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Punching Out: Characteristics of Successful Leaders in North American PCB and EMS Sectors

I have worked in M&A in the PCB and EMS sectors for over 20 years and have met dozens of owners in these sectors. It has not been an easy environment to survive and thrive in, yet some companies have done well. Here are some characteristics of our most successful leaders in the industry (names withheld to protect the innocent).

Energy/positive attitude: These successful leaders appear as though they drink a double espresso with two shots of positivity every morning. It takes a lot of energy to manage a growing organization and deal with the constant issues that arise. Maybe they don’t always feel well, but their attitude is marvelous. Positivity can yield benefits throughout the organization.

Smarts: Leaders tend to be very intelligent, not necessarily book smart, but street-smart. Our industries have had many challenges over the past 20 years, so to survive and thrive takes a lot of skill.

Openness/curiosity: None of us knows what will be successful in the future, but it won’t be what was successful in the past. Industry leaders must be open to change and be curious about new technologies and solutions.

Calculated risk-taking: The riskiest strategy is to be safe. Our leaders take on calculated risks, such as acquisitions, branching into new products, and investing. There is a fine line between climbing a mountain and falling off a cliff, but staying in one place will not get the company anywhere.

Steady: A large part of success is showing up and being reliable. It shows employees, customers, and suppliers that the leader will be there no matter what. Having consistent policies helps employees focus on goals. The PCB/EMS industries are not overnight unicorn success sectors, like AI or Bitcoin. It takes persistence to make it.

Delegation: Although a leader can be reliable, they can’t be everywhere all the time. The best leaders have surrounded themselves with great people. At some point in the company’s growth, the organization becomes more important than the founder. Only by promoting the team can they lift the leader on their shoulders.

Honesty: Being truthful inside and outside the company is a sign of a successful leader. If a company often stretches the truth about lead times, quality, and capabilities, customers will turn away. The industry has been tough on companies that lived on BS.

Leadership: “Great leaders have great leadership skills,” according to Captain Obvious. Somehow, successful leaders can communicate and have good employees to follow. Being a role model through honesty and openness helps employees to consider the owner an excellent leader. Some people think that good leaders rave and shout to get things done, but no one wants to work for that person. Many excellent leaders are calm and steady.

Luck: Being lucky is common to successful leaders in our industry. Somehow, they seem to pick more winners than losers. Part of the reason is good judgment; the other is taking calculated risks. You are correct in 100% of the decisions you do not make.

Limits to success: Characteristics of unsuccessful or modestly successful leaders include not taking enough risk. Many business owners are comfortable with moderate success. Others want to control everything, which is a personal decision, but that makes it difficult for most companies to grow. Owners can manage their company however they see fit, but they must realize that their management choices will limit growth and valuation.

An owner does not have to have all the required characteristics of an outstanding leader to be successful in this industry. Most traits are about attitude and are not God given. It costs nothing to get up early, work hard, treat people well, delegate tasks, and be open to new ideas. To improve your leadership skills, consider hiring an executive coach, joining a peer group like Vistage, and taking advantage of learning tools such as podcasts, videos, and books.

It has been a privilege to work over the years with a variety of successful leaders in the PCB and EMS industries. As these sectors transition from baby boomer founders to the next generation, it will be interesting to see how their leadership styles change.

Tom Kastner is the president of GP Ventures, an M&A advisory services firm focused on the tech and electronics industries. GP Ventures has offices in Chicago and Tokyo and has completed over 10 deals in both the PCB and EMS sectors.  Tom Kastner is a registered representative of, and securities transactions are conducted through StillPoint Capital, LLC—a Tampa, Florida member of FINRA and SIPC. StillPoint Capital is not affiliated with GP Ventures.