William “Willie” McNabb, CEO/President of El Dorado Metals shares his experiences and insights into growing a successful business in a specialized, highly regulated set of industries.
Can you tell us about El Dorado Metals and the business’ background?
El Dorado Metals was incorporated in May 1995 by my late father, Richard McNabb. His back story in the industry is working as a supervisor for various general contractors in related fields. He was here in El Dorado working for a local chemical manufacturer through a contractor and the opportunity presented itself to open his own business. We are in a very niche specialized industry. In March 1997, I became the vice president and was charged with growing our customer bases, even if it meant expansion into new markets. After my father’s passing in 2001, my younger brother Jeff moved into the VP position, and I became CEO/President. Through engineering and design services, we’ve evolved into a multi-faceted fabrication, construction and field services company specializing in products for the specialty chemicals, mining, refining, healthcare and industrial radiation shielding markets.
You evolved the company for these new industries. What was your original industry that you served?
We were doing specifically parts and products for specialty chemicals such as bromine or sulfuric acid. They require specialty types of equipment and tanks for containment. So we were lining tanks and equipment for those niche industries.
Your family has had many years of success in an industry and working with industries that are all heavily regulated – and the regulations are imposed from many different sources/entities. How do you keep up with requirements?
Due to the nature of the materials we use and the industries we serve, we have a strict medical surveillance program which is dictated by OSHA. Any changes by OSHA or any other regulatory bodies we are required to implement, and also provide an annual employee safety program with refresher courses, similar to continuing education. Some of the training is conducted by our internal staff and some by third party instructors who keep up-to-date on changes in laws that could affect us. We follow all the industry’s standards to keep our employees safe. We do rely on partners, some we’ve had for 25+ years, to help us keep everything in compliance. There is no way we could do it on our own without them. Even the large companies we work with can’t do it without help.
I understand you and your brother are partners in and lead the company. How did you and your brother learn the business? How do you divide and conquer responsibilities today? Is there another generation yet of McNabb’s planning to join the family business?
The McNabb family has been involved in some aspect of this industry since 1895. When we were in college, we’d work during summer or other breaks with our father and travel around the country on jobs. When I graduated from college, I moved to Arkansas where my father was working and I already had 4-5 years of experience. I had grown up around it. Although the industry had changed a lot, I still had a solid foundation for understanding the business.
As far as dividing business responsibilities, I always had more business acumen for contracts, financial planning, accounting, forecasting, negotiating, etc. My brother’s strengths have always been his in-depth understanding of product lines, job site planning, engineering and human resource management/personnel management. Our skills have always complemented each other well. We understand our roles and have had a lot of experience.
Our next generation is represented by my brother’s oldest son. He graduated from Louisiana Tech and is now with the company. While he was in school, he worked with us during the summer and learned the product while working on job sites. He represents the 6th generation of McNabbs in this field.
We started 26 years ago with four guys in the bed of a pickup truck and just wanted to make a living. That was as far as our aspirations went at the time. Now we are a multi-faceted company doing work on a global scale. It is not lost on my brother and I how truly blessed we are. The old adage that hard work and determination pays off is true. Don’t give up on whatever your dreams may be. If you are a first time business owner, don’t limit yourself to what your company can be. Be willing to recognize when those changes in the marketplace are coming along, as well as the risk involved. If you believe in yourself and your company, don’t be afraid to take that risk.
