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When like-minded entrepreneurs sit down to swap stories, advice, and connections, it’s a major win for everyone. This is one of the great things about manufacturing because this industry thrives on collaboration, not just competition.
In this episode, we hear from Russell Winter, Founder of US MFG, who’s on a mission to connect entrepreneurs in the machine shop space together, while also acquiring shops from retiring owners that would have otherwise gone out of business. With the number of machine shops steadily declining, people like Russell are breathing new life into the space with technology and innovative ideas.
Russell shares his story of how he got started, how he chooses whether to acquire a new shop, the red flags to watch out for, and the two main things he looks at when accessing a business. We hear more about his efforts to build bridges in the community and his thoughts on inspiring the next generation of manufacturing business owners.
In this episode, find out:
- Russell shares an overview of how he buys machine shops and brings them together with software
- Retiring owners of machine shops who don’t have a clear succession plan often close their doors for good unless someone like Russell steps in
- How Russell decides which machine shops to acquire by looking at finances and culture to find red flags
- Why bringing people in with more experience is a huge part of succeeding in this space
- How Russell finds mentors and collaborates in his network
- Advice for entrepreneurs looking for business opportunities
- What led Russell to realize he needed to change the mission of US MFG to a more community-focused approach
- How do we create awareness in the next generation of manufacturing business ownership?
- The skills and knowledge we need to prepare young people for a future in manufacturing and business ownership
- Why shop classes in high schools are a growing trend and what this means for the industry
- How Russell’s company teaches important skills like financial literacy through his shops
- Russell shares the first major project he remembers manufacturing
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Tweetable Quotes:
- “The cool part about these shop classes is their instructors are often very mutual and collaborative with the industry that's around the high school. They'll have a board of business owners saying, 'This is who we're looking to hire. Can you teach them more turning work or a specific software?'”
- “Something that I've worked on developing a lot more is a mindset of trust but verify as opposed to just trust. Going over things with a fine-toothed comb, actual financials, and setting clear expectations at the beginning really pays off.”
- “There's a saying: if you want investment, ask for advice. And if you want advice, ask for investment. People are always going to give you advice because there's something to improve on, and if you're willing to take it and learn and grow and actually put it into action, then they're like, 'Oh, I see an investment here.'”
Links & mentions:
- US MFG partners with entrepreneurs to acquire, operate, and grow manufacturing companies within a collaborative network
- SCORE Business Mentoring, providing free business advice for starting or growing a small business through their network of 11,000 volunteer mentors in-person and online; part of the US Small Business Administration (SBA)
- Discourse Coffee, a music-driven coffee workshop in Milwaukee, WI, located in the same building as local, community-driven radio station Radio Milwaukee
Make sure to visit http://manufacturinghappyhour.com for detailed show notes and a full list of resources mentioned in this episode. Stay Innovative, Stay Thirsty.
