Growth was slow at first, with the company achieving its first $1 million in revenue year in 1971. By 1984, it had grown to $10 million and became part of RPM International Inc., and Korach remained on as president.
Today, his small family business is now part of the Tremco Group, RPM’s largest operating unit, which generates 30 percent of RPM’s $3 billion in annual revenue and serves markets around the world.
In 2004, Korach and his management team established a goal of reaching $1 billion in revenue by 2010. The company was coming off a year in which it did less than $490 million in sales. The goal and the plan to get there was called “Target Tomorrow: Accelerating Business and Employee Growth.” Not only will the Tremco Group reach its revenue goal, but it’s now expected to do so by 2007, three years early.
“There are a lot of keys to success,” Korach says. “One is good luck, but the overriding issue is people. Good people make good companies, not the reverse. I think the ability to find, keep, promote and identify key high-potential people is critical to the success of a business.
“Part of that process is you have to have a growing business. Good people with high potential want to be promoted, want more responsibility and greater issues to deal with. You don’t have opportunities unless you are growing.”
Korach and his team spend a lot of time looking for the next great leader.
“We have a corporate officer who does nothing but work with high-potential people and stretch them with assignments,” Korach says. “We work hard to identify people who are potentially strong leaders and stretch them into positions. There is a process and it takes a lot of effort and time.”
How to reach: Tremco Group, (216) 292-5107 or www.tremcoinc.com