Entin, who started IBS in 1979 in
"The way I did it was kind of backwards," said Entin, who lives in
Meanwhile, IBS remains intact, albeit smaller.
Although a few investors in preferred shares still control the firm, Entin says he relinquished all of his common shares when he left, and they have been distributed to the 22 remaining employees. A half a dozen of them have been appointed to a newly created management advisory team.
"Hopefully, we'll see something come of it," said
The company still serves about 75 commercial real estate clients who use IBS systems, including
An IBS network services division caters to about 20 more companies in a variety of industries.
Even when IBS had Vornado as a customer, annual revenue was "less than
Its main competition includes companies such as Mullin's former employer, Yardi Systems, based in
Commercial real estate property management technology is about a
"We are a small fish in a big pond," he said.
Mullin had considered trying to take the company national after he became president in 2011, but recently set his sights lower.
"Right now, the two keys to our success are retaining current employees who have a lot expertise and retaining our current client base,'' he said. "We've adjusted the strategy to be more focused locally on providing better service and support. You have to have a strong base to grow on."
Part of that strategy is developing stronger preventive maintenance programs with around-the-clock monitoring of servers to detect hardware glitches before they become a problem, and adding business intelligence components to property management software, to give managers easier access to key performance metrics.
Nearly three-quarters of his clients are in
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