Lancaster Food Processor's CEO on Betting Big During a Downturn
Photo: Unsplash/@wnbrg
Marcus Feldt took over his family's Lancaster County food processing company at what looked, at the time, like the worst possible moment. Input costs were rising, a major retail customer had just cut its order volume, and two competitors nearby had already announced layoffs.
Feldt expanded anyway, adding a second packaging line and taking on debt most advisors told him to avoid.
"Every consultant we talked to said wait it out," Feldt said. "But our lease on additional space was only going to be available once. I decided the risk of missing that was bigger than the risk of the debt."
The bet has paid off. As regional demand for locally processed food products recovered faster than national trends, Feldt's company was one of the few in the area with spare capacity to take on new retail contracts. Revenue has grown 40 percent over two years, and the company has added 28 jobs.
Feldt is quick to note the decision could have gone the other way. "I don't think I was smarter than the consultants," he said. "I think I was just more willing to be wrong."
