CFO’s presence was key to expansion deal
Virginia CFO Award for Small private companies: Garet Bosiger, Genesis Products Inc., Keysville
- July 30, 2012
When an Indiana company was considering buying a manufacturing operation in Virginia, the key asset it wanted to keep was Garet Bosiger.
Bosiger had started the local company, Appomattox River Manufacturing Inc., in 1995 after a long career of working for other furniture manufacturers. With Bosiger serving as both CEO and CFO, the Keysville-based company was generating more than $14 million in revenues by the end of last year. “It’s taken me 41 years to become an overnight success,” Bosiger quips
“I had run plants and thought if I can do it for someone else, I can do it for myself,” the Virginia Tech alumnus says.
Bosiger’s reputation in the furniture industry was a crucial factor in the decision of Indiana-based Genesis Products to acquire Appomattox River Manufacturing last year. The deal was contingent on Bosiger’s agreement to join the Genesis team as general manager and CFO of the local operation for at least five years.
Genesis’ CEO, Jon Wenger, says he chose Virginia as a potential site for expansion because of Bosiger’s knowledge of the industry, his honesty and integrity. “Garet is a great leader within Genesis and a great role model for the next generation of business persons,” Wenger says. “He tackles every challenge and opportunity with a steady passion that drives results for the company and those around him.”
Bosiger says his contributions to the company are based on his experience. “I understand the customer base, manufacturing processes and government regulations and requirements,” he says. “I can even run some of the equipment. That has put me in close touch with the people running the machines.”
Running a small company gave him a special appreciation for the role of chief financial officers. “I don’t think you understand cash flow until you have the responsibility for paying bills and salaries,” Bosiger says.
He credits his mentors, who include John D. Bassett III, chairman of the board of Vaughan-Bassett Furniture in Galax, for helping him become a good money manager. “He taught me if you want to keep vendors happy, pay them promptly,” he says. “He also said to get a discount on everything. Discount your bills; don’t sit on your money.”
In the community, Bosiger currently serves on the Region 2000 Economic Development Board and is a past member of the Appomattox County Board of Supervisors and the Appomattox County Industrial Development Authority.
“I feel blessed to work with Garet and to have the opportunity to learn from him,” Wenger says. “His positive energy and determined focus are contagious, creating greater success for our company.”
Bosiger, who was nominated by Charlotte County, says he was unprepared to win the CFO award. “I didn’t have a clue. I’m just a country boy and a lot of good folks were nominated. I was shocked.”