Called “the Nobel prize for manufacturing” by BusinessWeek, The Shingo Prize was established in 1988 for the purpose of educating, assessing and recognizing world-class companies for creating a culture of continuous improvement through employee engagement and effective leadership. The Shingo Prize was named for world-renowned industrial engineer Shigeo Shingo, who distinguished himself as one of the leading experts in improving manufacturing processes.

“In 2008, The Shingo Prize qualification criteria became much more rigorous and focused on behaviors and principles across the enterprise, rather than just in operations,” said Bob Miller, executive director, The Shingo Prize. “US Synthetic is one in only a handful of companies to receive this prestigious award since the bar was raised. We congratulate US Synthetic for the culture and practices which qualify them for The Shingo Prize, and commend them for the world-class company and people we observed while evaluating their business.”

“Unlike many companies that adopt continuous improvement programs to cut costs and regain a competitive financial position, US Synthetic started its Lean journey with a focus on enterprise excellence in serving our customers and delivering value through rapid customization, innovation, on-time delivery, and superior quality,” said Rob Galloway, president and CEO, US Synthetic. “Our lean efforts come from a desire to continually improve what we do, to engage the minds of all our people throughout the entire organization, to effectively deploy company strategy, and to stay ahead of our customers’ expectations from both a capacity and a technology perspective. We are grateful to have been awarded The Shingo Prize, and we view this award as a mile marker on our Lean journey, rather than the finish line.”

As an enterprise, US Synthetic has averaged 23 percent growth in annual revenues since beginning its Lean journey in 2005. This growth would not have been possible without continuous improvement efforts to free up capacity and space for growth, and the ongoing support of its parent company, Dover Corporation. Employee headcount over the same period has risen only 16 percent annually, and building space has only grown by 17 percent annually.

US Synthetic is the first and only company in the upstream oil and gas industry and in the industrial diamond industry to receive the award. Company representatives will attend the 2012 Shingo Prize Global Summit and awards ceremony in Atlanta next spring, where they will be formally recognized, along with other companies around the world, for their achievement.

“This award is a compliment to our people and their attitude towards continuous improvement which aligns with our customers’ needs,” said Eric Pope, vice president of operations, US Synthetic. “Throughout US Synthetic, our people find ways to help our customers succeed in their jobs and with the products they make. Regardless of title or functional area, every US Synthetic employee works together to deliver the value our customers have come to expect from us.”

About US Synthetic

US Synthetic, an operating company within the Energy platform of the Dover Corporation (NYSE: DOV) Fluid Management segment, is the leading provider of polycrystalline diamond cutters (PDCs) for oil and gas exploration, and provides solutions for a variety of additional engineering challenges using the unique material properties of diamond. Thanks to constant innovation, proven quality, and superior customer service, more of the world’s energy suppliers rely on US Synthetic than any other PDC manufacturer. US Synthetic has spent more than two decades perfecting its products to drill faster and last longer—in conditions that test the limits of the most durable drilling equipment. For more information about US Synthetic, please visit www.ussynthetic.com.

About Dover Corporation

Dover Corporation is a global manufacturer providing innovative components and equipment, specialty systems and support services for a variety of applications in the industrial products, engineered systems, fluid management and electronic technologies markets. For more information, please visit www.dovercorporation.com.

Press Contact
John Pilmer
PilmerPR
jpilmer@pilmerpr.com
801.369.7535

The Kynetx technology is pretty amazing and has taken off as an emerging standard when taking advantage of cloud computing and interactivity with other online apps and services.

One of the important things Kynetx is doing for online commerce is changing the way we think of our online services; until now many apps were dependent on your location and restricted to a specific set of rules and regulations. Kynetx provides tools that allow us to build and take advantage of apps that are contextual, delivering information and resources based on your needs and from a variety of sources. This is quite a breakthrough in the way we think of online applications and services, and promises to be a foundation of our future web experience.

The Kynetx Impact Conference starts tomorrow and features of who’s-who of the information technology industry from both local and far-away places.

You won’t want to miss this one!

Jeremy Hanks

The three companies featured in this Wednesday’s event are: LucidChart, Snirk, and BLVD Status. All are invited to come and learn how these companies are raising their own barn to become the movers and shakers of our next entrepreneurial wave.

Pizza will be delivered.

Details can be found at the LaunchUp Website.

…but the basics are this: All are invited. Event starts at 6:30 p.m. on Wednesday, January 13 at SEO.com, which is at Point of the Mountain, just off the Bluffdale exit (Head West, first left, SEO.com is on the right).

Randy sat down with us to answer a few questions about ModifyUtah and starting a business in a down economy.

What prompted the launch of ModifyUtah?

Obviously we have been in a housing crisis for the past few years.  Fortunately, Utah was behind the curve compared to the rest of the country.  Many of the adjustable rate and subprime loans in Utah are just now resetting, leaving homeowners with skyrocketing interest rates and payments they can’t afford.  Coupled with the decline in housing prices, we realized homeowners needed help.

