What’s the best way to transition a family business? Should you inherit it—or buy it outright? In this episode, we’re continuing my conversation with Nicole Wolter to explore the challenges and opportunities of buying versus inheriting your family business.

Nicole’s journey is one of intentionality and vision. She’s not just thinking about taking over the reins of her family business—she’s reimagining its future.

Nicole believes purchasing the business is the best path forward. It’s not just about easing her dad’s stress or ensuring a smooth, tax-efficient transition—it’s about creating a legacy that reflects her leadership. Her goal? To scale, modernize, and build a women-owned, minority-owned company that’s ready for the challenges of tomorrow.

But what happens when family members inherit businesses instead of buying them? I’ve seen firsthand the pitfalls, from last-minute sales to lost opportunities. Nicole and I discuss why honest family conversations are crucial, whether you’re aiming for a generational legacy or planning for a strategic exit.

If you’ve ever wondered what it takes to transition a family business—or if you’re navigating these decisions yourself—you’ll find valuable insights in this episode. And if you’re thinking about buying a business, I’m happy to help answer your questions. Reach out—I’d love to chat.

• [0:43] Leaders impact the entire organization
• [1:56] Buying vs inheriting your family business
• [7:31] Why do so many leave family businesses?
• [11:09] Building generational family businesses
• [14:21] How to buy a family business

• HM Manufacturing
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Nicole Wolter is the President & CEO of HM Manufacturing. Most of you are probably familiar with her name—and for good reason. She is an industry powerhouse.

In this episode of Buy the Numbers, she takes us on a raw and insightful journey through the trials, triumphs, and tough conversations that define her experience as the second-generation leader of a manufacturing company.

Nicole opens up about starting in the business with no industry knowledge, earning her father’s trust, and navigating the generational clash of leadership styles. From boardroom debates to personal sacrifices, she shares what it takes to thrive in a business where passion, family, and responsibility are intertwined.

But that’s just the beginning. As a fierce advocate for small manufacturers, Nicole reveals how she’s fought to give businesses like hers a voice in a landscape dominated by corporate giants.

Whether shaping policy at the federal level, representing small businesses on a national stage, or fighting to keep her company resilient in the face of industry-wide challenges, Nicole’s story is one of grit, advocacy, and perseverance.

How do you navigate family dynamics when the founder can’t quite let go? How do you balance personal ambition with the weight of carrying a legacy? And what does it mean to truly love your business when it’s not your first passion? Nicole doesn’t shy away from the hard questions—and neither should you.

Listen in to explore the unique challenges and rewards of running a family-owned manufacturing business and the lessons that extend far beyond the factory floor.

• [2:26] Learn more about Nicole Wolter
• [3:43] Nicole’s advocacy in the manufacturing industry
• [9:13] Navigating the dynamics of a family business
• [14:46] Taking over a family business: Want or expectation?
• [20:33] Owners need to love what they do

• ‘Manufacturing Might Have Life Again,’ One CEO Says
• From Acquisition to Exit: The MFG Journey with Mike Fritz, Ep #2

• HM Manufacturing
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Curious about buying, building, or selling a machine shop? In this episode of Buy the Numbers, Investor and CNC Machine Shop Owner Mike Fritz breaks down his strategies for structuring deals, increasing business value, and overcoming the challenges of acquisition.

Mike also drops actionable insights on how to position your company for sale, maximize cash flow, and decouple the business from owner dependency to attract buyers—and increase your multiple.

Whether you're considering entering the world of manufacturing or looking to optimize your existing business, this episode offers expert advice on navigating this industry. Tune in to discover practical steps you can take today to grow, sell, or acquire a business.

• [4:11] From real estate to machine shop acquisition
• [9:48] Mike’s experience building a portfolio of machine shops
• [11:55] Where do you start? How do you learn more?
• [13:43] How to position your company to sell
• [23:03] Hurdles to consider when buying a shop
• [29:55] Mike’s take on the future of the manufacturing industry
• [36:09] What should we dig into next?

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• Titanium Capital Investments

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