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Buy the Numbers

Buy the Numbers

De : Mike Payne
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 A deep dive into the financials of running a Manufacturing business.2024 Economie Management Management et direction
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    • How a Fourth-Generation Manufacturer Measures Success, Ep #37

      How a Fourth-Generation Manufacturer Measures Success, Ep #37
      Jan 1 2026
      What changes when you're not building a business to sell, but building one to hand down? That's the question that kept coming up for me in this conversation. In this episode of Buy the Numbers, I sat down with Jack Watson of HFW Industries, a fourth-generation manufacturer whose family has been operating the same business for nearly 80 years. Jack's story starts with his great-grandfather in 1947, fresh out of World War II, taking a bet on an emerging technology that would eventually become the foundation of HFW's identity. What struck me wasn't just the history, but how that long lineage still shows up in the way the business is run today, from capital investment decisions to how risk, debt, and growth are viewed through a generational lens. As someone who runs a business with a very different ownership mindset, I found this conversation especially valuable. We explored how thinking in decades instead of deal cycles changes what numbers matter most. Instead of obsessing over EBITDA multiples or exit value, Jack shared how balance sheet strength, liquidity, employee tenure, and operational durability guide their decisions. We also talked about leadership, tribal knowledge, and the responsibility that comes with stewarding a business that employs people who may spend their entire careers there. Whether you're in a multi-generation family business or not, there's a lot to learn from how Jack and his family think about building something that lasts. This episode offers a different perspective on success in manufacturing, one rooted less in transactions and more in continuity, resilience, and long-term stewardship. You will want to hear this episode if you are interested in... (0:00) Jack introduces HFW Industries and its four-generation legacy(3:05) The origin story: thermal spray technology after World War II(5:53) Family involvement across generations and roles in the business(7:15) We detail how Factur can generate new opportunities for your business(8:22) Family ownership vs founder ownership: different lenses for decisions(9:50) Financial conservatism born from early hardship(12:33) How long-term thinking shapes capital investment decisions(14:23) Real estate ownership and building for generations, not exits(18:04) How to ride out downturns like 2008 and COVID with minimal debt(21:18) Why you need to meet us at the 2026 IMTS Exhibitor Workshop(23:25) The financial metrics that matter most in a family business(25:49) Tracking rework, training costs, and generational skill transfer(27:46) Bottlenecks, utilization, and strategic use of top talent(30:26) Capturing tribal knowledge before experienced employees retire(31:36) Documentation, standards, and low-volume high-mix challenges(32:47) Leadership structure across generations(38:23) Grow your top and bottom-line with CliftonLarsonAllen (CLA)(39:00) Decoupling the business from individual family members(40:48) Building a pipeline of leaders who act like owners(42:32) Employee tenure as a point of pride and competitive advantage(44:58) What Jack hopes his great-grandfather would think today Resources & People Mentioned Get a free custom report of opportunities in your industry from facturmfg.com/chipsWhy you need to meet us at the 2026 IMTS Exhibitor WorkshopGrow your top and bottom-line with CliftonLarsonAllen (CLA) Connect with Jack Watson HFW IndustriesConnect with Jack on LinkedIn Connect With Buy the Numbers Follow on LinkedInConnect with Mike Payne on LinkedIn Subscribe to Buy the Numbers on Apple + Spotify Audio Production and Show Notes by - PODCAST FAST TRACK
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      49 min
    • The Inventory Blind Spot: How LIFO Can Unlock Massive Tax Savings, Ep #36

