Months after earning recognition for being in business under the same family for 78 years, a longtime Lubbock business is under new ownership, according to a company news release.

Steve Moffett, former president of Lubbock Electric Co., inherited the business, which was founded in 1944, from his father-in-law Paul Vernon Bush in 1973. On Oct. 24, 2022, he and Patsy, his wife, sold the business to Bill and Riley Moran, a father and son, according to a Monday news release.

"I’ve had a good run, and we’ve made considerable improvements to safety, our work culture, and repair practices over the past few years,” Moffett said. "However, I am older than people realize, and I did not have a succession plan or heirs interested in the business. I don’t have the energy to continue improving our facilities and processes, so the logical choice was to find a successor."

Moffett will stay with the company at 1108 34th St. as a senior executive, and has no plans to retire any time soon.

"I intend to continue working for Lubbock Electric for as long as I am viable and producing," Moffett said. "My focus will now shift to strengthening our existing relationships and developing new ones. I’m not planning on going anywhere."

Moffett met Bill Moran through the Electrical Apparatus Service Association. Moran had been a partner-owner of called B & M Machinery in El Paso, and became interested in LECO after leaving B & M.

"This company means so much to me and my family, so it was important to us to find a new owner who would keep the name, value our agricultural clientele, and keep as many jobs in Lubbock as possible," Moffett said. "I think Bill Moran is the perfect guy to lead the company. The more I’m around him, the more impressed I am, and the more I know that he understands the value of this company and its customers."

Bill and Riley Moran are engineers, and their family has a history of running and owning industrial service companies, according to the release. They plan to build on the success, modernize systems and processes, and invest in tools and training for employees.

"Our services and products will only get better," Bill Moran said. "We aim to build on this legacy. Customers should continue to expect responsive service from Lubbock Electric. We will work towards even greater levels of transparency and communication with customers."

Since taking on the ownership, Bill Moran has been visiting with key clients to grow a better understanding of the cotton gin industry.

"Cotton gins and ag processing plants will always be valued customers to Lubbock Electric Company," Moran said. "Their needs will continue to influence our recruiting, training, operational, and product strategies."

Alana Edgin is a journalist covering Business News in Lubbock and the surrounding area. Send her a news tip at aedgin@lubbockonline.com. 

This article originally appeared on Lubbock Avalanche-Journal: Lubbock Electric Co. under new ownership, hopeful for future