Jaycox Implement sale to Titan Machinery won't change company's focus, leader says
The projected closing date for the sale of Jaycox Implement to Titan is Dec. 1, but Jaycox was initially approached last summer.
WORTHINGTON — Changes are in store for Jaycox Implement after its purchase by Titan Machinery , but customers likely won’t see most of them, and its management team intends to maintain its focus on customer service.
“Every employee that we have today has a position with Titan in the future. They will all continue on underneath the new dealership name,” said Chad Jaycox, president of Jaycox Implement.
The companies are aiming for a closing date of Dec. 1, but the sale has been in the works for much longer, Chad said.
“In today’s world, you either have to continue to grow, or join another company that is larger. When we hit that fork in the road, there weren’t a lot of opportunities to grow in our local area,” he said.
When Titan reached out to Jaycox last summer, the smaller company began mulling over the pros and cons of a potential sale. On the positive side of the ledger were all of the resources Titan brings as a large company with existing information technology, marketing and human resources departments, plus the ability to more easily navigate supply chain issues.
Simply having access to 80 other dealerships’ inventories helps, Chad said.
“It wasn’t just a knee-jerk reaction or decision,” he said. “...we feel like it’s going to be a good partnership going forward.”
Titan can also leverage its size to help find service technicians, who are in very short supply across the industry. Currently Titan is sponsoring 68 students in technical schools, and while Jaycox also has a few students in schools, Chad said Titan’s program is even better.
Despite the positives, selling was still a difficult decision for a company that just celebrated its 65-year anniversary as a family-owned business.
“It’s been a huge emotional rollercoaster,” Chad said. “... it’s been very, very difficult to lose that legacy, but we feel we can continue that legacy… we’ve had such a strong focus on customer service and support, and we are really geared to continue that under Titan .”
Titan will allow the business to continue its day-to-day operations as in the past, he said, though larger decisions such as potential facility expansions would be made by Titan.
Chad will remain the general manager of the Worthington site, and he said he plans to stay on indefinitely.
“We're looking forward to what this relationship will bring going forward with our customers and our employees,” he said.