Dirty Secrets of Small Business: Recent Episodes
Adam Sonnhalter
The Dirty Secrets of Small Business Podcast is here to give you the tools, knowledge and power to achieve success whether you’re starting a new small business or already have one.
In This EpisodeOne of the areas of small business coaching where we’ve specialized over the past two decades plus has to do with transitioning the business from one generation to the next. As you might imagine, over that time we’ve come across just about every scenario you can imagine. The one that people seem to fear most is when the current business owner dies while still running the business. So the question for today is, “What happens when you’re not ready?”
One of our clients, who was also a prior guest on Dirty Secrets of Small Business, Lisa Holly, is joining the show today to discuss this very topic. As you might recall from Lisa’s first appearance on the show, her and her brother Woody took over the family moving and storage business after their mom died in a car accident in November 2006. Nearly 17 years to the date of their mom’s passing, I also lost my business partner and co-host of Dirty Secrets of Small Business, Jack Mencini.
We thought it would be fitting to have one of our past clients who loves Jack almost as much as I do to share her thoughts on this topic. Plus, I have a little different perspective on this topic since Jack’s passing. Some of the things we shared during today’s show include:
- Just Keep Swimming: we all need to tap into our inner Dory from the movie Finding Nemo and “just keep swimming”. When a business partner (or life partner) passes away unexpectedly, it’s often necessary to remind yourself to just keep taking the next step forward. Take that next breath in and out. As hard as it might seem at the time, you need to keep moving. In doing that, it can often feel like all we are doing is barely holding things together. And that’s perfectly normal. It might take months or years before you don’t have to remind yourself to take the next step or breath and it just starts happening naturally.
- Be Patient: we often need to remind our clients to give themselves some grace when it comes to transitions like this. There is no playbook for what is the right or wrong way to react, although most folks who have been through something similar will tell you to be patient and not make any major decisions in the first year. This also gives you plenty of time to listen to what others are telling you and/or suggesting and see what might fit. Remember that changing behavior takes time and effort and the emotions will pass. So be patient with yourself as well as those around you.
- Now What/What’s Next?: if you’re truly unprepared, like Jack and I were with Dirty Secrets of Small Business, you pretty quickly start asking questions like, “Now what?” We knew Jack was planning to do the show until he was no longer able to do it physically or mentally and we both thought that time was years away. With Lisa and her brother Woody, they were thinking they might eventually take over the business but they certainly weren’t thinking it was going to happen when it did. But once you get through the “holding everything together” phase, you need to decide what’s next. In the case of Berea Moving & Storage, Lisa said there was no other option as far as she was concerned. Not only did she and Woody want to honor their parents and all they had built, but they also realized they had dozens of employees who were willing to do whatever it took to succeed.
Lisa talked today about her “discovery” year of 2007 where she learned about a lot of things and people including herself. Like other things related to business transitions, there is no one right way to do things. So if you still have time, you can start working on a transition plan today. If it’s already too late, then hopefully some of our stories and insights from today’s show have helped. Whatever you do, don’t go it alone and make sure you tap into your “village” of people for help.
People, Companies and Resources We Mentioned in the Show* Lisa Holly’s First Interview on Dirty Secrets of Small Business (https://dirtysecretsofsmallbusiness.com/episode/lisa-holly-president-ceo-of-berea-moving-and-storage/) * Berea Moving & Storage (https://www.bereamoving.com) * Finding Nemo (https://www.imdb.com/title/tt0266543/)
In This EpisodeYou might have noticed that it’s been a few weeks since we’ve dropped a podcast. It’s the first time in nearly 8 years of recording Dirty Secrets of Small Business that we’ve missed a week.
We have some sad news to report. My business partner of over 20 years in Maximum Value Partners, and my co-host for nearly 8 years on Dirty Secrets of Small business has passed away. Jack Mencini left this world two weeks ago on November 8, 2023 at the age of 80. While we had plans in place for MVP after Jack, we never really had plans for DSSB after Jack since he planned to continue with the show as long as he could. I am planning to take some time during this holiday season to figure out the next steps for DSSB.
In the meantime I thought it was appropriate to do a Thanksgiving show this year as Thanksgiving was Jack’s favorite holiday. He loved the food, family and friends, and football without all the pressure of having to bring gifts. Just a chance to be with people you love and reflect on all the things we have to be thankful for.
As you might imagine, I have so much to be thankful for in my 20+ year partnership with Jack and I wanted to share a few of them with you today:
- Partner: my wife said losing Jack is kind of like losing her. Jack was someone I saw, talked with, texted, or emailed nearly every day over the last 20 years. We spent a lot of time together coaching our hundreds of clients over the years, but what I’ll miss most is the times we were just hanging out talking about things. Everything from life to business to sports. And we took lots of trips together including several annual trips to baseball spring training in Arizona to watch our beloved Tribe and get out of the Cleveland winters for a few days. It’s hard to put into words all that Jack has meant to me in my life.
