Josh Schultz 🏭🚀
@joshuamschultz
Followers
19,827
Following
937
Media
1,473
Statuses
22,692
Modern Industrialist. Rebuilding US Manufacturing. Acquiring Industrial Companies. Teaching the SMB Blueprint. President/COO Canekast 🏭🚀
Austin
Joined July 2009
Don't wanna be here?
Send us removal request.
Explore trending content on Musk Viewer
حسن نصر
• 407565 Tweets
ايران
• 390995 Tweets
نيوكاسل
• 380155 Tweets
تشيلسي
• 374457 Tweets
Sant Rampal Ji Maharaj
• 164933 Tweets
#ReGLOSS3Dライブ
• 140015 Tweets
Sanchez
• 123485 Tweets
Chelsea
• 120990 Tweets
سوريا
• 104581 Tweets
巨人優勝
• 101366 Tweets
ジャイアンツ
• 88806 Tweets
フリーレン2期
• 86620 Tweets
Palmer
• 75281 Tweets
リーグ優勝
• 74184 Tweets
Newcastle
• 50986 Tweets
#内村プロデュース
• 48989 Tweets
FALLING FOR DUNK
• 47479 Tweets
Brighton
• 47390 Tweets
#踊る大捜査線
• 37333 Tweets
阿部監督
• 34521 Tweets
セ・リーグ
• 32791 Tweets
Gordon
• 24868 Tweets
#内P復活
• 24790 Tweets
#CHEBHA
• 23064 Tweets
Sancho
• 21110 Tweets
Sundowns
• 16511 Tweets
Foden
• 12985 Tweets
Martinelli
• 12559 Tweets
Brentford
• 11744 Tweets
Gundogan
• 10975 Tweets
日本シリーズ
• 10385 Tweets
Getting from $1m to $3.5m is extremely difficult for small businesses
You are out-growing current resources, but not yet cash-rich enough to get what you need.
This used to be a business graveyard or plateau.
Not anymore, here is how to cross that chasm...
38
63
668
Person 1: Can I buy you coffee and pick your brain on a few things?
Me: Sure, $500/hr
Person 2: I would like to understand how x works and how to integrate with y. I will pay you for a 15 min call.
Me: I'd be happy to talk anytime, no payment required. When are you free?
16
29
597
I was raised with the mentality "there are no rules, you do what you have to do to get things done".
Stupid example and Business example to follow:
Stupid example:
I was in a hotel last week, I asked the front desk to refill the soap. They did not. So I bent the hanger, popped
49
48
590
@jcolesimpson
250 for a chef + groceries!!!
I didn’t know you moved overseas dude!
That’s my gas bill to go get groceries in Austin
8
0
529
To anyone watching the news, layoffs, and markets and worried:
I have
- worked through 2 recessions and a major industrial recession
- spent 5 years trading, including through 2008
- read over 200 books on historical finance, memoirs back when I was a finance guy
my advice 👇
16
73
490
I moved into my parents non-heated, non-ac’d crawl space above the garage where my dad and I laid down some scratch’n’dent flooring - for five years and drove a 12 year old civic I bought for $750 so I could get debt free.
This while my friends bought new cars, traveled, and
My Administration has cancelled student debt for 3.6 million people through various actions, bringing the promise of higher education to more hardworking Americans.
And we’re going to keep going.
13K
5K
25K
45
27
476
Bring Manufacturing Back To America
- Where it went
- Why its important
- How it actually works
- How to get it back
A mega thread on small domestic Mom & Pop manufacturers on this 4th 🇺🇸
29
53
457
If you are under 30 and looking for real business experience, work at a smaller company.
They can't afford to buffer anyone from
- decisions
- consequences
- responsibility
- real work
... they don't have the time, resources, or energy.
You will try, fail, and learn.
23
42
439
One of the most fulfilling things you can do with your life, is to go through a very hard time, and then spend the rest of your life, helping other people going through that hard time with perspective, and wisdom.
I have never felt more seen, peaceful, and hopeful, as when
24
49
408
🚀 50+ Principles, Concepts & Mindsets related to operating a business. I've made a lot of mistakes,
Gotten a lot of advice,
Sat in a lot of roles...
Here is how it has shaped my view towards business thus far 👇
26
38
324
Conversation I have every week in the foundry business
Prospect: "Can you quote this part?"
Us: "Sure, $ x.00"
Prospect: "That is about 20% too high"
Us: "Ok, I guess you'll have to stay with current source, we can't compete there."
Prospect: "Oh, I can't, they are going out
32
2
280
Enough beating around the bush on the Vision vs Integrator roles.
