2017 Influential Women in Business honorees
• Nicole Wolter, president, HM Manufacturing
• Susan Abrams, CEO, Holocaust Museum & Education Center, Skokie
• Karyn Charvat, executive director, PowerForward DuPage
• Miriam Cooper, Law Office of Miriam Cooper & Associates LLC, Rolling Meadows
• Siobhan Cottone, executive director, Lakeside Legacy Foundation, Crystal Lake
• Dina Derman, senior vice president, Inland Bank and Trust
• Georgia Dobbelaere, president, Business Office Systems
• Lisa Fiorenza, chief financial officer, Quantum Plastics LLC
• Jessica Freiburg, partner, Sassetti LLC
• Lora Georgieva, founder/president, Destination College
• Alison Gutterman, CEO and president, Jelmar LLC.
• Susan Hagberg, Wild Goose Chase Inc., Canine Detection & Inspection Services, Migratory Bird Management LC
• Jacqueline Krage-Strako, vice president, Area Operations, United States Postal Service
• Nasutsa Mabwa, president, ServiceMaster Restoration by Simons
• Beth Marchetti, executive director, DuPage Convention & Visitors Bureau
• Cheryl Molfese, COO, Crown Coverings Inc.
• Sarah Orleans, president and CEO, DuPage Children's Museum
• Mildred (Millie) V. Palmer, partner, Waltz, Palmer & Dawson LLC
• Bonnie Proctor, CEO & principal, Challenger Lighting Company Inc.
• Rita Sola-Cook, Midwest Region executive, Global Commercial Bank, Bank of America Merrill Lynch
• Sharmila Wijeyakumar, COO & founder, Rahab's Daughters
Read More in the Daily Herald
Listen Now – Nicole Wolter is the President and CEO of HM Manufacturing with a background in engineering and finance. She has overseen the complete renovation of the company’s technology and engineering processes to become a 21st Century manufacturer. She is also dedicated to promoting STEM and manufacturing to future generations. Listen in as Lew and Tim discuss how Nicole got to where she is and the intrigue and excitement of being in manufacturing.
Hello Metalworking Nation and greetings from our studio at the DMDII in Goose Island, Chicago. On this two part episode of MakingChips, we welcome back Nicole Wolter, President of HM Manufacturing Company. Nicole shares the captivating story of HM Manufacturing, a company that began with her father’s passion for F1 racing. The downturn of the economy in 2008 proved to be the perfect time for Nicole to enter the family business, but as she would come to find out, things weren’t quite what they seemed. Nicole’s questioning of all aspects of the family business led her to a startling discovery that would turn an already dire situation into a full blown crisis.In manufacturing news, we talk about how Summer camps could be the start for the next generation’s interest in the manufacturing industry.
The shop floor of Erica Wiegel's metal stamping plant doesn't look like a bank, but some customers treat it like one.
Wiegel, president of ARO Metal Stamping in Roselle, says that this year more customers of the 26-employee, $10 million-in-revenue operation are asking for extended payment terms. ARO makes heat sinks, bus bars, springs and other parts, mainly for makers of autos, electrical equipment and lighting. In manufacturing, customers typically pay net 30—really net 45 by the time the check arrives and is deposited. But Honeywell International, which had paid in 60 days, recently asked Wiegel if it could double the terms to 120 days. She agreed to it through January, when the terms will revert, but worries that she'll lose the company's business then.
"All these big companies want us to be their bank," she says. "It's a real ugly, nasty problem right now."
The squeeze is on, and while it extends beyond manufacturing, small factories are feeling some of the worst of it. Boeing, for example, last year began paying suppliers in 120 days. Suppliers sense a shift in industry norms, and the burden of a cash crunch would hit them at a time when many already are upset at Illinois' corporate tax rate returning to 7 percent.
Slow payment outpaced credit card fees, bad checks or customer bankruptcies as the biggest hassle to getting paid for more than half of all small businesses, according to a 2016 survey by the Nashville, Tenn.-based National Federation of Independent Business. In the United States, businesses average a 49-day wait for payment, according to Euler Hermes, a specialty insurance company headquartered in Paris that insures receivables.
But for the types of manufacturers clustered near Chicago, the wait is longer. In 2016, machinery makers in Cook and the collar counties employed about 32,000 workers, while automotive parts manufacturers employed about 9,300, with 13,000 additional auto workers scattered around the state. That year, U.S. machinery makers waited nearly 60 days to be paid, two days longer than in 2015, while automotive manufacturers saw a four-day increase to nearly 55 days.
Dan North, chief economist for Euler Hermes in North America, notes that the company, which services small and medium enterprises, is having "a pretty big year" for trade credit insurance sales.
One reason for the upward creep is the manufacturing industry's improving fortunes, he says. As demand increases and companies expand operations to meet it, they are outgrowing their financing. "Everybody is sending out more and more widgets every month, but not getting paid fast enough," North says.
