Joel Blake
@joelmfg
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The Kevin Bacon of Manufacturing™ – sharing backstage realities of the US supply base. SMB owner / industrial engineer. 🏭🗽
I Ain't Hard to Find
Joined March 2009
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Pinned Tweet
Companies who don't pour metal should be banned from using Foundry in their name
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@coffeeshopjihad
For marathon training in February, during a blizzard, I ran my 21-miler on an indoor track.
The track was 1/12 mile in length... i.e. 252 laps.
Your tweet just triggered my PTSD.
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So many Boomer businesses with no exit strategy being ignored by Gen X-ers and Millennials because they’re in unsexy industries.
Free money lying on the table if you’re brave enough to pick it up.
If you don't own a piece of a business, you don't have a path towards financial freedom.
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Business isn't a skill.
Here's a list of useful skills from
@ScottAdamsSays
:
Public speaking
Psychology
Business writing
Accounting
Design (the basics)
Conversation
Overcoming shyness
Second language
Golf
Proper grammar
Persuasion
Technology (hobby level)
Proper voice technique
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Overweight people want to be thin.
Thin people want to be muscular.
Employees want to be owners.
Owners want more stability.
Generalists want to be specialists.
Specialists want to diversify.
The struggle is universal.
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Ask yourself: Why own a small business?
If you get excited about:
- Capital allocation
- Strategic creativity
- Systems innovation
Sorry, that's 20% (or less) of the job.
The 80%:
- Putting out fires
- Making calls you dread
- Navigating tricky relationships
Think it over.
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What if you could buy a Small Business with no debt or capital?
Here I'll detail the unusual buyout structure I used:
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My team just saved a Defense contractor >$3M/yr by converting an aluminum enclosure from machining to die casting:
• Machined cost = $280 ea
• Die cast cost = $150 ea
• EAU = 24K units
• Annual savings = $3.1M
It's just a communications housing. Some design complexity, but
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If it all went to hell today, I'd start a local service business:
1) Search Yelp categories for svcs requiring no credentials / capital:
2) Research + contact top 10 co's in each. Rank svcs by worst online presence / responsiveness.
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Part of me dies every time I walk through a factory and see literally zero automation.
I'm not asking for humanoids and giga presses — just basic productivity improvements that require very little effort and capex.
Here are some automations that ANY manufacturer can implement:
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Partial list of podcast episodes I've re-visited multiple times:
1.
@tferriss
ep. 106 -
@ScottAdamsSays
2.
@jaltucher
ep. 184 -
@RobertCialdini
3.
@joerogan
ep. 1080 -
@davidgoggins
4.
@ShaneAParrish
ep. 47-48 -
@IAmAdamRobinson
5.
@naval
+
@nivi
- How to Get Rich
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Search-funders and SMB buyers with sales experience are starting on second base.
I'm considering a thread on how sales abilities improve your success odds in acquisition entrepreneurship.
If this sounds interesting to you, please like / reply / DM to let me know?
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Actual message from a LinkedIn job applicant.
Have you ever seen anything like this?
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Many aspiring SMB buyers believe that acquisition opportunities are few and far between.
In reality, there's a huge shortage of qualified buyers.
The gap will continue to widen as Boomer retirement pace accelerates.
I'm jealous of anyone searching for their first acquisition.
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Just learned that many Defense bids prohibit the use of laser cut parts, bc it's not classified as "conventional machining".
CNC? Turret punch? A-OK.
But this laser thing is still way too new to gamble on.
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@DividendGrowth
So hard to grasp this in your 20s:
Great Things Take Time.
Everyone is on their own schedule.
Enjoy the ride.
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The dirty secret that you're not supposed to know:
You can buy a profitable business, with borrowed money, and actually INCREASE your take-home pay from day one.
This is widely known in the context of cash-flowing real estate.
SMB remains a blind spot.
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𝐀𝐦𝐞𝐫𝐢𝐜𝐚'𝐬 𝐦𝐚𝐧𝐮𝐟𝐚𝐜𝐭𝐮𝐫𝐢𝐧𝐠 𝐩𝐫𝐨𝐛𝐥𝐞𝐦 𝐢𝐬 𝐚 𝐧𝐚𝐭𝐢𝐨𝐧𝐚𝐥 𝐬𝐞𝐜𝐮𝐫𝐢𝐭𝐲 𝐭𝐡𝐫𝐞𝐚𝐭.
The US is facing a crisis in advanced manufacturing. We have lost our global leadership in this sector, and our manufacturing competitiveness is declining at an
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Whoa, who's this casting foundry with a giant funding round?!
*Scrolls down*
"Foundry, a cloud computing service provider focused on AI workloads."
