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Plastomer passes to the next generation with some outside help

Plastomer passes to the next generation with some outside help

2016年5月23日
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Plastomer Corp.Flexible foam maker Plastomer Corp. is moving into a new generation of leadership.

Passing the torch to seven members of the next generation is not an easy task, but the Baughman family accomplished it with some professional help at Plastomer Corp.

Plastomer has been a pioneer in flexible polyurethane foam since 1954, when Walter Baughman II established a company that became the first North American slab stock manufacturer of the versatile material. Walter’s brother George soon joined the new company as applications developed for many household products such as sponges, kitchen scrubbers and toys.

In 1958, Plastomer began producing PUR foam for automotive uses to replace felt, rubber and cloth gaskets in vehicle interiors. Plastomer soon broadened its sales for such components and as acoustic dampers in appliances and for packaging of electronics.

Applications evolved in complexity and Plastomer was forced to invent or revise machinery to split foam sheets, apply adhesive backings, apply film facings and then cut the foam structures to their final, specific shapes. Plastomer diversified into ethylene-propylene diene rubber, non-woven PET sheet and other materials processed by die cutting, with or without pressure-sensitive adhesive backings.

Walter and George Baughman gradually sold their shares in the company to the next generation of the family in the form of a long-term loan. At times it was hard for the new generation to make the payments but the founders were patient because family ownership gave them freedom to relax payment schedules. During tough times the payments were tailored so that suppliers and other creditors would be paid in time so that the company could weather the short-term difficulties and avoid drastic measures.

As the new generation gained ownership seven family members became executives and managers. Heading the company operations are Walter Baughman III as president and his brother David Baughman as executive vice president.

Family ownership gives the owners much power in the myriad financial dealings that companies face, explained David Baughman in a phone interview. Deep family ties can ensure company stability when borrowing money carries risk and when the firm enters troubled waters.

“For example, if the automobile industry weakens there are no outside investors to please as the company seeks solutions,” David Baughman said.

Company needs and strengths can be openly discussed among family members, he added. And siblings are available if necessary to share stringent customer demand. On the downside, a family member might feel free to express strong emotions to siblings.

“Any one of us can have a bad day,” mused David Baughman. But if the distressed person is a family member, siblings have insight in how to calm the waters.

Another disadvantage is that the founders might find it difficult to retire while the family is waiting in the wings to take ownership. The Baughmans got outside help to make this sometimes painful transition. A business consultant from the Wharton School of Business at the University of Pennsylvania advised the Baughmans on the first buyout of stock and succession within the company.

“This is a major issue, especially if succession involves moving ownership from the founders to the next generation,” said David Baughman.

“It takes a professional approach to run a business and we wanted outside help,” he added.

The younger generation of a family brings new ideas based on their unique experience to management meetings. As they grow into their roles in the company they contribute ideas and take on more responsibility and autonomy.

But not all family members want to be involved in the company. David Baughman indicated that can be an advantage because there is less temptation for family members to form cliques with separate agendas.

While family members can be a storehouse of expertise, company owners also need to rely on outside experts, David Baughman noted. Plastomer’s family owners, for example, didn’t have backgrounds as accountants, technical managers or lawyers.

“There is never enough talent to meet demand, so when we can access it outside we bring it in to augment the family’s strengths,” he said. Family members also might need training by a third party if the company lacks a particular skill set.

Plastomer also engages in training non-family personnel who Plastomer hopes eventually will work for the firm. Plastomer established a minority-owned affiliate, Inteligente Technologies, in 2012 to train people with Hispanic heritage who are recommended by a staffing supply company partnering with Plastomer. The joint venture prepares workers for the workforce using Plastomer’s manufacturing expertise and equipment.

David Baughman said the minority venture and the recent establishment of a Mexican operation should figure in Plastomers’s growth.

