Murphy Supply Company Acquired By RKCA

Article

Dean Dorton (formerly VonLehman) is pleased to announce the sale of Murphy Supply Company to RKCA, a merchant bank located in Mt. Adams.  This sale supports RKCA’s entry into the janitorial supply business and its Cincinnati-focused investment approach. Dean Dorton (formerly VonLehman) served as the exclusive investment banker to Murphy Supply Company.

MURPHY SUPPLY COMPANY

Based in Cincinnati, OH, Murphy Supply Company was founded by H. James Murphy in 1950 and has been kept in the family ever since. Murphy Supply is a leading distributor of janitorial supply products in the Cincinnati tri-state area. The Company offers an array of janitorial supply products such as trash liners, paper products, carpet care products, dispensers, etc. Murphy Supply serves customers in the education, healthcare, and corporate end markets.

The Transaction

Murphy Supply’s sole shareholder, Jim Murphy, engaged with VonLehman’s Mergers and Acquisitions team to achieve his goals and objectives with the business. In addition to maximizing value, employee retention was a key concern of Jim’s.  These objectives were achieved and consummated in this transaction.

The successful partnership will allow Murphy Supply to benefit from RKCA’s expansive network and resources, while strengthening existing infrastructure internally to amplify growth. The partnership is poised to provide Murphy Supply and its employees with the resources to accelerate their market presence.

The BUYER

RKCA is a Cincinnati-based, independent, middle-market investment bank, providing M&A advisory, capital advisory, and direct investment services uniquely tailored to the needs of middle-market businesses. RKCA has decades of deal experience covering over a billion dollars in transaction value and has personalized deal teams to leverage their proven process since its 1986 inception. RKCA brings in valuable professionals to oversee operations, provide their input on the board, and enhance the sales team.

Article

Dean Dorton (formerly VonLehman) is pleased to announce the sale of Turnkey Technology to Pavion, (formerly Corbett Technology Solutions, Inc. “CTSI”), a leading provider of integrated solutions for fire, safety, security, and critical communications.  This sale supports Pavion’s expansion through the U.S. Midwest bolstering its fire, security, and integration capabilities in the geography. It is the twelfth acquisition for Pavion since partnering with Wind Point Partners (“Wind Point”) in June 2020. Dean Dorton (formerly VonLehman) served as the exclusive investment banker to Turnkey Technology.

TURNKEY TECHNOLOGY

Based in Cincinnati, OH, Turnkey Technology was founded by Eric Anevski in 2016. Turnkey is a leading security and communication systems integrator in North America. The Company offers an array of security technology integration services such as the implementation of video surveillance, security systems, access control, structured cabling, and fire safety systems. Turnkey serves customers in the education, municipality, corporate, and healthcare end markets.

The Transaction

Turnkey Technology’s sole shareholder, Eric Anevski, was presented an unsolicited offer for his company in October 2022. Unfamiliar with the M&A process and a fair market value for his company, Eric engaged Dean Dorton’s (formerly VonLehman) Mergers and Acquisition team to deliver valuation guidance and assist in discussions with the existing potential buyer. Ultimately it was confirmed that the Company’s value eclipsed the proposed offer. Dean Dorton’s (formerly VonLehman) deal team then constructed and distributed marketing materials to newly identified possible buyers, negotiated several offers, and ultimately transacted at an enterprise value exceeding the original unsolicited offer. In addition to maximizing value, an expeditious timeline was a chief concern of the seller, a challenge Dean Dorton’s (formerly VonLehman) M&A team met by consummating the transaction in less than five (5) months from its initial introduction to the Company.

The successful partnership will allow Turnkey to benefit from Pavion’s expansive customer network and the ability to expand into new markets, amplifying growth in its core business. The partnership is poised to provide Turnkey and its employees the resources to accelerate their growing market presence.

The Seller

Turnkey Technology founder, Eric Anevski, had the following words about his partnership with VonLehman’s M&A Team:

“Working with the Vonlehman team made a typically complex process smooth and efficient. Vonlehman demonstrated exceptional knowledge of our space and expertly used our unique market position to achieve a value for our business exceeding expectations. Their team provided accurate and calming guidance through a stressful process. VonLehman should unquestionably be your first call when you are beginning to consider selling your business.”

Eric Anevski, Founder, Turnkey Technology
THE BUYER

Pavion Connects and Protects by providing fire, security, and communication integration solutions to customers from 48 U.S. locations and 22 countries. The company brings industry-leading experience to clients in the enterprise, healthcare, education, government, data center, and retail industries. Its mission is to bring clarity and transformation to safety, security and communication through technology and radical service.  Pavion is a portfolio company of Chicago-based private investment firm, Wind Point Partners. Wind Point’s 23 investment professionals have raised over $5 billion in commitments and acquired over 400 companies since its 1984 inception.

