The Sheahans started Platinum Precision Machining in March 2007, fulfilling a longtime dream. The Aurora-based business, which employs two others, provides machining services to customers in a variety of industries. The couple have given up vacations and dining out and still haven’t drawn a paycheck.
Would we have started this business two years before this recession hit had we known what was coming? We like to think so. We had talked about starting our own CNC (computer numerical control) machine shop for nearly a decade and, after 18 years in the industry, were tired of working for other people. Our business strategy is simple — provide excellent product while maintaining a small-company feel.
“From a production perspective, the work hasn’t declined. At present, manufacturing in Colorado appears strong. Whether that is short term or not remains to be seen. Being a job shop, we don’t have any long-term contracts in place that will guarantee we will have work a month from now.
“From an administrative perspective, everything is tight. We’re still a new business to our creditors. Financing was limited before the economy took a turn. With the credit markets tightening, it’s uncertain at best. We used to find comfort knowing that we had our investments as a last resort. But, with the market as it is, we don’t know when that will again be an option.
“Our strategy is to not let worries over what might happen divert our attention from our original plan. We’ll focus our sales efforts on emerging trends in the industry, such as companies that are developing ‘green technology,’ the revamped automotive industry, aerospace, medical and nanotechnology. If we can change with the times and stay open to new industries and new ideas, we’ll be stronger when the economy rebounds.”
