Convergint Coronavirus Cuts

By John Honovich, Published Mar 25, 2020, 01:35pm EDT (Info+)

One of the world's largest security integrators, Convergint, has made a major move to handle the impact of coronavirus, with cuts across the organization.

Inside this post, we examine the moves, share feedback from Convergint to IPVM, look at what this means for integrators more generally and the potential future of such cuts.

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Vote / ****

Comments (53)

I am surprised by how deep these cutbacks appear to go. I was thinking that the mega-integrators, somewhat along the lines of the big manufacturer/integrators like Johnson Controls, Schneider Electric, etc., would be able to weather the storm and keep their folks going with online training and meetings, catching up/cleaning up their CRM files, etc. When I worked for Schneider Electric, despite all of their shortcomings, one thing they always seemed to do was take care of their employees from a compensation and benefits standpoint. I guess I am envisioning their folks mostly working from home, collecting their full paychecks and being grateful they work for a global company with deep pockets.

I suppose I was thinking that Convergint sort of fit into this category as well, so this latest news is somewhat worse than I expected.

It would be interesting to get some feedback from folks who do work for the large/national/global manufacturers (some who have branch "integrator" offices) to find out how they are being affected by all the Covid-19 affects.

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I was surprised to hear today my local Chubb branch has temporarily laid off three security techs and a few fire techs. I figured they'd be able to weather it longer than that, but apparently not.

I wonder how much of this lay off for the sake of lay offs, or of even these giant companies really have been hit hard.

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It is way too early for this to have hit their bottom line, so it has to be an excuse.

There are many large corporate entities that will take swift advantage of opportunities like these to shed costs. I am very curious as to whether Convergint is now playing from the same playbook. Disappointing, if so.

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As someone that works closely with national, regional, and local dealers\integrators and with previous employment experience with national integrators, my perspective is that the national integrators will get hit hard.

1. They leverage their name and reputation to charge relatively high margins on labor and material to cover their large overhead (facilities, business systems, and talent) and shareholder's expectations. This business model doesn't allow for "running lean" without letting people go.

2. They leverage their national footprint to mainly target large end-users with several facilities over a national footprint. These large end-users are postponing projects and canceling non-essential services to conserve cash flow.

3. Smaller regional and local dealers who are fighting to stay in business will offer aggressive pricing and agility to take on service work faster. Many small businesses will be happy breaking even if it means they can make payroll.

We had some huge consolidation and M&A over the past 5 years in the industry. Get ready for more.

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We had some huge consolidation and M&A over the past 5 years in the industry. Get ready for more.

I was with you for your entire post about how smaller dealers might take advantage of this. I don't get the conclusion, though?

If smaller dealers come out of this better, and larger ones are hurt, who is going to buy the smaller ones?

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Not necessarily larger dealers buying smaller, but larger dealers in better financial position and management buying other larger dealers that are over-leveraged or poorly managed through this crisis. Or all these AI\VSaaS start-ups with a solid product but now liquidity challenges, new customer stagnation, and dismal hopes of future venture capital to keep them alive.

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I think the consolidation comment makes sense. I exect new and old entities picking over the sluffed off parts of existing businesses. One of these big US players selling off it's European business for example. New players/not on your radar who would totally pick up an integrator or two if they showed up on e-bay. The big IT player in Montana picking up some local integrator branch a national is about to cut loose.

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Boy oh Boy all three of those points are, in fact, ON POINT. You are exactly correct, especially #1. I have similar experience and Ive learned over the years two things:

1 - The larger the outfit the larger the lies they tell to onboard talent if and when they need them, especially in the area of work-life balance.

2 - The larger the outfit, the more ruthless and diabolical they are when times get rough and the stock price starts to suffer. These publicly traded mega outfits, worth tons of money, would start cutting throats when the stock dips less then 5%, nevermind a global economic catastrophe. The human element in these business models is not even a token consideration now. If you work for one of the big ones, your probably on someones spreadsheet right now. The only question that remains is, what color did the bean counter color your cell or column?

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I wonder if there are Verkada customers in which their 3-year lease is almost up and they have no budget to renew

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What? I don't think Verkada has even been selling for 3 years yet. Moreover, what are they going to do turn their surveillance system completely off? Doubt it. I think they are in a relatively better position.

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Terrible decision IMO. Would be much better to outright layoff a small portion of their workforce rather than do salary cuts across the board. A round of layoffs will eventually be forgotten by the folks who keep their jobs, but the pay cuts will cause lasting animosity. Plus they missed an opportunity to trim the low performers.

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Pushing down pay makes them more profitable in an environment where finding jobs could become tough. Would really boost profitability, making them more attractive to sell to a larger conglomerate that then does not have to deal with how you manage a bunch of new employees that are overpaid relative to your standard.

