Smooth Successions (CONT’D FROM PAGE 24)
Board Converting NEWS INTERNET DIRECTORY
ation family business with a great culture,” McNay said. In addition to generational transfer from the founders to the second generation of leadership, there has been creation of an ESOP with 25 percent ownership of SMC Packag- ing, key executives afforded a stake in the company, and a strategic alliance between the two companies to boost resources and opportunities, he said. McNay said the business had been experiencing spikes in growth followed by plateaus, but eventually their lead-
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ership group felt that the next step needed to be a strategic alliance. “That gave us the level of re- sources and opportunities for re- gional expansion and new forms of business,” he said. Six months after the acquisition, SMC became food safety certified allowing them the opportunity to enter the food and
Mark McNay
beverage market. “We’re excited about where we are today,” he said. “It’s been good for our employees and good for our leadership team. The relationship has been great.” It is family all the way at Elkhart, Indiana based Welch Packaging. Brock Welch and his sister, Lindsay, and her husband, Joe Stiglitz, are second generation and the com-
pany just celebrated its 40th anni- versary with first generation founder Scott Welch, 65, still very actively at the helm. With 26 locations in seven states around the Midwest, Welch said the company is in a transformation stage with a growth strategy heavy on acquisition and visions of being
Brock Welch
a 100-year-old company. Their succession plan includes bringing in the third generation which currently represents 10 grandchildren under the age of 6. Retirement So, when do these packaging leaders plan to slow down? Or do they? Cohen, nearly 50, doesn’t have a definite plan yet but knows doesn’t want to be like his father, who is still work- ing at nearly 80 and never goes on vacation. He has been in the business his entire life; his hobby is going to work. “That’s just not what I want to do, but at the same time there certainly is an obligation that I feel for both family and our people to make sure that the business is set up for success no matter what my individual path is,” he said. “What I notice when I look at people who are still vibrant as they get older like my father is they stay busy, occu- pied, on the go, those are the people who still have a zeal for life and keep moving.” Cohen said his mother’s retirement is amazing. The 78-year-old retired nurse never stops, she keeps a busy CONTINUED ON PAGE 28
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May 12, 2025
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