Article

Knowing all of the benefits of Payer Planning, National Specialists* located in the Midwest, United States, a multiple-provider single specialty physician practice serving a metropolitan Midwest city, recognized that there were improvements to be made and set out to implement a revised strategy. They began an initiative to identify and benchmark payer performance and financial variables.

*National Specialists is a pseudonym used to protect the client’s name and identity for this case study.

Download the case study

THE CHALLENGE

Implementing a Payer Planning Strategy is a critical step in improving overall practice financial performance outcomes, both in terms of monitoring existing contract language and reimbursement conditions, and revised or payer invoked changes to existing agreements. Practices that implement and maintain a perennial approach to managing payer relations can enhance timely and accurate claims payment and payer contract adherence while developing expanded payer relationships. From a financial standpoint, proactive assessment of the practices’ payer landscape is a relatively low-cost/high-yield method of improving margin, both directly from visit volume reimbursement and through downstream enhancement of overall payer planning compliance.

The Solution

Engaging Dean Dorton healthcare advisors and enterprise analytics, the practice worked in partnership to establish essential “building blocks” related to payer contract language, distinguish a pre-negotiation payer assessment, outline payer performance analysis, benchmark financial parameters, and implement reformation of process management. Determined to understand and validate relevant practice deliverables in areas of demonstrated quality of care, access, and shared accountability in partnering with payers to manage cost of care and cost trend, the practice positioned themselves to engage in revised strategy specific to Payer Planning implementation.

Results

Initial results were promising. Within a three-month timeframe of the initiative, the following occurred:

  • 60% of the eligible payer contracts assessed and revised to achieve the language and rate objectives of the practice
  • Rebalancing and revision of reimbursement rates, per CPT/HCPCS code
  • Recovery of Errant Payer Expected Payment
  • Charge Master Reform
Greater than 20 percent

increase in annual reimbursement, recovery of errant payment, and enhanced contracts

Why Dean dorton

In addition to the above outcomes, areas of existing underpayment discovered led to the substantial reconsideration of claims processing. Of note, the assessment further yielded needed revision in the overall charge structure delivery of the practice, which, if left unmanaged, contributed to long-term compounding reduction in payment compliance. The physician practice leveraged Dean Dorton healthcare advisors’ expertise and enterprise analytics to successfully monitor and meaninbfully impact the financial future of their practice.

Article

The Boys & Girls Clubs of the Coastal Plains, which has 17 clubs spread across seven counties, provides after-school and summer programs to help young people flourish. Through a unique
arrangement, the nonprofit outsourced all its accounting and payroll requirements to another nonprofit, which did the work pro-bono. Then things changed.

As the Boys & Girls Club grew, its accounting needs surpassed what the small nonprofit team could handle. Plans were made to establish a new accounting tool, in addition to their first CFO. Everything seemed aligned for a seamless transition. But it had to happen fast.

THE CHALLENGE

The nonprofit planned to end its accounting services starting on Jan 1, 2020. Before the deadline, the new CFO needed to get years of historical accounting data plugged into a new system. In addition, she needed to establish accounting functions for a multi-entity nonprofit with complicated financial flows. Months of work needed to be completed in weeks of time, and the stability of the nonprofit and the mission it
serves depended on getting it right.

The new CFO was up to the challenge. But one thing was certain – she needed to bring a partner onboard.

The Solution – a team that meets the moment

Fortunately, previous leadership had already selected Sage Intacct as the inaugural accounting software. After consulting with other nonprofits and discovering that many of them used and liked Sage Intacct, it was an obvious choice.

The Boys & Girls Club needed a team that could implement Sage Intacct, help establish an accounting department around it, and meet short deadlines. It also needed consultants who understood the unique accounting needs of nonprofits.

The CFO had worked with Dean Dorton in the past and knew what they could do. An introductory conversation confirmed that Dean Dorton had the technical skills and industry-specific expertise the job called for. It was a large-scale, fast-paced, high-stakes project and Dean Dorton didn’t flinch.

The system went live at the start of the new year, less than 60 days after the implementation began and exactly before time ran out. What seemed impossible at first, a seamless transition from outsourced to Sage Intacct accounting, went off without a hitch.

Results – robust accounting from day one forward

The most obvious result of implementing Sage Intacct with the help of Dean Dorton was the ability to run from day one and skip over the crawl-and-walk phases. That is not to say there were no stumbles along the way, but for an organization new to accounting, the Boys & Girls Club hit the ground running. So not only was the transition nearly seamless, but accounting immediately improved.

