Parts Life, Inc. Family of Companies Builds Employee Homeownership
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At the Parts Life, Inc. family of companies (Parts Life, Inc.; DeVal Life Cycle Support, LLC; and LC Engineers), they’re not just working to solve product obsolescence, they’re also making it possible for employees to put down roots in their community.
The company, based in Moorestown, New Jersey, works with all military branches, original equipment manufacturers and prime contractors in aerospace and defense to manufacture critical components that extend the life of mission-critical assets. Through a novel initiative, Parts Life also offers loans to employees to help them buy homes.
How it started: The Help U Buy program, or HUB, was the brainchild of founder and CEO Sam Thevanayagam, who knows just how important a home can be.
- “The primary way that you create capital for yourself is to buy your first home,” said Thevanayagam. “I downsized my first home and bootstrapped Parts Life. I used my home as collateral to fund the acquisition of another company. Most things are funded by using your home as collateral.”
Thevanayagam thought up the program three years ago. After a few conversations with his Human Resources Department, he formalized the initiative and set it in motion.
How it works: The company offers interested employees a forgivable loan, and the employees work it off through service over the course of five years, with no additional responsibilities. According to Thevanayagam, more than 25 people have taken advantage of the program since he created it—including 17 employees in the last year alone.
- “We want every single person who works for us to be part of the American Dream,” said Thevanayagam. “When you own your first home, that sets you up for everything else. It gives you stability.”
The impact: Thevanayagam believes that the culture of a company is critical and that the HUB program speaks to Parts Life’s commitment to its employees. Parts Life also focuses on training designed to strengthen employees’ skill sets. The company frequently fills new positions by promoting from within as a demonstration of its investment in its workers.
- “It’s mutually beneficial, because it’s helping people become more valuable to the organization and themselves,”said Thevanayagam.
The last word: “My purpose is to create an environment where others can meet their God-given potential,” said Thevanayagam. “It’s a CEO’s responsibility to have the right culture. At the end of the day, I’m the bearer of that culture. I help create it, defend it. I take that job very seriously. It’s like gardening; you have to create the environment and make sure you’re working on it carefully so people have chance to grow and bloom.”