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Simply stepping into leadership roles was a challenge. “We grew up here,” said Sara. “Some employees had watched us grow up. Now we were trying to run meetings, and tell people what to do.”

What were you doing in your mid- to late twenties? It may have been challenging, whatever it was–but it probably wasn’t as challenging as mourning an unexpected and devastating personal loss while simultaneously trying to keep a family business alive, like the Bales sisters did.

In 1978, Steve and Mike Bales founded a company called Bales Mold Service in Lombard, Illinois. They actually started out in Mike’s garage, before eventually buying land and building a factory in Downers Grove, just outside Chicago. The company originally provided metal polishing services to plastic injection molding companies around the region to help maintain the molds those manufacturers used to produce finished parts. The company grew rapidly, adding welding, stainless steel passivation, and chrome, nickel and composite coating services to their offerings. In 2001, the Bales brothers added a second location in Harlingen, Texas, near the Mexican border.

That’s not to say it was all easy. Not everyone believed the sisters could pull it off. One of the company’s bankers in particular not only didn’t offer any condolences, but wanted to know how quickly the sisters would liquidate the company and pay off his loan.

They’ve focused on progressing in other ways as well. “I think from a different perspective, we made a big change in 2015,” Sara said. “We rebranded and unveiled a new logo. It honors the past, but also made a significant visual change. It’s another piece of us really owning the business.” The company name was shortened to Bales, and the rebranding included a new website and customer communication strategy as well.

There were two things that worked in their favor, though: their commitment to the people and their past experience. “We don’t know everything, and we don’t act like we do,” said Stacey. “We weren’t bossing people around. We really wanted their help.”

Strategic Moves and Urbanization Uplift Market Horizons In addition to advancements within the industry itself, an array of external factors has been identified as influencing market growth. Urbanization and industrial development, especially in burgeoning economies, have elevated the market’s prospects. Furthermore, strategic alliances and an augmented focus - and concurrent investment - in research and development to further innovate within the MIM sphere are bolstering the market landscape. These factors collectively contribute to a dynamic market environment poised for continued evolution. Market Segmentation Highlights and Regional Outlook The market report segments the global metal injection molding market based on material, end-use industry, and region. A comprehensive analysis shows significant demand across varied segments, including stainless steel and low alloy steel, each catering to diverse industries from automotive and electronics to medical and defense sectors. Regional analysis notes a robust market presence in North America and the Asia-Pacific region, with countries like the United States, China, and India at the forefront of market consumption and innovation. The Competitive Landscape The market’s competitive environment is dynamic, with key players focusing on technological advancements and capacity expansions to meet the rising demand for MIM products. The comprehensive competitive landscape includes prominent industry participants, reinforcing the market's vigorous nature and the relentless pursuit of excellence and innovation among competitors.

In 1999, Mike Bales retired. Things moved along smoothly in the early 2000s, with the company adding proprietary metal coatings to their offerings, and purchasing land adjacent to the Downers Grove shop for expansion. In 2009, the company had some struggles from the added debt burden combined with the difficulties so many businesses experienced from the recession. Still, any concerns were lessened by having Steve still at the helm. “My dad was 53, so we figured he’d be around for another 20 years,” said Stacey.

Continuing to develop the right products and services remains a priority. “Sara has stayed close to our customers, and really understands what their challenges are,” Stacey explained. “We focus on helping them resolve their problems. Regulatory challenges also drive things–there’s a stigma around chrome plating, for example, so we’re offering alternatives.”

Dublin, May 09, 2024 (GLOBE NEWSWIRE) -- The "Metal Injection Molding Market Report by Material Type, End Use Industry, and Region 2024-2032" report has been added to ResearchAndMarkets.com's offering.The global metal injection molding industry is experiencing significant growth, with expectations to almost double from a value of US$ 4.2 billion in 2023 to US$ 9.1 billion by 2032. This growth is anticipated to occur at a compound annual growth rate (CAGR) of 9% over the forecast period from 2023 to 2032. The expansion has been largely attributed to the method's precision and cost-efficiency, which cater to the demanding automotive sector and the increasing need for lightweight and high integrity components. The metal injection molding (MIM) market has seen a surge, driven by factors such as the transition of manufacturers from traditional fabrication methods to MIM, due to its various operational benefits. MIM enables the production of components that exhibit excellent corrosion resistance, thermal and dimensional stability, and high mechanical strength. This scalability promotes a wide array of industrial applications, including an influencing presence in the medical field for the creation of intricate surgical tools.

They did anything but. Stacey stepped in as President and Sara as Vice President of Sales and Marketing, and they got to work. “A nice thing about our industry, since we focus on plastic injection molding, is that it’s very diversified–plastic is in everything. So sales stay consistent.” That gave them time to grow into their roles. “I was thrust into the young leaders’ community,” said Stacey. “We’re part of industry groups like the Technology & Manufacturers Association and the National Association of Surface Finishing. Those were helpful in being able to network with, and be friends with, other business owners, especially in family businesses.”

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In November of that year, however, tragedy struck. Steve Bales passed away suddenly. The sisters were faced with the incredible challenge of dealing with their own grief while jumping in to lead their dad’s company. “Dad didn’t leave a succession plan, and we had other family members working here,” Stacey explained. “Initially we didn’t know who should take over. Emotionally, that was my biggest struggle.”

“In 2007, Dad purchased the last house next door to the plant, and completed an expansion right before he passed away,” Stacey added. “Now we’ve been the owners for eleven years, and we’re moving forward with new, larger plating lines to expand capacity.”

“I’d already had experience with the bankers and the customers,” added Stacey. “That made the transition go easier.” Sara agreed. “It was helpful when it all hit the fan, and comforting to know we had access to the books and all. And we got lucky–nobody left.”

“It’s nice to be thinking about how we grow and expand, instead of how we survive,” Stacey said. “It’s comforting to know we were able to pick up the ball from Dad and keep it moving.”

It was, and still is, a family business. “For me, that was the best part,” said Stacey Bales, one of Steve’s two daughters, along with her younger sister Sara Mortensen. “We grew up in a house about a mile from the shop, and we stopped in all the time. Dad would show us things like how you could sandblast glass to get frosted glass. When I was 13, I started working there, cleaning the offices. Eventually I got a full-time job and never left–I worked as a receptionist and in shipping and sales, then as Office Manager and eventually CFO.” Sara started by cleaning the offices as well, and was similarly exposed to the business, working with accounts and legal.

Other challenges are those more typical to any similar business, such as workforce development. “A big challenge is finding the perfect recipe to attract and keep employees,” said Stacey. “There’s no metal plating school, so there’s no pool of experienced people to choose from. Even through the pandemic, it’s been hard to pull people in.”