Though all of these businesses are significantly different in the products or services they deliver to the marketplace, the same good, solid business principles apply which John Hauck utilized in the steel business. In many ways the acquisitions assist the overall health of all the companies because each can operate in a different economic cycle. As in the steel business, most industries deal with significant cycles of good and bad markets. Serving a variety of markets can prove advantageous as these cycles frequently occur at different times. Hauck affirmed, “One of the many things Jack taught me is that in cyclical businesses, a sound financial position permits us to act contrary to market cycles. Debt does not allow a company to act freely in a down cycle. I continue to adhere to Jack’s ‘no debt’ philosophy, and all of our current acquisitions have been paid for in cash. TSI Holding will remain buyers and builders of businesses. I stress builders of businesses because we are committed to the continued growth of all companies we own, and we’ll continue to reinvest in them.”
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