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Keynote to 2008 ESOP Conference

Keynote to 2008 ESOP Conference

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  • 1. 13 th Annual Multi-State ESOP Conference Dave Griffith President and Chief Executive Officer Modern Group Ltd www.moderngroup.com
  • 2. Our Ambition
    • To Be a Great Company
    • by being a
    • Great Employee Company
    www.moderngroup.com
  • 3. What does that mean
    • Focus On
        • The Opportunity
        • The Market
        • The Process of Business
        • A Commitment to Company Leadership
        • A Commitment to Values
        • Open Communications
        • Shareholders
        • Passion for Customers who make all of this possible
        • Balance
  • 4. Agenda Today
    • Introduce Modern
    • Our Vision and Values
    • Our ESOP Story
    • Results
    • Some of our practices
    • Things we think about as we go forward
  • 5. Modern
    • Holding Company with interests in:
      • Material Handling
      • Rental
      • Construction
      • Industrial Distribution and Services
      • Power Generation
      • Municipal
  • 6. Modern
    • 600 +/- Employees
    • 22 Locations
    • 400 Products with:
      • New & Used Sales, Service, Parts, Rental and Training
    • 100 % ESOP
    • 62 Years and Counting
    • Strong Balance Sheet
    • Great Team
    • Well respected by customers and competition
  • 7.  
  • 8.  
  • 9.  
  • 10. Modern Group Ltd
    • Outstanding Customer Services.
    • A dedication to high ethical and legal standards.
    • A dedication to teamwork and partnership.
    • A culture of continuous improvement and innovation.
    • Respect for the individual, family, and community.
    • Growth through performance and acquisition.
  • 11. Modern Group Ltd
    • Our objective is to satisfy our customers by exceeding their expectations. We focus on equipment sales, service, and rentals, specializing in material handling, construction, rental and maintenance products. We accomplish our objective while maintaining high employee morale, revenue growth, and return on investment.
  • 12. Our ESOP Story
    • 1984 Started
      • Cash, Not Stock Contributions
    • 2002 Succession and Life Events
    • 100% ESOP as an S Corp Opportunity
      • 43% to 8% on the way to 0%
    • October 2003 Deal
      • Education/Communications
      • Great Partners and Advice
    • 2006 Debt paid off to banks
    • 2008 Repurchase Obligations
  • 13. Things We Do…
    • Open Door/ Open Book
    • 50% of what we make flows to employees
    • Employee Communications
      • New Employee
      • Round Tables
      • Monthly E-Mails
      • Branch Meetings
      • Year End Meetings
    • Outside Board of Directors
    • Pass Through Voting
    • Employee Share Point Site
    • Caliper and our Hiring Process
  • 14. Modern Stock Price 100 % ESOP Debt Paid Off
  • 15. Results
    • 10.2% Average Stock Increase
    • Debt to Equity 1.22 : 1.00
    • D&B Rating 4A1
    • Operational EBITDA 12.8%
    • EBITDA (no holding) 6.5%
    • Strong Financial Performance
    • Never Missed a Bank Covenant
    • 52% To Employees, More Than Half of Modern Earnings
    • ESOP Bank Debt Paid off in 3years
    • In a difficult industry and economy we are doing well.
  • 16. Results
    • Best Places to Work
    • Strong Employee Surveys
    • 100 Employees >25 Years
    • Entrepreneur of the Year Finalist
      • ESOP Story
    • Strong Industry Recognition
      • MHEDA, ARA, AED, NAW
  • 17. Some of Our Practices
    • Open Door/Open Book
    • Education
    • Training
    • 50% ESOP, 401K, Year End Cash
    • Variable Comp
    • Communications
      • Roundtables, Branch Meeting, Monthly E-Mails, Year End Meeting
    • Modern Bucks
    • One Checkbook…….
    • Outside Board of Directors
  • 18. Modern Contract
    • We do well when Modern does well.
    You take Customer takes care of Modern care of the customer Modern takes care of the Employee
  • 19. Process of Wealth Creation + +
  • 20. Delight and Retain Customer Hold and Grow Margin Drive Productivity Modern Group Ltd Strategy
  • 21. Modern Group Ltd Good People Good Products Technology Levers
  • 22. Things we think about as we go forward
    • New People
    • Growth vs. Other use of Capital
    • Repurchase Obligation
    • Share Price vs. Total Return
    • Continue to be different
    • Not take 50% for Granted
    • Not take ESOP for granted
    • Manage as a business not a retirement plan
  • 23. As of Today
    • We are proud to be an ESOP.
    • We would do it again.
    • Not without challenges.
    • We have not changed our values or culture.
    • We are a family business with 1400 members.
    • We are focused on our ambition
  • 24. Thank You
    • Dave Griffith
    • [email_address]
    • 215 840 8103 cell
    • 215 949 9251 wk
    • www.moderngroup.com