      The Inventory Blind Spot: How LIFO Can Unlock Massive Tax Savings, Ep #36
      Dec 19 2025
      Inventory is one of the most overlooked levers in manufacturing finance, yet it is often the single largest asset sitting on a company's balance sheet. In this bonus episode of Buy the Numbers, Mike Payne is joined by inventory accounting experts Erica Parra and Cindy Houser from CLA to unpack why inventory accounting methods deserve far more attention than they typically receive. Most manufacturers default to FIFO or weighted average simply because that is how their ERP is set up. But in periods of inflation, tariffs, and volatile raw material pricing, that default choice can quietly cost companies hundreds of thousands or even millions in unnecessary tax payments. This conversation pulls inventory out of the "once-a-year count" bucket and reframes it as a strategic financial decision. Erica and Cindy break down the fundamentals of inventory valuation and identification, then zero in on LIFO as a powerful but often misunderstood tax deferral strategy. They explain why 2025 represents a rare "strike while the iron's hot" opportunity due to elevated inflation and tariff pressure, and why LIFO is truly a use-it-or-lose-it election. Using a realistic mock case study, the episode walks through how a manufacturer with $50 million in inventory could unlock nearly $2 million in cash tax savings by adopting LIFO in the right year. The discussion also covers how the analysis is done, what data is required, how long companies must stay on LIFO, and why this is not a DIY exercise. If you think inventory is just what's sitting on the shelf, this episode will change how you see one of the most powerful numbers in your business. You will want to hear this episode if you are interested in... (0:43) Introducing Erica Parra and Cindy Houser from CLA(3:00) The two core decisions in inventory accounting: valuation and identification(5:21) FIFO, weighted average, and LIFO explained in practical manufacturing terms(7:23) How raw material inflation and tariffs amplify inventory accounting decisions(8:38) When FIFO or weighted average may still make sense(10:41) Grow your top and bottom line with CLA (12:26) Signs that a manufacturer should evaluate LIFO as a tax strategy(15:30) The short-term and long-term questions every LIFO analysis must answer(17:27) How CLA uses inflation indexes and inventory data to model LIFO benefits(20:18) Why LIFO is tax deferral, not tax avoidance(21:14) Internal vs external inflation indexes and dollar-value LIFO(23:11) What data is required and how invasive the analysis really is(24:33) IMTS Exhibitor Workshop: Why planning matters(26:41) Mock case study showing nearly $2M in potential tax savings(29:47) Required holding period and what happens in deflationary cycles(32:06) Why LIFO is not a do-it-yourself calculation(34:17) Using tax strategy to offset rising compliance costs(38:50) Other major tax strategy changes manufacturers should watch in 2025/2026(42:52) How to connect with Erica, Cindy, or Mike to explore an inventory assessment(44:58) Use Hire MFG Leaders to hire your next leader Resources & People Mentioned Grow your top and bottom line with CLARegister for the 2026 IMTS Exhibitor WorkshopUse Hire MFG Leaders to hire your next leader Connect with Cindy Houser and Erica Parra Connect with Cindy on LinkedInConnect with Erica on LinkedIn Connect With Buy the Numbers Follow on LinkedInConnect with Mike Payne on LinkedIn Subscribe to Buy the Numbers on Apple + Spotify Audio Production by - PODCAST FAST TRACK
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      46 min
    • Innovation at the Speed of Trust: Why Real Progress Happens When People Connect, Ep #35

      Innovation at the Speed of Trust: Why Real Progress Happens When People Connect, Ep #35
      Dec 18 2025

      Innovation in manufacturing is often framed as a technology problem. Better machines, faster software, smarter automation. But in this episode of Buy the Numbers, the conversation takes a different turn, one that looks past tools and toward the human systems that actually make innovation stick.

      Mike Payne is joined once again by Al Whatmough, CEO of Toolpath, for a wide-ranging discussion on why innovation truly happens at the speed of communication and why trust, relationships, and shared experiences matter more than ever in an AI-driven world. From AI-powered productivity to the limitations of traditional trade shows, Al challenges conventional thinking about how the manufacturing industry learns, connects, and moves forward.

      The episode centers on Toolpath's upcoming Machining Summit on the Summit in Mammoth Mountain, an intentionally unconventional event designed to prioritize conversation over sales pitches and relationships over transactions. By removing the usual trade show noise, Al explains how smaller, effort-required gatherings create deeper connections, better idea exchange, and more meaningful outcomes for shop owners and industry leaders.

      Along the way, the conversation explores community building, trust in an age of AI, why shared meals and experiences still matter, and how manufacturers can rethink events, partnerships, and collaboration to drive real progress. This episode isn't about hype. It's about the numbers behind innovation, and why people remain the most important variable.

      You will want to hear this episode if you are interested in...
      • (0:39) Learn about the Machining Summit on the Summit (and why you should go)
      • (7:28) Why you should consider attending the IMTS Exhibitor workshop
      • (9:38) How Toolpath builds community and trust beyond the product
      • (13:06) Why trust becomes more important as AI capabilities increase
      • (14:10) Who the summit is built for and why decision-maker diversity matters
      • (17:34) Selecting panelists who prioritize shared knowledge over gatekeeping
      • (19:54) Why we love the SMW Autoblok catalog
      • (20:35) Balancing shop owners, vendors, and leaders for broader perspective
      • (24:18) Who should attend the Machining Summit on the Summit?
      • (25:52) Creating access for newer and smaller shops through Fresh Tracks
      • (28:04) Why shared experiences, meals, and even plus-ones deepen trust

      • (31:17) Grow your top and bottom line with CLA
      Resources & People Mentioned
      • Register for the Machining Summit on the Summit
      • Why you should consider attending the IMTS Exhibitor workshop
      • Why we love the SMW Autoblok catalog
      • Grow your top and bottom line with CLA
      Connect with Al Whatmough
      • Toolpath
      • Connect on LinkedIn
      Connect With Buy the Numbers
      • Follow on LinkedIn
      • Connect with Mike Payne on LinkedIn

      Subscribe to Buy the Numbers

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      Audio Production and Show Notes by - PODCAST FAST TRACK
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      32 min
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