- Clients: we’ve been blessed to have a front seat view with hundreds of small business clients as they run, grow, and eventually transition their businesses. The outpouring of love for Jack over these past few weeks has been overwhelming. It’s safe to say Jack had an impact on just about everyone he encountered and just about all of that impact was positive.
- Listeners: what started out as a couple of amateurs live on the radio evolved into a weekly podcast that has helped so many folks. We initially started the DSSB podcast so we could help more small business owners as well as provide people with some insight for what it’s like to work with MVP. It’s been great over the years to hear from so many of you and how you enjoyed and looked forward to our podcasts. If nothing else, we could often provide you with a few laughs and a voice of reason to make sense of what can often be a crazy business world.
- 390: I’m so blessed to have recorded 390 DSSB podcasts with Jack. I’ve already gone back and listened to a few of our prior shows over these past couple of weeks. It’s so great to hear his voice and his laugh and to hear him tell his stories even though I know so many of the stories by heart.
I recently changed the wallpaper on my phone to the photograph I’ve uploaded for this show. This is a photo of Jack from our first Spring Training trip in March 2015. Every time I look at my phone I see this smiling face and I can almost hear the crack of the bat. I want to wish all of you a very Happy Thanksgiving and hopefully you remember you have a lot to be thankful for this year.
People, Companies and Resources We Mentioned in the Show* St. Ed’s Obit for Jack with Senior High School Photo (https://obituaries.sehs.net/obituaries/john-e-mencini/) * Busch Funeral Home Obit (https://www.buschcares.com/obituaries/John-E-Mencini?obId=29850202) * WINT Radio (https://wintradio.com)
In This EpisodeToday we were joined on the show by business owner Jeremy Orsky of Ohio Collision Group. Jeremy was an MVP client for nearly 8 years and we had a lot of fun and tremendous success together! During the show today Jeremy shared his story of acquiring several underperforming collision repair shops and growing them and eventually selling them to a consolidator. He was able to accomplish all of this by his early 40s.
We covered a lot during our chat but some of the highlights include:
- Working with family in the business including his dad, sister, and spouse, not to mention a few friends who were like family;
- How do you spot underperforming assets and then grow them;
- Importance of key people in assisting with the growth; and
- Making the decision to sell what you’ve worked so hard to build.
Jeremy always has an interesting way of expressing things and we think you’ll enjoy hearing his story and will definitely have some good laughs.
People, Companies and Resources We Mentioned in the Show* Crash Champions acquires Ohio Collision Group (https://crashchampions.com/news/crash-champions-continues-growth-in-greater-cleveland-metro-area-with-two-new-acquisitions) * Kent State (https://www.kent.edu) * Bob Evans (https://www.bobevans.com) * Winking Lizard Tavern (https://www.winkinglizard.com) * Margin Authority (https://margin-authority.com) * Chris Farley as Matt Foley on Saturday Night Live (https://en.wikipedia.org/wiki/Matt_Foley)
In This EpisodeWith all the battles going on to get workers back in the office, we started to think of the good old days when folks would complain that the boss is never around or the opposite, they never leave! But our question today is bigger than that. Is it good for the boss to be around? What kind of message does it deliver if the boss is around too much or not enough?
One of the things we discuss with all of our clients is that most people have no idea what the boss does. The “work” of the boss often looks very different from the “work” of much of the rest of the team. So why doesn’t she ever leave us alone? Or how come he’s never here? These are some of the questions employees will ask when they don’t understand what the boss is doing.
As a boss yourself, do you ever consider your power? Do you realize people respond differently when you’re in the room? If so, then you should have some purpose when you’re in the office or around the shop. Beware that the eyes are always on you.
During the show today we shared several ideas for things to do and consider when you’re hanging around your company:
- Inform: let people know what’s going on. The “why” is a big deal in terms of why you do the things you do. A good way to instill this in your organization is to have regular meetings so your team can constantly be informed and report on the most important items of your business.
- Assist: one of your main jobs as the leader of your company is to remove roadblocks for your team. You should never tire of asking the question, “How can I help you or make your job easier?”
- Credit: be sure to shower praise publicly (and privately) on those who are doing the right things. Reinforce for people the types of behaviors and results you’re looking for.
- Blame: when things don’t go right, be the first one to take the blame. Even if it wasn’t your fault, it’s still your company so the buck should ultimately stop with you.
There are lots of things to be doing whether you’re in the office or not so be sure to be purposeful about it. In today’s ever changing and more virtual world you’ll want to be sure to be “present” as well. Even though it might look a little different virtually.
People, Companies and Resources We Mentioned in the Show* Loch Ness Monster (https://en.wikipedia.org/wiki/Loch_Ness_Monster)
In This EpisodeOne of the great things about buying vs. starting a company is that when you buy a business you have some history and some things established. Things like customers, vendors, and employees. When starting out you have to build everything from scratch. As you might imagine, when you’re building something from scratch it’s easy to put your stamp on the company. But how do you do that with a company you just bought? What if it’s one your family started? How do you honor what they’ve built but still put your own stamp on the company?
