SUMMER SIDE GIG
New Roads resident Brian Pangburn began developing recordkeeping software as a college summer job in the early 1990s for his father, Wayne Pangburn, who sold the software to insurance companies. Recognizing those companies wanted to outsource their recordkeeping, Pangburn took a year off from grad school in 1996 and the father-and-son team launched The Pangburn Company, a third-party administration company dealing exclusively with nonqualified deferred compensation retirement plans. They kickstarted the business with 150 clients picked up from a life insurance company in Boston, operating in a basement with no windows.
SMALL TOWN BIG LEAGUERS
As the business grew, they moved from the cramped basement in 2001, building a 4,000-square-foot office in New Roads, enough room to grow the staff to 20. The following year, Pangburn founded TPC Consulting, specializing in recordkeeping for the banking industry. By 2011, both TPC Consulting and The Pangburn Company grew to the point where Pangburn and his partners made the decision to rebrand them as wholly owned subsidiaries under The Pangburn Group flag. They constructed a new office in 2013, with a third floor available to handle future growth.
KEEPING IT LOCAL
In 2013, Pangburn’s business partner Greg Mitchell died, and two years later his father, Wayne, also passed. “We ramped up from the two partners to three, built this big company, and within a short period, lost both business partners,” he says. “Everyone was able to fill in and push the company forward with no gap in client support. You still reel from losses like that but we built a strong enough company to weather that kind of loss.” Today, The Pangburn Company services more than 2,000 businesses, nonprofit organizations, and financial institutions across the country. Despite increasing acquisition activity in the industry, Pangburn says it’s important that the company remain privately owned. “No one is answering to a shareholder looking for an improved bottom line. Everyone is part of the team and family here. When you bring outside investors, that whole culture can be lost.”