If acquisitions are a key part of your company’s strategy, Nick DeBenedictis has some advice for you: Be visible.
The chairman, president and CEO of Aqua America Inc. says it’s important to get the name and faces of your company out into prospective markets prior to making a purchase or acquisition. It’s a tried-and-true method that DeBenedictis has used to lead the Bryn Mawr-based water utility holding company since rising to the top post in 1993.
Aqua America purchases small, privately owned and municipally owned water systems, and it has a lot of people to win over before making an acquisition. Everyone from the mayor and city council, to city water employees, to residents wants to know what Aqua America is all about, what it is going to improve, and if it will deliver on the promises it makes.
In addition, the company is in a business closely regulated by industry officials.
The close scrutiny from multiple angles has caused DeBenedictis to formulate a plan that increases the company’s visibility around the country and educates municipalities about its history and customer service.
“We try to be very visible well ahead of buying,” he says. “Keeping good local political and regulatory relations is very important. That’s where we really have to sell ourselves.”
The company’s philosophy of visibility is the spearhead for a methodical growth strategy that has propelled Aqua America from a small utility holding company in suburban Philadelphia to a 1,500-employee industry leader with holdings in 13 states and 2005 operating revenue of nearly $497 million.