It is impossible for Rick Bastinelli to retire, for that would mean the longtime top executive of Baltimore-based Centric Business Systems is ready to sit back and relax. But while he did technically call it a career a couple weeks ago, at the conclusion of a two-year transition period following his company’s sale to UBEO Business Services, there’s nothing to indicate Bastinelli will be slowing down.
In fact, if you tend to frequent industry-wide events, chances are you will run into Bastinelli during receptions or presentations. He will still be following his fellow dealers’ exploits through the industry trade publications and websites. And if Bastinelli is already in your cell phone directory, you’re probably going to hear from him as much as you did before, if not more often.
The man loves the industry too much to walk away forever, so while he will not have any day-to-day oversight at Centric, he will still be available. However, the man deserves a proper retirement toast, so lift your glasses and pay homage to a dear industry friend. We caught up with Bastinelli before he had the chance to slather on suntan lotion and enjoy some Florida rays. In this installment of Two-Minute Drill, he talks about what comes next as well as his rewarding career at Centric, which continues to pay dividends.
Talk about your decision to retire and why you felt the time was right. Was the original intention to remain with Centric Business Systems for two years as it integrated with UBEO?
Bastinelli: Over the past several years, I established and worked with a Centric Advisory Board and in recent years the major topic of conversation was succession planning. As I approached my mid-70s, our goal was to ensure the sustainability of the company and provide long-term security and stability to our employees and customers. I wanted the sale of Centric to happen while I was still engaged and running the company so I could manage the transition and ensure that our commitment to our employees and customers were maintained. Our decision to sell had nothing to do with the state of the company or the state of the industry. Centric was growing and in 2023 we exceeded $70 million. In addition, we were debt free, profitable and bullish on the future of our industry. For us, it was all about my age, the company’s future and not wanting to burden my family. We wanted to partner with an acquirer that would create a great future for our employees and provide innovative products to our customers. I’m confident we accomplished those objectives.
We completed the acquisition in December of 2021. At the time, I didn’t have an exit timeline. However, we knew that it would take at least two years for a successful integration. We are blessed with a terrific leadership team at Centric. As we approached the end of another successful year in 2023, it became evident that the team was ready to grow and assume more responsibility. My retirement provides growth opportunities to loyal managers and provides me a more flexible schedule. It was the right time for both me and the company!
Looking back at your career and Centric Business Systems, what makes you the most proud?
Bastinelli: I am most proud of assembling a team of hard-working, loyal, dedicated and committed employees who did an amazing job to grow a startup in 1990 to a dominant independent in the mid-Atlantic region. Because of their contributions we grew, established a great reputation, provided security to over 200 families and generously contributed to the communities we served. I’m also proud of the culture we created. Our employees named that culture the “Centric Way” and it represented the values that defined us over the years.
You’ve made considerable contributions that extend beyond your dealership. How would you like people to remember you?
Bastinelli: I have enjoyed participating in vendor advisory boards, industry associations and publication advisory boards. The activities and participations beyond the dealership were educational and informative. They provided the knowledge that helped me grow the business and understand the industry direction. It also was enjoyable and provided the opportunity to build relationships and friendships that will endure past my retirement.
I would like to be remembered as someone who cared, always tried to do the right thing and do it to the best of my ability.
What are your short-term plans? Will you miss the industry, and do you plan to remain active on some level?
Bastinelli: I prefer the word transition to retirement because I will always remain active. After a relaxing break in Florida I plan to expand my commercial real estate portfolio. In addition, I will continue my participation on several non-profit boards. In the future I look forward to staying connected with the leadership team at Centric, reading industry publications and attending industry events such as Executive Connection Summit and the Cannata Dinner.
