After a year of disruptive and unprecedented challenges created by the COVID-19 global pandemic, followed by product shortages and supply chain disruptions, all of us are looking forward to a brighter, more optimistic 2021.
Heading into the new year, we are excited about several new opportunities and initiatives. In this issue, our cover article features IMARK Group’s Health Insurance Captive. Over the past few years, the IMARK Health Care Insurance Committee has been working on this complex challenge. Their goal is to harness the power of the group to help members reduce and stabilize the cost of health insurance premiums. The article includes an interview with Tom Barker of Mid-Coast Electric Supply, the chairman of the IMARK Heath Care Insurance Committee, who provides an overview on this significant initiative.
We are finalizing and will be soon launching an IMARK Group 401K plan. The IMARK Group Retirement Plan is a Multiple Employer Retirement Plan (MEP). MEPs allow multiple businesses to join one retirement plan and operate it as a single entity, rather than each business operating a separate retirement plan. MEPs offer cost savings and improved services by providing efficient administration of common back-office tasks. Leveraging scale and purchasing power in negotiations with service providers, the IMARK Group Retirement Plan will drive cost down for all participating members.
IMARK Growing Forward is a program designed to maintain and grow the group’s purchasing power by alerting member companies of fellow IMARK Group member companies that are in acquisition mode. Many member owners of independent distributors often feel that the best thing they can do for their employees and their customers is to sell their companies to fellow independent distributors. This initiative has resulted in far more member companies selling to IMARK peers and has kept that purchase volume inside our group. More details are posted on the IMARK website (click on the link titled “General Info” from the dropdown menu and select “IMARK Growing Forward.”
Expanding our footprint within the PVF, irrigation and water works markets is essential to providing greater value to our members and suppliers that service these niche markets. Diversifying into these markets better positions our group to attract profit-minded independent wholesalers and industry leading supplier partners. We welcome Scott Bardreau, vice president of IMARK Plumbing. Scott will spearhead the group’s expansion within the PVF, irrigation and water works markets.
The 2021 GainShare Planning Center is now open on the IMARK website and members can start submitting GainShare Plans with participating suppliers. To view a list of participating suppliers and program details, click on the icon labeled “2021 GainShare Programs.” Next, click on the “2021 GainShare Planning Center” icon to begin the process of building a 2021 GainShare program. GainShare offers members the opportunity to set purchase objectives with a select group of supplier partners. Members are encouraged to conduct joint sales and marketing activities with local sales reps to drive sales growth and gain market share for both members and suppliers. Please contact Ted Havel at thavel@imarkgroup.com with any questions and/or if you require additional information on GainShare.
Enjoy our winter issue! We hope you find the following pages to be informative and insightful.