When MFA Oil acquired Steve Despain’s family-owned refined fuel business in Lake City, Ark., in 1996, he agreed to stay on for a couple of years as the manager to ensure a smooth transition. Despain envisioned fulfilling his contractual obligations and moving on.
“My intention was to stick around for a couple of years, but 25 years later, I’m still here,” Despain says with a chuckle.
Despain, 60, has thoroughly enjoyed his time with the company, but he’s finally ready to make his exit. He is officially retiring on Tuesday, Nov. 30.
Family Business
In 1991, Despain began working for his wife’s family’s company, W J Short Oil Company. Despain’s father-in-law died of a heart attack within a year of his joining the business. Despain and his wife, Carol, bought the family business in 1992 from Carol’s grandfather. Steve managed the fuel operations while Carol handled the bookkeeping and customer service.
Four years later, MFA Oil approached the Despains to gauge interest in an acquisition. Though they had not considered a sale, that began a months-long dialogue with the co-op that eventually led to a deal in September 1996.
Despain recalls a surge in growth in the early years following the acquisition.
“The cooperative gave us the tools and resources we needed to expand,” Despain says. “We went from an annual volume of 1.5 million gallons before the acquisition to a peak of 9 million gallons per year. One of those first summers after the sale, we hit our annual volume in a single month.”
One of the high points of Despain’s career with the company came in recent years. He received a call from one of the company’s auditors, who offered his congratulations.
“I wasn’t sure what he was talking about, so I said, ‘What for?’ and the auditor then told me that I was the top plant manager based on net income,” Despain says. “We worked hard to keep our expenses low and our volume high, so that was a great accomplishment for our plant.”
Strong Connections
Despain’s coworkers shared that loyalty, respect, and customer service were the hallmarks of his tenure as the Lake City plant manager.
“Steve always treated his plant like it was his personal business,” says Julie Swindle, BPLP operations manager, referring to the care and attention Despain showed the business even after the acquisition.
Swindle has worked with Despain for nearly 20 years and is grateful for everything he has taught her about the refined fuels business. Swindle got her start with MFA Oil working for Despain as the Lake City CSR.
Swindle says she’s had many fun times working with Despain over the years. She remembers one stormy spring day when she was at the office with Despain and Jeff Hale, senior driver for the Lake City plant. Swindle decided to run to the bank and post office before the storm hit. The bank was next door to the plant, and the post office was only a couple of miles away, so she wasn’t gone long. However, when she returned to the office, the gates were closed, and the office was locked up.
“It was raining hard, and I called Steve and Jeff to ask ‘Where are y’all at?’” Swindle says. “In a panicked voice, they told me, ‘We are at your storm cellar, and you better hurry up and get down here!’ I hung up the phone and laughed. I couldn’t believe they had gone to my cellar and forgot to call me!”
Jeff Goodwin, Mid-South district manager, says Despain has long been a fixture of the Lake City community.
“Steve has forged strong connections with many of the farmers and business in the area,” Goodwin says. “He’s always been a dependable plant manager who puts his customers first. Steve has done a great job for MFA Oil. We will certainly miss him and his immense volume of refined fuel knowledge.”
Despain appreciates the opportunities MFA Oil gave him and the friends he made throughout the years.
“I’ve got a lot of gratitude for the company and everything it has done for me,” Despain says.
Despain is looking forward to spending more time with his family, crappie fishing, and visiting his lake house in his retirement. He and Carol have a son, Preston; daughter-in-law, Morgan; and two grandchildren.