce addresses this and other concerns during our conversation, which is why it was my great pleasure to speak with him and why you will get huge value by listening to him.