Their dream was alive running their own company and harmonizing the demands between their work and family responsibilities meanwhile creating a corporation that was receptive to their workers' and their customers' needs. A big multinational manufacturing company had been joined by the Bursteins after receiving their MBAs from HBS, but left to join Julia's family plastics business. Following the company was sold, they struck out on their very own to hunt for a similar organization. They bought out Elasto Therm, with around $8 million in revenue from the manufactured rubber along with urethane ingredients, with their own cash, bank financing, and further the seller, partly in the form of an employee stock ownership plan (ESOP).
The two were as co-CEOs before Julia relinquished her duties to be at home again in charge. The couple strengthened the organization's ability, focused on initiation, increase, and provided a learning environment for their workers. Through price efficiencies and pricing strategies, Elasto Therm managed to realize higher margins than their opponents and focused on low-volume, short run orders as they continued to enlarge the company. The 2008 downturn driven them to re-examine all facets of the company, plus profitability was retained by it in the organization after painful cutbacks. To continue their growth into the next decade, they are faced with the choice of growing organically by summing their sales company to accomplish geographical expansion or getting other businesses.
PUBLICATION DATE: February 13, 2013 PRODUCT #: 813030-PDF-ENG
This is just an excerpt. This case is about INNOVATION & ENTREPRENEURSHIP
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