TAB Helps Guide Transitioning and New Owners to Keep Multi-Million-dollar Firm Thriving

TAB Helps Guide Transitioning and New Owners to Keep MULTIMILLION-DOLLAR FIRM THRIVING

M.S. JACOBS AND ASSOCIATES, BASED IN PITTSBURGH, PENNSYLVANIA, is a leading sales representative firm specializing in the sales of industrial instrumentation and controls. From its original focus on the steel industry after its inception in 1945, M.S. Jacobs has expanded to serve virtually all major markets from power generation and chemical processing to oil and gas production, water and waste water treatment and nuclear power generation. MOST RECENTLY Fortunately, he says, “Getting multiple opinions from other Board Members was not only extremely THERE’S BEEN A CHANGE helpful in the decision-making process, but gave me in ownership in M.S. Jacobs and Associates. the confidence that I was making the right decision In December 2016, second-generation owner E.J. for my business. The experience also made me Sigety sold the company to Chris Kamzalow and realize that all owners face similar challenges and his wife Jennifer. Chris now serves as President/ that I wasn’t alone.” Owner, while E.J. agreed to stay on board through 2017 as CEO. Asked about other issues where TAB Membership has helped, E.J. points to the high costs of health insurance for employees. MEETING THE CHALLENGES OF BECOMING A NEW OWNER “Hearing from other owners on my Board about their approaches to health care helped me Chris and E.J. are both enthusiastic TAB Members, make the best choice for our company and our with insightful comments on how their membership employees,” he says. experience has contributed to their success as leaders, and to the success of M.S. Jacobs. HEARING HOW OTHER BUSINESS LEADERS As a former outside sales engineer for M.S. Jacobs, FACE CHALLENGES Chris says, “I’m frankly new to the challenge of being a business owner. I became a TAB Member when What would Chris and E.J. say to other CEOs and E.J. asked me to join the Junior Executive Board as business owners considering membership in TAB? a way to further my education and see things from the management side of the business.” “TAB is a great organization for talking Working closely with his TAB Board and Facilitator, about your challenges and hearing Chris outlined a quarter-by-quarter transition about how other business owners plan at the start of 2017. Action steps of the plan have faced those challenges,” Chris included: says. “Getting a different perspective yy Inform all M.S. Jacobs employees and suppliers of is always helpful, and I think most the change in ownership. business leaders can learn a great deal yy Work one-on-one with E.J. to learn more about what he does as an owner. from the experience.” yy Begin reviewing in-house reports on the E.J. agrees. “Join! It’s a great way to interface with company’s financial side. other business owners on a level playing field yy Take on more of the supplier reporting from E.J. and to openly discuss critical issues and receive yy Hire a new sales engineer, finish out the financials insightful feedback, both positive and negative.” for the year and set quotas for 2018.

“To date,” Chris says, “we’ve been on track with the transition plan and our Facilitator helps us focus on that plan with our monthly meetings.”

E.J., as a second-generation owner, faced challenges of his own when his father died, “leaving a huge void in having a sounding board and a second opinion on key business decisions.”

TheAlternativeBoard.com

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Source: The Alternative Board