As a privately owned company, we have many interests in common with owners of the companies we purchase. These commonalities are important in achieving a smooth acquisition transaction and in working with management after closing. Our goal is to build carefully on what already has been achieved by the company rather than to pursue a short-term strategy of realizing capital gains through the purchase and resale of companies.

In order to maintain the operational continuity of the companies within our group, J.B. Poindexter & Co., Inc. does not impose arbitrary changes in management, personnel programs, or headquarters locations. We recognize that a strong, independent identity contributes to a company's credibility within its industry and community. As a rule, companies acquired by J.B. Poindexter and Co., Inc. retain their name, independence, and business relationships.

We work closely with the management of the companies in which we invest to pursue mutually developed, long-term operational and financial objectives. Our corporate staff provides strategic direction as well as administrative and financial support, while day to day responsibilities remain with the subsidiary operating management team. The primary focus of J.B. Poindexter & Co., Inc. is to participate in major strategic and capital expenditure decisions, to play a central role in managing add-on acquisitions, and to provide periodic oversight.

We work to add long-term sustained value to each of our operating companies and, thus, to the corporation as a whole. Accordingly, we place a high priority on retaining proven management and we reward each senior officer for demonstrated management skills, leadership, and business judgment. We have implemented meaningful incentive programs in every operating company in our group. Our incentive programs pay out annually a significant share of each company's pre-tax profits directly to senior management for meeting established financial and operating goals. Existing employee benefit and profit sharing plans are usually maintained or improved.