The Importance of Succession Planning in Building a Profitable Business
7:30 to 9:00 am
WSB & Associates
(WSB University Conference Room on 2nd floor)
701 Xenia Avenue South
Minneapolis, MN 55416
7:30 am to 8:00 am – Registration and continental breakfast (sponsored by Insperity)
8:00 am to 9:00 am – Speaker presentation and Q&A
Eric Gibson, president of Ultra Machining Company, has more than 30 years experience driving strategy and improving processes for companies in fast-paced, highly regulated industries. Since joining the company in 2012, Eric has led UMC through six years of profitable growth while creating a culture of innovation and a focus on quality that are vital to the value the company delivers to its customers. In 2016, he spearheaded a capital expenditure project that resulted in an 11% increase in machine capacity and a 15% increase in machine utilization. UMC holds a 1.4% customer return rate on its parts, an indicator of quality that far exceeds industry standards.
Don Tomann, CEO and owner of Ultra Machining Company, is the son of Terry Tomann who started the company in the family garage in 1968. Production was moved to a large facility in Hamel, MN, in 1972, and to the current state-of-the-art facility in 2003. The company has grown steadily into a premiere manufacturer of precision machined parts and assemblies serving customers in the medical, aerospace, commercial, and energy industries.
Don is a strong advocate for family-owned businesses and the role they play in strengthening the community and the economy. The company historically donates 4% of its profits to local and national nonprofit organizations that are making a positive impact, especially in the areas of education and training.