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Speaker 1: Yeah, it's kind of interesting because our kind of equivalent

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of that is, like the US is going through I

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would say I'm manufacturing resurgence. I think COVID has shown

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them that, like A, we can't have so much dependency

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on other countries industries like aerospace and events. Fundamentally, they

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can't make stuff in most countries. They can't send stuff

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to China or Mexico and for certain products. And then

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on top of that, like you know, the US typically

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wants to invest locally, especially when they feel like the

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economy is downe. So I'm a lot more mandates now

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for made in America products.

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Speaker 2: You are listening to Carrie.

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Speaker 3: Let'sa's Financial Survival Network where you get valuable information you

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just can't find anywhere else to thrive in today's trying times.

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00:00:39,880 --> 00:00:43,880
You need the Financial Survival Network now more than ever.

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Go to Financial Survivalnetwork dot com and get your free

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newsletter and gift. Financial Survival Network now more than ever.

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Speaker 4: And welcome you are listening to and watching the Financial

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Survival Network. I'm your host, Carrie Lutz. Well, just when

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you thought the rust belt was finally finished, along comes

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Jewles Brenner. He's been taking these old rust built type

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companies bringing him into the modern world, recapitalizing him, investing

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in technology. He's going to tell you all about it, Jules.

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Thank you for being on the show. So, hey, it's

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kind of an interesting concept to find value in the

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Ross belt. How long you've been doing it for?

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Speaker 2: Heyay, thanks for having me.

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Speaker 1: We're gone on our fifth year now. So we started

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during COVID and you know we have been not gone

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on ever since.

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Speaker 4: All right, so give us an idea. What kind of

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companies are you are you acquiring taking over?

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Speaker 1: Yeah, so our main vision for our business was to

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kind of look at the industrials pretty broadly. I think

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the industrial economy in general is a very typically tech

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under invested segment.

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Speaker 2: A lot of children don't want.

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Speaker 1: Those kinds of companies these days of parents have been

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running every years of grandparents, and you know, there's a

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lot of different opportunities to get into. You know, we

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found our first initial footing in the metal fabrication sector,

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particularly in California. When I talk about metal fabrication, think

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like welding shops and machine shops. You know, anyone taking

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metal and making custom shapes at it for customers. Typically

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business to business, equipment, manufacturers, construction, et cetera. And you

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know this sector of the economy, especially with companies call

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it fifty employees you're down. There's thousands of them in California,

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but also a lot of them unfortunately shut down, you know,

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because kids don't want them, and then they never really

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leverage modern tools to get to scale. So that's been

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the current focus and will be for the next few years.

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All right, So, I sorry, how many companies you've you

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acquired to day?

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Speaker 2: So we've about three and then in California alone there's

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about six thousand of them, just metal fabrication businesses.

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Speaker 4: And they're all companies with no direct or clear line

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of succession and basically the kids don't want them for

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whatever reasons, and so there's opportunity there. You're doing owner financing,

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Are you getting bank loans or investor financing? How do

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you do it?

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Speaker 2: Yeah?

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Speaker 1: And I would say many of them are you know,

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like manufacturing for you know, kind of children succeeding their

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parents is a lot more popular in the Midwest maybe

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or different markets of the US, but really not in California.

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And everyone's trying to be a software engineer or something

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out of here, but yeah, a lot of them out

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there and then on. You know, when we started, our

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goal was to do a permanent hole model. So we

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didn't want to start out and be like a private

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equity group where we to raise a fund and then

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the fund would force us to you know, sell it

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in five to seven years. So we didn't think that

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was you know, the appropriate strategy. We wanted to do

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more long term investing. So what we did was we

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use banks predominantly. You know, a lot of our sellers

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they you know, want to have seller financing involved, sometimes

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for tax purvices, sometimes because it gets them a higher

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total price. And then we bring in equity ourselves, mostly

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from our balance sheet from the existing businesses that we own,

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as well some minority investors that we you know have

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like minded and brought into the foal as well.

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Speaker 4: Gotcha all right, So to tell us, how how has

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it been going? Companies doing well?

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Speaker 2: Yeah, company has been doing well.

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Speaker 1: We started with a business initially in the infrastructure side.

