As anyone who works in agriculture knows, the industry can be unpredictable and adaptability is key.
The same holds true for businesses that support an agriculture customer base – which is why strategic evolution has allowed a northwest Iowa family business to thrive for multiple generations.
Robert Dethmers founded Demco Products in Boyden, Iowa, in 1964 as an agricultural equipment manufacturer.
The company then developed the Kar Kaddy tow dolly, used to tow a vehicle behind an RV. The move not only helped Demco survive the ag crisis but developed an entirely new and diversified business line.
Ten Haken began working at Demco while still in high school and went on to marry into the family business. His wife, Kim, was Dethmers’ granddaughter.
After graduating college, he worked for 18 months at Citibank in Sioux Falls.
He joined Demco full time in a purchasing role in 1986 but wasn’t originally part of the leadership team.
After multiple transitions, including purchasing back an ESOP that was created, the company now is majority owned by the third generation with fourth taking some minority ownership as well: Kevin and Kim Ten Haken, who helps with special projects and office needs, and Kim’s brother and company president Bob Koerselman, and his wife, Laura, who recently began helping with leadership development.
As the company has navigated life as a family business, Ten Haken has found value in connecting with the Prairie Family Business Association. He’s part of an Affinity Peer Group and regularly meets with others who are involved in family businesses.
Demco Products is a strong example for other family businesses, said Stephanie Larscheid, executive director of Prairie Family Business Association.
Source : Farm Equipment