A year ago, Grand Rapids-based Legacy Trust planned to double its assets under care from $250 million to $500 million in three years. But as the economy tanked, company leaders decided to continue the firm's growth by taking a different approach.
"We went to our board earlier this year and said this is not the time to put your brakes on, it's time to hit the accelerator," says Bob Prevette, president and co-founder. "We all needed to put sales and marketing back at the top of our agendas and we needed someone to keep us focused on that very important mission."
So the company created its first director of marketing and sales position, and hired Barbara B. Paneral to bring her 25 years of banking and brokerage experience to the firm.
"When we were just getting started, we were all rainmakers. Everything we did every day had an element of sales because we had a lot of time on our hands," Prevette says. "As you begin to add talent to your team of people, you do reach a place as executives where your time is more consumed handling the day-to-day needs of the business."
In addition, company leaders renewed their intent to acquire another financial services firm, beefed up advertising in the lakeshore market, developed a brand guide, launched a new web site and set a new goal to double assets within the next four years.
"We acquired capital from new shareholders and from existing, and that is still in the bank," Prevette says. "We are on the watch for good strategic acquisitions from Grand Rapids and around the lakeshore. When these opportunities present themselves you have to be ready for them and we think we are."
Source: Bob Prevette, Legacy Trust; Mary Ann Sabo, Sabo Public Relations
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Deborah Johnson Wood is development news editor for Rapid Growth Media. She can be contacted at [email protected].
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