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Case Study: Streamlining holding company operations with 31st Street Capital
31st Street Capital is a family-owned holding company that acquires companies to hold and grow. Running a business operating system is part of their DNA; the owners, Nick and Erin Bock, are EOS® implementers, and the holding company and each company they acquire runs on EOS®.
We spoke with Tammey Bertrand, VP of Organizational Development and Training, and Paige Longmore, Marketing Director, about how important running a business operating system has been to 31st Street Capital’s success. They also shared how Strety made it easier to organize themselves and their B.O.S. across a complex landscape of companies, teams, and initiatives.
How long has EOS® been a part of the process at 31st Street Capital?
Since the beginning — our owners are implementers and they installed it at the holding company level. As part of our acquisition process, we emphasize our commitment to holding and growing the companies we acquire through EOS® implementation. Business sellers are drawn to the prospect of a proven system that will facilitate the ongoing growth and operational maturity of their company, further enhancing their legacy post acquisition.
For every company that we bring on board, we initiate the EOS® process with vision-building and focus days, followed by the transition into the 90 day world and annual strategic planning sessions.
How does implementing EOS® help your acquisition process?
One of the key advantages for companies considering a sale to 31st Street Capital is the EOS® model, and our ability to implement it on day one for their teams. Many of our portfolio companies have not experienced this type of structured business planning or meetings. Introducing a proven process with a tool like Strety for consistent implementation has been significant — we believe game-changing, for all of our companies. Most business owners are genuinely excited about the idea of joining a group that outperforms industry averages through the efficient documented processes of EOS, outstanding talent and training, and exceptional marketing strategies.
In private equity, it is not uncommon for firms to make adjustments to financials to facilitate a quick turn for an immediate profitable sale or to meet specific profit margins, sometimes on a temporary basis. In contrast, our approach focuses on building a solid foundation for long-term success. We're not coming in and cleaning house and adjusting numbers. We prioritize implementing a robust business structure through EOS® and establish effective marketing strategies. Our goal, and commitment, is to support and grow companies we acquire sustainably over time.
In nearly all the companies we acquire, we engage with owners who have dedicated significant time and effort to building their businesses. The decision to sell is often more than a financial transaction; it carries considerable emotional weight. These owners are deeply invested in their companies, their employees, the facilities they operate from, and their customers — many they have worked with repeatedly throughout the years. Their attachment extends beyond financial considerations, and our proven model of using EOS® to help grow companies is really reassuring to them. They can feel confident that, when transitioning ownership, their company’s legacy will not only be preserved but enhanced.
How has EOS® helped you overcome obstacles in change management during the acquisition process?
Implementing a new structure and going through an acquisition is a significant change. While our proven process and EOS® framework aim to minimize disruption, change is still part of an acquisition process. The transition can be challenging for everyone; for example, owners might continue to receive inquiries from staff as new team members acclimate to their roles, and existing staff may be initially uncertain about the new structure.
Our commitment is rooted in being family-owned; we acquire, hold, and focus on the growth of each company in our portfolio. This is why we implement the EOS® and utilize Strety as a tool: we do not plan to flip our acquisitions in the short term. Instead, we invest in our portfolio companies, helping them to enhance efficiency and foster sustainable growth. Using this approach, we have seen that the EOS® process and our approach not only works but effectively drives company growth.
What made you interested in giving Strety a try?
We had been running EOS® on another platform, and one of the companies we acquired (the only one who had been running EOS® prior to acquisition) was using yet another platform. We’ve used a wide variety of tools and felt that they weren’t necessarily keeping up with our evolution as a company, and weren’t very stable.
When our owners came across Strety, one of the first things that stood out was the Microsoft Teams integration. It also was a stable platform, which was important to us, and how intuitive it seemed was a big plus. Integrating technology into operations was a new concept for some of our portfolio, and we recognize that introducing a new system can require a shift in mindset and practices. Our approach is to provide support and guidance throughout this transition, working to ensure that teams feel confident and equipped to leverage technology effectively.
When we were evaluating Strety, we would look at things like: how many clicks does it take to do something? How intuitive is it to drive a meeting and drive things down to departmental L10s, and effectively cascade messages across the organization? How easy is it to modify and customize meeting agendas? It was also important that customer support was accessible and friendly, and that there were online training videos and articles that were easy to access and understand.
