Yula Corporation is a Bronx-based manufacturer specializing in the design and fabrication of sanitary, industrial and process heat exchangers. A third-generation family-run and operated business since 1926, Yula has the ability to provide customized design, engineering and fabrication services to the biotech, industrial, chemical process and OEM industries.
Brothers Larry and Fred Feldman (second-generation owners) had previously agreed that their children would not join the business; however, changing circumstances resulted in their three sons joining Yula. As the business started to emerge from a crisis mode after the recession, and with both owners approaching retirement age, there was urgency to put in place a plan for management and ownership transition to the next generation. The main goal for both brothers was to retain the value of their life’s work and provide for a secure future for the next generation. The owners were aware of the challenges this endeavor presented and had taken some steps in the past to start the planning process. They were now looking for a clear roadmap and guidance to accomplish the successful transition of management and ownership to the next generation.
ITAC mobilized its Grow Smart team to assess the current and future needs of the ownership and to prepare a roadmap for the company to follow. This included meetings, facilitated by ITAC, with both generations participating in robust discussions on goals, priorities, roles, expectations, and laying out milestones for the transition. As a result, both generations committed themselves to making the necessary changes, including but not limited to: transitioning job functions, mastering new skills and technologies, and building up the manufacturing and engineering capacities at the company, in order to make this transition roadmap a success.
Yula management also worked with ITAC to look for ways to reduce operating costs using Lean Manufacturing methodologies and to increase sales by expanding deeper into exports and other complementary markets.
Yula Corporation successfully transitioned business from second to third generation and invested $50K in modern equipment. Yula Corporation also reported a total economic impact of $450K and 4 new and retained jobs, as a result of their work with ITAC.