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Aimee Glindmeyer

Aimee Glindmeyer’s business model primarily focuses on payroll processing while also providing ancillary services like 401k, health insurance, and FSA administration. By acting as a substitute for traditional HR departments in small and medium-sized enterprises, it requires minimal capital investment and boasts a wide economic moat due to high customer retention and strong brand reputation. The firm's management strategy emphasizes conservative investment, with a distinct separation between CEO and chairman roles, further ensuring stability and value in challenging economic climates.

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Aimee Glindmeyer

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  1. Aimee Glindmeyer

  2. Business Model • Primarily a payroll processor • Also offers 401k, health insurance, and FSA services • Replaces an HR dept for small and medium sized businesses • Minimal amount of capital required

  3. Economic Moat • High customer switching costs • Scalability • Respected brand image

  4. Management • Made conservative investments prior to recession • CEO and chairman roles separate • Mandatory equity ownership requirements • 10% of stock held by insiders

  5. Competitor

  6. Profitability

  7. ValuationCurrent Stock Price: $31.31

  8. Why We Should Buy • Wide economic moat • No material risk of losing clients • Stability of firm • Able to increase prices quicker than inflation • Government support of small business growth

  9. Sources • Bloomberg • Yahoo! Finance • Morningstar • Valueline • 10-K • Paychex.com

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