ATLANTA, Dec. 29, 2017 /PRNewswire/ -- When it comes to holding a senior management position, many traits need to be utilized to succeed. David Feldman has had success throughout his years leading companies and showing characteristics of a prominent executive.
With almost three decades in senior management positions, Feldman has bought companies up from down times to flourish. After eight years at Katy Industries as CEO and more than 20 years in management, Feldman established DJF Enterprises, LLC, a consulting and management company.
Refocusing Katy Industries
Through strategic restructuring and smart acquisitions, Feldman was able to turn Katy Industries around. When he took over, the company was operating at a loss. But within a short time, Katy Industries was making money and growing. One reason why Katy was able to experience such success was focusing on specific areas to improve. To improve business performance, Feldman concentrated on janitorial and retail storage products, while shedding non-core operations.
By 2011, he was able to eliminate all the company's long-term debts. In doing this, the company received much-needed cash for capital investment and potential acquisitions.
Feldman can point to two events that helped the company gain solid ground financially. First, Feldman was divesting the DISCO division of Katy for profits of $19 million. Second, the company entered into a new credit agreement with Private Bank and Trust Company. This agreement provided Katy greater flexibility as the company started to turn things around. Serving the role of senior management requires a clear vision for the company long-term, says Feldman. "Focused leadership and building a solid team are key to performance improvement."
Finally, after turning Katy into a profitable company, Feldman was able to focus on acquisitions that furthered the trend. The purchase of Fort Wayne Plastics added structural foam capacity and provided support for growth plans to a broader platform. After all these decisions and hard work, Feldman was proud to announce that Katy Industries turned in a significant improvement in earnings. The performance was driven by a 27.3 percent in sales growth from the previous year, which resulted in $2.5 million of net income.
Also, in 2015, Feldman and Katy Industries accomplished a second consecutive year of double-digit sales growth. The success was a result of a commitment to brand recognition, strategic acquisitions, and expansion of sales.
Essential Characteristics of a Senior Management Position
When asked about what it takes to be successful in a senior management position, Feldman lists a few characteristics.
"Dedication, competitiveness, and balancing work and life are three characteristics every successful CEO needs," explains Feldman. "To experience success in the workplace, you need to be able to make tough decisions and work hard." Feldman stresses to never settle for "good enough" for their performance or the performance of their company. A successful CEO holds themselves accountable for growing, learning, and always improving. They also expect the same from their team members.
"One characteristic I've learned over the years is learning from good and bad experiences," says Feldman. "I can look back at challenging decisions and learn from them. These go for successful decisions, and failed decisions."
Finally, Feldman is using his experiences at Katy Industries, Cooper Lighting, where he was President, and his 20 years with General Electric for his own consulting and management company. He has been advising start-ups and consulting with mid-market companies. Currently, Feldman is working with Thayer Carver and is the CEO of Shelves West, a plastics molding manufacturer in the retail industry.
To learn more about Thayer Carver, please visit their website here.
SOURCE David Feldman