OREM, Utah—Home security and automation company NorthStar recently announced its new Authorized Affiliate Funding Program.
“It's a traditional dealer funding program where we work with independent, licensed companies that originate contracts and do the installation for NorthStar,” Nick Perry, vice president of business development at NorthStar, told Security Systems News. “We are very aggressive on up-front multiples, we also have a very aggressive residual, and an equity program.”
These companies would be co-branded as a NorthStar authorized affiliated, Perry noted. NorthStar started the division in January and formally announced it in July. Since January, the company has added more than 20 new dealers.
“It’s allowing [NorthStar] to scale our business nationwide, have a permanent presence in certain markets and increase RMR in a very predictable, scalable platform,” Perry said.
NorthStar has been in business for 17 years and this is the first time it’s introduced a dealer program, Perry said. “We are a full-service alarm company, which makes us a little unique for dealer programs. We do have a direct sales force that sells and installs NorthStar customers,” he said.
“We also provide sales training, technical training, … an automated process for pulling credits and tracking deals, dashboards, real-time metrics—total transparency. What we’re trying to do is really make our affiliates part of our company and partners with us outside of just buying accounts,” Perry said.
“The program was designed to complement our existing sales teams and create a new sales channel that's beneficial to everybody, doesn’t conflict with what we’re doing, and helps the business grow and build concentration nationally,” said Perry.
NorthStar has accounts in more than 35 states, Perry noted.
Perry was hired at NorthStar specifically for designing and implementing its dealer program. Previously, he worked with dealer sales and development at Security Networks, which Monitronics—now MONI—acquired in 2013.Topic: Residential Tags: Northstar, Nick Perry