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Industry Insights: Manufacturing Efficiencies

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Business is good for the manufacturing industry. How can manufacturers capitalize on this growth?

 

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Mr. Nohavec is a SVP/Business Development Officer for UMB Bank Colorado. He is responsible for Colorado. He joined UMB in 2005 and has 20 years of experience in the financial services industry.



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How to secure an ag loan

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If you’re in the agriculture business, you know that securing a loan is an important step to reaching milestones like purchasing new equipment or additional land. When you decide it’s time to borrow money – no matter if it’s your first loan or for additional funds – there are a few tips that can help make the process more efficient and effective.

tractor-cost

The four phases of securing an ag loan:

1) Application Phase

Determine what you want and why. The amount, term and purpose of the loan will be essential to understanding the risks and cash flow burdens you will incur as well as for the lender to understand your needs. This may sound basic, but it is the most important and often times overlooked portion of the loan request process.

It’s okay to be a little unclear as to the right structure for the loan as this is a task that should be done in collaboration with a lender. The lender should work carefully with you to determine how the loan will work going forward and what it will be used for. Loans borrowed for one specific purpose and then used for another is the most frequent cause of stress and problems between ag borrowers and lenders.

2) Information Phase

During this phase, it is important that you be open with your lender. There are three areas you should be prepared to discuss:

  • Copies of your last three years of tax returns and a current financial statement (balance sheet) with complete and full disclosure of all assets and liabilities
  • A realistic value of your assets — Any exaggeration will make a negative impression of your approach to the borrowing process and financial matters.
  • How your operation has changed over the last several years, as well as your expectations for the years ahead — A realistic valuation is one of the most significant aspects of a lender’s assessment of your financial and operational planning capabilities. If you have been through a difficult time period, be prepared to discuss this candidly and to share the causes and cures for these troubles.

3) Analysis Phase

Meet with more than one lender. This may allow for more options on loan terms, rates and structure. Be candid with the lenders in telling them that you are talking to more than one lender.

Ask the lender’s opinion on your loan request, financial strength and plans for the future. If the lender is vague or reluctant to share an opinion, you may need to speak with another bank. Whether their opinion is good or bad, a clear understanding of their thoughts on your financial situation and the direction you are headed is critical to your financial future with this lender. This conversation is one that many avoid because it can be stressful and awkward, but this is where you can receive the greatest value from a lender. This exchange will also provide insight as to the quality of the lender and financial institution you would be working with.

4) Decision Phase

Plan on learning from this experience. Whether the decision on your application is a yes or a no, you have the right to understand the reason and the rationale behind it.

  • With a yes comes the requirement that you understand what the decision means to future operations and cash flow and whether or not it meets your initial needs.
  • With a no comes the difficult but important personal understanding of why the decision was negative and how your operation needs to change so that it will be more credit worthy going forward (at least in the eyes of this particular lender).

In all borrowing discussions, the most important aspect is candor, both with you and with a lender. A realistic third party assessment of your operational and financial affairs can be a valuable insight that can only be gained through a candid and open discussion with knowledgeable people.

For more tips on securing loans, read our lender’s inside scoop.

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When you click links marked with the “‡” symbol, you will leave UMB’s website and go to websites that are not controlled by or affiliated with UMB. We have provided these links for your convenience. However, we do not endorse or guarantee any products or services you may view on other sites. Other websites may not follow the same privacy policies and security procedures that UMB does, so please review their policies and procedures carefully.


Mr. Watson serves as president of the UMB Agribusiness Division. He joined UMB in August of 2005 and has also served as the president of the UMB Kansas region. Watson is a graduate of Wabash College in Crawfordsville, Indiana with a major in Psychology. He has also attended The Colorado School of Banking, The National Commercial Lending School (where he has also been an instructor), and the Stonier Graduate School of Banking.



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Why keeping talented associates is just as important as finding them

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Like every organization, our success depends on hiring talented associates who are dedicated to serving our customers. But RETAINING this talent is just as important. Peter deSilva explains how we provide opportunities for career growth and development – and why so many associates choose to spend their entire career with UMB.

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Mr. deSilva is president and chief operating officer of UMB Financial Corporation. He is also vice chairman of UMB Bank, n.a. Mr. deSilva joined UMB in January 2004. He is primarily responsible for UMB's fee-producing business units and product lines, including Scout Investments; UMB Fund Services, UMB Healthcare Services Payment Solutions, Prairie Capital Management. Additionally, he is responsible for all corporate operations, technology, properties, security and marketing.



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Manufacturing and Technology Part IV: Q&A

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Our audience was filled with manufacturers with workforce issues. If you’re in the same boat, check out the answers to these common questions.

In case you missed it earlier on the blog: our expert panelists explained how they find the right employees for their organizations, reach out to high school graduates and tackle advanced manufacturing.

