Recently, my mother made the difficult decision to sell the house we lived in for more than 35 years. Packing up a home filled with decades of memories is no small task. Every closet, drawer and shelf held reminders of a life lived fully: photos, birthday cards, trophies and even the occasional forgotten trinket that could instantly transport us back in time. We all shared a laugh when my mom showed us what a walnut cracker looked like and how her parents used to love cracking walnuts and enjoying them with friends.
Amid this emotional process, one item she couldn’t bear to leave behind was my dad’s briefcase. It’s more than leather and latches; it represents his relentless work ethic, his loyalty to clients and the quiet discipline of showing up every single day. The grind that builds a legacy.
In addition to my dad’s suitcase, tucked away on a dusty shelf, we came across a small sign with a powerful message: “You don’t know the whole story.” The words immediately struck a chord with me. “You don’t know the whole story,” was a favorite motto of James Lomma (Jimmy), affectionately known as “The Crane King,” a titan in the heavy equipment and construction industry. My father, Robert “Bob” Friedbauer, had the privilege of serving as Jimmy’s accountant for many years. In both his personal and professional life, my father embodied the same belief—that what you see on the surface is only a fraction of the true picture.
As I sat in my childhood home holding that sign, I realized how deeply this idea resonated not only with my personal journey, but also with the professional path I’ve chosen.
Seeing What Others Overlook
Today, through my work at ERA Group, I help businesses uncover hidden savings buried deep within their operations. Much like cleaning out a house after decades of life, identifying these savings requires patience, attention to detail and respect for the history that’s already been written. On the surface, a business might seem streamlined and efficient, but buried in “tail spend”—the 80% of purchases that make up only 20% of a company’s expenses—are often overlooked opportunities for meaningful savings.
When my team at ERA Group partners with an organization, we don’t just look at the big-ticket items. We dive into the forgotten corners – the small, repetitive expenses that have quietly accumulated over time. Sometimes, just like cleaning out a house, the greatest treasures (or in our case, cost-saving opportunities) are hidden behind the obvious. And just like that small sign tucked away in a corner, sometimes the biggest insights come from the places you least expect.
Legacy, Hidden Value and Moving Forward
Finding that sign reminded me of the importance of humility in both life and business. We often assume we know the full story about a person, a company’s finances, an organization’s potential. But true progress comes when we pause, dig a little deeper and open ourselves to discovering what’s been hidden from view.
As my mother prepares to close the chapter on our beloved family home, I’m reminded that endings and beginnings are often intertwined. In helping clients uncover hidden savings, I’m not just reducing costs; I’m also helping them unlock new beginnings: funding growth, protecting jobs and investing in the future.
Turning Insight Into Action: Best Practices to Uncover Hidden Value
Just like uncovering meaning in a forgotten sign or an old briefcase, finding savings in a business isn’t always about what’s obvious; it’s about asking better questions and being willing to take a second look. Here are a few lessons I’ve learned along the way that can help any organization move from “good” to “exceptional”:
Best Practices to Deploy as You Move From “Good” to “Exceptional”
1) Ask suppliers how you can become a better customer. Strong-arming suppliers will backfire. Pressuring suppliers for a discount can lead vendors to quote with higher pricing.
2) Negotiate price escalations and formulas into agreements. Market pricing goes up and down. Sometimes, suppliers increase prices because customers expect it. There are also times when pricing should fall, but you see no savings.
3) Group purchase organizations (GPOs) provide good but not the best pricing in many cases. While GPOs are good solutions for many, optimal pricing is best achieved through a professional RFP where requirements and volumes are fully vetted and shared.
4) Focus on the total cost of ownership (TCO). The lowest price does not always equal the best value. Be careful not to compromise quality or service, which may cost you more in the long run.
5) Periodic RFPs are important. Long-term supplier relationships can be expensive. Relationships are important, but inserting an independent stakeholder during contract renewals provides a fresh perspective.
These best practices reflect not only financial strategy, but a mindset of curiosity, care and long-term thinking. I hope these tips can kickstart some practical ways your business can begin uncovering hidden value.
If you’re curious how we might do this using a “No Savings, No Fee” model, let’s connect to explore your business or organization.
Friedbauer holds an MBA in Professional Accounting from Northeastern University and a BS in Engineering Science from the New Jersey Institute of Technology. He has been a Certified Public Accountant since 2004. You can reach him at 201-478-1271 or lfriedbauer@eragroup.com.
