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BUSINESS NEWS TRIUMPH AEROSTRUCTURES, LLC REACHES COMPREHENSIVE SETTLEMENTWITHBOMBARDIER Triumph Group, Inc. announced that Bombardier Inc. and Triumph Aerostructures, LLC, a wholly-owned subsidiary of Triumph, have entered into a comprehensive settlement agreement that resolves all outstanding commercial disputes between them, including all pending litigation, related to the design, manufacture, and supply of wing components for Bombardier’s Global 7000 business aircraft. Terms of the settlement were not disclosed.

The settlement resets the commercial relationship between TAS and Bombardier and allows each of them to better achieve their business objectives going forward. “We are pleased with the settlement with Bombardier regarding our Global 7000 program contract, which we believe is mutually beneficial,” said Daniel J. Crowley, Triumph’s president and chief executive officer. “Our Aerospace Structures business has been dedicated to supporting Bombardier on this critical program since entering into the contract and remains committed to the program’s

continued success as the aircraft transitions from flight testing to entry into service.” Triumph Group, Inc. headquartered in Berwyn, Pennsylvania, designs, engineers, manufactures, repairs, and overhauls a broad portfolio of aircraft structures, components, accessories, and systems. The company serves a broad spectrum of the global aviation industry, including original equipment manufacturers of commercial, regional, business and military aircraft and aircraft components, as well as commercial and regional airlines and air cargo carriers.

STEPHEN LUCY, from page 11

would think that etiquette and proper social skills would not be a challenge, but some individuals just march to a different drummer. 5)You want future partners who will question the status quo. These are individuals who do not necessarily break the molds or norms, but they ask incisive questions that help im- prove the firm processes and performance. Having partners who are essentially just “yes men” or “yes women,” or who don’t even observe situations within a firm’s environment that need to improve, may actually impede growth. At the same time, once a decision is made by the firm, these same individuals must be willing to embrace the chosen direction and implement the plan. 6)You want an informed risk-taker, not a knee-jerk re- sponder. Every successful firm I know is accepting of some risk. Absent that characteristic and your firm will likely just fade away. Therefore, your future partners should be comfort- able with taking risks provided the risk is quantifiable and is at a level acceptable to the firm leadership. Moreover, a future partner must be decisive. He or she is going to have to make decisions that can’t be kicked down the street, and your firm and its leadership must live with those consequences. A person who can’t make a decision or take risks shouldn’t be considered for firm leadership. “Look for those who care about your culture, can help set global strategies and embrace change – all tall orders but your future partners are out there, ready and willing to lead when you let them.” Being a partner carries a lot of responsibility. You must be able to think about the long-term while managing the short-term issues that present themselves. Just as importantly, you must be aware that, as a partner, you set the tone in terms of performance and leadership. Look for those who care about your culture, can help set global strategies and embrace change – all tall orders but your future partners are out there, ready and willing to lead when you let them. STEPHEN LUCY is CEO of JQ with offices in Austin, Dallas, Fort Worth, Houston, and Lubbock, Texas. Contact him at slucy@jqeng.com.

they internal or external. Your future partner must be hon- est and transparent with information. Who wants to follow a leader they don’t trust? And they must be able to deliver both good and bad news as not every day is a success. “Being a partner carries a lot of responsibility. You must be able to think about the long-term while managing the short-term issues that present themselves. Just as importantly, you must be aware that, as a partner, you set the tone in terms of performance and leadership.” 2)You want partners who have specific skills. You need part- ners who bring a broader range of business acumen to the table, including financial, legal, business development, and marketing experience. In our industry, most partners come with technical backgrounds and many firms consider techni- cal prowess to be the sole criteria in selecting future leaders. However, you must consider that you are a business first and the viability of the business is based on making sound busi- ness decisions. While technical competency is important, you are asking future leaders to embrace running and growing a business in addition to serving the firm’s clients. 3)You need others who can share the burden of operating a firm. The day-to-day challenges of operating a firm will persist, and no partner should be in the position of having to solve all of these challenges alone. Although the managing partner is often tasked with this oversight, he or she should have the support of each partner to help carry the load. Prob- lem-solving and risk-sharing are roles that come with the job, and every future partner should understand this, especially if he or she expects to share in the rewards when a firm is well- managed and led. 4)Certain social skills are part of the mix. Networking with peers, participating in industry conferences, assuming roles within your local community – all require an ability to in- teract with diverse groups of people. How to dress, how to speak and how to behave appropriately for the profession are important in establishing your firm’s visibility and influ- ence. Being a partner comes with social trappings that some potential partners may or may not want to embrace. You

THE ZWEIG LETTER June 26, 2017, ISSUE 1206

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