Here is the cold, hard truth on why many of you don't understand these perspectives, and won't get the partner or setup you want.
👇
28
34
248
New companies are about to be born, and existing companies are about to explode as we reindustrialize the US and rebuild manufacturing in the United States.
Below are 5 books you should read if you are interested in the reindustrialization of the US.
8
16
238
As someone that has constantly battled the demons of anxiety, performance, stress, self-worth, and the like, achieving peace can sometimes seem impossible. As I approach 35, here are 25+ things I have found to help live a peaceful life.
13
33
224
Married to a Hispanic
Year 1: Constant fighting and escalations
Year 10: yells at me for no reason
Me: “you just need to yell and looking for an outlet?”
Her: “yeah”
Me: “Let it rip”
47
8
211
If you want to document your entire business for reasons pointed out here
.. but it seems daunting and overwhelming, here is a process I have used to fully document 4 smbs.
These are the 20+ steps I have found to get to 80% documented.
👇🏼
Want to increase the value of your smb?
Engineer yourself out, and --document the entire operation-- so it becomes a low-risk self running cash flow for the buyer
4
4
70
18
14
207
I love when people ask me EBITDA of manufacturing companies...
"Uhhh, Depreciation is a very real expense... do want earnings ex labor too?"
21
9
208
Hiring is broken in small business
When hiring for skills, you end up with below-average performers holding your company back
Here is what we do instead 👇
13
9
201
A New Chapter...
After an incredible 3-year journey at CaneKast, I'm thrilled to announce I'll be moving on. We've built an amazing platform of systems, technology, and most importantly, people at CaneKast - and we've all learned much along the way.
In doing this, I have
70
4
236
The holy grail of SMB operations is that of the self-running company...
... a company full of meta systems, which build & execute tactical systems, which run the company.
Here are a few things to implement to bring you closer to this in your own small business
10
19
191
Is homeschooling the answer to helping the next generation solve today's problems?
- Why we chose to do it
- our "Homeschool Stack"
- Some of the unintended consequences
... and "what about the kid's socializing!?"
28
6
191
Friend had a problem with upset customer and was avoiding the call.
I asked for the number and called the customer on the spot
“Wow, that’s crazy the last you enjoy those types of calls”.
A few things on handling customer issues
15
14
182
We recently rebuilt our internal bookkeeping & accounting system to close out in 2-3 days
This is for a $30mm company with 10 entities, 5 locations, and 3 company types
Ill share a post on exactly how, with examples, in the future...
but I'll share the principles now 👇
We’ve finally felt the impact of no controller/CFO, and I have to admit the results weren’t what we expected …
@joshuamschultz
ripped out all of our ERP’s, completely redid the processes/training & team went through first monthly closing
Ended up closing May last night at 8pm
20
1
107
19
5
179
This will shock NO ONE on twitter... but IRL - people think I'm crazy.
I actually have a specifically timed Avocado System.
This is 100% true.
How the hell does Chipotle always have ripe avocado? 30% of the time, my avocados at home are unripened.
I need a better supply chain.
5
0
21
21
15
169
How to find a small business to buy, the best listings, and what its going to take to execute it.
Since I seem to be deeply entrenched in Micro PE twitter now, and keep seeing this question. Here you go.
8
12
165
If you see the words "Silver Tsunami", run.
Someone is trying to profit off you.
Most of the businesses will never transfer, they are untransferable. They are 1-5 man shops that are hobby businesses.
The remaining ones have a value to high, or processes that need the skills
22
5
166
Implementing an ERP is one of the most disruptive things you can do in a company.
It also, if done right, can be one of the most foundational
27
9
158
Older I get, the more I realize everything is a choice.
Little is genetic or “personality”
Morning person, night owl
Lazy / hard worker
Health nut
Nerd
Outgoing / introvert
Good husband
Good father
Good friend
These are all daily choices defined by your inner self talk
8
14
146
Reality: nobody is gonna care who I am or what I did in 100 years, maybe even 30.
Focus on the people in your life today, make them feel loved and appreciated.
That’s what matters
live a life worth living by loving, and by passing on great virtues
2
15
145
1 year ago I joined up with
@RegZeller
to help build Canekast, bringing it from single plant to manufacturing platform
Keep reading for
- 29 projects we implemented
- 8 stats showing our insane progress
- 7 reminders and lessons along the way
16
12
137
This is such a powerful fact for managers and leaders to remember.
14
7
140
Every week, I get a DM from someone who bought a small business and is about to lose it all.
We hear from the successful on Twitter, but there is another side.
Buying / Running a small business is hard and fraught with uncertainty.
7
8
135
A lot of new followers recently....