The CFO singles out the ability to slice and dice data with providing valuable new perspectives on financial performance. She also credits Sage Intacct with transforming the organization from the top down thanks to integrations between Sage Intacct and separate systems for expense reporting, AP automation, and payroll processing. Now, the 17 individual clubs are more integrated than ever before, more efficient with their financial management, and more empowered with their financial decision-making.

Why Dean Dorton?

Accounting has never been better, but neither has the Boys & Girls Club as a nonprofit.
The addition of Sage Intacct has helped the organization maximize the impact of every
donation it raises and every dollar it spends.

I have nothing but love for Dean Dorton. I have really enjoyed working with them.

CFO at Boys & Girls Club of the Coastal Plains

The CFO continues to rely on Dean Dorton for technical support, and she is planning for
them to build an API between Sage Intacct and a system the resource development
team uses. Her appreciation for all they have done to support her nonprofit accounting
technology needs is unreserved.

Article

Based in Louisville, Kentucky, SUL4R-PLUS®, LLC (SUL4R-PLUS) develops innovative products for the agricultural market including SUL4R-PLUS® fertilizer, an in-demand granular calcium sulfate that is engineered to provide improved crop yield for growers. While synthetic gypsum has been used in agriculture applications in the past, SUL4R-PLUS®, LLC has a patented process to create granules from the byproduct, making calcium, sulfur, and micronutrient application easier for the farmer and meeting the increasing demand for sulfur by the farming industry.

Dean Dorton spoke with Peter DeQuattro, Executive Vice President at SUL4R-PLUS to explore the factors that led the business to choose Dean Dorton’s Accounting and Financial Outsourcing (AF)) and the results they are seeing now.

Download the case study

The Challenge

Before turning to Dean Dorton’s accounting and financial services team, SUL4R-PLUS had a controller that was responsible for part-time processing of the company’s accounts payables (AP) and accounts receivables (AR). Everything was managed through the Microsoft Dynamics 365 Business Central accounting platform.

With limited staff time, resources and technology, SUL4R-PLUS faced the challenge of accurate insight into reporting, including balance sheets, income statements, and statements of cash flows on a monthly basis. This also affected the successful processing of accounts payables and accounts receivables, hindering visibility into critical areas needed to better understand business performance.

Additionally, with the Microsoft Dynamics 365 Business Central platform, the finance team at SUL4R-PLUS did not have sufficient insight into financial reporting of key performance indicators. Without accurate measurable metrics and actionable data, SUL4R-PLUS experienced the possible risk of incorrect financial analysis of data, patterns, and trends, making it difficult to tackle successful operational efficiencies.

Pivotal Moment

Due to a historical relationship with Dean Dorton and a continued working relationship with Dean Dorton’s tax service group, SUL4R-PLUS made the decision to also work with Dean Dorton’s AFO team.

SUL4R-PLUS assessed the overall costs associated with either continuing to do their accounting internally or choosing to outsource their services with Dean Dorton AFO. After evaluating different options, SUL4R-PLUS decided that Dean Dorton’s services were cost-effective and provided the added value that would bridge the gap of inefficiencies within their financial management processes.

Benefits of Outsourced Accounting Services

By working with Dean Dorton AFO, SUL4R-PLUS is now able to save time, money, and resources, while still having full access to their financial data. They have seen an increase in business productivity and are able to confidently make strategic decisions based on dashboards with accurate KPIs, working financial models, and precise AR and AP processing.

One of the biggest benefits the company has seen is timely and error-free financial statements, giving SUL4R-PLUS business leaders detailed, real-time insight into the company’s growth and long-term success.

SUL4R-PLUS presented our AFO team a challenge – they had already implemented and were utilizing Dynamics 365 Business Central as their accounting platform.  Without using their standard software stack, Dean Dorton’s team had to rethink how to build efficiencies and processes. Showcasing its commitment to excellence, the AFO team was able to quickly learn the ins and outs of the Dynamics 365 Business Central software and its Business Intelligence reporting module. The team continues to find other tools to manage processes that are specifically tailored to their client’s unique business needs.

“The Dean Dorton AFO group is an excellent team! Talented, professional, and responsive.”

— Peter DeQuattro, Executive Vice President, SUL4R-PLUS, LLC

Article

Women First of Louisville is an all-female medical practice located in Louisville, Kentucky, specializing in obstetrics and gynecology, and is committed to comprehensive women’s care through every stage of life. Founded in 1988, Women First champions women to take charge of their healthcare and themselves, pioneers leading technologies, and offers the most advanced options in women’s healthcare.

