As Co-President of HEICO – the world’s largest designer and maker of commercial aircraft replacement parts – Victor Mendelson likes to remind businesspeople here that Miami is “a town of small and smaller businesses” where entrepreneurs know how to “bounce back.” He cites his own company as an example of how creative reinvention can save a company and keep it growing.
In the closing address at Mapping Miami’s Financial Future, a signature event organized recently by the Miami Finance Forum, Mendelson described how HEICO changed direction repeatedly from its founding in 1957 as Heinicke Instruments, designing and selling lab equipment.
A merger in 1974 brought Heinicke into the aviation market, but the company also dabbled in other directions including a car wash system and medical diagnostics. The car wash turned out to destroy automotive paint. The medical technology was sold. By 1986 when the name was changed to HEICO Corporation, the company was in decline.