We recognized the need for a local company to help local homeowners – rather than using an out of state company that is not aware of Utah laws of regulations, and Utah’s specific housing needs.

What challenges did you face as you started a new company in a down economy?

I believe that as long as you provide a service that people need – and not just want – you can find success in a down economy.  A home you can afford is a necessity.  We all need shelter, and people don’t want to foreclose or lose their home in bankruptcy.  We are providing a service people need, and that automatically helped us launch a successful business.

There were still challenges.  Capital is harder to come by, homeowners don’t have any extra money to spend, and many people are tired of talking about the failing real estate industry.  But when we opened our doors earlier this year, we immediately found homeowners who needed help and were anxious to use our services.

Can homeowners get loan modifications themselves?

Absolutely, homeowners can get a loan modification themselves if they are willing to put in the time.  It is like doing your own taxes.  Anyone can do their own taxes, but many I, like many others, pay a professional tax preparer to get it done right so I don’t have to spend the time.

The fact is, banks are not interested in working with homeowners.  Their processes are not conducive to this kind of personal interaction.  Homeowners end up spending hours upon hours on the phone with the bank, and then go back and forth about paperwork for months before achieving any results.  In fact, many of our clients have spent the last three to six months trying to get their own loan modification.

So how does ModifyUtah bridge the gap?

Experience – we’ve done hundreds of successful loan modifications.  We provide a professional team of lawyers, negotiators, and brokers who negotiate mortgage loan modification in a quick, timely manner.  We also evaluate the loan for free from the start, so we know if the homeowner is a good candidate for a loan modification.  We have established relationships with most of the major banks and mortgage servicers in the United States, so we have the tools to get the loan modification quickly and easily.

We’ve heard about individuals who claim to do loan mods but simply take payment and never do the work – how does that affect your business?

It is unfortunate.  We opened our doors here locally so people could come in, sit down with us, and understand we are a brick and mortar company helping Utah homeowners.  But there are unethical business owners out there.

We’ve learned a lot about overcoming a negative industry reputation, so we have done everything by the book to prove to homeowners that we’re different.  We are licensed with the Utah Department of Real Estate, and most importantly, we offer a money-back guarantee.  If we can’t modify the loan, the homeowner can get their money back.

Any tips for other businesses who have to combat bad seeds in their industry?

If you have some bad seeds giving your business a bad name, you have to legitimize yourself.  Join every professional association you can, earn every applicable license and make sure you are in compliance with all laws.  Then, offer a guarantee.  And finally, provide good client references.  If customers can talk to people who had a good experience with you, they’ll be able to trust you.

Thank you to Allison Yrungaray for conducting this interview for Utah Valley Business Blog.

The Daily Herald

In the interview, John discusses the plight of the entrepreneur in recognition of the sacrifices that are made in order to grow a company. He also addresses questions about whether we are about to see a boom in entrepreneurial ventures, an what factors may be driving this including employment rates, age, and funding.

Treat yourself to a moment of insight from one of our local leaders: Local Entrepreneurs Battling Recession

A few of my favorite quotes from the article:

…I’ve known entrepreneurs who started by living on Top Ramen and sleeping on a mattress in their business office, and made sacrifices for many years to bring that dream to fruition.

…The No. 1 thing investors look at before investing is the experience of the management team.

…It’s a grievous error to turn down money just because investors want a bigger chunk of the company, especially if the entrepreneur could have grown the company with that funding. If someone is willing to give you money in this environment, take it.

…At some point in the next 10-20 years, the next Google or Yahoo! will come out of Utah County.

…Entrepreneurs who survive at a time like this will have much better chance of thriving when the economy recovers.

…It’s a great time to start a business now because it’s cheaper to build the business.

Rick White of Fusion-io will be our Emcee, and the Utah State Governor will be presenting the keynote address. 25 Utah companies will be recognized for their outstanding growth within the first five years of business.

Cost to non-members of UVEF is $25, which includes lunch. Membership can be purchased on site, if you are interested in participating in the Utah Valley entrepreneurial community.

Details:

Building A, Provo Novell Campus
Thursday, July 9, 2009
From Noon to about 1:30 p.m.
$25 for non-members; Lunch is included

Need a map? (Note that while you will be entering ‘Building A’, the event is actually being held in the Education Center in Building B.)

See you there!

—Cary

Presented in webinar format, each participant will “have an opportunity to discover the critical factors of his/her own performance, develop a personal Flow Formula, and apply new life strategies for use in any meaningful life arena”. Sounds like a great opportunity to bone up on personal productivity skills.

When: Thursday, July 2 at from 8:30 a.m. to 10:30 a.m.

Presenter Dr. Bruce Jackson holds three master’s degrees in Counseling Psychology, Business Administration, and Organizational Development, and a Ph.D. in Human and Organizational Systems with a focus on “peak performance” technologies. Dr. Jackson serves as the Director for The Center for the Advancement of Leadership at UVU, an award winning and leading organization in the study of youth and adult leadership development. In addition, Dr. Jackson directs the C. Charles Jackson Foundation whose focus is to promote leadership, character, and life skills development throughout the United States.

