Manufacturing Succession to Success
Manufacturing Insiders · Nate Wheeler
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Show Notes
Manufacturing Insider & owner of Lake Erie Rubber - John Meighan shares insights on successful transition of manufacturing ownership, lessons learned, and mistakes to avoid. He shares insight on lead generation, and how he grew revenue by millions shortly after gaining ownership. John also discusses the importance of digital marketing and websites for manufacturers, and how he continues to scale the business through partnerships and hiring the right support services.
Timestamps:
0:00- Intro 0:56- How and why John bought the business
1:24- Not his best idea, but not a mistake either
2:23- The largest challenge in taking over a manufacturing facility
4:11- Realizing that he needed to do things differently than the previous owner
4:40- Challenges with identifying the right customer
5:45- Exploring digital lead generation 6:50- John's advice for mfgs that want growth
7:42- Pain as a stimulus for growth
8:50- WATCH THIS! How he grew by $500k/year with one simple change
11:48- The value in making incremental and manageable improvements in marketing
14:19- John's thoughts on the key to success for manufacturers
16:40- The source of his entrepreneurial spirit
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