 

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Panelists:

Jon Kinning, COO, RK Mechanical, Inc.
Kim Madigan, CEO, AdamWorks
Bill Newland, CEO, Hercules Industries
Kevin Fink, CEO, Ice-O-Matic

Moderator:

Bart Taylor, Founder/Publisher, Company Week

 

When you click links marked with the “‡” symbol, you will leave UMB’s website and go to websites that are not controlled by or affiliated with UMB. We have provided these links for your convenience. However, we do not endorse or guarantee any products or services you may view on other sites. Other websites may not follow the same privacy policies and security procedures that UMB does, so please review their policies and procedures carefully.


UMB Financial Corporation (Nasdaq: UMBF) is a financial services holding company headquartered in Kansas City, Mo., offering complete banking, payment solutions, asset servicing and institutional investment management to customers. UMB operates banking and wealth management centers throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska and Arizona. It also has a loan production office in Texas. Subsidiaries of the holding company include mutual fund and alternative investment services groups, single-purpose companies that deal with brokerage services and insurance, and a registered investment advisor that manages the company's proprietary mutual funds and investment advisory accounts for institutional customers.



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Manufacturing and Technology Part III

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3-D printing and advanced manufacturing are hot topics in the manufacturing and technology industry that our panelists tackled at a recent thought leadership event.

Panelists:

Jon Kinning, COO, RK Mechanical, Inc.
Kim Madigan, CEO, AdamWorks
Bill Newland, CEO, Hercules Industries
Kevin Fink, CEO, Ice-O-Matic

Moderator:

Bart Taylor, Founder/Publisher, Company Week

In case you missed it earlier on the blog: our expert panelists explained how they find the right employees for their organizations and reach out to high school graduates.

Later this month, we’ll bring you more answers to some frequently asked questions.

 

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When you click links marked with the “‡” symbol, you will leave UMB’s website and go to websites that are not controlled by or affiliated with UMB. We have provided these links for your convenience. However, we do not endorse or guarantee any products or services you may view on other sites. Other websites may not follow the same privacy policies and security procedures that UMB does, so please review their policies and procedures carefully.


UMB Financial Corporation (Nasdaq: UMBF) is a financial services holding company headquartered in Kansas City, Mo., offering complete banking, payment solutions, asset servicing and institutional investment management to customers. UMB operates banking and wealth management centers throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska and Arizona. It also has a loan production office in Texas. Subsidiaries of the holding company include mutual fund and alternative investment services groups, single-purpose companies that deal with brokerage services and insurance, and a registered investment advisor that manages the company's proprietary mutual funds and investment advisory accounts for institutional customers.



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Pairing your passion with your giving

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Did you know you can use a wealth advisor for more than simply financial and estate planning? Whether it’s your business or your family’s philanthropy, a wealth advisor can match you with the organizations you want to work with and even set up meetings with the board of directors for you if desired.

The “why” behind giving is the most vital. When we match an organization’s mission with a person’s passion, there’s power in that.

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Ms. Barnas joined UMB in 2007. As Senior Vice President Regional Manager, she is responsible for the growth and support of new customer relationships as well as supervision of regional sales associates. She is also responsible for oversight and delivery of the financial planning discipline within the region. Ms. Barnas has 28 years of experience in the financial industry. Prior to joining UMB, she served in retail and collections management at Bank of America and Banc of America Investment Services, Inc. and premier client manager within the Global Wealth and Investment Management division. Ms. Barnas studied business and communications at Missouri State University in Springfield, Mo. She serves on the Child Advocacy Center Board and the Director’s Council for the Foundation for Springfield Public Schools, and she was the Charter President of the Summit Optimist Club in Springfield, Missouri.



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What entrepreneurs are doing for Kansas City

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Today’s entrepreneurs are as excited as yesterday’s. They’re going to take us into the future and help build a thriving economy in Kansas City.

Here are more of my thoughts on Kansas City as we build the most comprehensive and effective entrepreneurial ecosystem anywhere in America.

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Mr. deSilva is president and chief operating officer of UMB Financial Corporation. He is also vice chairman of UMB Bank, n.a. Mr. deSilva joined UMB in January 2004. He is primarily responsible for UMB's fee-producing business units and product lines, including Scout Investments; UMB Fund Services, UMB Healthcare Services Payment Solutions, Prairie Capital Management. Additionally, he is responsible for all corporate operations, technology, properties, security and marketing.



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Manufacturing and Technology: Attracting a New Workforce

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Last month our expert panelists explained how they find the right employees for their organizations. Now these manufacturing and technology industry leaders tackle the topic of education and attracting the next generation to the workforce.

Kim Maddigan (CEO, AdamWorks) says the industry needs to reintroduce manufacturing as an appealing career option for young people in the United States. The panelists also discuss whether or not internships and job shadowing are a helpful approach.

Panelists:

Jon Kinning, COO, RK Mechanical, Inc.
Kim Madigan, CEO, AdamWorks
Bill Newland, CEO, Hercules Industries
Kevin Fink, CEO, Ice-O-Matic

Moderator:

Bart Taylor, Founder/Publisher, Company Week

Next month, we’ll bring you the panelists’ answers to some frequently asked questions.

