Posted
By John P. Palen, CEO & Founder of Allied Executives
One
of the first rules in business: know your strengths. Another rule: Know your
weaknesses. Large companies have entire departments and personnel dedicated to
corporate intelligence, threats and weak links. But for small and mid-sized
businesses, it’s been harder to access this valuable information. The people who do this work tend to keep a
low profile. Since 1991, one
Minnesota-based company has done just that, and built a multi-million-dollar business.
Heartland
Investigative Group has touched just about every high profile case, story and
deal in the Twin Cities. As a private investigator turned entrepreneur, CEO
Paul Jaeb, 47, says that a company focused on rooting out and preventing the
seven deadly sins in business is a round-the-clock mission. "People are often
in crisis and need our help now," Jaeb says.
Just
as importantly, Heartland has capitalized on the great need for businesses to
proactively manage their threats and opportunities. Performing more than
100,000 background checks, the company also provides competitive intelligence,
due diligence, executive consultation, research and analysis. All of this comes
into play before companies make a critical hire, acquire another company,
consider a partnership or enter an investment.
For
large companies, Heartland augments internal corporate intelligence by gaining
inside information as a neutral third party.
Even for small and mid-sized companies it’s essential to understand the
value of corporate intelligence.
Heartland has discovered things like unauthorized manufacturing of a
client’s goods as well as the true financials, assets and culture of a
potential acquisition target.
One
Heartland client called to report that its products were being manufactured in
China. Heartland was hired to find out
who and where. Another client wanted to
investigate acquisition targets for details such as hours of operation, dock
and parking lot traffic, raw materials quantities coming in, lines of
production, shifts, etc… This
information allowed their client to calculate the actual output compared to the
information that was given.
In
certain circumstances, Heartland also provides and trains security personnel.
In
2002, Heartland acquired its biggest local competitor and in 2006 made a
strategic acquisition in Denver, making it one of the largest corporate,
financial and legal intelligence providers in the US. Paul speaks nationally as an expert in the
industry and is the former director of the National Association of Legal
Investigators.
While
some people still believe in and promote the power of a firm handshake, history
is painting a new and dangerous story. Jaeb
is a symbol of the balance between privacy and public good, trust and betrayal.
For business owners, success still appears to flow from knowing the truth and
their own strengths and weaknesses - and then leveraging this information to
make sound business decisions.
No comments:
Post a Comment