Quintiles, a drug research company, just acquired Encore. Cumberland just acquired CIPE. It seems every other day we are hearing of another consulting firm being bought out. In my ten years in this industry I’ve been through a couple of these, and they are not fun at all. Sometimes the impact to the consultant and firm is minimum while other times it tears the very foundation apart. The question is what can you do as a consultant, if anything?
These small private owned successful companies are trying to compete. KLAS reports on some 50+ firms offering HIT consulting services. As a consultant, it can be frustrating to see your company get sold. My advise has always been, if you like your contract and the people you work with…stay. If the internal politics and change to culture is directly impacting your ability to be successful and happy…leave.
I get calls daily from consultants looking for new opportunities for the wrong reasons. Don’t leave your firm just because it sold. Leave because if it is not a fit for you anymore. I have come to believe no one is safe. When the right time, and price tag comes, these firms are going to be bought. I find that focusing on contract opportunities that are long term and challenging can limit your exposure to the politics and changes.
There will always be a handful of small companies that want to stay independently owned. Those companies will be challenged as the billion dollar companies bring in 10x as many sales people and recruiters. I find energy spent looking at what everyone else is doing is a waste of time. I know my clients are happy and my consultants love their job. Keep doing what you are doing and make your clients happy. You won’t even notice the new name on your email address.