Since we own several companies and members of the leadership team at the holding company level sit on every one of those instances, we needed something that was simple across the board, easy to follow, and didn't have a lot of clicks. The integrations with Microsoft Teams, Microsoft To Do and Planner added to the overall ease of use.
How was the transition from your old platform into Strety?
At the holding company level, the transition felt seamless due to our collective technology backgrounds, however it was important that transition be a seamless experience across the portfolio. The process itself was remarkably smooth, largely thanks to Derek, Strety’s Head of Customer Success. He provided timely follow-ups without being overly assertive, offering essential information while ensuring the teams knew that support was always available when needed.
We had a substantial amount of data to migrate, which was completed quickly and efficiently. Derek and the Strety team were very mindful, ensuring that information was in place prior to the next L10 meeting. This proactive approach and detail to project management eliminated any concerns about operating in multiple systems during the transition. Overall, we found the technology migration to be exceptionally well managed.
How does Strety help support your acquisition and EOS® implementation process?
Strety makes it easy for us to share responsibilities across the team and take a collaborative approach to EOS® implementation.
Owners Nick and Erin help set direction and build relationships with new acquisitions through the facilitation of the focus day and vision building days, using Strety to document and share the VT/O across the enterprise.
Joining the team in 2021, Tammey has worked very closely under the guidance and mentoring of Nick and Erin Bock on the implementation and facilitation of EOS®. Those mentoring sessions and her engagement in EOS® Base Camp equipped her to take on the crucial role of supporting the portfolio as the in-house implementer for quarterly and annual meetings. Paige reviews the marketing plan in those sessions, ensuring that the VT/O takes marketing from high-level down to the “how” of hitting each organization's goals.
Having a centralized platform for documentation and information sharing enables us to implement the EOS® process in a flexible manner that aligns with our goals, and the unique situation of being a holding company. The collaborative environment fosters engagement among team members and across the portfolio, ensuring that everyone feels empowered to contribute their insights and ideas while driving success for their individual organization. This holistic approach not only streamlines our acquisition process, but also strengthens our overall organizational culture.
How has Strety helped you organize your work across your holding company and portfolio companies?
We are members of each Strety instance — one instance for each of the portfolio companies, as well as one for the holding company. This structure allows for high-level sharing within the 31st Street instance.
As a family-owned private equity firm we highly value the autonomy of the portfolio companies we acquire. Our focus is on identifying companies that we know we can help grow as individual entities, rather than creating a single brand from our acquisitions.
During Level 10 meetings at each company in the portfolio, we review metrics, financial performance, Rocks, P&Ls, and more. Company leaders drive the comprehensive overview using Strety. With the support of Strety and our LMS (learning management system), each company retains its distinct identity and brand. At 31st Street Capital we are able to successfully manage a wide breadth of operations, while our portfolio companies manage their own meetings, projects, and initiatives.
How has using Strety made managing tasks across companies easier?
The Teams and Microsoft To Do integrations have been game-changers for Paige, the Marketing Director across all 31st Street portfolio companies. She works daily within each company’s Strety instance, and before these integrations, she had to switch between multiple instances to view weekly to-dos — making it far too easy for tasks to slip through the cracks.
Paige explains:
I sit in on eight to ten meetings each week—across five companies and seven brands. Managing all those to-dos and rocks was a real headache before Strety. Now, with everything integrated into one place through Outlook’s To Do list, I've become a lot more efficient!
Before Strety, the marketing team was already using Planner. The Planner integration with Strety To Dos has made their project management much easier. They’ve even found they dialed down their daily reliance on Microsoft Planner, because everything is so integrated in Strety.
How has Strety helped you with visibility into operations across teams and companies?
Strety has significantly enhanced our ability to manage visibility across operations by facilitating the seamless transfer for issues between teams.
This ensures that strategic conversations remain at the leadership level while tactical issues are appropriately delegated to the relevant teams. This structured approach allows for solutions to cascade effectively throughout the organization.
The functionality for delegating To Dos and cascading messages has been instrumental for us. In each of our companies we conduct weekly leadership L10 meetings, along with biweekly marketing meetings, all organized and facilitated through Strety. This platform enables us to communicate updates efficiently, ensuring that everyone is informed about ongoing activities, current issues, and responsibilities. Our dedicated team also benefits from Strety’s user-friendly interface, which simplifies assigning, monitoring, and managing tasks.
