He expects 40 percent of the area’s exploration and production companies to go bankrupt by the end of the year, and that’s already rippling down to the second and third tier industries like trucking.
The market will be consolidating, as the strong weather the storm.
At Comtech, that has meant diversifying into new areas and tightening the belt, such as being more tentative with hiring. Grose also was looking to hire a president to handle day-to-day operations, which he has put on hold.
“Where before in anticipation of a sales campaign, we would ramp up and hire whom we needed, we’re now holding back a little bit, like everybody else, and making sure that you’ve got those contracts in hand before you actually take it further,” Grose says.
Even with market difficulties and bureaucracy, Grose thinks Comtech has a bright future for its new products and services.
He says there are a million ditch diggers in the world, but if you’re a brain surgeon there’s a premium for what you do.
“We try to be more like a brain surgeon in the products and services that we offer, where they can’t be duplicated because they are patented, or because the barriers to entry are so high that it isn’t worth it for other companies to pursue them,” Grose says.
Takeaways:
- Hire for your defined culture and mindset.
- Keep your eyes open and always question.
- Be decisive when it’s time to make a decision.
The Grose File:
Name: Dean Grose
Title: President and CEO
Company: Comtech Industries
Born: Pittsburgh
Education: Bachelor’s degree in chemical engineering, University of Pittsburgh
Why did you decide to start Comtech? I worked for Nalco Chemical. They’re a great company. They put probably a quarter of a million dollars into me the first year for training and for schooling so that I could get the knowledge that I would need to be successful.
I worked for them for five years and then said, ‘You know what, I could build a better mousetrap.’ I’ve always been antsy.
What’s the best business advice you’ve ever received? Work ethic trumps talent every time.
It really resonates with me because I value hard work. In my life, there are no lines between personal and business. My life is my life. I look forward to Mondays. I don’t view one as work and one as personal. I’m just having fun.
Those people that are willing to put forth the effort and hard work are going to get ahead. They can teach you the skills that you need to be successful, but it’s very hard to instill a good work ethic and even harder to instill a positive attitude.
Do you have any outside hobbies? I’m an avid pilot. I started flying helicopters back in 1993.
I’ve got three aircraft right now. I’ve got a helicopter. I’ve got a four-seat Cirrus. And I’ve got an 11-seat jet, which I use basically for business.
I can go to Chicago and be back by 4 o’clock. I tell people I had breakfast in Georgia, I had lunch in Alabama and I had dinner in Houston. So it’s really a time machine for me to be able to do business efficiently. I think the No. 1 thing for me is time. I can’t make, steal, buy, borrow or save it. So I really try to protect my time and use it most efficiently.
I used to sky dive a lot, but I don’t have enough time to do that now.
I do like to race now. I’ve got some cars outfitted and I like to go racing. If it has a motor, I’m interested in it.