😥
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It's easy to get enamored with any startup trying to advance US Manufacturing.
In reality, most of them haven't done the work to (A) understand the problem they're solving, and (B) minimize the friction of deployment.
Granted, many stagnant industries have been disrupted by
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Terry Lutz was automating US manufacturing before it was cool.
From 1981-2016, he transformed Signicast from a tired old foundry into the fastest supplier of steel investment castings in the world.
Using a novel approach called "continuous flow" manufacturing, Signicast could
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Biggest realization from recent Twitter discussions is my lack of knowledge re: SMB software tools.
Where would you point a new SMB owner who wants to technologize an old-school business?
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@fortelabs
Complete tasks yourself that bring satisfaction.
Outsource all others with no hint of shame.
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What if you didn't have to debate between having a job and owning a business?
I get asked a lot how I came to own my business.
The short answer is: By accident.
At 26, I got hired as a sales rep at the company.
Even without ownership, the commission potential was appealing.
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Blue-collar industries like Manufacturing tend to lean conservative.
If you're looking to buy a gritty SMB, many Boomer owners might be less excited about the next 4 years than they were a week ago.
A seller's pessimism is your opportunity.
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One reason it's such a beast to innovate in manufacturing:
The inherent disconnect between hardware and software specialists.
Software don't get hardware.
Hardware don't trust software.
We need more chameleons and flip-floppers.
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Podcast idea:
Deep dive interviews with Manufacturing & Industrial SMB owners.
1. Would you listen? (Like)
2. Do any good ones exist already? (Comment)
Thanks in advance for input!
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10 Things I've Learned from Buying a 38-year-old Small Business and Doubling Sales:
1. A static industry is the best place to be dynamic.
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How to Find SMB Acquisition Targets Using LinkedIn:
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I discovered compound interest through inversion.
My parents:
- 8 addresses during my childhood
- No job stability
- No savings
Me:
- Homeowner since age 27
- Business owner since age 31
- Savings on track for retirement goal by age 40
Learning what not to do is underrated.
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Don't get into SMB ownership for the money.
Do it for the autonomy, excitement, and satisfaction.
Oh, and the money.
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Watching hardtech startups unlock mfg efficiencies that contract mfrs have missed for decades, is both exciting and infuriating.
Convinced the future rides on our ability to rethink every default in US mfg.
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If you want to improve at sales, don't read sales books.
Study Joe Rogan's podcast.
Not the guests — the host.
Rogan is a master at getting information out of people.
Thoughtful questions. Intent listening. Disarming presence.
The best salespeople have the most information.
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The best SMBs to buy are the ones that "educated" people scoff at:
- Backbreaking work
- Harsh operating conditions
- Dirty / smelly / greasy industries
Ask smart friends what jobs they'd never do, then find SMBs doing them.
A successful search starts with your re-education.
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If you want to start a business, how do you learn?
Here are 6 great follows to study:
@rohangilkes
@sweatystartup
@GoodMarketingHQ
(by
@harrydry
)
@theSamParr
@shl
@moseskagan
Scroll for my favorite content from each ⬇️
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How to Get Equity in a Business (without inheriting it):
1. Start the business
2. Buy the business
3. Invest - early-stage / M&A / stocks
4. Be an early employee / supplier
You don't have to be a full-time entrepreneur to own something.
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When you want to get in touch with a small or midsize company, start at the top.
Whether you're selling, buying, or job hunting:
Standard protocol is for suckers.
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Don't ever let anyone convince you that entrepreneurship and W-2 employment are at odds.
Neither could exist without the other, and we're all in this together!
Optimize for your own happiness.
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My 10-30 year outlook on U.S. Manufacturing has never been more bullish.
The global supply chain volatility of 2020-21 has crystallized which production belongs where.
Any OEM concerned with process control, materials, compliance, or IP will build and invest stateside.
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@BrentBeshore
Boomer owned SMBs in unsexy industries between $1M-10M in revenue.
Find neglected assets that are ripe for innovative growth investment.
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@davidgoffin
Most of these opportunities will start via word of mouth.
What successful, near-retirement businesspeople do you know?
e.g. parents' friends, friends' parents, proprietors of local establishments, etc.
Talk to them, ask questions, then observe / shadow areas of intrigue.
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How to Rebuild the US Industrial Base (in no particular order):
• Modernize manufacturing facilities
• Train and incentivize next-gen workforce
• Increase R&D funding
• Reduce dependence on foreign supply chains
• Achieve unlimited energy
• Remove stifling regulations
•
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I always get overwhelmed with pride around the 4th, almost to a laughable degree. 😁
I'm 90% sure my life path wouldn't have been possible outside of the USA.