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If they are looking to market the company for acquisition then layoffs combined with large percentage payroll cuts will make things look good on paper. Unless this PE is in deep need to make a fire sale, I am not sure how much that is going to matter in the current economic environment.

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Could not disagree more.

Anyone that has lasting animosity towards an employer that took out what is likely a substantial loan and cut executive pay drastically while keeping as many employees on board as possible is someone with ZERO ability to see the world around them for what it is. They are doing the best they can to make the best of the situation, and I would bet the vast majority of people would rather see a temporary pay cut than to lose their jobs and benefits entirely.

It also positions Convergint to recover quickly from this, as opposed to being forced to find, onboard, and train new talent once things start ramping back up.

Furthermore, a good leadership team would use this as an opportunity to galvanize the team and get everyone working together. Everyone is sharing in the burden of this, and hopefully everyone will work together to get out of it.

If this had to be done in any form, this was the way to do it.

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My approach, in prior recessionary times, has been to make the deepest staff cut that could be tolerated while keeping customers fully served. My thinking (partially) was that I did not want the remaining employees spending their days wondering when the next shoe was going to drop.

This three tier salary cut scenario is draconian. Demanding a 20% pay cut from employees who will almost certainly face lay off despite their sacrifice, sends every wrong message that can be sent. Demanding 50% from the executive team suggests that most/all of them will be looking elsewhere, once there is an elsewhere.

Lastly, these moves strike me as the kind of thing you would expect to see coming from a business that was failing before the first sneeze of COVID-19. Virus as a scapegoat.

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Not many business owners on this thread I'm guessing. What exactly do you think happens when almost all revenue and cash flow stop immediately in a business? What do you think happens if a business was investing heavily back into their company right when this happens? I would hope that more people on IPVM would understand that all businesses are sitting on loads of money just waiting for a complete shutdown of the entire economy.

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Not many business owners on this thread I'm guessing. What exactly do you think happens when almost all revenue and cash flow stop immediately in a business?

I agree with you generally about the position of business owners. But Convergint is different.

businesses are sitting on loads of money

Convergint is owned by a private equity firm that has $149 billion in management. Convergint does not operate by the same constraints as a 'normal' integrator.

Still, the question of what to do even for Convergint is a real one but of a completely different type than a 'normal' integrator.

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When you have hundreds or thousands of technicians, inspectors, and installers on your payroll and they go from 80-90% chargeable time to almost 0%, that has a major and possibly detrimental effect on a business. I do not know the specifics of Convergint's financials, but I would assume that a combination of no chargeable time and a tiny fraction of bookings/cash flow would be cause for immediate action or long term financial issues.

Appreciate your response though, John.

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I would assume that a combination of no chargeable time and a tiny fraction of bookings/cash flow would be cause for immediate action or long term financial issues.

#20, the key question is how long it lasts. If it's a month or two, it would not cause long term financial issues, as long as they had the liquidity. I estimated it above but it would wipe out profits for Convergint for the year but not bankrupt them.

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Some business articles have made the case layoff's do not benefit the company long term. The only time they may make sense is in a permanently shrinking market, like say newspapers.

Newsweek: The Case Against Layoffs: They Often Backfire

"University of Colorado professor Wayne Cascio lists the direct and indirect costs of layoffs: severance pay; paying out accrued vacation and sick pay; outplacement costs; higher unemployment-insurance taxes; the cost of rehiring employees when business improves; low morale and risk-averse survivors; potential lawsuits, sabotage, or even workplace violence from aggrieved employees or former employees; loss of institutional memory and knowledge; diminished trust in management; and reduced productivity."

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do not benefit the company long term. The only time they may make sense is in a permanently shrinking market

I honestly don't know the answer here but thinking out loud. Let's say an integrator makes 5% net profit. And for 1 month, they have no business - zero revenue, it's an extreme case but work with me as a thought experiment. How big would the loss be for 1 month if all employees were still paid? Would that just wipe out profits for the year or would it be worse?

There's the cash flow element which is an issue for smaller integrators (i.e., liquidity crunch leads to bankruptcy) but for Convergint I am guessing they could survive from a cash perspective but how badly would it be in terms of profits (or total annual loss)? Anyone with ideas or estimates?

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Businesses in our industry operate on wafer thin margins (agree that 5% nett profit is around typical these days) so when you hit a bump you cant ride it very long. I'd imagine 90% of integraters in our game would immediately go into loss for the year having to pay a month or maybe two months overhead with no income. I dont thik it really matters if you're Convergant or a small business with 4 or 5 employees, it's the same low margin across the industry so relative the whole way up.

And that income is just accounting income realised when you invoice, actually getting paid now is another issue and for smaller companies that can break you in a heart beat. If you invoice in Febuary expecting the money in March and then realise you're not going to get that money in March and in turn you havent invoiced anything in March for what should be April income it's potentially game over.

Any service releated business is at risk!

