IBJNews

2013 CFO OF THE YEAR: Steve Hunnicutt

Back to TopCommentsE-mailPrintBookmark and Share

HONOREE, Private Companies (Revenue $100 million or more)

As CFO of Elwood staffing, Steve Hunnicutt’s influence has been much more than temporary.

He’s overseen eight acquisitions, doubling the company’s footprint and its revenue. The achievement is even more remarkable considering that three of those acquisitions occurred in the difficult economic years from 2008 to 2010—when his industry contracted 37 percent. And he’s kept the company profitable during every year of his tenure.

hunnicutt-steve-1col.jpg (IBJ Photo/Eric Learned)

Age: 40

Family: wife, Lori; daughters Morgan, 14, Lauren, 12, and Lindsey, 5

Hometown: Huntington, Ind. Education: bachelor’s, Ball State University

Education: bachelor’s, Ball State University

Civic involvement: treasurer for Terrace Lake Community Church in Columbus; board member and treasurer for New Song Mission, whose purpose is to rebuild the lives of orphaned, fatherless or impoverished children of Indiana

Hobbies: reading; outdoor activities such as camping, hiking, riding ATVs

Hunnicutt was recruited to serve as controller after working with an automotive-parts supplier as a business analyst. That previous employer had just gone through a merger, usually a volatile time.

“I thought it was not a bad idea to hear what these folks at Elwood had to say,” Hunnicutt recalled. Liking what he heard, he joined the family-owned business in 2000.

At the time, Elwood had 11 locations. Now it offers more than 220 throughout the United States and parts of Canada, employing nearly 1,000 people while keeping 27,000 temporary associates busy with more than 6,000 clients.

“It was in a growth mode,” understated Hunnicutt, who set policies for pricing, driving efficiencies, and building the financial side almost from the ground up.”

New to the industry, he quickly learned what most people don’t realize: “Most have the perception that staffing companies exist to recruit,” he said. “But much more significantly, it involves not only selection and screening and recruitment but also, once hired, essentially shifting the risk to us. We are the employer of record. If we send someone to a site and they become injured, we bear the responsibility.”

Manufacturing is still the primary area of placement for Elwood, but the company now works in distribution and logistics, oil and gas, and wind energy.

“As we’ve grown, so has our diversity,” he said. And that’s intentional. “We view it as a way to insulate against fluctuations that can hit one industry or geography. Diversity provides more stability.”

While servicing clients is vital, Hunnicutt also understands the importance of keeping his massive employee base happy.

“In any given week, we could be paying 27,000 employees in 33 states and Canada. We worked hard to build a system to minimize the risk of errors knowing that that’s not just a necessary business function but also important to employee satisfaction—which, in turn, helps us and our client companies.”

An awareness of his talent pool is vital in acquisitions as well.

“It’s tricky,” he said. “There aren’t tangible assets. There’s an employee list and a customer list. When assessing a potential acquisition, you need to understand if the information presented is accurate, you have to uncover contractual or operation issues that would indicate that the relationship would not continue. Contracts tend to be short-term, so we need to provide superior customer service.”

He noted the company’s success in retaining those clients and employees.

“We need to excite them about coming on board. And we try to make sure we have best-in-class benefits for them.”•

ADVERTISEMENT

Post a comment to this story

COMMENTS POLICY
We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
 
You are legally responsible for what you post and your anonymity is not guaranteed.
 
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
 
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
 
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
 

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by
ADVERTISEMENT

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
 
Subscribe to IBJ
  1. Good Day I am Mr (Victoria Wright) from United state of America, i stayed in NEW YORK, and i have a broke up business, until i found this company email who help me to gain a loan for business,, and now i want to used this short medium to congratulate the below company for the fast and safe money they loan to me without any form of collateral, i loan 500,000USD from the company to save my business and lots more, i saw their mail on the internet, everyone always give testimony for what they did, so i quickly contacted them and they all did everything for me without stress and my money was sent to my account just 3 days later, i was surprise and i feel so glad, now i have a standard business control agent who help me, now i will advice those who need urgent loan to contact him at the bellow email:zenithfirm12@gmail.com

  2. NOTICE:This is to inform the general public that Vampires are real. My name is James Franklyn.,am an agent of vampire,am here to introduce our new world trend to you,a world of vampire where life get easier,we have made so many persons vampires and have turned them rich,you will be assured long life and prosperity,you shall be made to be very sensitive to mental alertness,stronger and also very fast,you will not be restricted to walking at night only even at the very middle of broad day light you will be made to walk.In case you are wildly oppressed by some unscrupulous persons we can still help you fight them.Your protection is assured immediately you join.Just contact the bellow email if you are interested we are here to attend to you anytime you want us. Contact the bellow email for more details. Email:vampirescreed@hotmail.com Sincerely: James Franklyn.

  3. Bravo! Someone else that is willing to speak the truth! Bravo!_____NBCSN is available in almost 2 MILLION more homes than just a few years ago, but Indycar STILL gets less total viewers than it did just a few years ago when NBC took over Versus. Attendance and ratings cratered with the end of season races (just when the title battle got "interesting" HAH!__________And now...new race in Basilia, where Miles celebrated the "rich history" of Indycar racing there. Rich history? What, 7 events in the 100 years of AOW? Yep, some history. Well, at least its an oval. It's not??? Are you kidding me??? Gosh darn road racin furriners.

  4. PURITY RAY LOAN OFFER........ Have you been denied by your banks,or are you in need of of an urgent loan to pay of your bills we are capable of giving loans @ cheaper rate to interested individuals, student, companies and members of the public in need of finance to settle bills, we do offer considerable loans which you can count on. For more information on our various types of loan,then you will have to contact PURITY RAY LOAN FIRM, to help you achieve your desire LOAN APPLICATION FORM TO BE FILLED BORROWERS INFORMATION * Full name:………………………. * SEX * ……………………………. * Country………………………….. * State:……………………………. * Land:…………………………….. * Occupation:…………………….. * phone number:…………………. * Telephone: ………………………….. * Age:………………………………. * Amount needed as loan:……… * Loan Duration:………………….. * Propose of Loan:……………….. * Annual revenue:………………… * Monthly Income:……………….. * Guarantee:………………………. * Payment: monthly or annually Email.....purityrayloanfirm@gmail.com Thank you and God bless Mr Purity Ray PURITY RAY LOAN FIRM we tend to serve you better

  5. Problem: most of the people responding to this article don't know about this service AT ALL! Why? Lack of awareness. This isn't IndyGo. This is CIRTA: might as well be the mattress company because they are asleep at the wheel - something like 3 directors over the last year? Playing with federal grant money is great! This "region" wants commuter rail service, has spent MILLIONS on Transportation studies yet can't even support a commuter bus line? This is largely for suburban riders to get to downtown - not for "service people to work in our hotels and restaurants" ! Get your head out of your backside!! These are professionals, students etc. that don't want to fight traffic, save some money on parking, gas, stress.... if CIRTA would put their federal money into widely promoting the sevive to Greenwood, Fishers & Carmel instead of finding directors and studies - this would be a successful service. Our family uses(d) it daily for the last several years - but the recent uncertainty & now unreliability due to cuts from Carmel has been a problem. Now, costs us an additional $350/month for gas & parking ( $4200/year) plus vehicle wear, service, environmental impact ... YES - this REGION needs this this type of service in order to keep growing and getting the people it needs to fill skilled positions in downtown Indianapolis. Think outside of your own car !!!

ADVERTISEMENT