Growing middle market companies eventually run into the same questions: where does the next stage of growth come from, and how do you get there without losing what made the company successful in the first place?
Those questions shaped our Middle Market Executive Roundtable event on September 23, presented by Title Sponsor Fulton Bank, where Chamber member middle market leaders gathered for a candid morning conversation on expanding into new markets and industries. Michael Lloyd, President and CEO of IMC Construction, shared IMC's own expansion story as the featured case study, with Bonnie Chong, Executive Vice President and Head of Modern AI, Innovation & Shared Services at Modern, moderating the discussion.
Michael walked the room through IMC's growth across the Mid-Atlantic, with moves into New Jersey, Delaware, and Washington, D.C., and he was refreshingly open about the decisions that paid off and the ones that didn't. Each market came with its own lesson. In some cases, clients pulled IMC into a new region before the company had a local team in place for support. In others, a market only opened up once the company committed to a leader and an office on the ground. Recruiting the right people often meant building a team around them from the start, so no one felt like they were alone.
Michael also made the case for staying flexible, reassessing constantly based on what the company was actually seeing in each market, and being willing to walk away from opportunities that didn't fit.
For many in the room, what stood out most was how Michael framed growth around people.
"IMC Construction has long been a visible success story across Greater Philadelphia, but what made yesterday's Roundtable special was the candor Michael Lloyd brought to the room," said Russ Starke, Vice President, Strategy & Growth at Weidenhammer. "What landed with me, and I heard the same from others afterward, was how Michael's decisions, even behind closed doors, don't put profit or growth ahead of people. He walked us through paths the company could have taken, ones that would have rippled through the lives of the people who helped build IMC into what it is today. His response: 'We don't need that.'"
That openness carried into the discussion that followed, as attendees shared how their own companies are weighing expansion and the leadership challenges that come with it.
Alicia Karr, CEO of Meyer Design, said the conversation hit close to home. "Michael Lloyd's story really resonated with me as I think about Meyer's next stage of growth," she said. "It reinforced the importance of setting a clear direction while remaining flexible, empowering our leadership team, and having the right people in place to grow without losing what makes Meyer successful. More broadly, I really value this group. The candid conversations and willingness to share real experiences and lessons learned make it incredibly valuable."
Middle Market Executive Roundtables give leaders of growing companies a place to work through real decisions alongside peers who understand them. Keep an eye on our events calendar for the next one. We'd love to see you in the room.
