What does it take to make a business last 40-plus years in an industry that sees many ups and downs? It can be a mixture of things: strong business sense, accounting skills, good employees, knowing when to diversify, and many more.
Both contractors featured this month have been around for more than four decades. APC Corporation, based in Massachusetts, celebrates 42 years this year, and Arizona-based SSC Global is in its 47th year.
The owners have their own stories of how their companies succeeded. Owner Mike Flaherty of APC says his business survived because of its employees, while SSC Global owner Marcia Veidmark credits being able to diversify.
Help ensure your own company is around for generations by following these two successful companies’ best practices:
They evolved. Within their specialty, they moved with the times. SSC Global started by offering opencut trenching, then added horizontal boring. Now the company also offers air excavation.
They have a strong core of managers and longtime employees. There was continuity in the ownership at APC, which is in its second generation and will go on to a third. The company also has a core group of “lifer” employees who are the brain trust of the organization.
They are people-focused. Both companies are about earning a profit, but they also care about their people. APC pays union wages, and both companies offer solid training.
They own their facilities and equipment. Being property owners gave the companies an asset that protected them from too-high rents in the downturn, and gave them an option for obtaining capital if banks otherwise wouldn’t lend.
They look for opportunities to grow. SSC Global added the word “global” to its name a few years ago to show seriousness about expanding. The company started by serving only Arizona, but now serves most of the southwest U.S. and the U.S. Virgin Islands. APC, meanwhile, is looking at ways to serve the newer power plants going online to generate growth.
What are you doing to make sure your company can be passed on to future generations? I’d enjoy hearing your ideas and sharing them in this magazine. You can call me at 800/257-7222 or email me at editor@digdifferent.com. I look forward to hearing your tips.
GROWING YOUR EQUIPMENT FLEET
Are you looking at growing another way? Maybe you’re looking at new equipment? You should take a look at two big shows coming up in the next couple of months.
CONEXPO runs March 7-11 at the Las Vegas Convention Center. The show brings 2,500-plus exhibitors to over 2.5 million square feet and offers more than 150 educational sessions, including utility-based programs.
Then, in April, you can head to Washington, D.C., for the North American Society for Trenchless Technology’s (NASTT) No-Dig Show April 9-13 at the Gaylord National Hotel and Convention Center. No-Dig offers six tracks and 160 peer-reviewed, noncommercial presentations, including case studies detailing jobs and cost-saving opportunities for municipalities and utilities. The show’s more than 170 exhibits showcase trenchless products and services.
I’ll be at both shows this year and would like to connect with as many of you as possible. At No-Dig, I’ll be at booth No. 240. I look forward to meeting you!
Enjoy this issue!
