Select Security reaches $1m in RMR

LANCASTER, Pa.—Select Security, based here, has reached $1 million in RMR following several years of rapid growth both organically and through acquisition. Select Security president Steve Firestone told Security Systems News, “We are getting ready to make a big announcement in the DIY space within the next four- to six weeks.”

Firestone, who joined the company as president four years ago, said Select Security is poised for continued growth and possible expansion into new areas.  

“We are big proponents of DIY being an alternative product line,” he said. “I think it should have a place in virtually every dealer's portfolio of products and services.”

In terms of overall growth, Firestone said that the company grew 25 percent from 2013 to 2014 and between 12 percent and 15 percent each of the past two years.

“I am very bullish on 2016, and we have built a revenue plan that is about 15 percent higher than last year,” said Firestone. “And that is from organic growth, and from acquisition, as we are aggressively looking and have definitive growth plans both in our existing trade area and outside our current trade area.”

With the infrastructure that the company has built, as well as the organizational restructuring that was done, Firestone said, “My belief has been and continues to be that this organization can support a revenue and customer base that is three-to-four times the size we are right now, without a significant add to G&A costs.”

In regard to customer satisfaction, Firestone noted, “We measure net promoter scores religiously around here, and our NPS has been phenomenally good, particularly given our rapid growth and our growth through acquisition, which has its challenges with new manufacturers coming on board.”

For ISC West, Firestone said the company will take advantage of the opportunity to meet with current vendor partners while reaching out to others that may be a good fit for Select.

“We have a strategic vendor program, so in order to be a select supplier you have to be able to fulfill obligations that are very specifically defined, in areas like training capabilities, technology capabilities to interface with our organization, supply chain performance metrics, marketing commitments, etc.,” said Firestone. “My time at ISC West, along with two people on our leadership team, will be spent finalizing deals with prospective select suppliers.”

Select's 30,000 accounts, which are 60 percent residential and 40 percent commercial, are monitored by sister company Security Partners. The company has nine regional offices across the country.