Cascading messages has proven to be a crucial feature, allowing us to easily direct issues to appropriate meetings. Several of our companies have fully embraced departmental and downline Level 10 meetings. This facilitates the delegation of issues and helps keep the leadership team focused on strategic priorities. This clarity ensures that only the most relevant topics are addressed at the leadership L10, while tactical issues are managed at the appropriate downline meetings.
We appreciate the ease with which we can track Issues that have been pushed to different teams. Previous platforms made it difficult to follow up on assigned issues. Strety provides clear visibility, allowing us to monitor the status and progress of issues seamlessly, while also cascading the resolution across the organization or to the specific teams as needed.
Another valuable tool is the ability to track scorecard metrics weekly, monthly, quarterly, and annually. We also use the ability to leave notes in a scorecard metric. This provides the opportunity for greater insights to further understand any unique situation that may have contributed to an outlier.
We value the ability to set quarterly numbers directly within the V/TO, and track these metrics on the scorecard. Each quarter we can easily review our goals and outcomes. We’ve got our notes, so it’s easy to see: What was the goal? What did we hit?
How has communication across your business improved with Strety?
Communication across the portfolio has become much more streamlined, particularly in ensuring the appropriate teams are addressing relevant topics in the downline and departmental L10s.
Strety has enhanced our ability to track and follow up on tasks. This has minimized the risk of important issues falling through the cracks and has been instrumental in facilitating the accountability that is inherent in the EOS® process.
Another valuable feature is the ability to create and customize meeting agendas. In our leadership meetings, we utilize all the EOS® tools, but as we move into the downline and departmental meetings, we don't necessarily need all of those elements. Being able to customize an agenda for specific meetings, such as sales, has been immensely beneficial and ensures each team focuses on the most pertinent issues.
The notifications feature is also crucial. After quarterly and annual meetings, comprehensive meeting summaries are sent out that highlight Tammey’s notes and summarize key discussions. While meeting participants may not require all of the details, having access to this information for reference is advantageous, as it is conveniently stored within the platform. This customized notification system has greatly enhanced our communication efficiency, allowing our owners and lead facilitators to delegate effectively while allowing Tammey to execute her role with excellence.
Is there anything else that makes Strety stand out as a tool?
Overall, we view Strety as a highly elegant and functional tool.
We appreciate the element of engagement and what we call the “fun factor” that Strety brings to our meetings. The inclusion of GIFs at the end of a meeting and the customizable confetti may seem trivial, but they contribute positively to the atmosphere. These features add a light-hearted touch, which can be particularly valuable when addressing challenging topics.
Even when we’re tackling thorny issues, people push through, solve the Issue, and say, “Give me my confetti!” They really like it. It adds some extra fun, and people are excited to see which GIF is going to pop up at the end. It just makes the meeting better when you can always conclude it on a good note.
To personalize this aspect further, we created a selection of GIFs for our Houston office that celebrate local culture with references to Chuck Norris and “King of the Hill.” This customization not only makes using Strety more enjoyable, but also strengthens team cohesion and connection.
What would you say to other holding companies or businesses who are considering running EOS®?
Many organizations associate complex strategic plans with large binders that are rarely revised until the next update. Tammey, with her extensive experience in strategic planning, has observed that this approach often leads to inefficiency. What she loves about EOS® is that it is genuinely a simple, elegant, organic, living, breathing business plan that is lived every day and that is made so much easier through tools like Strety.
With EOS®, organizations are encouraged to evaluate their goals not just quarterly, but weekly, fostering a culture of accountability and continuous measurement against established objectives. This approach contrasts sharply with the traditional strategic plans that often end up collecting dust on shelves.
Another challenge with conventional strategic planning is making the plan user-friendly and digestible for the downline teams. Instead of overwhelming the entire organization with a comprehensive binder, EOS® allows for the creation of a concise, two-page business plan that serves as a living document. This format effectively communicates the organizational direction and the steps required to achieve the goals set in the V/TO. We have been impressed by its impact, and we see the results, particularly in a competitive market where we are consistently outperforming our competitors.
