What if you could save thousands on your taxes with a few strategic changes to your business? In this episode, Nick Romanelli and Dylan Valentyn from Clifton Larson Allen share key tax strategies that many manufacturers overlook.

We dive into the R&D tax credit, showing how manufacturers—whether small job shops or larger factories—can qualify by innovating in ways they may not have considered, such as improving products, developing new processes, or creating prototypes. By documenting these activities and tracking time and materials, manufacturers can unlock valuable credits that could significantly boost their bottom line.

We also explore the impact of the Section 174 rules, which now require manufacturers to capitalize and amortize research expenses over several years rather than expensing them immediately. While this change can affect cash flow, the R&D tax credit offers relief by providing a dollar-for-dollar reduction in tax liability. Nick and Dylan explain how to navigate these changes and ensure manufacturers are maximizing their R&D claims.

Next, we discuss the critical decision of entity selection—LLC, S Corp, or C Corp. Nick and Dylan break down the advantages and disadvantages of each structure, and how making the right choice can lower your tax burden, attract investment, and set up your business for long-term success.

Finally, we introduce the Work Opportunity Tax Credit (WOTC), a valuable but often overlooked tax benefit for manufacturers who hire employees from groups facing employment barriers, such as veterans or long-term unemployed individuals.

Tune in to discover how these tax strategies can save you money and help your manufacturing business thrive, plus a look at what tax changes to watch for in 2025.

• (0:00) Introduction to the episode and the guests
• (0:59) Depreciation strategies for IT and power infrastructure
• (02:25) The overlooked opportunity of R&D tax credits
• (04:34) Tracking R&D activities for tax credit qualification
• (10:32) The process for claiming R&D credits
• (13:51) The impact of the 174 rules on research expenses
• (17:10) Tax strategy for manufacturers considering entity selection
• (21:16) Exploring the Work Opportunity Credit
• (24:18) Tax changes to watch for in 2025

• CliftonLarsonAllen (CLA)
• Glossary of Terms

• Connect with Dylan on LinkedIn
• Connect with Nick on LinkedIn

• Follow on LinkedIn
• Connect with Mike Payne on LinkedIn

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What can you do to impact your tax liability for 2024?

With tax season right around the corner, manufacturers are faced with the crucial task of optimizing their tax strategies to both reduce liabilities and unlock future growth potential.

In part one of a two-part series, I sat down with tax experts Dylan Valentyn and Nick Romanelli from CliftonLarsonAllen (CLA) to explore the critical tax-saving opportunities that could significantly improve cash flow and business sustainability—for 2024 and beyond.

We kick off with a discussion on tax planning, particularly focusing on strategies for deferring taxes and accelerating deductions. Dylan and Nick emphasize how businesses can free up valuable cash flow through smart deferral tactics, such as depreciation, and how this can be reinvested to fuel future growth. They also dive into the importance of working closely with your accountant to ensure that tax strategies are aligned with the business’s long-term goals, especially when planning for 2025.

One of the key strategies explored is reviewing capital expenditures and utilizing powerful tax-saving tools like Section 179 deductions, bonus depreciation, and cost segregation studies. Dylan and Nick explain how these methods can offer immediate tax relief and boost cash flow—saving manufacturers substantial amounts in taxes.

Dylan and Nick also unravel common misconceptions about taxes in the manufacturing sector. They break down the importance of inventory accounting methods (FIFO vs. LIFO), offer insights into managing capital purchases, and provide guidance on how to navigate complex tax decisions that can make or break a business’s financial performance.

This episode is packed with information you can employ to make a difference right now. Don’t miss it.

STAY TUNED: In the next episode, the team will dive even deeper into advanced strategies that focus on long-term tax planning. It will be can’t-miss in-depth advice that could help unlock your business’s full financial potential.

• [2:08] Get to know Dylan Valentyn and Nick Romanelli
• [4:59] Why taxes are a misunderstood concept
• [6:48] What can you do to impact your tax liability for 2024?
• [10:49] Dissecting FIFO versus LIFO
• [15:30] Small business taxpayer exception
• [17:58] Non-incidental materials and supplies
• [19:08] Cash versus accrual accounting
• [26:02] Do contract methods matter to accounting?
• [27:53] What is a cost segregation study?