My quick history
1. Ex finance guy. Ran mid-sized funds, traded energy, and eventually got into risk modelling for large companies and portfolios based on tail events related to political and macro economic risks.
2. Read Every S&P 500 10k
23
3
134
Do I need a CFO?
I've heard a lot of people thinking this.
For small businesses under 5mil sales... prob not.
But if you want to take your biz seriously, you need to have a finance function.
Its one of the three key pillars of SMB
The CFO heads this function
11
11
127
Your child is just starting out in operating a small business at 25 years old (aka not a lot of previous knowledge/experience).
What is the one book you recommend to help them figure things out and be successful?
66
6
124
Everywhere I go, it’s just packed
- local coffee shop
- major highways
- airports
- delta lounge
- restaurants
The friction in life due to “people volume” seems enormous right now
Getting closer and closer to moving to an “out of the way” location so I can grab coffee and
36
3
126
Reindustrializing the US is about more than hanging onto the past...
Its about
- maintaining the number 1 way to go from poor to middle class
- its about raising our ability to innovate
- its about creating a self-serving economic engine for producers and consumers
10
13
120
Every small business owner is confused about “founder mode”
… because we just thought it was called running a business.
18
3
121
A favorite past-time of mine?
Export all expenses for last 6 months
Sum by vendor
Sort top to bottom
Look for victims
16
3
119
Many small businesses are not going to be in business in 5 years.
We are the precipice of a perfect storm between
1. Experience
2. Psychology
3. Economics
10
13
116
Bought Nvidia $NVDA 2 years ago in my kids UTMAs (supply crunch, lucked out with AI wave)
... just set the sell at market for tomorrow morning.
Right move?
52
0
118
My Favorite Books For Running Operations
I’ve been asked this a few times recently… so here it is 👇
7
11
118
Documentation is a key tool in
- scaling easier
- training faster
- lowering risk in operations
- sharing information
But it takes so long!
Here is how I have personally written over 1000 pages of documentation in under 6 months while running 6 businesses
12
12
118
1. Watching twitter, cnbc, wall street journal and other financial news outlets are not helpful.
You do not need to read them to "stay informed". They are mostly opinions, and most of them will be very wrong
Step one: cut out the news, purge your feed, delete your portfolio app
3
5
115
Lots of owners hold back the potential of their company by not realizing you can separate
1. Ownership
2. Equity Incentive
3. Management.
Most owners do/get all 3.- but by unbundling in a smart way, you can supercharge the people you work with without risking losing control.
5
16
115
There is a ton of talk on here about cash flow, boring businesses, multiples, and deals.
I love it.
I just hope everyone remembers that none of it will fill the void you have.
Only realizing we were made to be part of and serve in communities does that.
2
5
111
2. Recessions are full of opportunity
I built most of my customer relationships and specialized service offerings for my supply chain company during a major industrial recession
Step 2: Go heads down & build. Lots of biz will be looking for solutions. Be that solution. Build
2
6
111
A truth that took me 25 years to realize:
If you want freedom, add structure and discipline
If you want chaos and emptiness, remove it.
Its the boundaries that give us freedom.
boundaryless laws, lives, and systems are chaos and impossible to operate inside of.
6
7
106
Are you even in industrial if you don’t get these delivered to your house?
42
3
105
Scaling B2B (especially in industrial) is hard.
Cold Email/Call was my best sales method.
However, my second best, and far more powerful, is what I am going to show you below.
I have set this up for a few companies (not my own) and they have brought in 2-10mil in new business!
16
10
101
Buy a small foundry, no one wants to talk to you.
Buy 7, everyone wants to see “how we can partner”
The thing is, we will stay loyal to those who helped us figure things out when we were smaller.
Some vendors took so much time to help educate us. That’s who I will stay
11
1
100
Excited to announce what I'll be working on for the next few decades!
I'm teaming up with
@RegZeller
to help him operationalize and grow Canekast.
While he doesn't need me, I believe the two of us can build one hell of a company together.
Here's why I signed on...
28
0
100
Reindustrialization
A large part to making it work is investing in the future
We, as a manufacturing country, stopped investing in the future decades ago.
We stopped innovating.
We stopped dreaming.
No more, we are putting our talents, our time, and our wallets on the line
17
6
97
I have a six sigma black belt and am not a fan of lean thinking to run ops
I passed 7, 63, CFA 1/2 & am not a fan of finance running business
I am an 80/20 tactical/strategy guy, & don't like the term "integrator"
I am the most systems guy you'll meet, & not a fan of EOS
24
2
97
... With the myriad of automation software, no code tools, integrations, and connectors (), you can scale your operations without hiring someone new, and without needing to be a computer engineer.
