Basic HTML Version
September/October 2012 –
BizVoice
/Indiana Chamber
51
Indiana Companies to Watch
Cook also understands the dilemma. But, being in the medical
device industry, a skilled workforce – from the engineers who
design the products to the factory employees who assemble
them – is imperative to customer health and safety.
“Actually, at Catheter Research, that’s one of the things we
do, is teach people the skills,” she conveys. “We are just really
looking for a work ethic and a dedication and a desire to do
things right, and a desire to know that we are making medical
devices and that you can hurt people if you don’t do them right.”
There are bright spots, Conner says.
“In Indiana, hands down, the
union construction workers are the
most trained, highly-skilled
construction workers in the United
States,” he affirms. “In Indiana, we
are so productive that we can actually
come in a lot more competitive.
That’s why we don’t have a lot of out-
of-state contractors doing our work,
because we are so competitive.”
Spread the wealth
Once employees are in the door
and trained, one way to keep them
invested is to let them reap the rewards
of their hard work by owning part of
the company through an Employee
Stock Ownership Plan (ESOP).
Catheter Research CEO and owner
Dr. John Steen sold 30% of his
business to employees in 2008 and
the remaining 70% in 2010.
“We have an interesting dynamic
in that we had already created an
environment where we really value
the employees, and we encourage
open dialogue and input. So we had
a good foundation for an ESOP going
in,” Cook relays.
Employees are given stock each
year as part of an allocation program.
“We are just climbing, and every
year they get more stocks and then
the value is going up, and they know
that if you scrap product and are not
paying attention, or if you make bad
product that gets out into the field
and becomes a recall, or if you’re not
doing your best, if you’re not getting
your reports done, or your customer
communication, every single person
knows that they impact that value.”
The proof of the ESOP is “in the
pudding,” Cook contends. “There is
no turnover. Less than a fraction of a
percent of turnover. People don’t leave.”
Moving to the next level
Whether it’s word-of-mouth advertising or a more formal
marketing campaign, growing companies need to build client
relationships.
And what works for some doesn’t work for others. While
social media has proven successful for businesses to get the
word out about their products and services, Nolan knows that
won’t succeed in his industry.
“Nobody is going to hire their security service from
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