• CliftonLarsonAllen (CLA)

• Connect with Dylan on LinkedIn
• Connect with Nick on LinkedIn
• Glossary of Terms and More Resources

• Follow on LinkedIn
• Connect with Mike Payne on LinkedIn

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Many manufacturing businesses hit a plateau around $2 million in revenue, and breaking through that ceiling can feel overwhelming.

According to Paul Van Metre, it’s not just about working harder—it’s about building systems that work harder for you. In this episode, Paul, a manufacturing entrepreneur and co-founder of ProShop ERP, uncovers why so many businesses get stuck at this threshold—and how to overcome it.

We cover real-world insights on the common challenges shop owners face, from over-reliance on a single customer to wearing too many hats as the business owner. He explains why reinvesting in systems, processes, and people is essential—not just for scaling your business but for creating a better quality of life.

Whether your goal is to grow past $2 million or simply work fewer hours while maintaining profitability, Paul’s advice on lean principles, automation, and delegation will equip you with practical steps to move forward.

Tune in to learn how you can take control of your shop’s future, empower your team, and build a business that thrives—whether you’re at the helm or spending more time with your family.

• (0:00) Introducing Paul Van Metre and today’s topic
• (5:08) Why businesses cap at $2 million in revenue
• (10:48) Why reinvest revenue in systems and processes
• (13:13) The importance of hiring and delegation
• (20:52) How to break the $2 million cap
• (33:42) What can you do to make meaningful improvements?

• The E-Myth
• Built to Sell

• Connect on LinkedIn
• Machine Shop Mastery
• ProShop ERP

• Follow on LinkedIn
• Connect with Mike Payne on LinkedIn

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Did you know you could be leaving tens—or even hundreds—of thousands of dollars on the table every year? Most manufacturers don’t realize the incredible potential of grants to fund new projects, invest in equipment, and upskill their workforce.

In this episode of Buy the Numbers, we’re breaking down everything you need to know about manufacturing grants, with insights from Micki Vandeloo, a seasoned expert who has helped manufacturers secure over $185 million in funding.

Micki’s journey from 25 years in manufacturing to running her own grant-writing business is inspiring. In this episode, she shares how she went from securing $600,000 for her company to building a team dedicated to helping businesses unlock grant funding.

Whether you're just starting your search or looking to maximize your opportunities, Micki outlines actionable steps and key tips to navigate the grant process. You’ll learn:

• How grants can revolutionize your business (and how Micki leveraged them to secure millions).
• The most common types of grants available to manufacturers, from training to equipment investments.
• Practical steps to get started, including where to find opportunities at the state, federal, and local levels.
• How to stack multiple grants to lower project costs and maximize impact.
• The importance of well-defined projects and detailed applications to increase your chances of success.

If you’ve ever wondered how to make grant funding work for your business, this is the episode you don’t want to miss. Tune in to discover how you can tap into grants to grow, innovate, and secure the future of your manufacturing business. Don’t let this money go unused.

• (2:02) From 25 years in manufacturing to grant-writing
• (5:40) The impact grants can have on your business
• (9:53) The basics of manufacturing grants
• (17:18) Where can you get started?
• (21:13) What’s available at the Federal level?
• (24:53) How to start stacking grants
• (27:51) Why you need a well-defined project
• (29:06) Completing the grant application
• (33:30) Fine print to keep in mind
• (35:45) Who’s a good fit for Lakeview Consulting?
• (37:19) Micki shares some success stories
• (38:43) The importance of building relationships
• (44:43) Don’t let this money go unused

• Oklahoma Manufacturing Alliance
• State Trade Expansion Program
• The Rural Energy for America Program

• Connect on LinkedIn
• Lakeview Consulting
• The Manufacturing Grants Database
• Sign up for Micki’s Newsletter

• Follow on LinkedIn
• Connect with Mike Payne on LinkedIn

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On this episode of Buy the Numbers, I sit down with Josh McKain to talk about his 3.5-step framework—the process he uses to help companies turn their goals into results.