Here's how to continue scaling with little to no cash!
4
5
98
@LeadershipAcad1
I was with you right up until you said pizza. I think you took things a little too far
8
0
97
Lots of younger people I meet are frustrated, broke, unhappy, and stressed.
There is a secret I learned in my late 20’s that has given me peace, allowed me to build wealth, and enjoy the people and success around me.
This is it (with some examples):
6
11
97
Most small businesses are family affairs. Even if its just the owner with no other family. There are emotions, family problems, ego-tied actions, and more.
These businesses are great businesses... but be ready. Here are few thoughts to help worker/acquirers in these businesses
13
10
95
Getting a lot from a CPA really starts with understanding how to work with them
Many people just assume there are lots of secret tax breaks that the good ones know about.
Yes and no
It is all based on you being open and sharing what you want to do - here is what I mean...
7
10
94
TL:DR
The world is not going to end
Use the time to build, not grow
You can come out stronger
Your outcome is mostly correlated to your perspective, your grit, your ingenuity, and your determination.
You got this 💪
4
5
92
Every once in a while you meet someone who is ambitious, curious, humble, creative, innovative & who can tell is going to be a crazy good operator
If you find them early- hire them & give them opportunity to grow
Incredibly excited that
@EverestBrady
is joining Canekast 🏭🚀
20
2
90
+\- 5 microns is crazy.
For context, firearms pins and key pieces are usually +\- 127 microns.
I’ve worked on some aerospace at 12… but that was extremely rare
This is a Swiss CNC machine.
It’s an automated precision tool that manufactures small metal parts and costs up to $2m.
Rolex used to be its largest buyer. But that title now belongs to Apple, which owns 100s of them.
Why? For the Apple Watch: the tool is used specifically to
76
413
3K
6
7
86
"Fire underperformers as fast as possible" is the type of advice you get from consultants, analysts, and sideline business experts.
The reality is far less black & white
11
4
87
Everyone is born at a disadvantage, not just you.
Some are so wealthy and pampered they lack the ingredients to develop a work ethic
Others are so poor they lack the opportunity and connections
Some live in remote places with little access to opportunity
Others still are so
7
15
84
There is an epidemic of loneliness today.
Sons craving a father
Wives desiring a husband
People all around, yet alone
Most relationships are shallow.
The human condition was made for deep, vulnerable relationships.
Being a man is knowing how to offer this, not withholding it
4
15
82
If you are buying your first SMB and already asking about being an absentee owner - you are playing the wrong game.
Better off going and investing in public stocks.
17
2
82
1/7
Stages of mastering
#SMB
operations.
Still going for me, so I'm sure this isn't a complete list.
First... 👇
4
1
82
I'm doing another SMB Brunch in Austin on Jan 28th
My Home
Amazing Brunch Spread
Great Conversation
Guest Speaker: Creating Inbound Deal Flow (from someone that has created a massive pipeline)
Come for the community, learn something new, make new friends.
Whose interested?
33
1
81
The secret most don’t want to know about running a successful business
… it’s mostly about accountability
It’s not sexy
It’s not packageable as an info product
It’s not a quick fix
It’s not automateable
… but it’s the truth
10
6
81
So what did we actually do?
We built
Bookkeeping -> Reporting -> metrics -> KPI alerts -> Cash Flow Model -> Problem-solving identification/feedback loops.
I'll show all of this, with our tools, apps, and systems in the coming weeks if this is of interest.
8
2
80
I am considering launching the most boring thread series every...
Systems, Business, and Process.
20 days on
- process,
- mapping them,
- optimizing them,
- building systems,
- complex systems and business, and
- how they behave (unintended consequences)
😟😴😴😴
6
0
79
The number of people less qualified than you,
living the life you want to live...
...would probably shock you.
13
6
78
TBH, I did end up installing a window in the roof and got a floor heater which took the edge off on those -15 degree days.
But many ice-walled mornings and loud-muffler drives to work.
Fond memories of the character building during those times.
5
1
76
I work my dream occupation and live my dream life.
This occurred 2 years ago.
I did it by
- doing jobs I didn't like
- hustling when I had no energy
- going without for years
Most of what you want is on the other side of hard...
The secret is that "hard" is temporary.
3
8
75
Big news coming soon
1. New company
2. New model
3. New 1st entry
🔥🚀🏭
Revitalizing Manufacturing one Turnaround at a time!
10
2
78
4 friends have started businesses in the last 12 months.
2 brought me on to operationalize their business, and have 10x'd this year!
