The article reports on the acquisition of accounting firm Bench by Employer.com, which was initially shut down and then revived after a fire sale. Here are the key points:
Initial Shutdown: On December 27, Bench suddenly shut down its services to all customers, informing them that it would no longer be able to provide bookkeeping services.
Fire Sale: The article reports that Bench’s assets were sold at a discount to Employer.com, which promised to revive the company and restore service to customers.
Uncertainties Remain: Despite promises from Employer.com to honor customer contracts and service their accounts, there are concerns about the sustainability of Bench’s business. Acquisitions typically take months to complete, but this deal happened quickly over a holiday weekend. Additionally, Employer.com lacks experience in accounting, which could lead to issues with providing quality services.
Concerns About Staff: Some employees who were laid off on December 27 are being offered only 30-day contracts, raising concerns about their job security and ability to provide continuity of service.
Overall, the article highlights the complexities and uncertainties involved in acquiring a business that has suddenly shut down. It raises questions about whether Employer.com can successfully revive Bench and restore its reputation as a reliable accounting firm.