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Businesses in our industry operate on wafer thin margins (agree that 5% nett profit is around typical these days) so when you hit a bump you cant ride it very long. I'd imagine 90% of integraters in our game would immediately go into loss for the year having to pay a month

I think you are right. I was thinking more - if an integrator has 50% of its expenses in employee payments (and 50% for reselling parts) with 5% net profits, 1 month of no revenue would wipe out profits for the year ((1 month / 12 months in a year) * 50% for employees) = 4.1% of revenue for the year.

If that's roughly right, Convergint could survive it for a month without going into the red. Two months, no.

Even if my rough math is roughly right, the question still is should the company take the loss or how much should employees share?

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“It’s a big club… and you ain’t in it!” – George Carlin

Seriously though... it's about keeping those numbers in the black. Everything is so short sighted nowadays. It is all about preserving the numbers just long enough to squeeze out one more investor for the grand finale pump and dump.

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"I'll take, someone who will never own a business and understand the stress of a complete economic shutdown for $200, Alex."

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Note, for clarity, I added this:

The employee pay cuts and furloughs will at some point be reversed though given the evolving unprecedented circumstances, it is hard to tell when. We will update accordingly when this happens.

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Convergint is in a unique spot.... they don't have shareholders to answer to as they are not publicly traded, but they do have "investors" to answer to if they haven't thrown themselves out a window yet.

also most of the US Convergint offices use a variety of models to carry out business, but most have a service dept. I expect the service depts. to be fine till they find out the service guys have the corona virus and it hits the news, this has happened in certain areas already.

Convergint also has operated on a growth financial model, which means any money they make, they put back into the business and not hoard, so while Convergint has had huge success here lately its all "contingint" on more jobs coming in. Now that most work other than service has almost disappeared for them they have a limited pile of cash and even fewer options moving forward.

Cut staff or cut pay, or both there are no good options for Convergint or anyone else. in some areas security work is non exsisant, so maybe taking a pay cut is better than losing your job out right.. its to early to tell.

so far as working with a pay cut is concerned, if there is a recovery I would think given Convergints history they would make it up to those who stayed on as soon as they could.

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Wait a minute....aren't they owned now by a publicly-traded company? Since the new majority shareholder is public, doesn't that flow down to them?

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Since the new majority shareholder is public, doesn't that flow down to them?

No, because their owner Ares makes money via management fees and carried interest off of the investments they facilitate, not directly from the operations of individual companies, as their most recent 10K describes:

We offer our investors a range of investment strategies and seek to deliver attractive performance to an investor base that includes over 850 direct institutional relationships and a significant retail investor base across our publicly traded and subadvised funds.

And that 10K shows revenue from the fees and carried interest they make but not the financial particulars of companies they invested in, such as Convergint.

If or when Ares sells Convergint for a profit they will earn carried interest:

Carried interest is generally calculated on a “realized gain” basis, and the general partner of a fund is generally entitled to a carried interest between 10% and 20% of the net realized income and gains (generally taking into account unrealized losses) generated by such fund.

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As a Convergint employee let me tell you, at my branch I don’t believe there was a single colleague who wouldn’t have given up additional salary % if it meant keeping those that were furloughed. But the company has to do what is best to whether the storm. What’s to say it won’t get worse?

I’m lower man on the totem pole but the culture we tout is real. I’ve experienced it first hand in the year I’ve been here. Finding out the news that some of the people I loved working with are in an even worse position at what seems to be the start of this crisis breaks not just my heart but all of ours.

It may be naive but I truly believe that when this storm has been weathered our leaders will do everything they can to make it right for those of use who can endure this time period and those that were furloughed.

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I definitely hope you are right about the positive culture shining through, I definitely want Convergint to do well. My concern is whether Ares is making big demands on the Convergint leadership. They may not have much choice but to capitulate to the drive for profitability.

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Im gonna take a wild ass guess and say your under 30 years of age, eh?

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Nope over 30

However I have to try and stay positive as much as possible. The only alternative at this point is to stare into the deep well of darkness and despair of what might happen at the end of this.

Of the multiple companies I’ve worked for over the past 10 years in this industry Convergint has the most heart. That’s what I’m clinging to right now for my hope.

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Im 55. At the risk of sounding cynical, and with or without the corona virus, the further on down the line you go in life, the greater the clarity on what are and are not realistic hopes. Please allow me to help you with just one and only one.

Corporate America will always choose profits over humanity. There is no hope that will ever change.

.......................Your Welcome!

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Oh I’m aware. We are all just numbers on the spreadsheets of corporate America!

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"Corporate America will always choose profits over humanity. There is no hope that will ever change."

Golden words!

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Or maybe it's not about profits and about keeping the business afloat? Stop watching Bernie Sanders and come back to reality.