Register for this webinar online at www.uvsc.edu/conted/webinar

Citing Information Technology as one of the booming industries in Utah Valley, BusinessWeek also makes mention of our relatively low average home price and slightly lower (comparative) unemployment rate. In particular, BusinessWeek states that even though our local Utah Valley economy has weakened in recent months, that a strong technology market, and local opportunities with BYU and UVU continue to buoy us up in hard times.

No doubt our local flair for innovation and entrepreneurship have helped to make Utah Valley one of the best placed in The United States to start over.

I stopped by her shop in the East Bay shopping center at 1227 South University Avenue in Provo to pick up a treat for my daughter’s graduation. I was pleasantly surprised to find a stylized boutique that was slightly less ‘bakery’ and more like one of those set pieces you would find in a hip retro-metro movie that brings a fun and modern flamboyance to a country store feel. This shop would feel as comfortable on a quaint San Francisco street corner or downtown New York sidewalk. Don’t let the industrial Provo surroundings fool you; The Sweet Tooth Fairy has a terrific personality.

Megan Faulkner Brown is The Sweet Tooth Fairy. She told me stories of how she grew up in a home that always had something in the oven. She obviously loves what she does, and does it well. In fact, lickety-split she produced a custom cupcake for my daughter that made me the hero of the day. Thanks Megan!

Aside from a terrific personality (both the shop, and Megan), The Sweet Tooth Fairly features a selection of wonderful over-the-top treats. Custom cakes are the specialty, while her own brand of cupcakes seems to take center stage in the shop. You can’t miss them as you walk in to find a cabinet filled to the top with an assortment of brightly colored cupcakes with various fruits and adornments, frosting piled high and cake as good as you can imagine.

Megan makes wonderful cookies, too. They are big enough to share, but you probably won’t want to.

Plenty of wonderful treats that will distract you from the ultimate treasure; wedged somewhere in between the brightly colored cupcakes and giant cookies are something Megan calls ‘Cake Bites‘. Take my word for it; leave the distractions for later and grab a handful of these things while they’re still available.

Cake Bites are a cross between a bite-sized piece of cake and a super-delicious chocolate candy. I tried one and was immediately hooked. Cake Bites from The Sweet Tooth Fairly are officially my favorite treat of all time.

Megan tells me business is good, and in fact there is talk of another location opening in Utah Valley. She has done well with her home grown business and is excited and nervous about her inevitable expansion. Keep your eyes open for new locations and look to The Sweet Tooth Fairy next time you need to please a lot of people, or even for a private treat.

You’ll find The Sweet Tooth Fairy in the East Bay are of Provo, just behind the McDonalds to the East of University Ave.

Get there early.

A retirement party for Chappell will be held at the Family First Home and Business Loan Center in Orem at 1178 S. State Road (second floor) on Thursday, June 4 from 6 to 7:30 pm. The event is open to the public and will provide an opportunity for employees and members of the credit union to honor Chappell and his years of service.

The public is invited to a retirement party on June 4 from 6 pm to 7:30 p.m.

Chappell previously served on the Family First Federal Credit Union board of directors. In Sept. 2004 he was asked to serve as interim president and CEO and later, in Dec. of 2004 was appointed by the board to act as president and CEO.

“In working with the board of directors on my decision to retire, I am confident that the credit union will continue to grow and will build upon the foundation that is already in place,” said Chappell. “I am looking forward to watching Family First succeed and to continue to provide outstanding products and services to its members.”

Prior to his service at Family First, Chappell spent 17 years at Utah Valley University, where he was the vice president for administration and institutional advancement overseeing business, support functions and development for the college. He also held academic and administrative posts at The University of Texas and Utah State University.

Dale K. Poulson, who worked closely with Chappell by serving on the credit union’s board of directors for 20 years, added, “the credit union has greatly benefited from Dick’s service and we will always be grateful for his tenure at the credit union. He will be greatly missed by everyone at the credit union and we wish will only the best in this new endeavor.”

About Family First Federal Credit Union
Family First Federal Credit Union has been providing excellent financial services since 1947. Branches are located in American Fork, Pleasant Grove, Orem, Springville, Payson, Lindon, with a Home and Business Loan Center in Orem, and offers online services at www.familyfirstcu.com. The credit union provides various mortgage services including construction loans, mortgage refinance and home equity options. Anyone who lives, works, or attends school in Utah County, or has a family member who does, is eligible for membership. As your primary financial institution, Family First Federal Credit Union is dedicated to providing its members with high quality service, friendly staff, and convenient account access to better meet their needs.

Jennifer Stoddard, Associate Vice President of Member Services answers questions about finances and budgeting on the Family First Web site in a section called “Ask Jenn.” The “Ask Jenn” feature can be found on Family First’s Web site at www.familyfirstcu.com

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Contact:
Sydnee Fox
SNG PR
(801) 208-1100
sydnee.fox@sng.com
www.sng.com