Aaron Morgenstern named president of Harry Davis & Company as he carries on its legacy
Aaron Morgenstern named president of Harry Davis & Company as he carries on its legacy
July 14, 2023 – PITTSBURGH, PA— Based in Pittsburgh since 1955, Harry Davis & Company has named Aaron Morgenstern as the second president in its history. Morgenstern is part of the third generation of the company, along with Lenny Davis, CEO.As the grandchildren of the company’s namesake, Harry B. Davis, they strive to carry on his legacy of hard work, dedication and results.
“My grandfather, Harry, was an important person in our family, in our community, and in the food and dairy space,” Morgenstern says. “After enlisting in the Army during World War II, he rose to the rank of Brigadier General in the U.S. Army Reserves. As a former Marine, I am proud to continue his legacy at the company he founded.”
Morgenstern adds that his grandfather took a lot of risks in forming the business and was a powerful force.
“He passed away at the age of 61, well before his time, in 1984. Everybody who ever worked for him — and some of our current employees did — knows of his work ethic and what he brought every day to our company. It remains a culture of hard work and working collaboratively with our customers and partners to get things done,” he says.
“Our valuation work, led by our CFO Joseph Joyce, is the gold standard in the dairy industry and is relied upon by some of the largest lenders and insurance companies in the world.”
“The employees at Harry Davis & Company are generally folks who have been with us for decades,” adds Morgenstern, who has been with the company for 14 years. “So my being the president reflects the continued growth of our company as we approach our ninth decade.”
Well known as auctioneers in the food and dairy processing industries, Harry Davis & Company continues to innovate in providing guidance and solutions to the dairy industry. Currently the treasurer of the Industrial Auctioneers Association, Morgenstern notes that Harry Davis & Company is more than asset sales.
“In addition to confidentially selling operating dairy companies and brands, we’ve worked with investors to identify target opportunities and consulted on 10-figure transactions. Our valuation work, led by our CFO, Joseph Joyce, is the gold standard in the dairy industry and is relied upon by some of the largest lenders and insurance companies in the world,” he says. “After being invited to present on multiple occasions at the International Valuation Conference, Joe was recently appointed to the board of examiners for the American Society of Appraisers. Additionally, he serves on the Machinery and Technical Specialties Governance Committee, reflecting our standing in the valuation industry.” Morgenstern notes that his favorite part of this business is helping people. “I was walking through a facility in California last week, and I got a call from a company in Wisconsin asking about filtration. As it turns out, I was standing in front of an idle polisher that was coming off lease. In the course of 15 minutes, the company in California found a solution for what to do with an idle asset and the company in Wisconsin found a solution to their operational needs,” he says.
Morgenstern adds that Harry Davis & Company brings value to customers as stewards of good corporate governance.
“Too often, companies make decisions on their assets without the proper analysis. Good financial stewardship means being aware of the marketplace at all times. As an independent third party, we provide key insights on where the market is headed for broader future business planning.” he says. “You can’t govern effectively from a position of uncertainty. We are experts at defining asset value in a wide range of use cases and scenarios. Once a company has that information, they can leverage a smart asset strategy to quickly pivot to areas of opportunity and provide themselves with a defense against market fluctuations and economic uncertainty.”
Morgenstern notes that many types of business decisions are made based on asset book value, but Harry Davis & Company understands the bigger picture, including market demands and supply chain constraints that can impact equipment value.
“We go to key industry events. We listen to our customers. We learn about the current state of the marketplace. Lenny, Joe and I see a lot of companies that we’ve transacted with in some capacity: facility sales, valuation work or just a piece or two of equipment that they bought at an auction. We use our experiences to advise clients if the timing is right for an asset sale, or if they should wait because the market currently is flooded with equipment,” he says.
Morgenstern adds that Harry Davis & Company prides itself on “staying in our lane” to focus specifically on the dairy, food and beverage markets. “We’re not a ‘jack of all trades, master of none,’” he says. “We know that by cultivating relationships and becoming hyper-focused experts, we bring the highest possible value when it comes to corporate decisions to manage assets. We can’t always control timelines, but we can provide guidance to our customers on the appropriate timing based on what we do know, so people are not bringing assets to market without purpose.” CMN