Companies also are leaning on their suppliers to depress their costs for working capital, says Denise Devitt, vice president and senior commercial banker at BMO Harris with a strong client base among manufacturers. The federal funds rate, a key benchmark for interest rates, has risen from .5 percent to 1.25 percent since July 2016, "and the easiest way for customers to combat this is to slow down how quickly they're paying. It usually doesn't cost them anything, it just aggravates the suppliers."
Small manufacturers who bank at Rosemont-based Signature Bank have used lines of credit more frequently in the last 18 months, says Executive Vice President Kevin Bastuga, though it's unclear whether the uptick comes from longer payment terms or business expansion.
When customers take longer to pay, the pain for small manufacturers is real. Nicole Wolter is president of HM Manufacturing, a $2.8 million company that makes power train components like gears, pulleys and shafts. Boeing is a customer; the Wauconda plant also supplies a company that sells Chicken McNuggets machines to Tyson.
In the past eight months, Wolter says, customers have asked to go from 45 or 60 days to 90. One customer simply began paying invoices in 90 days instead of 60 days without ever acknowledging the change.
Slower payment from customers makes it more difficult to meet payroll or forecast when to buy new machinery. Wolter had to part ways with one company that wanted to move to 120 days.
"As much as it hurts (to lose a customer), it hurts more when you look at your bank account, and there's not much there, and you're waiting on all of this money," she says.
More and more companies see trade payables as a way to bankroll their own business, and "the large ones use their big-boy pants to say, 'If you don't want to do this, we'll find someone else,' " says Craig Zoberis, president of Fusion OEM. The Burr Ridge contract manufacturer generates $12 million in revenue making private-label industrial products for companies like Illinois Tool Works. One customer called him a few weeks before Christmas, when he was handing out bonuses to employees, and asked for a rebate.
"I had to pull myself together," he says. "I said, 'I know you do a lot of business with us, we appreciate that, but I don't see how this could even work.' . . . It was kind of like getting roughed up by the Mafia."
Some small manufacturers are choosing a different option. Jim Carr, who owns Carr Machine & Tool, an Elk Grove Village shop with $2 million in revenue, has also noticed an increase in customers asking to pay in 90 days. He says no. So far it hasn't cost him.
TMA Education Foundation presented McHenry High Schools a grant check totaling $25,000. The grant fulfilled the schools' request for funds to purchase two refurbished Monarch 10EE lathes.TMA Illinois
TMA Education Foundation presented McHenry High Schools a grant check totaling $25,000. The grant fulfilled the schools' request for funds to purchase two refurbished Monarch 10EE lathes.
The check was presented by Nicole Wolter, President of H.M. Manufacturing and a Trustee of TMA Education Foundation. On hand to receive the check at the McHenry Community High School District 156 Board of Education Meeting were Board President Gary Kinshofer, Vice President Tim Byers, Superintendent Ryan McTague, Teacher Gaylord Rodeman, and Board Members Pat Arnold, Steve Bellmore, Dawn Bremer, Ron Fischer, and Tim Hying.
"This is our passion: to support the next generation of manufacturing leaders," said Wolter, representing TMA Education Foundation. "These young people are getting a priceless opportunity to learn about manufacturing first-hand, in a county that is one of the fastest-growing manufacturing sectors in Chicagoland. We will fill the skilled workforce shortage our industry faces by investing in the next generation and unlocking the potential of these young, bright minds."
With this grant, TMA Education Foundation has now donated over $190,000 to local high schools this school year. The funding strengthened manufacturing education programs through state-of-the-art equipment, software, equipment, training, and field trips. To date, TMA Education Foundation has donated over $1.5 million dollars in machinery, software, equipment, awards, competitions, instructors, research, credentialing and scholarships.
TMA Education Foundation is the Technology & Manufacturing Association's non-profit, 501(c)(3) organization dedicated to improving, sustaining, and promoting manufacturing technology education and encouraging the pursuit of careers in the industry. Formed in 1987, the foundation increases awareness of manufacturing careers in high schools, promotes manufacturing careers, and encourages manufacturing technology training. To learn more about the important work of TMA Education Foundation, visit www.tmaef.org.
(Posted by TMA Illinois, Community Contributor)
Community Contributor TMA IllinoisWith the school year coming to a close, the TMA Education Foundation recently completed delivery of over $165,000 in grants to local high schools this school year.
Grants were made to Addison Trail, Cary Grove, Harvard, Lake Park, Prairie Ridge, Rich East, Rolling Meadows, Streamwood, West Aurora, and Wheeling High Schools. The funding, totaling $166,191.54, went towards machining equipment to strengthen manufacturing education programs at the schools.
"The future of American manufacturing is in these classrooms," said TMA Education Foundation President Bob Clifford of Acme Industries. "For manufacturing to thrive again, we must fill our critical skilled workforce shortage. That starts with providing students opportunities to gain exposure to manufacturing and the exciting and rewarding careers available in this field."
The TMA Education Foundation is the Technology & Manufacturing Association's non-profit, 501(c)(3) organization dedicated to improving, sustaining, and promoting manufacturing technology education and encouraging the pursuit of careers in the industry.
