LaCore Enterprises was growing fast, adding legal entities at a rapid clip. The global startup consulting company formed LacoreLabs and Lacore Sciences, Lacore Payment Technologies and LaCore Neutraceuticals. Soon, there were more than 75 legal entities under the LaCore umbrella.
It’s the dream for most businesses, to hit the ground running and shoot off on an exponential trajectory. It’s also a path littered with corporate casualties. When you grow too big too fast, you risk biting off more than you can chew and, in the process, neglecting to nurture the fundamental procedures that stand up your business.
It’s like building a house: If you ignore the foundation, nothing else matters because your home won’t stand the test of time.
But LaCore’s story is different. The company found a way to grow at a rapid clip while maintaining the integrity of its systems. It found EntityKeeper.
Angie Ewing is a corporate paralegal at LaCore Enterprises. She was at the company when it was just a few legal entities and remembers the old system for managing all the necessary information, deadlines and documents, one that relied on spreadsheets updated manually and catalogued in corporate books.
It was a system, but a cumbersome one.
Then, LaCore switched to EntityKeeper, as part of a company-wide shift in how it manages records and information. The platform transformed the way the company managed its legal entities.
“If someone needs a certain document, I can go there for quick access and I’m not having to go from one place to another. If someone says, ‘Can you give me the EIN of this company?’ I don’t have to find my spreadsheet,” Ewing explained.
That was critical as the company headed into a time of intense growth.
“We grew so fast. There was a period when we were forming so many companies at once,” Ewing said. “The implementation of the software was very useful at that time. It helped us stick to our processes.”
And it created new ones. Ewing said the process of forming a new legal entity now starts with EntityKeeper.
“If I want to form a company, the first thing I do is create that company in EntityKeeper, and then I’m able to add the filing documents as they come in,” she explained. “It helps me, too, with the steps I need to complete.”
Each field she’s able to fill in with information marks a task she can check off her list. The fields that remain empty let her know what she needs to tackle next, Ewing said.
The next step in the evolution the company’s legal entity management process is taking advantage of EntityKeeper’s notification function: Ewing wants to create notifications to manage key filing deadlines for taxes and annual reports.
All of that will allow LaCore to continue growing, fast.
“EntityKeeper has helped us tremendously,” Ewing said. “And it will be great to use as we continue forming companies down the road.”
Want to learn how EntityKeeper can improve your legal entity management?