The other 2 have seen what we've done and engaged. LFG 🚀
What Industries?
- Generator Installs
- Plastic Surgery
- Trucking / Logistics
-
20
4
75
Mexico is under discussed here.
1. 1/3 pay
2. High level work equal or better than avg US worker
3. Amazing Univ in country
4. In person retrata possible
5. Same time zone
6. Most speak English very well.
Been hiring in Mex since 2015
Just read how a buddy of my mine replaced 80% of his American staff with people in the Philippines at 15-20% the cost after benefits and taxes.
This has been happening but it’s going to accelerate.
Could be a tough decade for American office workers.
42
18
275
8
2
75
Cheers to all you heroes running small businesses this Friday !
To the paychecks you provide, the stresses your family bears, the sleepiness night, the risks you take, and the many fires you put out that know will know about...
I salute you and appreciate you!
5
0
75
Found out about a problem yesterday at 4 pm. I’ll be there, on site within 24 hours
If you aren’t willing to immediately jump in, you won’t be able to compete with
@RegZeller
and I.
We aren’t remote, we aren’t absent - we are in the weeds and macro. We are distributed
There
21
1
75
The unsexiest problem almost every SMB I look at has?
Communication of information.
No one wants to solve it, most think it doesn't matter.
1. It accounts for most of the frustration of individual workers
2. It causes 30-50% of wasted time and repeat work
15
4
73
I have lost some of the discipline of my 20’s.
I think 2024 is going to be the year of discipline in my health, in my time, in my business, and in my family.
The discipline to
- Live in a way that gives me energy
- Love in a way where there is no question
- Work in a way that
10
3
75
What if we, and hear me out …
Stop worrying about titles and visionaries, and we all just show up and do what we can do to grow the business
I bet that would work
14
4
74
Budgets Suck the Life Out of Your Business - Learn the Fresh Approach to Thrive
Controlling costs is paramount for maintaining efficiency and preventing overhead bloat as your business scales.
During growth, you accumulate people, resources, and expenses. While budgets are a
9
7
74
I've noticed a lot of default inclusive behavior in SMB and just so I'm clear: its extremely harmful to a culture of excellence.
- Training: "what if some guys don't learn"
- Accountability "I find all workers are good and its the manager who needs to find a new approach"
-
My latest thought about the US:
Our country would be better if we stopped, by default, assuming everyone's opinion had merit.
It's a big part of why we can't build anything or innovate.
The whiners hold too much sway.
45
16
470
13
6
73
A large part of the destruction of US manufacturing has been our own doing.
A combination of Corporations pursuing profit at all cost, and Consumers pursuing every lower prices.
One of the most foundation technologies that we have lost, that support defense, industrials,
18
3
70
Here is
@girdley
testing Apple’s new Vision Pro, months before it was announced.
This is how you stay ahead of the curve.
10
3
74
If you are looking to buy or run a business, but don't feel your business chops are up to the task
@StrongpointRich
and I are hosting a live cohort in Aug:
Small Business Crucible
Aimed at giving you the skills you need to not only keep the biz going but to absolutely thrive!
8
4
72
🚨 Next SMB Event!! 🚨
📍Austin, Texas
🗓️ Sept 28, '23
This will be an afternoon/evening mixer for SMB owners, investors, and operators.
We'll be in the Hill Country of Texas with
- Catered food
- Live music
- Pool
- Fire pit
Fly in, build your network, make some IRL friends
13
3
73
Pixar movie about one boy with a crazy vision to Rebuild manufacturing in the US along with his anxious partner (and all the monsters trying to stop them).
...now in the works!
Follow along with their antics, successes, mistakes, and crazy tales all over the country
15
1
71
One of the quickest ways I know to diffuse an angry customer, is to take 110% of the blame.
"I reviewed the recent situation with our plant and want to tell you we are 100% at fault.
While its not an excuse, we had spent a week.....
This caused us to miss....
Going forward
14
1
72
Want to increase the value of your smb?
Engineer yourself out, and --document the entire operation-- so it becomes a low-risk self running cash flow for the buyer
4
4
70
Is ChatGPT the end of homework and our kids actually learning?
Worrying about this shows you don't understand work, history, technology, trends, etc.
You are asking the wrong questions and thinking too small...
15
4
71
I had the opportunity to work, side by side, with my father for 10 years.
Nobody can take that time away.
I 10x'd all those conversations, moments, and experiences I'll have as time passes.
If your father works in a business, that could be your unfair advantage.
9
0
70
This small room made as much profit as our largest plant last quarter.
Many times in small business it’s not about obtaining more resources - it’s about fully utilizing what you already have
9
0
68