Making Chips Podcast for Manufacturing Leaders

Mike Payne has spent the last 20+ years deeply entrenched in the M&A process with dozens of companies throughout Oklahoma. Early in his career, he realized he loved the world of manufacturing. He also learned that he enjoyed operating a business. He was just waiting for the right opportunity to unfold.

Then it happened: Six years ago, Mike was able to purchase Hill Manufacturing. In this episode of MakingSparks, we chat with Mike about his work in the M&A space, why he made acquisitions close to home, and what led to his passion for manufacturing.

– Matthew Nix

• [1:10] Chit-chatting with Mike Payne
• [5:26] Spark of Knowledge: Strategic Planning
• [6:39] Casey’s dad joke
• [7:29] Mike’s background in manufacturing
• [9:32] Mike’s work in the M&A space
• [12:30] Why start with acquisitions close to home? [17:54] Get NetSuite by Oracle
• [19:11] Why Mike decided to run a business
• [26:02] Why build relationships within the industry?

• Warren Buffett's 2024 Annual Letter To Shareholders
• Get NetSuite by Oracle
• The Six Types of Working Genius

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“King Richard” is a movie about Venus and Serena’s dad, Richard Williams. I remember watching their rise in tennis and was fascinated by this movie that followed their path to success. Their father was a large driving force behind their successful careers. So in this unique episode of MakingChips, we talk about 7 takeaways from King Richard and how they can be applied to the manufacturing world. If you want to rise to the top, you have to make chips. Because if you’re not making chips, you’re not making money. BAM!

• [3:01] The sacrifice(s) it takes to achieve success
• [6:25] What’s happening in our lives
• [9:21] Manufacturing News: Manufacturing Activity Slows
• [15:08] Takeaway #1: The importance of planning
• [18:41] Takeaway #2: What are you willing to sacrifice?
• [21:31] Takeaway #3: Hard work and tenacity can take you places
• [23:20] Takeaway #4: The more successful you are the more haters you’ll have
• [24:25] Takeaway #5: Don’t make success about getting in the spotlight
• [26:23] Takeaway #6: The power of a positive mindset
• [28:20] Takeaway #7: Make no excuses

• The movie: King Richard
• U.S. manufacturing activity slowest in more than 1-1/2 years as workers quit
• Xometry
• IMTS 2022!
• ProShop ERP
• The CNC Samurai

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Hello Metalworking Nation and greetings from our studio at the DMDII in Goose Island, Chicago. On this two part episode of MakingChips, we welcome back Nicole Wolter, President of HM Manufacturing Company. Nicole shares the captivating story of HM Manufacturing, a company that began with her father's passion for F1 racing. The downturn of the economy in 2008 proved to be the perfect time for Nicole to enter the family business, but as she would come to find out, things weren't quite what they seemed. Nicole's questioning of all aspects of the family business led her to a startling discovery that would turn an already dire situation into a full blown crisis.

In manufacturing news, we talk about how Summer camps could be the start for the next generation's interest in the manufacturing industry.

Episode Structure: [03:10] - 22,000 Downloads! [03:35] - Manufacturing News [08:30] - Half Fridays [09:45] - Process Driven Sales [13:20] - Welcome Nicole Wolter [14:40] - “Home Made” [18:05] - A Family Business [22:03] - Getting Fired [27:07] - Dire Situations with HM [29:30] - “Something is Happening" [35:01] - New Policies and Procedures Links Mentioned in this Episode:DMDII Manufacturing News HM Manufacturing Company Nicole Wolter | LinkedInSubscribe to MakingChips

We Want to Hear From YOU, The Metalworking Nation: • [email protected] • [email protected] • [email protected] Telephone: (312) 725-0245

Hello Metalworking Nation! We are coming to you from Burr Ridge, IL -- headquarters of the Tuthill Corporation where we welcome CEO Tom Carmazzi to the MakingChips Podcast. Tuthill Corporation, established in 1892, has been manufacturing pumps, meters, vacuum systems, and blowers for use in a variety of foundational markets including agriculture, construction, chemical, water & waste water, energy & power, and medical.

On Part 1 of this two part interview, Tom shares some leadership principles that Tuthill uses to facilitate an environment where individuals are both motivated and effective. Tom takes us through Tuthill's cultural journey starting from their early days in brick manufacturing all the way to today, where they continue their journey to become a Conscious Company. In manufacturing news, we talk about U.S. Manufacturing's continued growth.

Episode Outline:[02:00] - Manufacturing News [03:41] - Patricia Miller at the White House [05:15] - Welcome Tom [07:00] - From Horses to Pumps [09:15] - Shrink to Grow [12:36] - The Human Heart [14:00] - Conscious Company [17:00] - Aware & Awake [20:24] - It Starts With Me [22:00] - Seeing the Value [23:45] - Conclusion of Episode

Mentioned in this Episode:Manufacturing News Patricia Miller at the White House Tuthill Corporation Tom Carmazzi | LinkedIn

We Want to Hear From YOU, The Metalworking Nation: • [email protected] • [email protected] • [email protected] Telephone: (312) 725-0245

I recently had a conversation with someone who retired a year ago. Sadly, his financial advisor gave him the worst advice I’ve heard in a long, long time. So in this episode of Retirement Made Easy, I’ll share why it was such poor advice and the two things you should never do. I’ll also answer a couple of listener questions at the end. Don’t miss it!

• [3:20] The worst retirement planning advice I’ve heard
• [10:11] Being armed with knowledge leads to confidence
• [11:14] Listener Question #1: Why can’t I roll over my 401k? 
• [16:05] Listener Question #2: Why I won’t work with Wells Fargo 

I was talking with this prospective client about the bucket approach to retirement planning. The first bucket is your emergency fund (3 months to two years of liquid assets). The second bucket is dedicated to producing an income that will supplement your social security income. Bucket number three is your “growth” bucket. The cost of living and healthcare expenses will continue to grow. Bucket #3 helps you keep up with those costs.

His financial advisor advised him—while the stock market is down—to get a home equity loan to draw the income he needed to live on for the next 2+ years. The goal was to spend the equity in the home and avoid dipping into bucket #2 to let it recover. This is terrible advice. I never recommend getting a home equity loan to live on. Why? Because bucket #2 is designed to provide you income. 

It’s just as bad as using cash value life insurance to borrow the cash value. When you take a withdrawal, you’re taking a loan from your policy and paying the insurance company an interest rate to borrow from your policy. 

If I recommended either of those options to my clients I could lose my license and be barred from the industry. If you’re looking for retirement income when the market is down, stick to your buckets. You have a nest egg earmarked and invested properly. Use it. And remember—it’s natural for your portfolio to go up and down in value.

One of my listeners, Beth, said her brother turned 65 and is not yet retired. But he rolled his 401k into a rollover IRA to make more investment choices. Beith—who is 63—contacted her 401k company and was told she can’t roll hers over until she retires. 

When you work for an employer with a 401k, some allow you to roll over your 401k into an IRA while you’re still working for that employer (after you turn 59 ½). But depending on your employer and how the plan document is written, some 401ks don’t allow you to roll over your plan. Every 401k plan is different. 

Why won’t I work with Wells Fargo? What unethical business practices do they employ that show they aren’t operating in your best interest? Listen to find out!

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