Podcasts about jim jason

Knowing when to start the conversation about family business succession planning can be tough. Jim and Jason understand that the dialogue surrounding the family business can be hard as it is - without throwing in who is getting what and when. In this episode of the MakingChips podcast, Jim and Jason share their personal experiences as well as some insightful tips to help the manufacturing leaders of the Metal Working Nation get the ball rolling and keep the business growing. Connect with us:www.MakingChips.com/contact Knowing where and when to start the conversation While bringing up succession is uncomfortable, it is important to start planning as early as possible. The earlier you begin the dialogue, the better. Jim shares that he knew the conversation needed to be brought up with his dad when he realized that the woman his father was dating at the time may have ended up being his stepmother - and an inheritor of all he had worked hard to maintain and create in the family manufacturing business. Family situations can get sticky, which is why it is vital to start now. Navigating all the discussions that need to take place, the legal issues, and the development of a practical, workable plan can take time. For Jim, it took several years from the time he began the conversation with his father to the time everything was legally settled on paper. Jason shares that while his family situation wasn’t as difficult as Jim’s, his dad still realized the necessity to begin succession planning early in case of unforeseen or unfortunate events. It isn’t only about settling who gets what and when - it is also about preserving the future of the business. Keeping interests and priorities in alignment Jim knew that he didn’t want the amount of effort and energy he was putting into the family business to go to waste. It is important to understand and be honest with your family members about who has the greatest or equal interest in pursuing the future of the company and who is best equipped to handle the financial ups and downs. Jim shares that he didn’t want the business to be pulled out from under him by someone else when he was the one that had put the greatest amount of effort into the company and knew that was where his passion lay. Similarly, Jason shares that while he and his sister both owned shares in the family business, Jason and his wife had sustainable future plans for the company and held a greater level of interest in its growth. Both Jim and Jason walked through the succession planning journey with their families, taking into consideration that it would be difficult and at least a little bit painful for everyone involved. The priority, however, always had to be the success of the business. Listen to the entire episode for details on how Jason and Jim helped their families walk the path of succession planning to cohesive decision-making. Navigating the waters of appraisals and attorneys Jim stresses the importance of seeking professional help when building a family business succession plan. Understanding which appraisals matter for tax purposes, payment plans, and divvying shares is vital. While conversations can create plans that seem doable, having everything put into a binding, written agreement is key. Having a business appraiser, attorney, and corporate account present can help you and your family make sense of everything involved and what needs to be done to make your succession plan a reality. Jason explains the importance of understanding the fine print. You and your family probably won’t come to complete agreement on the first draft of the succession plan. Is what is being handed to you what everyone needs? Jason knew he didn’t want to be handcuffed in any way when he took over ownership of the family business, and so further work had to be done on the succession plan before he and everyone else was content with moving forward. Jim & Jason’s call-to-action Get the conversation going - no matter what. Yes, it can be uncomfortable - whether you are the one giving everything away or the one receiving. Yes, it can give rise to rifts and pains that no-one in the family will want to feel. Jim and Jason stress, however, that the longer you wait, the worse it gets. They suggest networking with peers that may be going through the same thing and collecting thoughts and ideas on how to navigate the succession waters so that you don’t drown when you go in to start the conversation. The important thing to remember is that you do not want something such as succession planning to be a looming impediment to your family business. The growth and success of your business should always remain at the forefront. Because if you aren’t making chips - you aren’t making money. Here’s The Good Stuff! Jason and Jim discuss their personal experiences with family business succession. The importance of beginning the discussion early! Continuing the dialogue. Balancing interest with priority. Navigating Appraisals. Getting started ASAP. Tools & Takeaways Family Business Succession Planning - Tips for Success Connect With MakingChips www.MakingChips.com On Facebook On LinkedIn On Instagram On Twitter On YouTube Subscribe to Making Chips on Apple Podcasts, Google Play, Stitcher, or Spotify

