Intentional Growth #351: [SUCCESS STORY] Keeping Ownership, Leadership, and Cultural Alignment Through 3 Rounds of Private Equity with Drew and Warner from BluSky
Ep.#3 [THEME NINE]
Would you marry someone after only going on a couple of dates with them? Of course not, you would spend plenty of time ensuring you are in alignment (hopefully) for a successful long-term relationship.
So far, in this mini-series, we've been discussing how to achieve ownership and leadership alignment. In this episode, we're taking it a step further and breaking down how to achieve that alignment in the rarest of cases—through three rounds of Private Equity.
In this episode, we're excited to have Drew Bisbing (CEO) and Warner Cruz (VP of Corporate Development) from BluSky, a fast-growing property restoration business with an impressive M&A track record, and an even more impressive ability to maintain an employee-centric culture along the way.
Drew started at BluSky when it was founder-owned and had fewer than 100 employees. In our conversation, he shares how they scaled the company through three private equity firm buyouts and expanded to over 1,300 employees, all while preserving their people-centric culture and vision.
Warner Cruz, who sold his business to BluSky in 2021, bought out his parents' restoration business and grew it to over 100 employees and $30 million in revenue. Warner shares his growth story, his decision-making process during his exit, and how BluSky's hyper-focus on cultural integration during and after the acquisition process won him over.
Drew and Warner explain how BluSky maintains alignment between private equity firms, leadership, and employees, even through complex structures and multiple acquisitions. This inspiring conversation demonstrates that it's possible to achieve alignment, change people's lives, and make a significant profit.
Enjoy!
// WATCH THE INTERVIEW ON YOUTUBE: Intentional Growth™ Podcast
What You Will Learn
- What led Drew and Warner to join the private equity space
- What led Warren to sell his restoration company.
- Why Drew believes a company's attributes and story is so important when trying to partner with other business owners.
- How leadership style influences a deal flow
- Drew and Warners definition of culture
- Why BlueSky encourages owners to think about their people in an exit
- Final thoughts: why Drew and Warner recommend not rushing the deal process
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Bio:
Warner Cruz:
Warner became a proud member of the BluSky family in December 2021 and is currently senior vice president of corporate development and a member of the executive leadership team. His passion is working with restoration owners interested in merging their organizations with BluSky and cultivating an atmosphere of valuable benefits, increased opportunities, winning spirit and culture.
As the former president & CEO of J.C. Restoration in Rolling Meadows, IL, Warner has worked in the industry for over 30 years and has pursued extensive education courses including Restoration Industry Association (RIA)’s advanced designation of Certified Restorer in 2004 and Contents Loss Specialist in 2019. He has over 100 completed large commercial losses under his belt ranging from famous Chicago high-rises such as the Willis Tower to hospitals, food manufacturing plants and multi-unit apartments all over the country. Warner has engaged in countless consulting opportunities, industry conference presentations, and expert witness testimony.
Warner has a Bachelor of Arts degree in International Business/Finance with a minor in Japanese from Augustana College in Rock Island, IL. He is an active Knights of Columbus and Lions Club member in his hometown. Warner is happily married to his wife, Chiara and has 3 children: Jaeda, Marcello, and Gianpaolo.
Drew Bisping
As BluSky Chief Executive Officer, Drew is responsible for sales, operations, mergers, and acquisitions. He is also a significant driver of employee culture and the BluSky customer experience.
Drew began his career in the construction industry more than 20 years ago with a bachelor’s degree in construction management from the University of Wisconsin Stout. He joined BluSky in 2007 and has been leading the company’s operations since 2011. He managed the opening of all BluSky’s national locations and is currently heavily involved in the integration of acquisitions and new service offerings.
Drew holds multiple certifications that are specific to the restoration industry, including the Certified Restorer designation (CR #583). He is also the primary license qualifier for BluSky. Drew holds licenses in more than 35 states for general contracting, roofing, asbestos abatement, and mold remediation.
In addition to the day-to-day operations of BluSky, Drew has engaged in public speaking and consulting opportunities including contract negotiations, construction defects, and expert witness testimony.
Interview Quotes:
17:24 - “Some of those initial challenges that came from the couple of equity groups that we talked to, we had to step back and say, ‘Hey, we’ve gotta get our ducks in a row.’” - Drew Bisping
21:35 - “Imagine if you had a friend or a son or a daughter that said, ‘Hey, I’ve been on two dates and now I’m going to go get married.’ That is the PE structure.” - Drew Bisping
31:03 - “Integration of an acquisition becomes the differentiator between success (often) and failure. - Drew Bisping
22:41 - “After every acquisition we get together and talk about what went wrong and how we can make it better.” - Warner Cruz
36:24 - “We always had a strategy: this is our plan, this is our growth plan.” - Drew Bisping
38:16 - “Being willing to be transparent and honest as much as possible at that table will get you to the right partner and will get you to the right conversation.” - Drew Bisping
41:38 - “My people are extremely important because the only reason that I was at the table and people were interested in my company was because of what my people had done for me and my company over the years.” - Warner Cruz
45:51 - “[BluSky] was created with the opportunity for employee ownership.” Warner Cruz
59:42 - “It’s when you make business decisions that are short-term or reactive and don’t have culture in mind, that’s when you get some of those negatives.” - Drew Bisping
01:06:07 - “I’m not protecting or caring about the production of this one individual, I’m protecting my family.” - Drew Bisping
Links and Resources:
warner.cruz@goblusky.com
drew.bisping@goblusky.com
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