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This interview is about a family-owned business called HindlePower, a manufacturer of battery chargers for the utility industry.
The interviewee, Nick Hindle, is the CEO of the company. Here are the key points:
- Company History: HindlePower is a generational family business. Technically, Nick is the fourth generation, but the history is complex. The business started with a different product and then transitioned to battery chargers after Nick’s grandfather left his previous employer.
- Company Operations: HindlePower is a small company with around 100 employees. They manufacture battery chargers, battery cabinets, and distribution panels for the utility industry in the US and internationally. Their products are critical for the functioning of the electric grid.
- Company Values: HindlePower prioritizes outstanding quality, customer service, and fast lead times. They also value employee well-being and offer profit-sharing programs.
- Growth Challenges: Despite consistent growth, HindlePower faces some challenges. These include the need for reinvestment in manufacturing, attracting skilled labor, and navigating a complex immigration system to hire foreign engineers. Changes in tax laws, like the disallowance of R&D expense deduction, have also created financial strain.
- Succession Planning: The Hindle family is planning to keep the business within the family for future generations. They are setting up trusts to manage estate taxes.
- Charitable Giving: HindlePower focuses on local charitable giving. They primarily give back to their employees through profit-sharing programs and also support local organizations.
Overall, the interview highlights the challenges and rewards of running a family-owned manufacturing business in the United States.
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The need for fact-based reporting of issues important to multi generational businesses and protecting a lifetime of savings has never been greater. Now more than ever, multi generational businesses and family businesses are under fire. That’s why Family Enterprise USA is passionately working to increase the awareness of issues important to generationally-owned family businesses built on hard work, while continuing to strengthen our presence on Capitol Hill. The issues we fight for or against with Congress in Washington DC include high income tax rates , possible elimination of valuation discounts, increase in capital gains tax , enactment of a wealth tax , and the continued burden of the gift tax , estate tax and generation skipping tax .
Family Enterprise USA promotes generationally owned family business creation, growth, viability, and sustainability by advocating for family businesses and their lifetime of savings with Congress in Washington DC. Since 2007, Family Enterprise USA has represented and celebrated all sizes, professions and industries of family-owned enterprises and multi-generational employers. It is a bi-partisan 501.c3 organization. Family foundations can donate.
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The post HindlePower CEO Discusses Family Business, Manufacturing Challenges, and Succession Planning appeared first on Family Enterprise USA .
Family Enterprise USA is the organization that represents all family businesses on a national level in DC; it is not unique to any industry. Family Enterprise USA is different from other organizations because it represents and advocates for the families of family businesses and the issues, they face running their businesses every day. Our sole mission and purpose is to promote family businesses and their job growth in America. We also support the work of Family Business Centers across the country. We hope your family will choose to be a member of Family Enterprise USA.