Dean Dorton’s relationship with Women First dates back to 1997. We spoke with Denise Kirkham, Executive Director at Women First, to learn more about the practice’s experience with Dean Dorton’s tax, accounting, finance, and technology consulting services.

Download the case study

THE CHALLENGE

Women First originally enlisted Dean Dorton’s tax services more at than 20 years ago. At the time, Women First was a considerably smaller practice, with only four physicians on staff. While accounting and billing was done in-house, Dean Dorton assisted with compensation planning and calculations, physician buy-in/outs, lease/buy analysis, tax planning, and other such financial projects. As the practice has grown, Dean Dorton has been with Women First every step of the way.

Fast forward two decades and the practice now has 11 physicians and more than 70 employees. With growth also came growing pains for the largest OB/GYN practice in Louisville that is not hospital-owned. Specifically, in the business office, Women First has experienced staff turnover, affecting the billing, receivables, and overall management of the billing office.

Most recently, Women First experienced the operational effects of the COVID-19 pandemic, much like other healthcare practices across the globe. While babies were still being delivered, the OB and GYN in-person visits were limited. The staff had to quickly pivot from in-person healthcare services to remote work and telehealth.

“We had a hard time trusting the data presented to us, which made us skeptical in any decision-making that required some sort of financial risk”

— HANNAH GOLIBERSUCH, DIRECTOR OF OPERATIONS
The Solution

In addition to tax services, Dean Dorton began providing Women First with monthly financial statement assistance. This service has since grown into serving as an outsourced CFO to the practice. Dean Dorton’s team is very hands on, attending Women First’s board meetings and finance meetings to gain a holistic view of the operations in which to better serve them.

Dean Dorton was also hired to carry out certain billing functions and accounts receivable and denial management services. The partnership didn’t end there, though. Dean Dorton’s long-term relationship expanded its service offerings to technology consulting services in 2003. The technology team implemented an electronic medical record (EMR) system and migrated Women First’s physical servers to a virtual platform, providing greater efficiency, scalability, and performance. In 2016, Dean Dorton replaced Women First’s aging analog phone system with a robust and reliable VoIP system and migrated their on-premise email server to the Office 365 cloud platform.

“Dean Dorton’s billing services helped us through a very challenging year with staff turnover. That certainly maintained our revenues as well as brought to light a need to have an ongoing focus on A/R follow-up.”

— DENISE KIRKHAM, EXECUTIVE DIRECTOR AT WOMEN FIRST

Perhaps the most important technology service that Dean Dorton provided was designing and configuring a virtual desktop infrastructure solution to support a greater need for performance and mobility, both inside and outside the office, as employees move between terminals throughout the day and providers require secure remote access to critical business systems.

This was hugely beneficial during the COVID-19 pandemic, when Women First already had a trusted relationship with Dean Dorton who knew them, understood their challenges, and could deploy telehealth and remote work solutions immediately.

Throughout its deep relationship tenure with Dean Dorton, Women First has nearly tripled in size from four to 11 physicians, plus the addition of nurse practitioners. Dean Dorton has been an advisor and partner by Women First’s side throughout these tremendous changes in the practice. When COVID-19 hit the medical industry hard, Dean Dorton was able to quickly step in and provide advice to Women First on their options and benefits of various CARES Act relief programs, allowing the practice to continue to run as smoothly as possible and keep their doors open.

Benefits of Dean Dorton’s Holistic Service Offerings

The biggest benefits that Women First saw by partnering with Dean Dorton were up-to-date financial expertise and an honest relationship. Women First’s practice is centered around building and maintaining trusting relationships with their patients—through every stage of life—so it’s no surprise that the practice sought a similar long-term relationship with Dean Dorton.

“Dean Dorton has provided professional services to our practice for many years,” says Kirkham. “From outsourced accounting and IT support to tactical assistance related to charge entry, A/R collections, and interim practice management assistance, Dean Dorton’s healthcare group has been a tremendous asset to our practice.”

Dean Dorton prides itself on building long-term relationships with clients that reach far beyond standard compliance services and values partnering with clients who view us as their trusted business advisor. No matter the need or challenge, clients know they can rely on us to solve their issues. We also know this trust doesn’t happen overnight—it develops over the course of many years and spans across the physician base of the practice in the case of Women First.

“Dean Dorton is a trustworthy expert partner who always has our best interest at heart. I appreciate the relationship!”

— DENISE KIRKHAM, EXECUTIVE DIRECTOR AT WOMEN FIRST