塑性体传递给下一代的一些外界的帮助

2016年5月23日
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塑性体Corp.Flexible泡沫制造者塑性体公司正在步入一个新的一代领导人。

 

薪火相传给下一代的七人是不容易的事,但鲍曼家庭与塑性体公司的一些专业人士的帮助来完成它

自1954年以来,当沃尔特·鲍曼II成立,成为多功能的材料的北美第一板的股票制造商公司塑性已经在软质聚氨酯泡沫塑料的先驱。沃尔特的兄弟乔治很快加入了新的公司成为许多家用产品,如海绵,厨房洗涤器和玩具开发的应用程序。

1958年,塑性体开始生产用于汽车用途的聚氨酯泡沫汽车内饰取代,油毡,橡胶布垫。塑性体很快就扩大了其销售这些组件和器具的声学阻尼器和用于电子封装。

应用演变的复杂性和塑性体被迫编造或修改机械分裂泡沫床单,被套胶粘剂背衬,应用薄膜贴面,然后切泡沫结构到最终的具体形状。塑性体多样化入乙烯 – 丙烯二烯橡胶,无纺PET片材和由模切,具有或不具有压敏粘合剂的背衬处理的其它材料。

沃尔特和乔治·鲍曼逐步出售其股份在该公司下一代家庭在长期贷款的形式。有时它是很难的新一代,使付款,但因为家庭的所有权给了他们自由放松付款计划的创始人是病人。在艰难的时刻得到付款量身定制,使供应商和其他债权人将及时支付,使公司能够渡过短期的困难,避免严厉的措施。

作为新一代的所有权获得了七名家属成员成为主管和经理。标题公司操作沃尔特·鲍曼III作为总统和他的兄弟大卫·鲍曼担任执行副总裁。

家族所有权赋予业主的权力在该公司面临的无数金融交易,在电话采访中解释大卫鲍曼。深亲情可以保证公司稳定的时候借钱隐含巨大风险,当公司进入混水。

“举个例子,如果汽车产业减弱没有外部投资者请为公司寻求解决方案。”大卫鲍曼说。

公司需要和实力可以家庭成员之间进行公开讨论,他补充说。和兄弟姐妹都可以,如果需要共享严格的客户的需求。缺点是,一个家庭成员可能会感到自由表达强烈情感的兄弟姐妹。

“我们中的任何一个都可以有一个糟糕的一天,”大卫鲍曼若有所思地说。但是,如果心疼人是家庭成员,兄弟姐妹在如何平息水域的洞察力。

另一个缺点是,创始人可能会发现,而家庭是伺机而动,以取得所有权难以退休。该Baughmans得到外界的帮助,使这个有时是痛苦的过渡。从沃顿商学院在宾夕法尼亚大学的商务顾问建议对股票和继承了公司内的第一个买断Baughmans。

“这是一个大问题,尤其是在继承涉及移动从创办所有权给下一代,”大卫鲍曼说。

“这需要一个专业的方法去跑业务,我们希望外界的帮助,”他补充说。

年轻一代的家庭带来基于其独特的经验来管理会议的新思路。当他们成长为自己的角色在公司,他们献计献策,并承担更多的责任和自主性。

但并非所有的家庭成员希望参与该公司。大卫·鲍曼表示,可能是一种优势,因为有家庭成员,形成各自的议程拉帮结派诱惑较少。

尽管家庭成员可以是专业知识的宝库,公司老板也需要依靠外部专家,大卫·鲍曼说。塑性体的家族所有者,例如,没有背景的会计师,技术经理和律师。

“从未有足够的人才来满足需求,因此,当我们可以访问它之外,我们把它中增加家庭的优势,”他说。家庭成员也可以由第三方,如果公司没有一个特定的技能需要训练。

塑性体还从事谁塑性希望最终会为公司工作培训非家族人员。塑性体建立了少数民族资子公司,INTELIGENTE技术,在2012年与训练西班牙遗产由人手供应公司与塑性体合作建议谁的人。该合资企业的工人准备利用塑性体的制造技术和设备的劳动力。

大卫鲍曼说,少数企业和最近建立了一个墨西哥的操作应在塑性体的增长数字。

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