Spotlight: How Legacy Purchasing Group Brings Buying Power to Small Businesses

Small companies usually don’t have the identical shopping for energy as giant companies. However Legacy Buying Group goals to alter that.

The corporate’s founder took an idea that she discovered in her earlier profession within the medical area and utilized it to much more companies. Be taught in regards to the journey on this week’s Small Enterprise Highlight.

What the Enterprise DoesOffers group buying alternatives for companies.

Founder Ashley Stuhr informed Small Enterprise Tendencies, “Legacy Buying Group is a fast-growing group buying group (GPO) that helps companies notice financial savings and efficiencies associated to workplace necessities, expertise, shredding providers, bank card processing, HR options, and extra by leveraging the collective shopping for energy of our members to barter important reductions. Our firm now brings these financial savings to hundreds of companies from coast to coast. And in contrast to different enterprise low cost applications that will assess a number of hundred {dollars} yearly, we NEVER cost charges or membership dues. Our enterprise members work instantly with our provider companions. So it’s often a product/service already getting used however simply not on the low cost and repair ranges that we will get for them.”

Enterprise NicheOffering each financial savings and repair.

Stuhr says, “Most companies additionally pay a “membership price” which might vary from $50 – $500 to get entry to deep low cost options and enterprise perks whereas we don’t cost a price in any respect. We rigorously vet out and select our provider companions primarily based on their values and customer support. Each member has our direct contact data in order that they not solely talk with our provider companions, they’ve us to contact when vital.”

How the Enterprise Received StartedTo convey the GPO mannequin to new industries.

Stuhr explains, “Because the founder, I spent practically a decade as a gross sales chief inside Workplace Depot’s enterprise division, a lot of which concerned working with GPOs throughout the US, targeted within the healthcare trade. I loved my job, however with three children and loads of weekly journey calls for, it was my time to step out alone. Earlier than leaving my company profession, I spent a couple of yr speaking with enterprise house owners and C-level executives past healthcare. After I realized the vast majority of them had by no means heard of a GPO or learn how to entry their advantages, I knew this is able to be my technique to affect the enterprise group, particularly amongst smaller companies!

“In 2017, I took the danger and give up my regular company job to launch Legacy Buying Group (LPG). It actually was not a hit in a single day. I spent my first few years networking with enterprise house owners, consulting with profitable GPO’s, interviewing potential distributors, and listening to the group. This was along with constructing out the LPG enterprise mannequin.”

Greatest WinGrowing a profitable social media presence.

Stuhr provides, “Throughout a pandemic, we targeted our time and efforts on doing one thing that our competitors wasn’t doing: social media advertising. One in every of our highlights is our Do Good Enterprise Mini Sequence the place we interview trade leaders inside our group. We share related subjects that present training and perception to different enterprise house owners, leaders, entrepreneurs. In 2020, our memberships grew by 126%, which was resulting from turning into a trusted enterprise useful resource to our group. We’re one of many only a few GPO’s that attain companies on this approach. It takes time and creativity however it’s well worth the effort!”

Greatest RiskLeaving a gentle profession to pursue entrepreneurship.

Stuhr says, “Forgoing a nicely paid place, dropping full healthcare advantages for my household, dipping into my financial savings with the unknown was by far my greatest danger. It’s important to work onerous and take dangers in life however be certain they’re nicely thought out dangers.”

Lesson LearnedStick to your values.

Stuhr explains, “Now that we’re in full progress mode, I can say that we’d have liked to have raised capital from the preliminary part of beginning LPG to hit the bottom working. Having fairness and money stream can actually propel you to the following stage. Nevertheless, trying again at our course of, the route we took to get to the place we’re immediately was good. LPG was capable of give attention to branding, getting processes in place, and connecting with different companies that we felt vital to scale back our danger in these first few years. Each enterprise ought to be certain they’re scalable and never develop so quick that they can’t maintain true to their core values and lose their buyer base. Be obsessed with what you do, work onerous, rent the correct folks, have endurance and your enterprise will succeed.”

How They’d Spend an Further $100,000Hiring, advertising, and giving again.

Stuhr explains, “10% we’d instantly use for a number of Legacy Buying Group charity occasions that enables us to offer again to these in want. This additionally permits us to fulfill others inside our enterprise group and keep related with our native members.

“25% would go towards hiring 1-2 faculty internships: I’m a giant believer that hands-on training is how younger professionals can succeed. This is able to give us the chance to be their mentor in all features of enterprise and educate them how this may stream into their private lives as nicely. We wish to set them as much as be a optimistic enterprise chief of their group.

“20% would go in direction of our advertising/enterprise growth efforts which would come with objects corresponding to print/media promoting, networking occasions, becoming a member of extra chambers and exhibiting at enterprise conferences (nationally). We wish to attain as many companies as we will and assist considerably decrease their prices on merchandise/providers they already buy. We love serving to others!

“45% would enable us to jumpstart our hiring of one other full time place specializing in account administration and enterprise growth. We delight ourselves in having nice service and having the identical expectations from our provider companions. This individual would primarily give attention to constructing a powerful relationship with present and potential members.”

Crew MentalityThe 8,760 rule.

Stuhr says, “There are two kinds of worlds on the subject of “working”: The two,080 and The 8,760. Are you aware the distinction? There are 8,760 hours in per week. The entrepreneur by no means see’s a “clock out”, they’re devoted and passionate and construct their profession into their way of life. There are 2,080 hours in a typical work week. That is the 8:00 a.m. – 5:00 a.m. work shift the place you “clock out” once you depart. The place are you? Do you present as much as work at 8am after which shut down at 5pm? The 8,760 provides you extra flexibility, limitless entry to perform your objectives and the chance to have that work/life stability. Create the mentality of at all times being out there. When you’ve got not began your individual enterprise but, take be aware that enterprise house owners ARE in search of the 8,760 individual and it’s a query we at all times embrace in our interviews!”

Favourite Quote“Don’t anticipate the right alternative. Simply take a chance and make it as good as you may.” – Mark Sanborn.

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Picture: Legacy Buying Group; Ashley Stuhr and Morgan Heinrich

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