IAM DAB Mover Group Session in Diversification Recap
By Lakelan Fennell
The DAB session at the IAM Annual Meeting was once again the place to be for asset-based movers, as well as those that have a vested interest in supporting and learning more information about the DAB. The session was moderated by DAB Vice Chair Lakelan Fennell of The Suddath Companies and opened with a brief introduction of the DAB Management Board (DMB) in order to display the board’s diversity of representation both in its individuals and its companies. Independents, vanline agents and industry veterans are all a part of the DMB. Lakelan summed up the DMB with these words, “They all dedicate their time and do a lot of hard work growing the DAB, advocating for the boots on the ground, developing content for the DAB Digest Newsletter and the DAB Hour Webcasts and work tirelessly for the members of the DAB network. The DMB is not just a committee that members are on. It’s a committee where members SERVE and participate, and I can speak for Chris and myself by saying that we sincerely appreciate their effort on behalf of asset-based movers.”
Following the introductions, the genesis of the DAB effort was relayed to the attendees indicating the growth of the DAB Mover Group to 120 member companies that represent over 300 brick and mortar moving and storage locations across the US as well as 20 DAB Allies that support the DAB movers. The DAB Task Forces and the leaders of each were explained as well as an open invitation for any DAB member to join any of the three DAB Task Forces which include Advocacy, Outreach and Membership.
The panel discussion revolved around real world solutions, lessons learned and actionable steps that can be taken by DABs to diversify their offerings to included non household goods services. The panel included Jimbo Loftin, Senior Vice President of Operations for Coleman Worldwide Moving, Mark Chesser, President of Conser Worldwide and Jon Minor, President of Apple Moving. These industry leaders represent both single location as well as multiple location businesses that have diversified their lines of business to better balance their revenue streams in much the same way as investment portfolios are diversified. This helps protect income from variations in each particular market segment for a more robust and balanced financial position.
- FF&E (Furniture, Fixtures and Equipment), Hotel Installations and O/I (Office and Industrial)
- Managing the logistics and requirements of palletized handling and storage.
- Warehouse and equipment modifications and requirements.
- Dedicating capital to marketing and sales force directed at non household goods lines
- Pitfalls to be aware of when entering into the logistics market.
Overall the DAB Session on Diversification was extremely well attended, provided great insights into the DAB initiative and gave specific and detailed real world information on diversification from industry leaders. The DAB Mover Group continues to grow and provide greater and greater benefit to its members and 2023 will be its best year yet!