Two years ago, three major undertakings were initiated to deliver value-added services to the organization as a whole. The capital requirement for these expenditures was a major commitment on behalf of VR to strengthen our business model. As these objectives were introduced we have seen an increase in our operating performance in what could be considered economic challenging times.

• The introduction of enhanced corporate logo’s and color schematics was an important virtue of the new VR Marketing Superstore. Developed for an international marketing solution for franchisees and associates, while simultaneously increasing brand consistency and awareness.  The VR Marketing Superstore allows for a complete VR Business Development Plan to be implemented with all necessary collateral materials having been tested prior to market delivery.

   
• With a commitment to the highest quality internal education for the organization, and fulfilling the responsibility of a full service franchisor to its people around the globe, VR proudly introduced the Master Business Intermediary Academy. The MBI Academy uses a blended training approach made famous by Starbucks and Hewlett Packard, and based on their success, VR has contracted for a long term relationship with the education company that developed programs for both those companies and many other Fortune 500 enterprises. Though a major supporter of all trade associations in our chosen profession, VR has made the financial and philosophical decision to not rely on these organizations, whose membership could be considered as competitors to VR, to supply necessary continual education to our professional intermediaries. The results of this commitment have shown an increase in number and quality of those individuals joining VR and their raised expectations of a career in our organization.

• The internet presence VR now operates under offers a technological advantage to the organization and a consistent brand awareness campaign to the general public. Every VR franchisee now has the ability to develop, edit, and optimize their office website directly from their location. The same technology allows our intermediaries to develop an individual website for every business we represent and market, while maintaining confidential information. 

International Development

With our core business strong in the United States, and a 500% increase in revenues since the King Lombardi Acquisitions, Inc. purchase, international development has been controlled and structured so that VR can show specific market success before advancing into additional countries. We operate nearly 20 locations in Spain and an additional 6 in Venezuela and from those entry points in Europe and South America, we now have Master Franchisee’s with operating locations in Portugal, Chile, and Mexico.

Our progress in moving the company forward in the international markets will be mandated by attracting quality Master Franchisees whose understanding of our directive to dominate privately held business sales around the globe is prefaced by their understanding of adapting the successful VR operating system to the legal and cultural nuances of the country. It is our goal to open in two additional countries during 2009.  

Strengthening Our Business to Meet Client Needs

As a result of delivering on our three major undertakings, our organization is in its strongest position in its storied history to deliver the type of confidential professional services required by our clients. The privately held business owner or acquirer has earned the respect of our organization. By undertaking random client reviews we have not only identified the changing needs of clients, but also the areas we needed to improve as an organization to strengthen our business model to meet these needs.

Today we carefully adapt our operating policies to reflect the obligations we have taken on as the respected leader in privately held business sales. The corporate culture in VR invites the compilation of knowledge and experience, from our clients, from our intermediaries, and from our franchise owners, to always improve our products and services.

Focusing on Our Future

We are very proud of the international organization we have become over the past 30 years since our founding and 10 years since our acquisition of VR. We are even prouder of the platform we have built for future growth – a platform that we believe will enable us to deliver services to our clients that out perform our competitors.

Today, we offer a superior mix of services, training, and support to our network of professional business intermediaries with the clear understanding that these offerings increase our value to our clients. As a result, we have a diversified menu of business advocate services that, we believe, few of our competitors can approach.

We made several important operating improvements and have identified how we will compliment our existing business in the future. We have made strong progress in moving from a company based solely on transactional business to one with a consultive multi-service approach to aiding both buyers and sellers prepare, sell or acquire, and exit most efficiently.

Most importantly, we have adhered to our business model to increase our client services and demonstrated our ability to consistently execute the strategic vision we set for VR.

For these reasons, we are optimistic and very excited about our future. We are committed to further improving our services to our clients, intermediaries, and franchisees in the coming years. The momentum that has been built through the professionalism of our people has positioned a strong growth platform in all levels of our business.

We thank everyone who has participated in the growth of our organization and for your continued confidence and support, and we look forward to sharing our future progress with you.

Peter C. King                                                   JoAnn Lombardi
CEO                                                                President