How a Fourth-Generation Manufacturer Measures Success, Ep #37
Release Date: 01/01/2026
Breaking the Ceiling: Systems, Data, and the Truth About Scaling a Machine Shop, Ep #44
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Breaking the Ceiling: Systems, Data, and the Truth About Scaling a Machine Shop, Ep #44 Manufacturing will humble you—no matter how good you get. I was talking with someone recently about how this might be the only industry where you can perform at a world-class level and still lose money on scrap. That’s just the reality we operate in. So the question becomes: how do you build a business that can actually handle that kind of pressure? In this episode of Buy the Numbers, I sit down with Scott Shortess—someone I’ve known and trusted for years—to talk through what it really takes to...
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Trust First, Numbers Second: The Leadership Playbook Manufacturing Shops Are Missing, Ep #43
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What actually makes leadership work in a manufacturing environment? Is it KPIs, lean systems, and dashboards? Or is it something far more human? In this episode of Buy the Numbers, I sit down with Jason Woodard, COO of Geislinger Corporation and author of Manufacturing Leadership That Works, to unpack the leadership principles that drive real operational performance. While the conversation touches on KPIs, accountability, and operating cadence, the foundation is surprisingly simple: trust. Jason argues that before you can improve numbers, you have to earn credibility with your...
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CMMC Is Coming — What It Means for Your Shop, Your Costs, and Your Customers, Ep #42
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CMMC is no longer something manufacturers can afford to ignore. If you’re doing work in the defense supply chain—or even thinking about it—this is quickly becoming a requirement, not a “nice to have.” And what makes it challenging is that it’s not just about passing an audit. It’s about how your entire business handles data, systems, and security. In this episode of Buy the Numbers, we break down what CMMC actually means for manufacturers in practical terms. What does it require? What does it cost? And how do you even begin to approach something that touches everything from...
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The Overlooked Expense: How Utility Assessments Can Unlock Hidden Savings, Ep #41
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Most of the time on Buy the Numbers, we focus on revenue growth, margin improvement, cash flow strategy, or capital investments. But in this episode, we turn our attention to something many manufacturers rarely question: utility expenses. Electricity. Gas. Water. Sewer. Waste. For most of us, these bills show up, we pay them, and we move on. They’re viewed as fixed costs of doing business. But what if they’re not as fixed as we think? In this episode, I’m joined by Lori Demeyer and Leticia Lawson from CliftonLarsonAllen to talk about utility assessments —...
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Don’t Just File the Return — How Smart Tax Planning Pays Off Over Time, Ep #40
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Too many manufacturers treat taxes as a once-a-year compliance exercise. You gather the documents, sign the return, write the check, and move on. But the reality is that tax planning is one of the most powerful strategic tools available to business owners, especially in capital-intensive industries like manufacturing. In this episode of Buy the Numbers, I’m joined by Dylan Valentyn and Julie Helms from CliftonLarsonAllen to walk through what manufacturers should actually be thinking about as they prepare their 2025 returns and look ahead to 2026. This...
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The Cost of Quality — Why Getting It Right Is the Fastest Way to Get Paid, Ep #39
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Quality is often treated like a cost center in manufacturing. Something we have to do to satisfy customers, auditors, or certifications. But in my experience, quality is much more than that. It’s one of the biggest drivers of cash flow, reputation, and long-term profitability in a shop. In this episode of Buy the Numbers, I sat down with Mehul from Ground Control to talk through the real, often hidden, cost of quality. Our conversation starts with a simple but critical idea: parts don’t get paid for unless the paperwork is right. You can machine a perfect part, ship it on time, and...
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Owning the Problem: Why Accountability, Communication, and Culture Drive Throughput, Ep #38
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One of the patterns I keep seeing in manufacturing has nothing to do with machines, software, or technology. It shows up in how teams respond when something goes wrong. In this episode of Buy the Numbers, I sat down again with Josh McKain from Throughput Mastery to talk about the habits that actually drive throughput, especially accountability, communication, and culture. Josh has now hosted more than a dozen live conversations with manufacturing owners and leaders, and what stood out to me is how often completely different topics circle back to the same root issue. Whether the discussion...
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How a Fourth-Generation Manufacturer Measures Success, Ep #37
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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...
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The Inventory Blind Spot: How LIFO Can Unlock Massive Tax Savings, Ep #36
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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...
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Innovation at the Speed of Trust: Why Real Progress Happens When People Connect, Ep #35
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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...
info_outlineWhat 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/chips
- Why you need to meet us at the 2026 IMTS Exhibitor Workshop
- Grow your top and bottom-line with CliftonLarsonAllen (CLA)
Connect with Jack Watson
- HFW Industries
- Connect with Jack on LinkedIn
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Audio Production and Show Notes by - PODCAST FAST TRACK