Additional Coverage:
- I left my job to run the family business. We generated $255 million in revenue last year, but I don’t want my daughters to take over. (businessinsider.com)
From Wall Street to Talladega: A Grandson’s Journey to Revitalize the Family Business
Talladega, AL – David Heacock once swore he’d never join the family business, a machinery company founded by his grandfather in Talladega, Alabama. After a high-flying career on Wall Street, where he earned a reported $2 million annually as a trader, Heacock found himself drawn back to his roots, not just to preserve a legacy, but to redefine it.
The machinery company, Talladega Machinery and Supply Co., was a local institution, employing around 150 people and a significant presence in the community. However, behind the scenes, internal family friction among Heacock’s father, uncle, and aunt, who inherited the business after his grandfather stepped down, created ongoing tensions. These disagreements, often over minor decisions, underscored the challenges of running a family enterprise with multiple stakeholders.
Heacock’s father had encouraged him to forge his own path, leading Heacock to a successful tenure at Goldman Sachs. Starting with a $55,000 salary and a meticulous budgeting strategy, he quickly ascended to running a trading desk in New York.
Despite the substantial income, Heacock felt unfulfilled. “I realized I was just a bookie for hedge funds,” he stated, questioning if he wanted to be in that role at 40.
At 29, he made the decision to leave.
The timing coincided with his father, uncle, and aunt’s decision to retire and sell the family business to a private equity firm. This move displeased Heacock’s grandfather, who harbored a strong desire for the company to remain in the family. Heacock, seeking a new direction, agreed to purchase the business for approximately $2 million.
This acquisition marked a pivotal moment, fostering a deeper connection between Heacock and his grandfather. Weekly trips from New York to Alabama allowed them to share dinners and extensive discussions about the business. “Our discussions about it became a very special time at the end of his life,” Heacock shared.
Recognizing the unsustainable nature of the original wholesale machinery business, which relied on an aging sales force, Heacock embarked on a significant pivot. After thorough research, he decided to transition the company into the air filter market, rebranding it as Filterbuy. Though a complete departure from the original enterprise, his grandfather “understood immediately” the growth potential.
For the first seven years of Filterbuy, Heacock drew a modest $40,000 salary, having invested a significant portion of his previous earnings back into the venture. This calculated risk has paid off handsomely. Last year, Filterbuy reported an impressive $255 million in revenue, transforming it into a “very healthy business.”
Looking to the future, Heacock aims to grow Filterbuy large enough to go public. He explicitly states he does not want his three daughters to inherit the business and face the same internal friction that plagued his father’s generation.
Despite the dramatic shift in product, Filterbuy continues to uphold the core mission of its predecessor: to positively impact customers, the community, and the family. Heacock proudly notes that the company now employs 400 people in Talladega and 862 nationwide, a testament to his grandfather’s legacy of using his company “as a vehicle for good,” even helping to build a local hospital.
“I’m glad to carry his legacy,” Heacock concludes, demonstrating how a new vision can honor the past while building a thriving future.