Cynthia LaGrow, B.B.A.’98, M.P.A.’08, owns an economic development consulting company, LaGrow Consulting, where she assists businesses with writing business plans, grant writing and municipal government oversight. She and her husband also own Maximum Mold Group where she is the chief financial officer. Their company recently received the 2018 Lead-Time Leader Award, a prestigious industry achievement.
Helping to run a small company with big ambitions has taught her that success is achieved by doing the best with what you have—it’s about the hard work, not the fancy equipment. Their goal is to keep improving and investing in growth. This philosophy was integral in winning the Lead-Time Leader Award. LaGrow shares her experiences with growing a businesses and learning to lead.
How it all began
My husband and I wanted to start a business together. He had experience in the tool and die industry, and I had experience in finance, so we opened a small mold polishing shop in southwest Michigan. We started small but were gradually able to purchase machinery and equipment to transition into a true tool and die shop. In 2015, we purchased our first business, Michigan Mold, creating ten jobs and investing one million dollars into machines. In 2017, we purchased our second and third businesses, Mach Mold and Fluid Management Solutions. Today, we have three manufacturing facilities with more than one hundred employees.
I get excited about going to work because I get to face new challenges and overcome them each day. There is always a project at a new point in the manufacturing process from the previous day. Our customers frequent our shop, and we have a great interaction with them from day-to-day. We take pride in our fantastic team environment. Everyone is working towards the goal of creating custom tools that exceed our customers’ needs and expectations. It takes our entire team, from janitor to salesperson, to accomplish the success that we have experienced.
Small company, big rewards
Our biggest accomplishment is winning the Lead-Time Leader Award for 2018. This is a prestigious award given out by Moldmaking Technology Magazine. The voting panel is made up of other tool and die shop professionals who know the industry and what it takes to get the work done. I chose to apply for this award because of our two large expansions over the past few years. After a bit of a downturn in the industry, winning this award is a significant achievement. When we filled out the application, we had to provide supporting documentation that we were in expansion mode and investing in additional real estate.
As a relatively small shop, I can offer some advice to other small companies that are seeking big rewards. Surround yourself with professionals. Your accountant and attorney are key people who can provide valuable guidance. Turn to your network of similar companies that have already gone through the process.
Success through education and leadership
I have a casual leadership style. I am flexible and understanding that an employee’s life is more than just their work. We go into work five or six days a week just like our employees do. I think it is essential for leaders to lead by example, by being dependable and acting with honesty and integrity. My academic experience at Western Michigan University provided me with the tools and network to be a successful leader and business owner.
The Haworth College of Business focuses on a holistic education, which gave me exposure to finance, law, human resources and public speaking. These are essential in being able to be a successful leader and business owner. I also learned to multitask and set goals for myself. Today, I feel successful when I establish goals and meet and exceed them every day, week or year. To me, success is not based on a dollar amount; it is achieving your goals and being in a place that makes you happy.
The most important thing that students can do in order to prepare themselves for success is to learn how to communicate effectively. Most business professionals appreciate the personal interaction that comes along with working together. Learning to work in groups and effectively communicate is essential in the business world.