As the famous quote goes, “There are decades where nothing happens, and there are weeks where decades happen.”It’s been less than a year since Luke Orszag, President of Firstar Precision, appeared on Empowered Owners, but it’s been an eventful stretch.

In this episode, host Chris Fredericks, CEO of Empowered Ventures, reconnects with Luke to discuss Firstar’s first acquisition, the importance of cultivating a culture of accountability, and how data is transforming the way machinists approach their work.They also talk about Firstar’s strategies for organic growth, the challenges of entering new industries like aerospace and defense, and the role of employee ownership in driving sustainable success.

In this episode, you’ll learn:

• Empowering Employees Through Data: Luke highlights how providing machinists with real-time data on metrics like efficiency and scrap rates helps them take ownership of their work and strive for continuous improvement.
• A Seamless First Acquisition: The integration of Ameritool, a trusted vendor, into Firstar demonstrated how strong relationships and strategic alignment can make acquisitions a smooth and beneficial process.
• The Challenges and Rewards of Growth: Luke shares his experience navigating new industries like aerospace and defense, balancing organic growth with acquisitions, and developing innovative strategies to position the company for long-term success.

Jump into the conversation:
(00:00 ) Introduction to Luke Orszag
(01:39 ) Luke’s journey from VP of Finance to President of Firstar Precision
(02:49 ) Highlights from the past nine months, including Firstar’s first acquisition
(03:38 ) The seamless integration of Ameritool and lessons learned from the acquisition
(05:39 ) Luke’s vision for future acquisitions and the ideal profile for Firstar’s growth
(07:40 ) Addressing the challenge of finding employees and the importance of talent retention
(08:41 ) How data-driven tools empower employees to take ownership of their work
(11:33 ) Expanding into different industries through strategic partnerships
(14:48 ) How Luke’s background in finance shaped his approach to sales and marketing
(15:46 ) Exploring content marketing strategies for increased visibility
(19:02 ) Looking ahead to Firstar’s future