Update: IDL Precision Talks Purchasing Plating Shop
Owners of IDL Precision Machining push back ownership of plating shop they are purchasing to June 1.
Editor's note: Three years ago, Dean Handaly and his best friend from high school, Robert Peha, decided they were brave enough to dive into the world of business ownership when they purchased IDL Precision Machining in Mukilteo, Washington, just north of Seattle. But as their business grew, Handaly and Peha realized some frustration with outsourcing functions such as surface finishing, which almost all of their existing customers needed and which IDL wanted to control as much as possible. Production Plating heard of IDL’s plans and made an offer to Handaly and Peha: Buy our existing plating and anodize facility and convert it to Nadcap certification. Handaly has agreed to document the purchase of the plating shop for Products Finishing readers.
Purchasing a business can be a complicated transaction. Many folks are familiar with purchasing a home, and some of the unanticipated hurdles (extra paperwork, finance documentation needs, etc.) that come with that transaction.
We have encountered several of these small hurdles along the way. All the hurdles are resolvable, but can be time consuming and extremely frustrating. We had to slide our close date to accommodate some of the items. Our current target "Day 1" for the new PPI is June 1.
In the interim, we have used this time to focus on working the details of our transition plan including: customer notifications, meeting with outside vendors to review/plan for MRP and QMS systems that support Nadcap certification, reviewing current chemicals used in the production process and making final evaluations/selection for future requirements as we move from a plating house supporting principally commercial work to the rigorous requirements of supporting aerospace, future staffing plans, etc.
Knowing that any business ownership change brings several layers of change, our goal is to be ready to hit the ground running on Day 1!
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