A daughter left finance to save her father's failing machine shop

HM Manufacturing was founded by Ken Wolter, who started it in his basement as a hobby while working as a chief engineer. In 2009 his daughter Nicole, a year into a career at a Chicago securities firm, learned the family business was on the verge of closing its doors due to financial hardship.

Rather than stay in finance, she left her job and joined the company. She soon realized some employees had set up a secret side business using company equipment and materials — effectively stealing from the firm.

Nicole fired the employees involved and began to rebuild the company with new staff. She established tighter controls and accountability, and then went further, implementing new systems and sales initiatives and expanding into different industries.

Within six years her efforts increased sales from about $80,000 to about $3 million annually. She became president and CEO of the precision manufacturer, specializing in power transmission components, and a public advocate for women in manufacturing.

HM Manufacturing grew from about $80,000 to about $3 million in annual sales within six years.

Nicole chose to join a failing family firm instead of staying in a safe finance job.

She confronted a theft-ring culture rather than tolerating it to keep peace.

She rebuilt controls, accountability and sales systems rather than only cutting costs.

Expanding into new industries broadened the customer base and revenue.

A successor can save a family firm by treating inherited problems as fixable, confronting what is broken and rebuilding systems instead of just propping them up.

HM Manufacturing survived and grew into a thriving precision manufacturer under Wolter, who became president and CEO and later co-owner with her father. She became a spokesperson for manufacturing careers and a podcast host, turning a near-failure into a family succession success story.