Building supplier credits diversification, family for longevity
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Joe Theby is the fourth generation to lead Lensing Building Specialties in Evansville. (photo provided)
The president of Lensing Building Specialties says diversification has helped the seven-decades-old, family-owned business to not only survive, but thrive during times of economic upheaval. Joe Theby represents the fourth generation to lead the Evansville-based building materials distributor, which is celebrating 75 years in business. The company serves commercial and residential builders, contractors and lumber yards in Indiana, Illinois, Kentucky and Tennessee.
In an interview with Inside INdiana Business, Theby said its varied business profile has helped it weather uncertainty.
“It served us well, especially through the market turmoil of 2008-09, and the whole turmoil in the residential industry. And a lot of companies suffered through it,” said Theby, who added commercial business helped provide stability. “We’ve got a mind for diversification where it’s appropriate.”
LISTEN: Theby explains how diversification has helped it remain on solid footing for 75 years.
Lensing Building Specialties opened for business on April 8, 1948 to sell specialty building materials to lumber yards in the rural towns outside of Evansville. Lensing’s origins trace back even further thanks to its former parent company, Lensing Brothers, which was started in 1873.
In the 1940s, Joe Theby’s grandfather married into the Lensing family and eventually acquired the company. Theby credits family continuity for much of the company’s success.
“For 75 years, we’ve had a lot of active family involvement in the business. If you go back five years in time, we had six family members active in the business. Three-second generation, and three-third generations, represented by three families. So, that direct act of family involvement in the business has really helped ensure our ongoing continuity,” said Theby.
One of the biggest challenges facing the company is the workforce. Theby says they’re fortunate to have a solid team of managers, but finding laborers that are willing to work is a constant battle. Lensing Building Specialties, which employs about 130 workers, is also running into a generational problem as Baby Boomers retire.
“Over the last couple of years, we had an incredible number of retirements from our company. Last year, we had 12-13 retirements that accounted for 370 combined years of service. So, when somebody around here retires, that usually 40-45 years of service,” said Theby.
While losing that level of experience can create challenges, Theby says he’s excited about the next generation of new workers.
“We are effectively transitioning to a new talented younger team who can have a longer perspective out for the next 20 years,” said Theby. “It kind of reinvigorates things to because you get to new folks, and they’ve got new ideas and new perspectives.”
With the torch now in his hands, Theby, who was named president in 2018, says two cousins serve as vice presidents of the commercial and residential divisions.
“We’ve got a really nice dynamic going with three of us active, all shouldering burden in the organization. It’s definitely not one guy in charge mindset. And so that, for me is one of the greatest blessings of my career here at Lensing is the ability to work with my cousins on an everyday basis and keep this business flowing.”
Is there a fifth generation to lead the business in the years ahead? Theby says the oldest child is 18 years old, so there’s still some time to determine what path that generation might take.