From the beginning, Korrect Plumbing, Heating & Air Conditioning, Inc. (Korrect) has remained stalwart in their desire to grow without debt. Their debt-free philosophy enables a financially stable company that is viable in bad times and can thrive in good times.Download Case Study PDF
Advice and Planning Based on YOUR Goals
Founded in 1950 by N. Ivan Patterson and C. Edwin Hunn, Korrect has been serving the Greater Dayton area plumbing, HVAC and remodel needs for over 70 years. Since 2010, Korrect has been led by Martha Logan, the youngest of Ivan Patterson’s six children. Martha recalls her father’s early operating principles. She shares, “Daddy said he would do one job for $1,500, and then he’d wait until he got paid before he could get materials to do the next job. Being financially sound has always been important to Korrect. We borrow as an exception to the rule. Having an accounting firm that respects that we are not interested in being in debt is important. We incorporated in 1954, and FHF was our accountant then, and they still are today.”
Chuck Craft, FHF Partner says, “We pride ourselves on working with family-owned businesses based on their goals. Korrect has always looked for ways to grow and build, but largely without debt. Certainly, over 70 years of business there are many highs and lows. In years with significant income, we would preserve resources to cover the tough years, making sure Korrect would be in good shape. Because they trust us and trust each other, we are able to do not only what is best for the business but also what is best for each individual – both for today and for the future.”
Under Logan’s leadership and with FHF at their side, Korrect has tripled in size in the past ten years. The secret sounds simple as Logan says, “You have 10 satisfied customers, that becomes 20, that becomes 40 that becomes 80, and you grow. Add some zeros and that’s what we’ve done.”
How We Entered The Picture
Since 1954, FHF has served as Korrect’s accounting partner providing guidance on tax planning, estate planning, acquisitions, charitable giving, and debt-free growth planning.
Growth Through Values-Based Leadership
Craft adds, “The people at Korrect value integrity and honesty. There are plenty of great business owners who can run a business and worry about themselves, but with Korrect, they are not just looking out for themselves, they are also looking out for their employees, the community and future generations. Their incredible growth is a testament to their servant-leader mentality.” The values-based leadership underpinning Korrect’s growth starts with Logan and permeates throughout the organization. Logan shares, “The magic at Korrect is our culture and how we treat each other. How we as owners treat each other. How we treat our employees, our customers, our vendors and our professional partners.” She adds, “It is not hard to behave that way every day because that is who we are. And with FHF, we don’t need to remind them. FHF understands our goals. They know how we think, what we value, and how we operate. They operate their business in a similar fashion – honesty, hard work, loyalty, and commitment. I’m not concerned if the IRS comes to audit me. I know FHF is going to do what is right according to the law, and I know Korrect is going to do what is right according to our integrity and our values.”
For more information on Korrect Plumbing, Heating & Air Conditioning, Inc., visit their website here.