Title Alliance, Ltd., a RESPA-compliant title joint venture company since 1983, announced today that they are introducing an Employee Stock Ownership Plan (ESOP) which gives every employee within the affiliated title agencies the opportunity to own stock within Title Alliance. The plan not only provides an opportunity for loyal and dedicated staff-members to grow retirement benefits, but it also provides the company with an innovative recruiting and retention tool for growth within the ventures.
Seven years ago in May, the former management team of Title Alliance repurchased the company from First American Title so the company could re-focus on their clients. First American Title had originally purchased the company three years prior from the management team.
“Large companies have many, many advantages,” said Bill Cotter, Partner and Chairman of Title Alliance. “But the management team felt that there were things they wanted to achieve that could only be done in a more family-like atmosphere. Collectively we decided that it would be worth the risk and effort.” Cotter concluded, “Seven years later we feel we have comes a very long way to achieving our goal.”
When the management team, comprised of Bill Cotter, Jim Campbell, Bill O’Connell, Lillian ReDavid, and Nancy Warner, decided to purchase the company back, they had a laundry list of goals and ideas they expected to achieve. The company centered their goals on their partners, clients and associates and has been diligently working toward success within the company.
“The introduction of the ESOP to Title Alliance reaffirms our dedication to family,” said Lillian ReDavid, Partner and CFO for Title Alliance. “We have always said family comes first and that we operate as a family, but the formation of an ESOP shows we mean it.”
The management team envisioned operations that would be client-centric. To achieve their vision, they assigned a unique manager to each Title Alliance’s title agencies and hired experienced regional directors. This, in addition to the resources of an almost 200 person operation has allowed the company to provide a personalized experience for members and clients.
Since the reacquisition, the company has also developed and deployed new software tools. In 2011, Title Alliance rolled out RamQuest as their new closing software product. As a vast improvement over their legacy system, the new software allows each title agency manager to operate more efficiently and effectively. Their dynamic individualized marketing programs and budgets drive business to their joint venture offices, while keeping customer service at the forefront.
“In 2007, collectively our operations had $8 Million in revenue,” said Nancy Warner, Managing Partner and CEO of Title Alliance. “Last year our operations were at $24 million. While part of that was due to the shift in the market, the other part of it was due to both the incredible systems, and experienced, hardworking teams we have in place, and also our strong partnerships.”
Title Alliance will never stop striving to be better for their partners. “If we’ve come this far in seven years,” says Cotter, “I can only imagine where we will be 7 years from now.”
About Title Alliance:
Title Alliance, Ltd. is located in Media, PA and has been creating RESPA compliant title joint ventures since 1983 with lenders, mortgage bankers, realtors, builders and credit unions. For more information or to find out how a Title Alliance's partnership or title management skills could benefit you visit them online or contact Lindsay Smith at 800-220-3901 x 165.
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