Fueling Family Business Success with October Company

When you’re a family-owned business, a banking relationship makes all the difference. That’s the case with Michael Schaefer, who bought October Company in Easthampton in 1986 and, through that furniture-related business, expanded into the industries of pressure sensitive tape, polyethylene foam, and decorative metal and wood laminates.

Today his combined businesses have sales between $50 to $60 million; the tape business alone grew from $800,000 in 2002 to $30 million currently. Those early years of being a highly leveraged small business were difficult at times. He credits his company’s growth to acquisitions and having a dependable bank.

Michael worked in finance for 22 years before venturing on his own; his former boss used to tell him: “Remember, it’s not the extra eighth of a point that you bargain for but being able to get the money when you need to.”

That advice has served him well. While he had partnered with multiple banks previously, as those banks became acquired, he became increasingly dissatisfied by the lack of care and service. Tom Wolcott, Country Bank’s Chief Commercial Banking Officer, had been his account manager for many years at other banks, and always did a great job for Michael, so when Tom moved to Country Bank, Michael followed.

“Tom has probably been the best banker I’ve dealt with,” Michael said. “We met Ben Leonard SVP Commercial Lending later and he’s also supported us well. They’re responsive and they understand the issues we’re dealing with and the complex structure of our business—and they are able to tailor their solution to our needs.”

Tai Huynh, the company’s Chief Financial Officer, says when there’s an issue or a need, they can get in touch with a decision-maker quickly, which has been essential to the company’s operations.

Also essential to the company is ensuring its success for future generations. Proud of the legacy he has built, Michael has recently been working with Country Bank to help with succession planning as he turns the business over to his children.

“We’re very happy with Country Bank, he said. “They’ve done a great job for us.”