At a Glance: Pinnacle Technical Resources
§ Location: Dallas, TX
§ Line of business: Provider of information technology services
§ Challenge: Locating working capital to finance ongoing growth
§ Merrill Lynch solutions: WCMA® account, line of credit, Visa® Business Signature card
This Dallas-based company pampers its large corporate clients with first-class Information Technology (IT) services. When it came time for Pinnacle Technical Resources to get the same treatment itself, C.E.O. Nina Vaca chose Merrill Lynch Business Financial Services.
A modest start
Born in Quito, Ecuador, Nina Vaca remembers working in her family's travel agency from the age of eight. “I come from three generations of entrepreneurs,” she said. Starting a business was part of her dream. After earning degrees in Texas, she worked for a time as a technical recruiter for a private firm in New York City. There she absorbed what she needed to open her own IT firm back in Dallas in 1996.
Vaca started out by twos: two offices, two phones, two clients. But although the company was small, her plans were big. “My strategy was to go after large clients from the start. I've built the customer base from Fortune 500 companies ever since.”
Today Pinnacle's 25 clients are served by its 400 employees, from a 10,000-square-foot facility and locations in Los Angeles, Denver, St. Louis, Dallas and Tampa, to Cincinnati, New York and Washington, DC. The company prides itself on delivering large-scale, complex IT development and integration solutions on time, within budget and with complete dedication to its customers' needs.
“We compete with some large, publicly traded organizations,” Vaca said. “Where we stand out is in our flexibility. Being a smaller company, we are more flexible and adaptable. As such, we can resolve project issues quickly and with minimal impact on a project.” Pinnacle offers payroll services, staff augmentation and project-based IT services for mission-critical industries such as financial services, healthcare, government, insurance, manufacturing, transportation and telecommunications.
Meeting financial needs
At a Women's Business Council meeting some time ago, Nina Vaca met fellow member Helen Wathen (Wealth Management Advisor, Dallas). The two struck up a relationship based on mutual interests. “We saw each other regularly. Helen just said, ‘If you ever need us, give me a call,’” Vaca remembered. “No pressure. But after a year, it turned out we did.” Wathen brought in her team member, Business Financial Advisor Kathy Bickhaus, to work with Pinnacle. The company needed working capital to grow its business. Although they had a bank, Vaca invited Merrill Lynch to bid on a line of credit.
When she compared all the offerings with Pinnacle's president, Jim Humrichouse, Vaca said, “Merrill Lynch came out on top for two reasons. First was its better pricing. Second was the Working Capital Management Account®.” They were impressed with this central asset account that sweeps idle cash to interest- or dividend-bearing accounts, so money is always working. For an additional fee, Vaca also chose the Merrill Lynch Visa® Business Signature® card, with its rewards program and a delayed debit feature.
Growth to their credit
Pinnacle plans to continue its remarkable growth, “And the extension of credit has been important,” said Vaca. Their revolving line of credit from Merrill Lynch Business Financial Services Inc. was critical when the company needed an instant payroll for 60 new employees to start a project. Timely infusion of cash was crucial, but just as important has been the financial advice from a central point of contact. “Helen stays in touch and helps strategize every couple of months,” said Vaca, “She sits down and asks me what my plans are and what I want to accomplish. I had a bank for five years and no banker ever called.”
A culture of excellence
Pinnacle has received more than 20 awards over the past two years, including those for Company of the Year, Customer Service and Technology Excellence. Pinnacle might claim to have reached its own peaks. Among many personal honors, Nina Vaca was recently named Infotech Entrepreneur of the Year by Hispanic Business Magazine. But she is not one to rest on her own honors. “I believe the secret to business success is, simply, surround yourself with amazing people.”
The clients' testimony is their own experience and may not be representative of the experience of others. It is not indicative of future performance or success.
The Working Capital Management Account® is a product of Merrill Lynch, Pierce, Fenner & Smith Incorporated, which is a registered broker-dealer, not a bank, and the WCMA account is not a bank account. Banking services are provided by licensed banks or by third parties through licensed banks. The WCMA Line of Credit, which is linked to the Working Capital Management Account, is offered along with other financing through Merrill Lynch Business Financial Services Inc., 222 North LaSalle Street, 17th Floor, Chicago, IL 60601 – California Loans made pursuant to a Department of Corporations California Finance Lenders License.