The article discusses the story of Bench, an accounting and bookkeeping service that was acquired by Employer.com after it suddenly shut down its operations due to financial difficulties. Here are the key points:
Background: Bench was a popular accounting and bookkeeping service that catered to small businesses and individuals. However, in December 2022, it suddenly shut down its operations without warning, leaving thousands of customers stranded.
Acquisition by Employer.com: Just days after the shutdown, Employer.com, a company specializing in payroll, recruiting, and HR services, acquired Bench’s assets, including its customer contracts and staff. The acquisition was completed over a holiday weekend, raising concerns about the feasibility of the deal.
Uncertainty around sustainability: There are doubts surrounding Benchmark’s long-term viability under Employer.com’s ownership, given its sudden fire sale nature and lack of direct experience in accounting.
Concerns about service quality: Some customers have expressed worries that they may not receive the same level of service from Employer.com as they did from Bench. At least some former Bench staff are being offered only 30-day contracts, which has sparked concerns about continuity of service.
Employer.com’s response: In an interview, Employer.com’s chief marketing officer, Matt Charney, assured that while the deal happened quickly, it involved multiple legal firms and that they feel "very very comfortable" with Bench’s reputation and track record. He also stated that Benchmark was acquired for its people, experience, and customers, who can help Employer.com acquire expertise in accounting.
Overall, the article raises questions about the sustainability of Bench under new ownership and whether customers will continue to receive high-quality service.
