In 1978, when Tom Thieman took over
as president and CEO of his father’s
stamping business, Thieman Stamping Inc., he had plans to grow the business.
Over the years, he’s done that, but he’s
done so by maintaining the company’s focus and not
getting lost in the
short-term gains
that some opportunities can present.
He’s made two
strategic acquisitions over the years, which created
Thieman Tailgates Inc. and Thieman
Metal Tech LLC. But acquisitions
alone don’t grow a company.
Thieman has employed a strong dedication to both customers and
employees.
For customers, warranties aren’t challenged. He says it costs less to replace
something than it does to argue about it.
This creates a strong sense of trust. For
employees, he pays their life insurance
policies, and while the company used to
pay 100 percent of health benefits,
they’ve been able to absorb most of the
rising costs, and employees now pay just
$40 a month for their and their family’s
coverage.
Thieman has had his share of challenging times, too. After a manufacturing
recession in 1998, he lost six figures
worth of money when a major customer
filed for bankruptcy. He was determined
not to let that happen again, so today no
customer can account for more than 25
percent of the company’s revenue. When
one starts to approach that mark, he
finds other services to expand into to
maintain a balance and ensure future
success.
HOW TO REACH: Thieman Stamping Inc. and Thieman Tailgates Inc., (419) 629-2612 or www.thieman.com