11:00am-12:00pm: Tips from the Trenches - Negotiating Supply Agreements with Customers
Alan Rothenbucher, Benesch Law
Customers are increasingly asking their molders to enter into supply agreements to memorialize their business relationships. Most of the agreements are very one-sided, in favor of the customer. Yet, molders readily sign those agreements, thinking they have no other choice. Molders do have a choice, and customers are becoming increasingly receptive to changing terms to allow risk to be shifted to the entity who should bear it. Don’t assume the risk associated with the use of a product, when you did not design the part. Don’t accept responsibility for products damaged during shipment when the customer picks the mode of shipment. Negotiate a cap to liability. During this session, you will be provided tips for negotiating supply agreements that allow you to better manage your risk and maximize profits. Learn strategies on how to push back on one-sided supply agreements, including customer efforts to unreasonably pass along cost increases to molders. You will walk away from this discussion with a new toolbox of tactics for negotiating favorable supply agreements with your customers.
12:00pm-1:00pm: Data and Analytics Panel
Gene Mussel, Harbour Results; Matt Fish, Vital Plastics; Kate Brown, Wipfli
On average, 60% to 73% of all data within a business enterprise goes unused for analytics and decision making. And although real-time data is the foundation of Industry 4.0 and “smart manufacturing,” that statistic is even higher in the manufacturing sector. As processors face new challenges for labor and external economic pressures, it becomes more and more important to have timely insights in your value stream. In this session, Matt Fish will share his story of how Vital Plastics has used data to gain insights that make them more competitive; and Kate Brown and Gene Mussel will illustrate how processors are leveraging data analytics technology to eliminate data silos, decrease manual reporting efforts and increase the speed at which it can make decisions across the business.
1:15-2:00pm: Peer Networking
2:00pm-3:00pm: Tax Policy and Year-End Tax Planning Update
Mike Devereux, WIPFLI
Mike Devereux will provide an update from Washington D.C. on recent and forthcoming tax legislation impacting the manufacturing sector. During this session, Devereux will explore the impact of recent and pending legislation on processors, including a look at tax provisions expiring at the end of 2022 and what that means to processors’ tax bills. He will also discuss tax incentives and methods of accounting available to manufacturers that could reduce federal and state income tax liabilities.
3:00pm: Day 1 Ends
11:00am-12:00pm: Using Financial Metrics to Make Better Business Decisions
Cara Walton, Harbour Results
The continued uncertainty in the marketplace makes it even more important for processors to utilize their data to understand how their business is performing financially. But what metrics should you be reviewing and how often. During this session, participants will be provided information on the current economic and business climate for manufactures. Also insights will be shared on key KPIs that should be routinely monitored and utilized for decision making as well as some molder best-in-class performance to benchmark your company against. The information will help molders make more informed and better decisions to maintain a healthy business regardless of the economic climate.
12:00pm-1:00pm: Inventory Management Panel
Dawn Munson, Falcon Plastics; Tom Devens, Hoffer Plastics; Chuck Forrestal & Joy Sexton, Metro Plastics Technologies LLC
One of the largest challenges manufacturers are facing is effectively managing inventory. Manufacturers need to monitor and adjust their inventories constantly to ensure they are able to quickly respond to changes in the market and customer demands, all while minimizing overall risk. During this panel discussion, attendees will hear from highly-experienced facilities with successful inventory managment strategies. The panelists will cover their best-practices, successes, and mistakes they have learned from.
1:15pm-2:00pm: Equity Incentives as a Means to Attract and Retain Employees
Joe Keglewitsch, Ice Miller
One of the biggest problems businesses face is attracting and keeping talent. Increasingly, they are looking to adjustments in their compensation and benefit programs as a way to get a leg up, and equity incentives are often the game-changer they are looking for. We will explore the different forms these incentive plans can take, as well as the pros and cons of each. We will also review the key planning issues one needs to consider in connection with rolling out such a plan.
2:00pm: Event Ends
Day One Recording: Click Here to View Recording
Day Two Recording: Click Here to View Recording
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View Attendee List here: Attendee List