Formed in 1987, the foundation increases awareness of manufacturing careers in high schools, promotes manufacturing careers, and encourages manufacturing technology training. TMA Education Foundation has donated over one million dollars in machinery, software, equipment, awards, competitions, instructors, research, credentialing and scholarships.
"It is the passion of our Board, Members, and donors to support future generations of manufacturing leaders," said Greta Salamando, Associate Director of Education Foundation Services. "By supplying funds for schools to purchase state-of-the-art equipment, software, equipment, training, and field trips, we help equip instructors as they expose young, bright minds to the potential of a career in manufacturing."
Copyright © 2017, Chicago Tribune
HM MANUFACTURING was recently honored as one of the 2016 Annual Awards for Business Excellence in the category of MANUFACTURING. The AABEs highlight successful suburban businesses and organizations and honor the people who make them successful.
Awards were presented to 22 companies and not-for-profit organizations in 9 categories of competition. The award recipients were recognized during an evening reception on March 16, 2016, at Medinah Banquets, in Addison. Approximately 200 business executives, friends and associates were in attendance.
The keynote speaker was Mark Seigle, President, Seigle’s Cabinet Center, Elgin.
The awards program is now in its 26th year and is promoted by The Daily Herald Business Ledger in partnership with B. Gunther & Co., Lisle; Northern Illinois University School of Business, Focus Capital Advisors, JJR Marketing and six local business associations: Construction Industry Service Corporation (CISCO); the DuPage Convention & Visitors Bureau; MRA – The Management Association; Quad County African American Chamber of Commerce; Small Business Advocacy Council and the Valley Industrial Association.
The recipient companies and organizations will be profiled in a special publication of The Daily Herald Business Ledger published on April 18, 2016.
The AABEs, given for business achievement, growth and community involvement, are presented to outstanding businesses and non-profit organizations with a significant presence in the suburban circulation area of the Daily Herald Business Ledger (DuPage County, Fox Valley, NW Cook County, Lake County, West Cook County, Southwest Cook County and Will County.)
Nominations for the 2017 Annual Awards for Business Excellence will be accepted beginning in November 2016.
The Daily Herald Business Ledger is the leading provider of business news and information about businesses and the economy in suburban Chicago both in print and on-line. The Business Ledger is a sister publication to the Daily Herald and part of the Paddock Publications family. For more information about events and sponsorships contact Andy Zielonka, Manager of Sales & Operations, at 630-955-3592 or e-mail at firstname.lastname@example.org
By category, the 2016 recipients are:
TMA MEMBERS SPREAD THE WORD OF MANUFACTURING CAREERS TO LAKE COUNTY EDUCATORS
On October 15th, Greta Salamando, of the TMA Education Foundation, together with Nicole Wolter of H.M. Manufacturing and Tim Doran of Tristate Machinery presented to over 45 Lake County educators at the Lake County Technology Campus. The presentation was in support of manufacturing education and careers, as well as to help educators and career counselors understand the growing need in their communities.
With over 700 manufacturing companies in Lake County, there are many businesses like H.M. Manufacturing that feel the stress of not being able to find qualified people. Manufacturing programs in high schools or educational centers like the “Tech Campus” are created for high school students to experience and learn manufacturing skills.
The presentation shed light on common manufacturing job titles along with position descriptions. Wolter and Doran both explained the basic skills needed to be successful in manufacturing. They also shared that many manufacturers invest in their staff by paying for advanced education to grow their employees’ skills. Statistics were revealed on manufacturer salaries, anticipated upcoming job opportunities and ways to move up through a manufacturing career path.
“You send us your students and we’ll find them good paying manufacturing jobs,” stated Tim Doran. Educators learned that the combination of hands-on training in high school manufacturing programs, relationships with the TMA Education Foundation and the support of TMA members, we can work together to create a new generation of skilled workers.
Wolter and Doran were able to use their expertise to answer questions posed regarding skills they currently look for in hiring and current pay scales. They also helped to enlighten the educators on what manufacturing is like today, the latest technology being used, and explained that manufacturing is a STEM (science, technology, engineering and manufacturing) field.
Nicole Wolter summed up the event, “The awareness and attention to manufacturing jobs and talent that is urgently needed in this industry was received with great interest and enthusiasm by Lake County high school counselors. This type of support and education to the diverse career opportunities manufacturing offers will help rebuild and recapture an industrial foundation for the future.”
To support the Education Foundation or to make a donation, contact Greta Salamando, TMA Education Foundation: email@example.com or 847-993-2140.
The TMA Education Foundation is dedicated to improving, sustaining, and promoting manufacturing technology education and encouraging the pursuit of careers in the industry.
This entry was posted in Latest Updates on Posted On : November 6, 2014 by Mia Redovan.
As a small business, the needs and communication for the customer, plays an integral role in our sales organization to support optimal customer service. Our team comprises of several on-hand engineers, who act as specialized consultants and collaborators from concept to service. With a strong focus on quality, flexibility and responsiveness, we have earned our reputation as a specialist and innovator in the power transmission sector.