Past Winner Stories
Advantage Ceramics
www.advantageceramics.com
One day in October 2000, Steve Cole and Frank Frost came into work to find a note from their partner along with the keys to the office and the corporate credit card. It was a startling way to dissolve a partnership and the beginning of a long legal and financial process. But despite the challenges, the company has managed to thrive.
Advantage Ceramics, Inc., like many full service dental laboratories, is divided into several areas. Each area depends on the others, and each partner had a specialty. Frost specializes in metalworking, and Cole has nearly 30 years experience in removable appliances such as dentures. Their former partner handled all the ceramic work for crowns and other cosmetic procedures that involved 60 percent of their work So when their partner left, Frost and Cole knew they would have to work harder than ever - not only to maintain their business without a ceramicist but also to make the monthly buyout payments.
Amid all the pressure, less than a year later on his 48th birthday, Cole had what he thought was a heart attack After two surgeries and life-threatening complications, he learned he wouldn't be able to work for at least six weeks.
That could have been the death knell for the already-struggling company. Instead, the pressure cooker environment created a cohesive team that worked together to get things done.
"Everyone pulled together and we all helped out where we could," said long-time employee Dwaine Edington. "It was an interesting time."
It proved more than just interesting. It was downright difficult. Frost assured Cole that he would continue to receive his salary during his recovery. Although the company had long-term disability insurance in place, there was no short-term coverage, so that promise meant that the bottom line was going to take a hit.
The partners then selected the top-five dentists who they would continue to service. They wrote to 40 more and outlined Cole's health problems, asking them to find a temporary replacement company while Cole recovered.
This effectively cut nearly $25,000 a month in sales out of the company's budget while business expenses remained static. But because Advantage Ceramics had become known for its excellent work and low remake rate, Frost and Cole were concerned about jeopardizing its reputation by hiring a temporary substitute while Cole recovered.
They decided that it would be better to be up front with loyal clients and risk them not returning rather than produce work that didn't meet the company's high standards.
The result was that even though sales were at 50 percent when Cole returned full time to the lab nearly 12 weeks later, Advantage eventually retained all 40 furloughed dentists. In addition, staff members had a new appreciation for what they could accomplish together.
Today, Advantage Ceramics is again a thriving company with a healthy sales increase of 30 percent over the past two years. Other benefits have emerged as well. Frost has become comfortable with Cole's side of the business, something he had avoided in the past. Advantage also added short-term disability to the employee benefits package and is nearly finished paying for the former partner's buyout. And though they had always had key man insurance and buy/sell agreements in place, the partners made some changes to internal operations in case of another unexpected event. The office manager is now included in more of the day-to-day financial aspects of the business, and the company added more depth to its bench by cross training existing employees and hiring well-rounded new ones.
"I think the main difference is that we have a much higher experience level now, said Cole. The toughest part, he said, has been "trying to impact among employees that each person is a vital cog in the wheel that keeps business going."
Those employees have proved vital to the company's continued success during its recent challenges. The best part of running the business, Cole noted, "is having employees who not only work hard but who are a pleasure to work with."
Advantage Ceramics, Inc., like many full service dental laboratories, is divided into several areas. Each area depends on the others, and each partner had a specialty. Frost specializes in metalworking, and Cole has nearly 30 years experience in removable appliances such as dentures. Their former partner handled all the ceramic work for crowns and other cosmetic procedures that involved 60 percent of their work So when their partner left, Frost and Cole knew they would have to work harder than ever - not only to maintain their business without a ceramicist but also to make the monthly buyout payments.
Amid all the pressure, less than a year later on his 48th birthday, Cole had what he thought was a heart attack After two surgeries and life-threatening complications, he learned he wouldn't be able to work for at least six weeks.
That could have been the death knell for the already-struggling company. Instead, the pressure cooker environment created a cohesive team that worked together to get things done.
"Everyone pulled together and we all helped out where we could," said long-time employee Dwaine Edington. "It was an interesting time."
It proved more than just interesting. It was downright difficult. Frost assured Cole that he would continue to receive his salary during his recovery. Although the company had long-term disability insurance in place, there was no short-term coverage, so that promise meant that the bottom line was going to take a hit.
The partners then selected the top-five dentists who they would continue to service. They wrote to 40 more and outlined Cole's health problems, asking them to find a temporary replacement company while Cole recovered.
This effectively cut nearly $25,000 a month in sales out of the company's budget while business expenses remained static. But because Advantage Ceramics had become known for its excellent work and low remake rate, Frost and Cole were concerned about jeopardizing its reputation by hiring a temporary substitute while Cole recovered.
They decided that it would be better to be up front with loyal clients and risk them not returning rather than produce work that didn't meet the company's high standards.
The result was that even though sales were at 50 percent when Cole returned full time to the lab nearly 12 weeks later, Advantage eventually retained all 40 furloughed dentists. In addition, staff members had a new appreciation for what they could accomplish together.
Today, Advantage Ceramics is again a thriving company with a healthy sales increase of 30 percent over the past two years. Other benefits have emerged as well. Frost has become comfortable with Cole's side of the business, something he had avoided in the past. Advantage also added short-term disability to the employee benefits package and is nearly finished paying for the former partner's buyout. And though they had always had key man insurance and buy/sell agreements in place, the partners made some changes to internal operations in case of another unexpected event. The office manager is now included in more of the day-to-day financial aspects of the business, and the company added more depth to its bench by cross training existing employees and hiring well-rounded new ones.
"I think the main difference is that we have a much higher experience level now, said Cole. The toughest part, he said, has been "trying to impact among employees that each person is a vital cog in the wheel that keeps business going."
Those employees have proved vital to the company's continued success during its recent challenges. The best part of running the business, Cole noted, "is having employees who not only work hard but who are a pleasure to work with."