Precision Repair and Calibration
How building a solid relationship with their banker led to stability and growth
Precision Repair and Calibration of Blaine, MN was started in 1982 and has grown into the Midwest’s premier calibration laboratory. They have a trusted reputation throughout the Midwest as as an ISO/IEC 17025:2005 and ANSI/NCSL Z540-1-1994 accredited entity, and specialize in the calibration, inspection, repair and sales of precision measuring equipment. They serve customers in a variety of industries, including medical, manufacturing, military, aerospace, commercial, plastics, and many more.
The basic principle of calibration ensures that measurements being made or output provided by equipment are accurate. The equipment needs to be compared against a reference that is known to be accurate. This is exactly what the process of calibration achieves by a comparison between measurements of a known standard and unknown instrument for accuracy or precision. When calibration is being done, the equipment with unknown performance is called the ‘unit under test’ or ‘test instrument’; and the known is called the ‘calibration standard’ or simply ‘standard’.
President and CEO Paula Durand first joined Precision in 1988 and was an integral part of growing Precision in the early years. With her background in information technology and electronics, she helped integrate new calibration software, including design, implementation, and training. Many current procedures and processes were established under her direction. In the early years, she served as CFO as the company continued to grow.
Durand left Precision in 2011 to pursue a career in public tax accounting. Durand returned in 2018 with a strategic vision to grow the company. Today, Precision is focused on providing the latest technological solutions and expert metrology for their customers.
When Durand returned to Precision as CEO, the company had been banking with another bank. Durand wasn’t getting the quality of service she expected with their assigned banker. “He was so rude. He wouldn’t talk to me when I called, even when I identified myself and my role in the company,” says Durand.
“I feel like your banker isn’t just your banker. You want to have a good relationship with them as well.”
Durand was looking for a business banker to help her plan the expansion of the company. She was referred to North American Banking Company’s Luke Ferden by the accounting company where she had previously worked.
“I felt like I wanted a good relationship. I feel like your banker isn’t just your banker. You want to have a good relationship with them as well. It’s not just a numbers game.”
Durand’s first step was to get funding for dimensional and electronic equipment and software upgrades to expand their current scope of accreditation. This will help fuel their expansion and increase their market share.
“Luke has been really great to work with,” says Durand. “I also work with Jeremy [Kromer]. I can just email them both with questions and I know they will get back to me right away.”
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