J. Randall Waterfield serves as chairman of the Waterfield Group, a diversified financial holding company established in 1928. He also sits on the board of SMTC Corporation, an electronics manufacturing services provider with facilities in the US, Mexico, and China. In January 2020, SMTC announced it had received over $31 million in new business from three premier aerospace, avionics, and defense technology firms to produce products starting in mid-2020 at its Melbourne, Florida plant, demonstrating SMTC's capabilities in providing high-quality services for the aerospace, avionics, and defense industries.