Eternally grateful for this flawed, beautiful land.
🇺🇸🦅🗽
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One of the biggest unsolved problems in Mfg is the gap between prototyping and production.
Suppliers are rarely adept at supporting both rapid design iteration and cost-optimal mass production.
So you end up with specialists, midwits, gray area, and a coordination nightmare.
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How can SMBs secure more customers?
A few ideas for Industrial B2B:
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Final Thoughts:
Are you curious how the deal has played out?
Since taking over in 2018, my Partner and I have grown revenues by >70%.
We're on track to overpay for the asset, in which case the company (and we, personally) will be in a strong position.
Now, back to business!
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Let's be real: You don't want an MBA.
You want the money and prestige that comes with it.
If it's the former: There are plenty of ways to earn "MBA money" without the costly credential.
If it's the latter: No.
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If I were looking to acquire a business, one place I'd search would be Sales Management job ads (filtered by target industry).
My proposition to the owner would be:
1. I fill your need.
2. I grow your business.
3. I give you a succession plan.
Who could say no?
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Search-funders and SMB buyers with sales experience are starting on second base.
Thread on how sales abilities improve your success odds in acquisition entrepreneurship:
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People who ask for general advice will never act on it.
Twitter is packed with advice on life, career, business, etc.
Go-getters ask questions like this:
"Hey, loved your tweet on X. Here's my attempt to implement. How would you improve it?"
Lurk generally. Ask specifically.
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@Sammy_KGB
Not even close, in my experience.
Many people who spent their lives building a business do not want to sell to private equity.
Conversely, PE is easily scared off by niche, relationship-driven businesses.
Big reason why the apprentice-then-buy path is so critical.
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If you're a skilled salesperson and want to run your own business, start a brokerage / agency.
Companies will trip over each other to pay you commission for selling their stuff.
Zero overhead for them. Near-zero startup costs for you.
My industry is built on this model.
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Your work teaches you secrets that outsiders don't know.
Here's one from Manufacturing:
Magnesium (Mg) is a massively undervalued material.
Let me tell you why. 👇🏻
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Not sure how I'm just discovering this resource...
If you're in the market for a Manufacturing business, feast your eyes:
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Somewhere along the way, nearly every kid who wants to operate heavy machinery or save America gets converted into a paper pusher.
Why do we squash the natural interest in construction or cars, instead of cultivating it for the good of society?
I switched from mechanical to
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If you take anything away from this story, let it be this:
We're at the threshold of the biggest wave of retirements the U.S. has ever seen.
A good portion of those people own profitable SMBs with no practical exit strategy.
If you want to own a business, now is the time.
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One of the biggest challenges in early stage hard-tech:
Finding a reliable contract manufacturer.
Small regional shops will bend over backwards to help you grow, BUT...
They can quickly hit a capacity / technology ceiling and be vulnerable to cash crunches.
Big multi-site CMs
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Let me tell you a secret:
All business owners and executives have more problems than solutions.
Find out their pain.
Use your skills to cure it.
Reap the rewards.
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I could see "Hadrian for X" becoming routine mfg-speak in the next couple years
The way "Uber for X" and "Yelp for X" did in tech
Already find myself using it frequently
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If it's
@sweatystartup
for self storage, and it's
@quinnjmiller
for vending, who is it for car washes?
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Or, flip this on its head:
Find the 10 BEST providers in each service category.
Contact owners to see if they want to retire in the next 3-5 years.
Go work for them and structure a revenue share buyout.
Breathe new life into the business.
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Underrated benefit of owning a business:
Knowing you never have to job hunt again.
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@nickgraynews
You are rapidly ascending the World's Most Interesting Person rankings. Travel safe!
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If I could give my younger self any advice:
My lazy ass younger self wouldn't do anything with it.
Next question.
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RE Twitter: Don't take away my 1031 exchange!
FinTwit: Don't raise my taxes!
SMB Twitter: Show's over — back to work.
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The smartest people I know love having their minds changed.
When you have the humility to risk being wrong, you view disagreement as a learning opportunity rather than an attack on your ego.
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Lost count of how many people have told me I have "good timing."
This is a myth that I gladly perpetuate.
In reality, effective salespeople contact 100s of prospects each week.
If just one of them needs you, by EOY >50 people believe in your good timing.
You write the story.
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Sales will beat you down early in your career.
So many days banging out cold calls, chasing any lead with a pulse.
But after 10 years of selling, I'm here to tell you:
It's still a bitch.
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After consecutive years attending the biggest Space show on Earth, I have to say...
It feels like the pace of innovation has plateaued in a big way.
Compared with 12 months ago, the main advancements I'm seeing are:
• A ton more satellites (how many do we need?)
