Weekly Wrap Up For July 30th, 2021

Host John Kennedy, CEO of NJMEP welcomes special guest Sam Gupta, an ERP thought leader in the digital transformation space for nearly two decades to discuss digital transformation initiatives in the manufacturing, distribution, and retail industries.


Electric car demandRivian Planning to Expand with Second U.S. Factory

As the race to keep up with electric vehicle demand heats up, manufacturers are expanding rapidly in order to meet anticipated demand. One such company is Rivian, who this week confirmed their plans for a future factory expansion. (Read More)

 


Factory expansionDirect Pack Expands Operations at North Carolina Plant

On Monday, Direct Pack announced that they have finished expanding their manufacturing capacity at their Rockingham, North Carolina facility. The U.S.-based thermoformed packaging provider originally opened the plant in 2017, where it currently employs 125 people. Direct Pack uses the facility to produce a variety of different food packaging containers, such as salad bowls and custom packaging for fresh hot and cold food. (Read More)


Michelle Seiler Tucker has personally sold over 500 companies, with the tally reaching over a thousand with her Mergers and Acquisitions Firm. She has spoken all over the United States and Canada, and written three books on the subject, and considers entrepreneurship to be her passion, and her mission in life. In today’s episode, she tells us about her background as an entrepreneur, and how she responded to the low national success rate of business sales by building a firm that buys, sells, fixes, and grows companies. Michelle talks us through the Six P’s: people, product, processes, proprietary, patrons, and profit, and introduces us to three transformational questions: what business are you in, what business do you think you’re in, and what business should you be in? Next, Michelle warns us of the dangers of only having one profit center, and uses the McDonald’s story as an example of the benefit of having multiple revenue streams, before urging business owners to move from a transactional to a transformational approach in order to grow. We talk about the value of creating a consistent customer experience, and Michelle tells us why manufacturing is one of the hottest industries to sell. Then, she launches into the six pillars of proprietary: branding, trademark, patents, contracts, databases, and IP real estate. Lacking in profits is always a symptom, and never the problem; Michelle tells us why, and runs us through the GPS exit model, which calls us to have a destination, start with the end in mind, and pick a number. In closing, Michelle tells us about the five different buyers we are likely to encounter in manufacturing. We hope you join us for an incredibly informative and practical episode today!