Judelson, Giordano, & Siegel, CPA, PC and EFCO Products celebrate 75th anniversaryby giving away financial advice to help weather today’s economic climate
For Immediate Release
Judelson, Giordano & Siegel, PC, (JGS) a Middletown-based financial service firm, and EFCO Products, Inc. an ingredients manufacturing company headquartered in Poughkeepsie, New York, are marking their 75th relationship by sharing lessons they learned together with businesses that might be facing uncertainty in today’s economic climate. “We’ll be offering a story every other month in hopes of inspiring companies to emerge stronger in spite of the economic downturn,” explains William Siegel of JGS.
During a relationship spanning over seven decades, these two regional companies have successfully turned a series of potential obstacles into opportunities for growth. “Even the worst of financial times can be the best of times when approached with insight and fortitude,” remarked Steven Effron, Executive Vice President of the 105 year old manufacturer and distributor of ingredients for the baking and foodservice industries. “Adversity can bring down a ship or make it far more seaworthy,” he adds. “Having an expert navigator to assist the captain makes the difference.”
JGS provides key services and support to EFCO including monthly financial planning, capital investment planning, capacity estimations and more. Over the years, they have become trusted partners. “If EFCO could have an outside board of directors, JGS would be it,” Effron says.
According to Effron, many companies looking to ride out stormy conditions often cut out the very consultants who may be able to help them streamline or even expand in new directions. “If you don’t have someone you trust to chart a new course, this is the time to find one,” he adds.
One noteworthy example of an obstacle the relationship has weathered together is EFCO’s transformation away from food distribution toward food manufacturing. Prior to the mid 1980’s EFCO had 125 employees and about 26 tractor trailers to handle distribution primarily to over 450 a major restaurant chain. Between 1985 and 1986, this chain decided to do their own distribution, cutting 80% of EFCO’s business and forcing EFCO to pare down to 50 employees and 5 tractor trailers as a result.
“We were faced with a dramatic change, almost overnight. It was time to navigate a new course for EFCO, a course we had never navigated before now.” Steven Effron quips. With JGS in tandem, the companies developed a pro-active plan to restructure the business, changing it in only 12 months from a distribution company with manufacturing capabilities to a manufacturing company with limited distribution channels. The company also added automation, custom formulation capabilities and the technology to expand its array of products. “We learned to offer our customers greater efficiencies compared to our larger competitors,” says Effron.
EFCO was agile—fit, flexible and capable of producing custom orders in a hurry. Their larger competitors could not custom formulate specialty products as quickly or effectively. “EFCO quickly became the company customers turned to for markets in Asia, Latin America, the Middle East and more.” he adds.
EFCO is a 4th generation, family-owned business started in 1903 by the grandfather of Jack and Ira and Mike Effron—brothers who both are still working in the business that’s now run by Steven Effron, Jack’s son. EFCO is a fine ingredients manufacturer serving chains including Dunkin Donuts, Perkins Family Restaurants, many in-store supermarket bakeries, such as Pathmark and Shop Rite, bakery distributors and food manufacturers.
JGS is a 75-year old firm comprising a new breed of accounting, business and financial consulting professionals who provide expertise in broad range of financial issues.