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It predominantly like custom parts for roads, bridges, and highways

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in California. That was quite interesting for the first year

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or two that we operated that on and sewing, and

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then at the end of last year, we brought two

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more businesses that were like five minutes from us that

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brought us into like electronic enclosure industries as well as

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water treatment.

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Speaker 2: So you know, we love that.

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Speaker 1: It's been a lot of fun to you know, look

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at segments of the economy that you knew where someone

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was making stuff for, but it's you know, you didn't

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really know what it was like.

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Speaker 2: So getting into that has been really exciting.

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Speaker 1: And for the next like six months, our goal is

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to get into aerospace and defense as well through both

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purchasing in business and bringing some of that in organically.

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Speaker 4: Interesting. Interesting So you like aerospace, are there other particular

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markets you like?

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Speaker 1: Yeah, I think, you know, we want to play to

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what's successful in California. There are certain things like let's

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say you're making like automotive parts. You know, there are

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pockets of California what that may make sense for like

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making things for maybe at Tesla or like a Ribbean

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electric vehicles. But after that, a lot of that stuff

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just makes a lot more sense in the Midwest. In California,

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it's predominantly and historically an aerospace and defense hub. Water

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treatment they call water the new goal that here there's

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all the droughts to trying to create all this equipment

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to treat water infrastructure. This is the largest infrastructure market

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in the country, so it's been popular. Aybriculture is actually

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also pretty popular here, especially at Central Valley, as well

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as semi conductors and metical equipment, and we don't really

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do much for any of those. We like aerospace and

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defense because we are seeing just an influx of that work.

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Every shop in our business campus that isn't that as

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a metal shop is actually pretty much slammed at this

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point with aerospace and defense works.

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Speaker 2: So we think for the next few years it will

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be a good place to start.

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Speaker 4: That's funny because these are what I would call boring businesses,

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although to me, no business is really boring. Maybe no

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boring business is one that you don't have to do

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anything in The money just pours in and you kind

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of sit back and do nothing. But how many of

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those are there? So they're really not glamorous, they're not sexy, right,

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And yet these businesses are highly profitable, right, big margins,

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and when you bring in the efficiencies like I'll give you.

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For instance, here there's a dry cleaner around the corner

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from me and it's elderly Indian as then from India couple,

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and they still write out the slips by hand. The

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biggest accomplishment was that they got a credit card reader

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that actually took Apple then, you know, and I look

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at it, and they actually do the actual cleaning on

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the premises, and I look at it, and it's like

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I want to say, like, why why aren't you using

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like computers? Why do we have this here? And like

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they don't barcode all the clothes the way the newer

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dry cleaners do. And I'm thinking, you know, it's a

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real opportunity for somebody. They're elderly, their kids probably don't

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want to do it because I've never seen their kids.

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There probably a great opportunity for somebody. Yeah.

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Speaker 1: Yeah, it's interesting because some of those businesses, you know,

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if the kids don't help the parents push technology. You know,

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the parents typically we see most of our sellers like

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fifty five and upper age and a lot of those

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guys they've been doing things a certain way for decades,

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so they don't particularly want to change, So the kids

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aren't qushing change. It's pretty hard to give the business

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to do all those things. So sometimes it's either, like

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you said, easier to start from scratch or you have

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to buy it and kind of do it yourself. But

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they probably do have a nice recurring list of clientile

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that is worth something over you know, buying to the

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bus starting something from zero.

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Speaker 4: Yeah, Like I go there because it's honestly, they do

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a good job. All the years have been going only

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one time if they something up and they fixed it,

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and it's cheaper because you know, everything's paid for it. Sure,

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all the equipment's probably falling apart as we speak, but

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they do a decent job and it's cheaper, and they're

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nice people. You know, they're nice people. But they like

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when I see them take out the pen and they

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have they can't just do one slip, Jiles. I got

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to do two slips, one for the laundry, one for

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the dry cleaning. So it's like I just look at

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that and it's like, hey, I'll bet there's an app

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for an iPhone that you could do this on and

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it would take care of everything. But you know, it's

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not my business. They didn't ask me, and I'm not

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volunteering it, but I just so would like to ask them,

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why are you doing it? I'm sure you encounter that

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situation all the time.

