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| Meet The Principals | | | Mark Bregman
CEO
Michael Boyle
President Keith Ogata Principal 
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Greetings!
This month we are thrilled to present our interview with Greg Brostek, CFO of Meggitt Defense Systems. In the article below, Greg discusses how the recession impacted business and what he expects in the times ahead. Also, be sure to read our article on cultural fit in the workplace.
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CFO Interview - Greg Brostek
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Meggitt Defense
Systems USA [MDS], Inc. is a part of UK-based Meggitt PLC. MDS specializes in the design, manufacture,
integration and operation of scoring systems and services, ammunition handling
systems, environmental control systems, airborne pods and countermeasures used
to support armed forces agencies worldwide.
Greg Brostek, VP
Finance and CFO of MDS, spoke with us about his company, and his perspective on
the economy. Greg has a BS in Accounting
and an MBA, and a successful track record in financial leadership with strong
companies, including Eaton's Aerospace Avionics Division, and Leach
International (now Esterline) prior to joining Meggitt in 2007.
Q: How has the recession
impacted your business, and what have you done to stay ahead?
Greg: The recession hit us a year and a half after
everyone else, because we were fulfilling product needs on the Iraqi war. Over the last year, we've seen about a 25%
decline. We adjusted our costs and
focused on retaining our technical base, and investment on bidding work with
our international allies.
Q: To get and keep good
people, what is the most important organizational strategy you use?
Greg: We create an environment where people want to
come to work every day. Since we are
technically driven, we pride ourselves on challenging people with our current
work, and giving them an opportunity to broaden their skills with new products
and processes. We refresh people by
cross training them and helping them learn more. We stay flexible with our work schedule,
which is very important to southern Californians.
Q: What do you do to keep
your team motivated in tough times?
Greg: We value timely communications and
transparency. We let people know the
impact of outside events on them and their work. We make sure they hear the good news too, not
just the bad; but we don't candy coat - we tell it like it is.
Q: What is your
expectation for the economy in the year ahead?
Greg: For many companies there will be an
uptick. Because we lagged in the
downturn, we will continue to be in that down-cycle, and we expect to bounce
back by 2013. We are strong in our
development sales for next year, and that will translate to production revenue
within 2 years. Defense Secretary Gates
said recently "... military spending on things large and small can and should
expect closer, harsher scrutiny. The
gusher has been turned off, and will stay off for a good period of time." The
government is getting leaner in their spending, and also trying to make up for
prior deficiencies in social costs, to make sure we take care of people who
have been putting their lives on the line.
Q: Productivity has been
very high in the US. Do you think there
will be a jobless recovery, or will employment pick up soon to keep pace with
economic growth?
Greg: Productivity will continue to improve,
including processes, training, equipment, even purchasing strategies, and the
recovery will not bring a full job load to the economy. The US has become less labor dependent, and
more process and equipment dependent, and there are less expensive resources
available by shifting offshore.
Q: What is the secret of
your success? What personal strategies
have worked best for you?
Greg: I developed an understanding of the
student/teacher model, and aligned myself with sharp teachers, who taught me
about ethics, business practices and people skills, and then, how to progress
on my own merits and turn into the teacher myself. My motto is "Say what you mean, and mean what
you say." Another strategy is to take
the years of experience you have, but not be clouded by your knowledge - always
keep a fresh mind, and listen, observe, and be open. You might be surprised sometimes.
Q: What is the biggest
mistake you ever made in business? How
does it affect your thinking or actions today?
Greg: Early in my career, I had a fear of
failure. I would never have wanted to
let anyone down - friends, family, peers
or bosses. I would do everything
possible not to fail. If I had been more
transparent, and man enough to admit I didn't always know everything, and asked
for help when I needed it, I would have learned this lesson sooner. You have to use the team, use the people
around you, when you are in over your head.
Q: Our readers are
executives like yourself, many in aerospace and defense. What piece of advice would you give them?
Greg: The customer profile we've been used to for
20 years is changing dramatically. The
cost plus programs will be few and far between. The risk is going to be pushed down to the supplier. So, you have to "know your cost, and
sell your cost", in order to stay ahead. There will be more competition, the fees won't be what they were, and
there will be more players for the same piece of the pie, so people have to
adjust to this changing market.
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Creating A Unique Cultural Fit
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Almost every company will say it is very important to hire
people that "fit their corporate culture" And, there are such wide variations in
companies (think about Google vs. IBM vs. Disney), you might expect the traits
that constitute a cultural fit would vary widely as well. Yet most companies cite the same desirable
traits to make a good fit: Team player,
honest, creative, well-organized, problem solver, self-starter, etc.
How would you define your company's culture? Would it be based on your decision and
teaming models, your mission statement and branding, or could it include things
like your dress code, office layout, and where people eat lunch? One major international search firm claims
they know 28 specific dimensions to define your culture. Entrepreneur.com's definition is "A blend of the values, beliefs, taboos,
symbols, rituals and myths all companies develop over time." There are as many definitions as components
to the idea of corporate culture! Well
respected organizational culture guru Edgar Schein describes it simply as shared assumptions that work well. We like a sound common sense, practical way
to approach culture. The good news is
that you do get to decide how to define your own culture.
However you define your company culture, we would say that
certain guidelines are helpful:
Keep it simple: Try to express your culture in 2 sentences or
less. Example: We are an informal, collegial company that is highly
quality-oriented, with participative management that creates task and process
ownership at every level.
Leaders set the tone: Your mission statement might express your
culture, but how company leaders behave, with peers, customers, and employees,
says who you really are. People both
inside and outside will notice what you do far more than what you say, and this
starts at the top.
Ask others: Speaking of starting at the top, don't
when it comes to your cultural definition. Aim for input from your employees and customers, creating a definition
from the bottom-up. It will likely be
more accurate, and reflect how others perceive your corporate identity.
Meet the candidate at
their model of the world: When
hiring, ask candidates to describe the culture they've been in (probe for
details), what has worked for them and especially what hasn't worked. Dealing with
the specifics and being able to compare with your own company may seem ad-hoc,
but it will predict a fit better than a too-general 28-dimension analysis!
Doing the job vs.
fitting the culture: No candidate
will fit into your company if they cannot fulfill the performance objectives
for the role. And, top performers are
very adaptable. Many people can fit well
into a variety of company cultures. So,
first define the results needed from the hire, and screen for ability to
generate those results. Make sure the
candidate can do the job, then look at the personality factors.
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