Challenge: Greco Steel Products is a small, privately held, family owned steel fabrication business in Springdale, PA. They faced many challenges in growing and moving their business forward. Some of those challenges included: customer strategy, new government regulations, new banking rules, healthcare costs and the tight labor market for basic manufacturing jobs.
Solution: Trep Systems, a small business accelerator, provided guidance in: Strategy – succession planning, Habits – operations, People – recruitment & retention and Money – by providing banking disciplines that permitted a new growth banking relationship.
Results: In just three years after working with Trep Systems, Greco Steel Products’:
- Gross revenue increased 194% with more focused care on fewer, more profitable customers.
- Gross profit climbed.
- New banking relations with $500K in additional working capital.
1911- 1997: The story begins in 1911 with the Pittsburgh-based, Italian immigrant, Greco family picking scrap for mills. Over the next eight decades the Greco family’s company “Greco Steel Products” evolved and progressed. The company managed to adapt to the changing business environment and the change of family leadership from generation to generation.
1997: Jim Greco, President Greco Steel Products (third generation) kept the operations running but Greco Steel’s succession was in question within the family. Charlie Greco (fourth generation and son of Jim) stepped up and left his ten-year career as a UPMC Critical Care Nurse. Charlie assumed the position of President of Greco Steel Products, in the hopes to continue the family business and make a better living than nursing. Well let’s say, “business ain’t so simple.”
Over the next seventeen years, Greco Steel found obstacles in every single facet. With little growth because the system which was over regulated caused changes in banking, tough labor markets, and changes in the environment, customer demands and competitive market – help was desperately needed for this family business.
During this time, Charlie Greco started supplementing his income with Greco Steel, working as a home health care nurse, created his own recycling business, dental supply business and any job that created cashflow for him and his family. Like most entrepreneurs, he did whatever it took.
2015: In 2015, insurance professional and longtime friend, Todd Locklin, President, Locklin Insurance Group, introduced Greco Steel to TREP Systems- a small business accelerator.
Gene Kirila of TREP Systems, along with a community of vendors, institutions and professionals helped to reorganize Greco Steel Products back to health. The family business’ Total Revenue increased over 100% growth.
In the relationship with Trep Systems- Greco Steel Products continued to move their business forward in terms of growth and potential. Trep Systems helped implement strategy in: succession planning, new CPA firm, new law firm, new general management, new customer selection, shop floor organization, scheduling, and new banking relations.
* TREP values and appreciates Greco Steel Products permitting us to identify TREP’s work. So much of what we do is confidential.