Bassett Dining Furniture

Manufacturing Journalist Tr Cutler Finds Age Matters With ...

According to Cutler, “Age does matter. Since 2000 the mean age of the CEO or owner of privately held US manufacturing companies has decreased by seven years, from 61½ years of age to just under 55 years of age. Reasons for the decline in age are eclectic, ranging from acquisition or sale by older owners to relinquishing the top spot to younger family members, often the children (in most cases the sons) of the former owners.”

Since 2000 more than a thousand privately held US manufacturers have been surveyed annually to correlate the demographics of these owners with patterns, perceptions, attitudes, and behaviors concerning the role of marketing and public relations in the manufacturing sector. The core statistically significant finding was that the younger the manufacturing owner the more importance he or she attached to the role of marketing and PR.

Many privately held US manufacturers were established by the fathers of baby boomers. Post World War II and pre-Watergate, the manufacturing and industrial family-owned or privately held company was established predominantly by men with engineering backgrounds. The focus was never on sales and marketing, rather on producing product on-time to meet customer demand. The notion of “build it and they will come” prevailed. These former owners were modest, often humble people who perceived marketing and public relations, in particular, to be self-aggrandizing and uncomfortable. While some had formal business training in the >55 years of age group, less than ten percent hold an MBA. Contrast that data with those current manufacturing owners under 40, of whom 35 percent have an MBA. This increased exposure to marketing and public relations from a “critical business practice” perspective is a central reason these new younger owners have a much greater disposition to utilize full marketing and media outreach efforts and campaigns.

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