Michael Scott
Precision BioLogic

www.precisionbiologic.com 

There is nothing in life much more personal than blood.  From blood types to family ties to urgency in recognizing when something isn’t right, it’s the liquid force that keeps life living. 

Nova Scotia’s Precision BioLogic is in the blood business.  It is an international leader in specialized diagnostic blood testing products for hospital laboratories throughout North America and Europe.  In the mid 2000s the company was asking itself: what is the best route to future development? Michael Scott, now Precision BioLogic’s executive chair, was then CEO, and was an EF Advisor when he became an EF client.

Since it became established in this market in 1992, Precision BioLogic had grown organically by tailoring its products to the needs of end-users.  In 2005, with 30 employees and the capacity for growth, Michael was surveying the landscape to see how, when, and where it should take the next step.  As a successful entrepreneur, Michael had volunteered as an EF Advisor.  He could see how the right panel of Advisors could help define Precision BioLogic’s growth avenue.

Michael says, “Precision BioLogic was a fairly mature company when we approached EF.  We had developed our market position by collaborating with our end-users about product design.  It had served us well –  we were successful and profitable.  But in looking ahead we thought it wise to consider our options.  Should we diversify?  Should we team up with another company?  Should we look to buy another company?  An informed discussion around these questions would help set the course for our continued success.”

Precision BioLogic’s EF Advisory Session brought together a dream-team for a business conversation.  Michael says, “Our Advisory team, several of whom I knew, brought a very high level of impartial intelligence to the conversation.  Their insight was instrumental to our planning, and has proven to be very useful in the longer-term.  Prior to our session each member had been briefed on Precision BioLogic and our issue, thus the whole session was dedicated to moving forward.  The document created by the EF staff person based on our meeting was incredibly helpful and is still used as a reference for Precision BioLogic.”

The result for Precision BioLogic was to maintain its strategy, and strong growth has continued. The company now employs 60 personnel.  A true entrepreneur, Michael is not settled on success. His eyes are on the landscape and continued growth.  The current challenge, he says, is to “continue developing the team so we can find new ways to serve our customers better.”