In this episode of The Manufacturers Network Podcast, guest Mary Cecile Neville (MC) joins host Lisa Ryan to discuss manufacturing best practices, focusing on collecting data and workforce development. They delve into the importance of emotional intelligence in the industry and highlight cultural aspects such as collaboration, empathy, and inclusivity. The conversation touches on emerging trends in manufacturing, digital transformation, and the significance of passion in attracting and retaining employees. Additionally, MC Neville and Lisa Ryan share personal interests and reflections on the rapid advancement of technology in the industry. Stay tuned to hear more about the impact of manufacturing technology and the passion driving this crucial industry forward.

Lesson Learned:

The conversation underscores the significance of creating a workplace culture that values collaboration, empathy, fun, passion, emotional intelligence, flexibility, and inclusivity. Listeners gain valuable insights into these elements' vital role in driving organizational success and nurturing a robust and motivated workforce.

Key Themes:

- The rapid advancement of technology in the manufacturing industry

- Balancing productivity, stress, and humor in the workplace

- The pivotal role of passion in attracting and retaining employees

- Recognizing the significance of seemingly mundane industries

- The value of in-person events and the need for empathy and emotional intelligence in the workplace

Fun Facts:

2024 marks the 10th anniversary of the first 3D-printed car, the Strati, built at IMTS in 2014.

- An exhibit at INTS and a student summit with speakers and exhibitors, including NASA and Boston Dynamics, are on the horizon.

- MC Neville's background in ski and snowboard organizations has greatly influenced her approach to leadership and workplace culture.

The IMTS, the largest manufacturing technology show in the Western Hemisphere, is held in Chicago every two years. It showcases diverse industry sectors and emerging technology.

Manufacturing best practices, Workforce data collection, Cultural aspects in manufacturing, Emerging trends in manufacturing, Digital transformation, Workplace culture, Emotional intelligence in the workplace, 3D printing technology, Chicago manufacturing technology show, Employee retention, Organizational success

This week's guest is Dan Shea, Managing Director at Objective, who will discuss mergers and acquisitions in the manufacturing sector. With over 30 years of success in M&A, particularly in manufacturing businesses, Dan shares expert insights into the key factors driving value in manufacturing businesses, preparing companies for potential sales, and the current state of the M&A market.

Key Themes:

1. Factors Driving Value in Manufacturing Businesses:

- Proprietary Aspects: Dan emphasizes the importance of uniqueness in manufacturing businesses, including intellectual property, manufacturing know-how, technology, brand recognition, and strong customer relationships.

- Operational Efficiency: Buyers seek companies that operate efficiently, generate ample profits, and demonstrate a competitive edge in manufacturing their products.

2. Reasons for Selling Manufacturing Businesses:

- Succession Planning: Many business owners consider selling when there is no clear succession plan or next-generation leadership to take over the company.

- Baby Boomer Transitions: With many baby boomer business owners reaching retirement age, selling businesses becomes a natural transition.

3. Preparing for a Successful Sale:

- Strategic and Administrative Preparation: Dan discusses the importance of strategic planning, investment in facilities and equipment, workforce management, diversification, and compliance with safety and environmental standards.

4. Ensuring a Smooth Transition:

- Confidential Nature: Dan emphasizes confidentiality during a potential sale to prevent undue worry and uncertainty among employees, customers, and suppliers.

- Employee and Customer Considerations: Dan highlights the importance of maintaining employee and customer trust during the transition by ensuring their well-being and minimizing potential disruption.

Lessons Learned:

- Mergers and acquisitions in the manufacturing sector require intricate planning, strategizing, and a meticulous understanding of the business's value drivers and market dynamics.

- Securing trustworthy advisors, including lawyers and investment bankers, is crucial for navigating the sale process and maximizing the value realized from the transaction.

Fun Facts:

- Dan shares an anecdote about a client's surprise at receiving an unexpectedly high number of offers for their business while highlighting the potential for success in the sale process.

- The impact of nearshoring on manufacturing businesses is illustrated through a real-world example of a Mexican company benefiting from transferring volumes to their Mexican operations due to customer proximity.

Keywords:

Manufacturing businesses, Mergers and Acquisitions, Manufacturing sector, Business value, Strategic planning, Succession planning, Baby boomer transitions, Business sale preparation, Confidentiality, Business transition, Investment advisors

In this episode, Lisa Ryan is joined by special guest Tom Geiss, the founder of GD&T Basics and a certified senior-level ASME Geometric Dimensioning and Tolerancing professional. Tom shares his journey from being an engineer in the automotive world to creating GD&T Basics, a resource that has empowered countless professionals in the engineering industry. He delves into the importance of standardizing communication and the practical use of GD&T, shedding light on the critical role of GD&T in revolutionizing the manufacturing industry's efficiency and standardization.*

**Lessons Learned:**

- Standardizing communication is crucial in preventing costly manufacturing issues and ensuring clear and confident communication in the engineering industry.

- GD&T is not just jargon; it is a language of precision that simplifies complex geometric requirements and provides a standardized way of defining functional geometric requirements.

**Key Themes:**

1. *Impact of Standardization:* Tom discusses the impact of specializing in niche areas and its benefits to individuals and companies. He highlights the significance of standardizing communication through GD&T in the engineering and manufacturing industry.

2. *Real-World Simplification:* The approach of GD&T Basics in simplifying GD&T through a real-world 80-20 training approach. It focuses on relating GD&T concepts to how professionals engage with them daily, making the learning process more accessible.

3. *Remote Team and Company Culture:* Tom emphasizes hiring for culture fit and self-motivation in a remote work environment. He discusses how virtual meetings, regular check-ins, and in-person meetups contribute to maintaining a cohesive company culture.

**Fun Facts:**

- Tom Geiss and his team at GD&T Basics have developed an outstanding culture of self-motivated individuals who work cohesively in a remote environment.

- The GD&T Basics team is a small yet powerful group of nine individuals who have successfully worked with many companies, from small machine shops to major global entities like Honeywell, SpaceX, and Disney Imagineering.

In this engaging episode, Tom Geiss shares his profound insights into the world of engineering and manufacturing and the human side of building a successful company and team. If you want to learn more about geometric dimensioning and tolerancing or want to connect with Tom Geiss, visit gdandtbasics.com or find him on LinkedIn!