Prepare Your Business for the Future

FMA Membership has many perks, but the opportunity to collaborate and network with fellow owners and executives about the issues that matter most about your business may be one of the best!

Last month The FABRICATOR®’s Executive Summit brought together twenty-eight fabricating shop owners, managers, and future industry leaders, along with executives from the banking and private equity sectors to discuss the future of their businesses. The Summit was held on Aug. 22 – the day after the 5th Annual GOLF4MFG NBT Open, providing attendees the opportunity to support the initiatives of FMA’s charitable foundation through a day of sport and camaraderie at the Cantigny Golf Club in Wheaton, Ill.

The Summit kicked off with a networking dinner at Jimmy’s Charhouse, where new business connections and friendships were formed over food and drinks.  The discussion the next day focused around business value and the importance of developing a succession plan with presentations by John Bastian, Chairman & CEO, Blackhawk Bank; John Honney, Managing Director, Bootstrap Capital; Mark Ernst, President, Ernst Enterprises.  A panel composed of Dan Davis, Editor in Chief, The FABRICATOR®; Robert Ashcroft, Northern Trust; Justin Woffort, Brown Gibbons Lang & Co.; and John Honney discussed the results of FMA’s 2017 Financial Ratios & Operational Benchmarking Survey. Lively discussion ensued over such topics as the importance of having a succession plan in place to secure the future of your business, how to best include family fairly in a succession plan, customer diversification, growing organically, digital marketing strategies, and negotiating with difficult customers and suppliers on payment terms. The program concluded with a tour of Elgin Sweeper Co., the manufacturer of the original street sweeper. Attendees saw firsthand why open communication, manufacturing flexibility, and innovation are necessary to meet customer’s diverse needs and remain competitive in today’s market.

Congressman Peter Roskam, representing Illinois 6^th district, also made an appearance. Representative Roskam spoke about the bipartisan support of his bill, the Clyde-Hirsch-Sower-RESPECT Act, which was passed unanimously two weeks before the Summit. The bill protects small business owners from unjust asset forfeiture by the IRS. Congressman Roskam stressed the fact that despite the current abundance of heated political rhetoric, there is still common ground being found. Issues like this are proof that bipartisanship is still possible. Attendee Gary Koester of Koester Metals Inc., Fremont, Ind., asked about ways to get people to understand the concerns of small business people, such as fabricating shop owners. Roskam responded that owners of these businesses should be open with employees about why certain platform stances, such as tax reform, are good for both the business and the employees as well as the business community as a whole.

Manufacturing is changing rapidly in America. Companies must think strategically in order to remain competitive in today’s  industry. As Ryan Forsell, Superior Joining Technologies of Loves Park, Ill., summarized, “Having a plan in place is essential for the business to thrive and continue. The plan is key to success.”

FMA events benefit the North American metal processing, forming, and fabricating industry by supporting businesses of every size. Visit the online calendar for a list of upcoming opportunities to get your business a seat at the next FMA networking event.