WASHINGTON, D.C. – Barbara J. Schindler, President and Chief Operating Officer at Golden Artists Colors, spoke before the United States House Committee on Small Business Wednesday, serving as a witness during a hearing titled “Made in the USA: Stories of American Manufacturers,” as part of the 50th annual National Small Business Week.
Founded in 1941, the House Select Committee on Small Business has a number of responsibilities, overseeing the Untied States Small Business Administration, providing financial aid and protection to small businesses, as well as overseeing matters related to the Regulatory Flexibility Act – a law that requires government agencies to consider the effects their regulations have on small American businesses.
The stated purpose of the hearing was to call attention to the resurgence and achievements of small American manufacturers. However, it also provided federal lawmakers with an opportunity to receive feedback from small business representatives from across the nation. Panel members were asked a series of questions by members of the US House of Representatives in regards to issues they are facing as small businesses.
“Today, we are fortunate to have with us a group of accomplished American manufacturing leaders that have been doing business in the U.S. for years,” said Chairman Sam Graves. “Some started their business at the kitchen table; others took the helm of local manufacturing mainstays. Whether it is the story of a paint producer in New York or an agricultural equipment maker in Kansas, common traits of success are evident.”
Schindler served on the third panel of witnesses, alongside business representatives from Arizona, Kansas and New Hampshire. In her opening statements, Schindler addressed several topics.
“The are materials industry is one which grows a meager two percent per year,” Schindler read in a prepared speech. “Despite that reality, Golden has grown its business 21 percent since 2009.”
While Schindler points out that many of Golden Artists’ competitors have moved segments of their manufacturing overseas, Golden has kept its manufacturing within the United States while earning a quarter of its profits from exports.
She also contributed the business’ success to its healthy relationship with consumers and the personal investment of its employees.
“Business is an ecology of interconnected resources, human and environmental,” she said. “Each business needs to find its own way in nourishing these resources to remain sustainable.”
Schindler also spoke on the obstacles Golden Artists faces including health care, education and harmonized labeling standards.
Concluding her opening statements, Schindler said, “Golden’s future is positive and sustainable. With the help of NYS and Chenango County, Golden just began a capital project to prepare us for future growth.”
Following opening statements Schindler and her peers answered a succession of questions.
“There’s a number of themes going on here today,” said NYS Representative Richard Hanna. “Deep concern about the health care law. An idea that regulation is far reaching and growing, cumbersome and difficult, and keeps you from growing your businesses. Something unique among our panel, I think, is Barbara Schindler’s ESOPs program, its an employee owned stock option maybe you could enlighten us on how its change the dynamic in your company since the Golden’s originally started and what kind of incentives it may or not provide.”
Schindler answered by describing that Golden’s founders have always fostered the sentiment that the business was employee owned and so – in 2002 when the transition was made into an ESOP company – that transition was an easy one. She also mentioned that Golden, unlike many other ESOP companies, has a productive 401K program.
“We really want our folks, when they retire, to be situated where they can celebrate their years of hard work,” she added.
A video of the hearing has been uploaded to You Tube and can be found online at youtube.com/watch?v=vsdqxVixMxg. Schindler begins speaking approximately 2 hours into the clip.