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I'm going to take a wild guess and say that you've never taken an economic class and don't understand the impact of zero revenue or cash flow within a business. You think it is easy to take on hundreds of thousands, if not millions, of dollars of overhead at the time when you have zero money coming in?

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I have. But alas, I do not have a degree in economics. I have also taken multiple business classes over the past 30 years and I own 2 small businesses, both of which have been in business for over 20 years. I am a will always be a capitalist. Profit is an acceptable sign of a healthy business and the managers and the shareholders should neither apologize for them nor be embarrassed by them, especially given the risks of starting, and running a business. The purpose of a business is in fact, to make a profit. Having said that, and with a hesitation to get a bit off topic here, I make note of the following:

Corporate America has long since shifted from making a profit and into profiteering. There are two separate and exclusive definitions attached to profit and profiteering. Please feel free to Google them. Each has its own unique economic impact to the country. The first is not only acceptable, but essential to Americas future. Profiteering, on the other hand, is not only detrimental to America's long term economic interests, it has the long term potential to actually destroy America. I learned that on day 3 or 4 of my economics class. Any PhD in economics will validate that statement.

So, in retrospect of my original statement, please allow me to modify it slightly to be a bit more precise.

Even under the best of economic conditions, "Corporate America will always choose profits over humanity. There is no hope that will ever change."

This is because making a profit is no longer the standard by which corporate performance is judged. They now judge themselves on the level of profiteering that they can get away with legally, and when the law is not on their side, they simply purchase legislation from our congress to sanction what is otherwise criminal behavior. The answer is balance. And balance no longer exists politically or economically in this country.

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I think the smartest part of what they have done is made larger cuts at the top of the tree. This will greatly reduce the animosity felt by those lower down the ranks at having to take a smaller cut.

From a staff member perspective what would be better, have a job at 80% of normal wage or not have a job at all.

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Exceptional times. I've worked with Convergint as a manufacturer in the past and the culture that they talk so much about is real.

The best thing they can do for shareholders, employees and partners is survive this crisis and come out strong on the other side. So the measures described seem reasonable and responsible to me. We're all taking a hit one way or another through this crisis and need to do our best to emerge from this successfully.

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We're all taking a hit one way or another through this crisis

Except if you are selling dubious thermal fever detection systems...

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Except if you are selling dubious thermal fever detection systems...

Haha. There is a special place in hell for people trying to benefit from this crisis with false claims. As a sales guy, I don't believe that "selling ice to Eskimos" is good for me or anyone else financially in the long run.

I should say that I have no idea whether the thermal detection claims that you refer to are bogus or not.

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To my previous point, see definition - Profiteering.

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I considered our business as essential during this and other types of crisis. I'm surprised on the ultra conservative "sky falling" approach based on their government market share, and not considering upselling and providing customers with options of more system collaboration for system support, etc. No one likes salary reductions, especially middle management.

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Agility is key for survival as an Integrator. A company as large as Convergent needs to attack costs quickly. When you use leverage to grow, you need to be fast to cut since debt becomes a huge burden in a down market. They can only hope that employees will be available when business comes back. Smaller regional integrators should benefit from Convergent's cuts only if Convergent allows quality suffer. If Convergent is able to make customer satisfaction their # 1 driver, and not short term profits, they will do fine. Luckily smaller integrators know this and will jump on any opportunity to fill a need if a Convergent customer detects that promises are not being kept.

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So we just selected Signet (Convergent acquisition from last year) for a big PSIM engagement. I was having my doubts before this announcement. We haven't signed our contract yet. Sounds like they may need us more than we need them.

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Sounds like they may need us more than we need them.

Ouch GIFs | Tenor

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No personal involvement here. But we all need each other to emerge from this.... It sounds like Convergint is doing the things it needs to meet its commitments and survive this crisis.

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Don’t be surprised if many many other large integrators have similar cuts in the coming weeks. Convergint just happened to be open and honest about it up front. Its nothing that thousands of other companies aren’t doing at this exact moment. You have to get lean in time like this so that you can emerge out the other side ready to spring into action.

being early on a cut back like this may be beneficial in the long run as it saves capital early.

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Convergint just happened to be open and honest about it up front.

That's false. Convergint only posted the letter the day after I told them IPVM was publishing on this and a number of days after the letter was originally sent.

That said, I do agree with you that cuts for our large integrators may come. If JCI and ADT do them this week, then that will make Convergint look much better. I don't think it's possible for such cuts to occur at JCI and ADT and it not soon become public knowledge.

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No dog in this fight, but how many of these people were middle management bloat from previous roll ups? I mean a lot of the middle management stuff can get automated out on an enterprise ERP system.

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Convergint has made public a video from their CEO talking about the cuts:

It is an energetic and generally positive presentation, given the challenges, though the middle is a defense of their culture in light of doing these cuts.

It will be interesting to see if or when ADT and JCI do (or do not do) similar cuts.

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