Recently, Brown Edwards, Penn Stewart, and First Bank and Trust Company hosted a manufacturing panel discussion bringing together industry leaders and professional advisors to address the most pressing challenges facing manufacturers today. The conversation covered everything from tax incentives and strategic planning to succession planning and emerging technologies.Over this blog series, I'll be sharing key insights from our panelists—Tony Roop (Tax Partner, Brown Edwards), Raleigh Hayter (SVP and Chief Credit Officer, First Bank and Trust Company), and Shaun Lundy (Attorney, Officer, Penn Stuart). Their expertise spans tax strategy, commercial lending, and business law, providing manufacturers with practical, actionable advice from multiple perspectives.
Whether you're navigating rising costs, planning for growth, or thinking about the future of your business, these insights from experienced professionals who work with manufacturers every day offer valuable guidance for the road ahead.
PENNSTUART DISCLAIMER: The content and information contained here is not intended as legal advice. Virginia law requires that I (Shaun Lundy) advise you that this website may constitute an advertisement. Content published here is not reviewed or approved by PennStuart before it is posted and does not necessarily represent the views and opinions of PennStuart. I (Shaun Lundy) am expressing personal opinions and not legal opinions and disclaim any and all legal responsibility and liability for any personal comments posted on this site.
The Best Growth Advice for Manufacturers: What Really Matters
We closed our manufacturing panel with a straightforward question: If you could give one piece of advice to a mid-sized manufacturer looking to grow in the next 12 months, what would it be?
The answers from our panelists weren't about the latest technology or trendy business strategies. Instead, they focused on fundamentals that often get overlooked in the rush to grow. Let me share what they said and why it matters.
Shaun Lundy: Work on Your Contracts Now
Shaun's advice was simple but powerful: take your attorney to your shop floor.
Too many manufacturers view legal work as something that happens when problems arise or when deals need to close. But the best legal work happens before you need it, when there's time to think carefully about what you're trying to accomplish.
Shaun suggested spending a day with your attorney, showing them how your business operates, how you make money, and what matters in your relationships with customers and suppliers. This allows them to draft contracts that actually reflect how your business works rather than generic templates that may miss important issues.
Even better, work on your master service agreements and purchase orders now, when you're not under deadline pressure. Get them right when you have time to think, so they're ready when opportunities arise. Trying to negotiate and draft contracts at the last minute, when you're under pressure to close a deal, rarely produces the best results. The time to get your agreements right is before you desperately need them.
This kind of preparation may require some investment upfront, but it saves significant money and heartache later. How many manufacturers have lost money on deals because contracts didn't properly protect them? How many opportunities have been lost because they couldn't move quickly when needed?
Raleigh Hayter: Stick With What You Know
Raleigh's advice took a different angle: resist the temptation to chase opportunities outside your expertise.
In today's environment, there's no shortage of investment opportunities. The stock market has been volatile. Private equity money is everywhere. Private credit has become trendy. People see others making money in various ventures and wonder if they're missing out.
But Raleigh's perspective from the banking side is instructive. When lenders at First Bank review a loan request, they ask themselves: would I invest my own money in this business? If the answer is no, it's probably not something the bank should finance either.
He encouraged manufacturers to ask themselves the same question. If you're considering a new venture or investment, ask: would I invest my own money in this if it weren't my company? How is the risk divided? Do I truly understand this business?
This doesn't mean never taking risks or exploring new opportunities. But it means being honest about what you know and where your competitive advantage lies. The manufacturers who succeed long-term are usually those who master their core business rather than chasing every shiny opportunity.
Tony Roop: Talk to Your People
Tony's advice was the most deceptively simple and perhaps the most important: talk to your people. All of them.
Start with your employees. Go out on the floor. Ask what they see, what's working, what could be better. The people doing the work every day often see problems and opportunities that management misses from the office.
Talk to your vendors. Are costs escalating? Is there anything they can help with? What are they doing for other customers that might benefit you? Strong vendor relationships often provide advance warning of market changes and preferential treatment when resources are tight.
Talk to your customers. What are their challenges? How is your product meeting their needs? What could be improved? Customer feedback often reveals product development opportunities or service improvements that create competitive advantage.
Talk to your professional advisors—your attorney, accountant, and banker. Let them know what's happening in your business and what you're planning. They can help you avoid problems and identify opportunities you might not see.
Tony's insight was that he learns more when he takes the opportunity to talk to people. As businesses become more automated and communication shifts to email or other electronic forms, we talk less. But conversation—real dialogue, not just message exchanges—reveals insights that formal communications miss.
The Common Thread
What connects these three pieces of advice? They all emphasize preparation, relationships, and staying grounded in fundamentals.
Shaun's advice is about being prepared before opportunities arrive. Raleigh's advice is about staying focused on what you do well rather than chasing trends. Tony's advice is about maintaining the human connections that drive insight and problem-solving.
None of these are flashy. You won't see them featured in business magazine headlines about revolutionary strategies. But they're what actually works.
Why This Matters
Growth for growth's sake often leads to problems. We've all seen manufacturers who expanded too fast, pursued opportunities outside their expertise, or made commitments without adequate preparation. Sometimes they survive these mistakes. Sometimes they don't.
The manufacturers who grow successfully and sustainably do several things well. They prepare before opportunities arise so they can move quickly when timing matters. They stay focused on their core competencies rather than chasing every opportunity. They maintain relationships and communication that provide insight and support.
One More Thing
Shaun added something important at the end: give your professional advisors permission to talk to each other. Let your attorney talk to your accountant and banker. Let them coordinate directly rather than everything flowing through you. This reduces friction, speeds up decision-making, and produces better outcomes. When your advisors can collaborate directly, they catch issues earlier and develop more integrated solutions.
The Bottom Line
Growing your manufacturing business doesn't require revolutionary strategies or the latest business fads. It requires disciplined execution of fundamentals.
Prepare before you need to act. Focus on what you do well. Maintain the relationships and communication that drive insight. These aren't exciting prescriptions, but they're what separates manufacturers who grow successfully from those who struggle.
The panelists all brought different perspectives—legal, financial, and tax advisory. But their advice converged on the same core themes. That convergence suggests something important: these fundamentals work across different aspects of business because they're truly fundamental.
As you plan for the next 12 months of growth, start with these basics. Get your house in order, stay focused on your strengths, and maintain the relationships that support your success. Do these things well, and growth will follow naturally rather than being forced through unsustainable strategies.
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