Hello Metalworking Nation and Happy Thanksgiving from MakingChips! Where do you see your manufacturing business in the next five years? Do you have a vision of your company's future? On today's episode, Jim & Jason share 5 Questions that Manufacturing Leaders need to ask themselves right now. In manufacturing news, we talk about a groundbreaking new surgical procedure and how it relates to manufacturing. Jim and Jason also share their plans for Thanksgiving, and news related to their business and family. Episode Outline:[00:01] - IMTS 2018 - Register Today [02:44] - Thanksgiving [05:24] - Manufacturing News [08:55] - What’s New With Jim [11:04] - Mission and Vision Statement [15:56] - Vision of Your Future [19:58] - Technology Advancements [21:27] - Communicating to the Marketplace [22:56] - Lead, Manage, and Hold People Accountable [30:10] - Scaling your Business Links Mentioned in this Episode:IMTS 2018 - Register Today! TMA Illinois Manufacturing News Cruial Conversations We Want to Hear From YOU, The Metalworking Nation: • Jim@makingchips.com • Jason@makingchips.com • Ryan@makingchips.com Telephone: (312) 725-0245

Hello Metalworking Nation! We are broadcasting remotely from a Xometry Vendor Partner, GT Automation Group in Fort Wayne, Indiana. Today we welcome Steve Gildea, President at GT Automation and Michael Dickson, VP of Customer and Partner Success at Xometry to the MakingChips Podcast, as they give us a deeper dive into the Xometry brand. We'll hear about the impact that Xometry has had on GT Automation as Steve walks us through the process that Xometry provides GT Automation to view and accept work. Michael explains the benefits of the Xometry Partner Network, and shares some insight as to what sets Xometry apart from the competition. In manufacturing news, we discuss 4 Keys to Boosting Workplace Culture in Manufacturing. Episode Outline:[00:01] - GFMC 2017 [03:00] - What’s New with Jim & Jason? [05:17] - Manufacturing News [11:19] - New Orleans [12:51] - Introducing Xometry [18:43] - Welcome Michael Dickson [20:45] - Xometry’s Algorithm [24:00] - Welcome Steve Gildea [26:00] - The Job Process and Partner Network [32:50] - Shipping and Payment [34:56] - Farming Out Work [38:45] - Variety of Work [41:26] - The Xometry Difference Links Mentioned in this Episode: GFMC 2017 - Register Today! Xometry: CNC Machining Services & 3D Printing Services GT Automation Group Manufacturing News Michael Dickson | LinkedInLeave Us A Review on iTunes We Want to Hear From YOU, The Metalworking Nation: • Jim@makingchips.com • Jason@makingchips.com • Ryan@makingchips.com Telephone: (312) 725-0245

It is not unusual for multiple members of a family to work at the same business.  However, such situations can be troublesome if the relationships give rise to suspicions of favoritism or unfair treatment. We see this a lot in family business, government, everywhere.  After all, it’s in our human nature to help those we love and who are like us but is it good for the business? What should your company do to avoid nepotism? "Growing up [in the family business], you were very cognizant of the fact that employees thought you were being treated in a different way." - Jim Carr On this episode of MakingChips, Jim & Jason share their experiences with family in the business and lay out 7 different ways to avoid nepotism in the workplace. Episode Structure: [02:15] - Sandvik Coromant Video [03:22] - Manufacturing News [05:56] - Listener Email [10:00] - What is Nepotism? [13:36] - Seperation [19:00] - Evaluation [20:02] - Hiring Process [24:30] - Conclusion of Episode Mentioned in this Episode:   Ways to Avoid Nepotism: Reinforce that being a part of the family or a friend may get you in the door, but you have to perform - and probably to a higher level and without as much praise. Owner separation from job role - starts at the top. Clear and consistent manner of evaluation backed up by data and multiple examples as evidence. Job description that includes specific goals. Stated hiring process. Exclude family members from awards & contests. Family members should work somewhere else first - in relation to younger workers. Sandvik Coromant Video  Manufacturing News We Want to Hear From You, The Metalworking Nation: jim@makingchips.com jason@makingchips.com ryan@makingchips.com Telephone: (312) 725-0245