• Marginal
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As a SMB owner, I'll never regret paying people well for quality work.
It actually makes me happy to shell out when someone has improved my business.
Same for purchases in my personal life — contractors, furniture, technology, service providers, etc.
Value > Price
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Excited to talk with
@aebridgeman
on Think Like an Owner.
Not certain when the episode will air, but we'll cover lots of fertile ground:
SMBs, Entrepreneurship through Apprenticeship, etc.
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Sending emails is easy.
Cold calling is hard.
Hard means less competition.
Do you want this or not??
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To build rapport with strangers, you have to reveal a little bit of your weirdness.
Lame water cooler talk won't make anyone want more of you.
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As a result of today's group thread, I've booked:
- 2 meetings
- 2 video calls
- 2 phone calls
With like-minded businesspeople to trade collaboration ideas.
Who knows where these relationships lead...
But it feels like something big is in the works.
Oh, and Twitter is free.
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When looking for a Small Business to buy, factor in market compatibility.
Many searchers get their hearts set on a certain niche - HVAC, plumbing, manufacturing, etc. - before understanding the opportunity landscape in their target geography.
Find acquisition/market fit.
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Disclosure: I'm no expert in SMB acquisitions.
I've bought one company and might never buy another.
That process taught me a lot, but your deal(s) won't look like mine.
I'm just here learning and exploring out loud.
Grateful to all of you for the ongoing discussion.
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Are you brave enough to bet against this man?
I didn't think so.
Super excited for
@FilArons
& Co. on the release of BuildOS.
Go - Fight - Win,
@DiracInc
!
Exciting News! After months in stealth, we're introducing Dirac's BuildOS - the first AUTOMATED Work Instruction platform.
It's time to change the way manufacturing engineers draft work instructions.
Get access to BuildOS here:
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10 must-have skills in Sales that everyone should master:
1. Asking good questions
Questions signal clear thinking more than answers. Study history's best interviewers — Bob Costas, Oprah, Joe Rogan, etc. — to learn how smart questions make lasting impressions.
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My B2B prospecting stack:
•
@LinkedIn
- company / contact research
•
@SeamlessAI
- contact info
•
@Ooma
/ 📱 - phone
•
@GoToMeeting
- video
•
@CopperInc
- CRM / bulk emails
•
@gmail
- cold emails / templates
What are your favorite tools for getting new customers?
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People who say automation only works for high-volume production are either in denial or 20 years behind on information.
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I'm writing a book called "The Intelligent Pessimist".
It chronicles my history of discussing exciting business opportunities with MBA friends.
All 372 chapters end with me walking away deflated.
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@Jason
you were on Charlie Rose at age 29?!
Had no idea. Have you ever put out an official history of Silicon Alley Reporter?
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For the right SMB acquisition, you'll have no competition.
Target opps that are:
- Too small for institutional $.
- "Friends and family" deals where you have an inside track.
- Uniquely suited to your skills.
Check these boxes, and you only lose if the owner does nothing.
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@JohnLeFevre
For those asking, Taylor Ranch in the San Luis Valley of Colorado. Bought in '99 for $23M, sold in '04 for $60M.
Later became known as Cielo Vista Ranch.
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If you're not in a position to "apprentice" before buying a business, come to the table with more than an offer.
Every SMB needs help with:
- Sales
- Website
- Accounting
Solving a problem for the owner will build trust and set you apart from other buyers when the time comes.
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How to get rich without owning a business:
- Code if you're technical
- Sell if you're social
- Save if you're frugal
- Invest if you're analytical
- Marry if you're amoral
- Gamble if you're paranormal
- Steal if you're criminal
Or you could just own a business.
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I love systems as much as the next small business owner.
But most weeks, you're Happy Gilmore in a batting cage.
- Customer emergency! *THUD*
- Supplier screw-up! *THUD*
- Employee unrest! *THUD*
Control what you can, but your best system is a helmet and chest pad.
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Most business advice is just bad.
Fortunately, there are free thinkers speaking truth about entrepreneurship.
9 of them:
@CJ_Johnson17th
@BrentBeshore
@naval
@marshal
@mmay3r
@WallStPlayboys
@morganhousel
@Wealth_Theory
@tsludwig
THREAD of their best tweets 👇
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Whoa, we're under contract... 😧
Stayed up late last night submitting an offer on my first (potential) rental RE property.
Fully expect it to fall through, the Denver market is nuts right now...
But I still can't help being a little excited. 😬
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I've realized that the root of my life's direction is my obsession with people and how they think.
It's why I love Sales.
It's why I love Small Business.
It's why I love family, friends, humor, fitness, music, and language.
It's why I can't wait to see what the future holds.
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