 

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When you click links marked with the “‡” symbol, you will leave UMB’s website and go to websites that are not controlled by or affiliated with UMB. We have provided these links for your convenience. However, we do not endorse or guarantee any products or services you may view on other sites. Other websites may not follow the same privacy policies and security procedures that UMB does, so please review their policies and procedures carefully.


UMB Financial Corporation (Nasdaq: UMBF) is a financial services holding company headquartered in Kansas City, Mo., offering complete banking, payment solutions, asset servicing and institutional investment management to customers. UMB operates banking and wealth management centers throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska and Arizona. It also has a loan production office in Texas. Subsidiaries of the holding company include mutual fund and alternative investment services groups, single-purpose companies that deal with brokerage services and insurance, and a registered investment advisor that manages the company's proprietary mutual funds and investment advisory accounts for institutional customers.



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Manufacturing and Technology: A New Workforce Dynamic

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How do you find the right employees for your organization? A panelist of leaders in the manufacturing industry shared their struggles and successes with the ever-changing workforce.

Panelists:

Jon Kinning, COO, RK Mechanical, Inc.
Kim Madigan, CEO, AdamWorks
Bill Newland, CEO, Hercules Industries
Kevin Fink, CEO, Ice-O-Matic

Moderator:

Bart Taylor, Founder/Publisher, Company Week

Next month, we’ll bring you these panelists’ insights on education and technology advancements.

 

Continue Reading

When you click links marked with the “‡” symbol, you will leave UMB’s website and go to websites that are not controlled by or affiliated with UMB. We have provided these links for your convenience. However, we do not endorse or guarantee any products or services you may view on other sites. Other websites may not follow the same privacy policies and security procedures that UMB does, so please review their policies and procedures carefully.


UMB Financial Corporation (Nasdaq: UMBF) is a financial services holding company headquartered in Kansas City, Mo., offering complete banking, payment solutions, asset servicing and institutional investment management to customers. UMB operates banking and wealth management centers throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska and Arizona. It also has a loan production office in Texas. Subsidiaries of the holding company include mutual fund and alternative investment services groups, single-purpose companies that deal with brokerage services and insurance, and a registered investment advisor that manages the company's proprietary mutual funds and investment advisory accounts for institutional customers.



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Export-Import Bank charter: what you need to know

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What is the Export-Import Bank?

The Export-Import Bank of the United States (Ex-Im) is the official export credit agency of the United States. ExIm fills gaps in the trade finance market by working with lenders and brokers to ensure that U.S. businesses get what they need to sell abroad and be competitive in international markets.*

Here’s an example of a business that would use Ex-Im: ABC Company realized to grow their international sales, they needed protection against foreign buyers who might fail to pay them, or non-payment risk protection. Ex-Im approves a small business export credit insurance policy. A few months later, ABC Company sold $500,000 of products to China. Ex-Im had mitigated ABC’s fear of non-payment since the policy covered 95 percent of the commercial and political risks.

Both Democrats and Republicans are working to present a bill to renew the charter while other lawmakers would rather let the charter expire. Those against renewing the charter argue that the bank is a form of “corporate welfare.” Lawmakers who encourage renewal assert that Ex-Im helps U.S. exporters compete against foreign companies, which are backed by their government sponsored Economic Consulting Associations. This results in the generation of 2 billion government-funded dollars for U.S. taxpayers, but with zero cost to the U.S. taxpayer.

Who is affected?

Supporters of the bank charter include large companies such as Boeing, General Electric and Caterpillar.

However, the smaller businesses who use the ExIm services could also be impacted, possibly even more than the larger ones. Take a look at the below chart and facts showing a snapshot of ExIm Bank throughout the last five years.

chart

Source: Ex-Im website

Current Status

The Ex-Im Bank Charter was set to expire on September 30, however the House and Senate passed a continuing resolution which will extend it through June 30, 2015. During the next nine months, supporters and detractors will lobby for merits of Ex-Im and potential reforms. UMB will continue to monitor the progress and update you on what you need to know.

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*source: ExIm.gov

When you click links marked with the “‡” symbol, you will leave UMB’s website and go to websites that are not controlled by or affiliated with UMB. We have provided these links for your convenience. However, we do not endorse or guarantee any products or services you may view on other sites. Other websites may not follow the same privacy policies and security procedures that UMB does, so please review their policies and procedures carefully.


Mr. Jarrett is the senior vice president, director of international services and sales for UMB. He is responsible for the overall leadership and product strategy for foreign exchange, trade finance and Canadian cash management. He joined UMB in 2013 and has 15 years of experience in the financial services industry. A native of Quito, Ecuador, Paul earned a Bachelor of Science – Accounting degree, from Palm Beach Atlantic University in Palm Beach, Florida.



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