Josh shares how he starts every project by aligning teams, often uncovering surprising gaps in understanding. From there, his framework guides teams through assessing their capacity, building a strategic roadmap, and staying on track with regular check-ins—the “half-step” that keeps everyone aligned.

We also explore the importance of tracking the right KPIs. Overloading your team with metrics can create confusion and dilute focus. Instead, Josh recommends identifying 3–5 key metrics that truly drive success and making sure every team member understands how their work impacts those goals.

Whether it’s coaching your team with data, staying agile in the face of challenges, or gamifying progress to boost performance, Josh’s insights are packed with actionable advice. Tune in to learn how you can set your team up for measurable success.

• Learn more about Josh McKain and Henry Rose Consulting [1:23]
• Josh’s three-and-a-half-step framework [4:42]
• Breaking down goals into KPIs [8:28]
• Why you need to review KPIs as a team [19:31]
• How Josh measures accountability [23:03]
• The importance of machine monitoring and data [25:43]
• The key to setting good goals [34:40]

• Connect on LinkedIn
• Henry Rose Consulting

• Follow on LinkedIn
• Connect with Mike Payne on LinkedIn

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“A good banker understands your business’s financial picture. They understand your balance sheet. They understand what your cashflow looks like. They have an understanding of what your needs are.”

In this episode, I sit down with Jace Dawson—the Commercial Regional Executive for Simmons Bank—to explore how manufacturing businesses can manage cashflow, secure financing, and grow strategically by leveraging traditional banking solutions.

Cashflow is the lifeblood of any shop, and understanding your operating cycle is critical to ensuring your business stays competitive and solvent.

We discuss the advantages of traditional banking over independent financing, how treasury management tools can streamline payables and receivables, and why a well-structured revolving line of credit can be a game-changer for managing working capital.

Whether you’re navigating equipment purchases, labor costs, or long payment terms, the right financial strategies can help your manufacturing business thrive.

• [2:12] Learn more about Jace Dawson
• [7:22] Bank financing vs independent financing
• [10:21] The advantages to traditional banking
• [13:07] The importance of cashflow in a business
• [16:32] Creating a good relationship with your banker
• [25:08] How your bank can help you manage cashflow
• [27:54] The basics of treasury management
• [30:33] What to look for with a working line of credit
• [36:18] What do payment terms cost you?
• [39:11] It’s time to reach out to your banker

• Simmons Bank
• Connect on LinkedIn

• Follow on LinkedIn
• Connect with Mike Payne on LinkedIn

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When it comes to purchasing machinery, the decision isn’t always as simple as cash or financing—it’s a strategic move that can shape the future of your business.

In this episode of Buy the Numbers, Ty Willis joins me to break down equipment financing, Section 179 tax benefits, and how to make smart purchasing decisions. Should you leverage financing to preserve cash flow or invest upfront for incremental growth?

Ty dives into these questions, exploring how diverse lending strategies and tools like equipment finance agreements can help you maximize ROI without overextending your business.

We’ll also discuss common pitfalls, like buying equipment for depreciation alone, and why Section 179 should complement a smart decision—not drive it.

Whether you’re expanding operations, upgrading technology, or testing new markets, Ty’s expert insights will help you weigh the tax, financial, and growth implications of your next big move. Tune in for actionable advice to keep your business growing strategically!

• [2:44] Learn more about Ty Willis
• [5:11] How to build connections in the industry
• [10:42] Equipment financing + section 179
• [15:00] Why finance versus pay cash?
• [23:13] Why look at independent financing?
• [30:40] Flexible financing options
• [36:02] Is financing a purchase an option?
• [41:14] Key ratios that lenders look at
• [43:15] Pitfalls to watch out for
• [47:25] How to connect with Ty

• The Technology and Manufacturing Association
• EBITDA Growth Systems

• Connect on LinkedIn

• Follow on LinkedIn
• Connect with Mike Payne on LinkedIn

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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
• Connect on LinkedIn
• Follow on X

• Follow on LinkedIn
• Connect with Mike Payne on LinkedIn

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