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Speaker 1: Yeah, it's kind of interesting because our kind of equivalent

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of that is, like the US is going through I

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would say, I'm manufacturing resurgence. I think COVID has shown

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them like a, we can't have so much dependency on

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other countries industries like aerospace and events. Fundamentally, they can't

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make stuff in moost countries, they can't send stuff to

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China or Mexico and for certain products. And then on

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top of that, like you know, the US typically wants

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to invest locally, especially when they feel like the economy

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is down. So there's a lot more mandates now for

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made in America products. But what's happening is our customers

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are themselves in growth mode, and eventually, like if you

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have a customer and growth mode with a supplier that's

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not keeping up, eventually that customers going to have to

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go somewhere else or move work to a different location

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or whatever it is. So I think like our customers

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are forcing us to make some of these tech changes

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and some of these quality changes that maybe you don't

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have to do so much in certain industries because you

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know those and those industries aren't growing as much.

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Speaker 4: Yeah, so you're basically your game plan here is do

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a roll up. Keep acquiring these metal fabricators, put them

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under one banner, bring efficiencies to them, bring new technology.

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And it's interesting because I'm sure a lot of the

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these guys been there doing this twenty thirty years. They're

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probably really good at their jobs.

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Speaker 2: Yeah.

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Speaker 1: Yeah, it's you know, there's a lot of owners that

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are like kind of general managers of these businesses, and

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we typically see like, you know, a lot of difficulty

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in them selling them as finding someone who can replace them.

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Speaker 2: And the truth.

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Speaker 1: Of the matter is very hard to replace somebody who's

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been doing a lot of different things really well for decades.

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But it's a lot easier to replace them if you

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have like middle managers that specifically, you know, just purchase material,

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just schedule, just do production, whatever, and you spread the owner's.

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Speaker 2: Workload across them.

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Speaker 1: So part of our strategies have the middle managers get

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those owners' businesses, bring them in and spread them across

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those That actually makes the transition smooth. But then the

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other thing that's happening is like California, he gets a

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pretty bad rap for you know, being hard to do

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business in which I actually completely agree with. I think

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it's very expensive to hire an employee for the office

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and kind of do any of those things that it

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will help you as a business owner scale And part

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of the model here is if you can get to

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scale and bring businesses together, not only do you diverse

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revenue streams and spread workload across multiple people so it's

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not all depend on one owner, but the actual the

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California difficulty of doing business actually ends up becoming a

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mote for you where it's very hard for mom and

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pop to continue to compete with someone that's bigger because

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you know, you just don't have the resources to it.

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In customers, if they're growing, they're going to, you know,

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increasingly want to move work to someone who has more

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infrastructure built up internally to handle it. So I think

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that's very important to our strategies, Like as you scale,

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you get like exponentially you know, stronger from a force

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to you know, to do a business in California.

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Speaker 4: All right, Okay, well really interesting there, Hicks want to

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find out more about you, connect with you on the web.

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How do you do that?

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Speaker 1: So you can go to Industrial Succession dot com, which

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is our main hold Cone. If you want to learn

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more about our metal orient and thesis, it's Metal Solutions

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Holdings dot com. And we're always happy to talk to anyone,

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whether it's enthusiasts in the space we've had, you know,

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like my investors reach out, they'll want a partner with

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us on some of the stuff.

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Speaker 2: In Nest we had brokers.

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Speaker 1: Sometimes people have owned the businesses themselves and are looking for,

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you know, someone take them over.

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Speaker 2: Please feel free to reach out on any of those channels.

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Speaker 1: And it's just Jabrenner at on Industrial Subcession dot com.

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Speaker 4: For all right, excellent hey links in the show notes

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to this interview on Financial Survival Network dot com. You

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got a question with Jewels or myself, shoot me an

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email kl at Carrie Lets dot com. And while you're

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on the site, please sign up for a free newsletter.

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A lot of great info there, a lot of helpful

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info that I guarantee will make you money. Jewel's been

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a pleasure. Good luck on your endeavor.

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Speaker 3: Hey key, thanks for listening to Carrie Let's this Financial

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Survival Network your solution to today's trying times. For the latest,

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go to Financial Survivalnetwork dot com. Financial Survival Network now

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more than ever,