Once I flew to Germany for an INDEX multi-spindle deal that was stolen out from under us the morning after I arrived. I laid in my hotel bed swearing at the ceiling for a few minutes and then called a friend who happened to be our best European INDEX customer. Hours later, I was on a plane to Spain to inspect two different INDEX machines that we ended up making more money on than if we had sold the one I had come to Germany for.
It takes tremendous balls to start a machining company from scratch. And, maybe a little extra chutzpa to start a shop that primarily runs cam screw machines making millions of parts for automotive.
After 23 years working in job shops and running a small farm, Karl Drasgow cashed out his 401K to found Drasgow Inc., a Wickman job shop in Gainesville, New York, in 2003.
Damn. It’s already 2025? I was just getting used to the idea that it was 2024.
Today, Lloyd and I are reflecting on what worked and didn’t work in our used machinery business and our personal lives over the last year. We’re also discussing our intentions and predictions for the new year.
Will we sell more old multi-spindles in 2025 like we did this year? Will our incoming president be good for precision machining?
And how does it feel to turn 80?
Question: What are your greatest hopes and fears in 2025?
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We had an inquiry last Monday on an expensive CNC turning center from a machinery broker based in Chicago but representing a Chinese firm.
Thinking of a potential profit if we sold it, I asked Noah to quote the machine. His response was, “Dad, we can’t sell it to them. We are at war.”
I immediately knew he was correct. The parts made on this rare machine could be used in a missile or a drone that would threaten the United States or an ally like Taiwan.
We had an inquiry last Monday on an expensive CNC turning center from a machinery broker based in Chicago but representing a Chinese firm.
Thinking of a potential profit if we sold it, I asked Noah to quote the machine. His response was, “Dad, we can’t sell it to them. We are at war.”
I immediately knew he was correct. The parts made on this rare machine could be used in a missile or a drone that would threaten the United States or an ally like Taiwan.
On today’s podcast, I’m talking with Mike Payne, owner of Hill Manufacturing and Fabrication in Broken Arrow, Oklahoma, to peek inside the mind of a prolific acquirer of manufacturing companies.
Before purchasing Hill in 2018, Mike spent 20 years in M&A, orchestrating over 100 deals across nearly every industry.
Since then, Mike has acquired four machine shops, and he’s constantly scouting for more opportunities to expand.
I have obsessed over my 80th birthday coming this December 16th.
I’ve looked at the day with dread, wondering how I can reach it, yet wanting to celebrate it with the hope of sailing past it and moving into a state of happiness.
You may have noticed that I often talk about friction on this podcast.
That’s because everyone has to fight friction in business—and there is A LOT of friction in the manufacturing business.
Friction from time consuming stuff. Friction from stuff being too hard to figure out. Friction from stuff we’re not qualified to do or just don’t want to do.
Why would anybody buy a CNC multi-spindle for $2 million? Or $3 million for that matter?
My guest on today’s podcast, Richard Kingsbury, has the answer. Richard is Managing Director of the Kingsbury Engineering Division, England’s INDEX distributor.
I’ve interviewed a lot of interesting business coaches for this podcast, and all the coaches had one thing in common. They focused on coaching a company’s owner or management, rather than working with everyone at the company.