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This is Chris Redgrave for Zions Bank Speaking on Business.
When Henry Laub started Cache Valley Electric 100 years ago, he wasn't sure if his auto supply or electrical contracting business would go, so to hedge his bet, he opened both. It turned out the electrical business was the better option, and now his grandson, Jim Laub, is president and CEO of this fourth-generation family-owned business.
This has been a well-kept secret for a long time, but now with 1,200 employees, they're one of the largest electric contracting companies in the country with a diversified portfolio that includes industrial, large commercial, security installations, substations, data and tech divisions. Jim says they handle substations and line work throughout the country from their Logan headquarters.
Cache Valley Electric's major breakthrough came in 1987 when one of their customers opened a steel mill in Arkansas. Because of their deep relationship with Cache Valley Electric, they wanted the company to join them in bidding for the jobs. This was successful for the company, since it allowed them to connect with industrial customers throughout the South. Now Cache Valley Electric has five offices: Logan and Salt Lake City in Utah; Arkansas; Dallas; and Portland. Half of their business is in Utah with the other half outside the state.
In speaking with Jim, he is the first to celebrate his company's 100th anniversary in 2015. He is one of four brothers but remains the only one still involved with the business. Cache Valley Electric is a closely-held company now under the leadership of Jim, his wife and their two sons, who will take it into the next generation of family ownership. Family-owned business remains an important economic driver in the U.S., accounting for around 90 percent of all business including large and small organizations.
Jim and his team have celebrated their century-old business by having a big open house and flying employees in to celebrate in grand style. One of the important factors in their success has been surrounding themselves with a dedicated and talented staff and developing deep and lasting relationships with customers.
For Zions Bank, I'm Chris Redgrave, speaking on business.
Cache Valley Electric PO Box 405 Logan, UT 84321 435-716-8809 www.cve.com
