Through shifting market conditions, Cedar Rapids-based GreatAmerica has remained focused on long-term success while passing $2.6 billion in assets and $278 million in revenue for 2022. The corporate leasing company’s strengths in continuous innovation and strategic growth remain common threads over the past few years.
“Because we’re family owned, we’re focused on long-term success instead of short-term issues,” said Tony Golobic, Executive Chairman.
Improvements currently include significant investments in a digital transformation project that will reduce manual efforts and drive new growth opportunities.
“To support continuous innovation in this dynamic environment, we have organized our technology and operations teams into true Agile product teams that constantly reevaluate the relevance and quality of our solutions, always asking our target customers what they need to succeed,” Mr. Golobic said. “We want to not only be the technology leader in our industry but also the innovation leader of our industry.”
The technology project involves bringing in consulting companies to assess internal technology systems to streamline processes for employees and customers. The goal is to create the structure and integrations required to advance the company into the future.
While the backbone of GreatAmerica remains the Office Equipment Group, the 2021 acquisition of IRH Capital, LLC, adds a franchise finance division to the company’s 10 business units. Because GreatAmerica’s leasing services help businesses preserve cash and maintain predictable cash flow, they serve an important role as interest rates increase. Long-term strategic planning enables the company to weather uncertain market conditions.
“Over the years, we have added business units and divisions to best serve our customers and their customers, providing financing and leasing for verticals within healthcare, automotive equipment (including EV), technology, software, construction and franchise finance, among others,” said Mr. Golobic.
In addition to developing Agile product teams, GreatAmerica prioritizes recruiting, retaining and mentoring top talent and implementing a succession plan. As tenured staff begin to retire, the company’s goal is to become stronger with each new hire. At 78 years old, Mr. Golobic remains Executive Chairman while his son, Martin Golobic, has been named Co-CEO to serve alongside Stan Herkelman, the other Co-CEO.
“We have activated succession planning that is placing the next generation of young leaders alongside our current leadership,” Mr. Golobic said.
GreatAmerica continues to be a strong presence in the community as it has been since establishing the GreatAmerica Donor Advised Fund in 2001. Recently, the company gave trees to employees following the 2020 Derecho via the Monarch Research Project’s Planting Forward program. This year, they established the GreatAmerica Employee Advised Fund to engage staff in nominating and rewarding local nonprofits in Eastern Iowa. The two funds will provide more than $1.1 million to organizations in Cedar Rapids, Iowa City and surrounding communities.
Mr. Golobic is optimistic about sustaining GreatAmerica’s success.
“By remaining nimble and customer-focused, the last 10 years have been a period of substantial, consistent growth. We frequently meet with customers to discover their pain points and shape our programs and offerings on their feedback. We stay connected to our core while seeking continuous improvement, and that has made all the difference.”
GreatAmerica details:
2022 Revenue: $278 M
Established: 1992
Top Executive: Tony Golobic, Executive Chairman
This article was originally published in the CBJ’s Largest Privately Held Companies magazine.
In 2023, this magazine celebrated its tenth anniversary, after a three-year hiatus due to the pandemic. It featured a look back through the last decade and a glimpse into the future of the Corridor’s biggest, and most impactful, companies. Through in-depth interviews and people-focussed articles, the magazine explored how these industry titans have supported and inspired their communities through hardship and prosperity, and how they plan to continue their involvement for years to come.