This is something we have a lot of experience with both personally as well as with coaching our clients. Depending on the situation, you might need to put your stamp on the company faster. For instance, if the company you’ve purchased is more of a turnaround scenario where the business has been struggling to make money or has been losing money, you’ll want to make changes quicker. But if the company is running well and profitable, you’ll likely want to move more slowly to make changes as you won’t want to upset the current flow of business.
During the show today we shared several ideas for things to do and consider when looking to put your stamp on the company:
- People: one of the first things you’ll want to assess is your people. Who is going to be key for helping you run and grow this business and who might get in the way. Also, are there any voids in the business that need to be filled? If so, are those things you’re going to do or do you want to bring in someone new or offer those duties to one of your current people? A great way to start putting your stamp on something is how you work with and through your team.
- Routines: what systems are currently in place to run the business you just bought? Some of these systems or routines might be documented while likely many others are just happening because people have been there for a while. One of the things you can do early on is start to change some of the routines. It could be the frequency of regular meetings or it could be a change in the work schedule (e.g. going to 4 days per week vs. 5 days). Look around at things that can be improved from a systems standpoint.
- Presenting: this is one that is often overlooked. How often does your team get together so they can stay informed about the most important things going on in your business? We suggest doing this at least monthly because a lot can change and time goes by quickly. Just you Presenting what’s going on in the business will help to quell any fears the employees have about a new owner. It will also give you the chance to see how your team performs and interacts. Early on you’ll want to talk to your team about the Vision you have for the business and why you purchased it. Give them a chance to get excited with you!
- 1-on-1s: set up time to meet 1-on-1 with everyone on your team. Ask them questions about their past and what they’re hoping to do in the future. Get to know them. Share some of your story with them too so they can understand you and why you bought this business. People will also talk differently 1-on-1 vs. in the group where others are watching.
- Fire Someone: this could be a customer, vendor, or employee. Chances are there are some bad customers, vendors, or employees. The quicker you can figure out who those bad ones are and purge your organization of them the better off you’re going to be. How you define “bad” is a matter of opinion but think about folks who are abusive to your staff which maybe the prior owner put up with in the name of doing business with those folks. What a bunch of nonsense. You’ll gain your team’s loyalty quickly if you help purge their days of people who don’t appreciate them.
There are lots of other things we discussed during the show today and if you’re in the situation of having recently purchased your business we think you’ll find the show very helpful and inspiring. Enjoy!
People, Companies and Resources We Mentioned in the Show “My Way”* by Frank Sinatra (https://en.wikipedia.org/wiki/My_Way) * Jenga (https://www.jenga.com)
In This EpisodeToday we were joined on the show by business owner Phil Billick of Valley Ridge Farms. Phil was one of MVP’s earliest coaching clients with a prior company he started and he is also Jack’s nephew! During the show today Phil shared his story of not only starting, growing, and then eventually selling one business, but also how he’s been involved in starting several more including his 800 acre farm in southeast Ohio.
We covered a lot during our chat but some of the highlights include:
- Partners in business, the good the bad and the ugly;
- What do you do when you “retire”; and
- What’s it like to partner with your spouse.
Phil also shared some crazy stories about some colorful characters he’s met throughout his career as well as an unbelievable story about moving their house up a massive hill. We think you’ll really enjoy listening to his story!
People, Companies and Resources We Mentioned in the Show* Valley Ridge Farms (https://www.facebook.com/valleyridgefarmsltd/) * Air Compliance Testing (https://pitchbook.com/profiles/company/63400-60#overview) * Cleveland State (https://www.csuohio.edu) * Wharton School of Business (https://www.wharton.upenn.edu)
In This EpisodeThe good news is you’ve gotten that offer you can’t refuse and you are going to sell your company. Now the question is what do you do next? Do you stay on with your company after the acquisition? Do you ride off into the sunset? Do you start another company? So many choices and so little time.
We’ve been blessed in our coaching business to have taken several clients through the process of growing, running, and eventually selling their businesses. While each situation is unique, there are several questions you’ll want to answer when deciding what to do next including the possibility of staying on with the new owner.
So here are some things to consider if you’re trying to decide if you should stay on board with your company after selling to a third party:
- Employee vs. Boss: whether you’ve been running your business for five years or five decades, you can most likely appreciate that it’s very different being the boss vs. being an employee. Our guess is you’ve done pretty well as a boss since you’ve been able to grow and sell your business. But how are you as an employee? Maybe you don’t remember what it was like to work for someone else. Maybe you’ve never worked for someone else. In any case, it’s going to be a big deal because you’ll now have to be answering to someone else. Maybe you view this as a relief that you won’t have to make all the decisions any more or bear all the financial responsibility. Be careful what you wish for.
- Take Time: do you have enough money to walk away and not work anymore? This might seem like an easy question to answer, but it often comes down to more than the money. Give yourself permission to take some time off. To figure out what you want to do next. During the show today Jack talked about how he is a twice failed retiree. What you tend to find is that even when you aren’t working to make a living and put food on your table, it’s still really fun and satisfying to run, grow, and operate a business. So what if you took all the knowledge you now have and use it to do something new? Most people never take a significant amount of time off. How about a sabbatical for the business owner? They don’t just have to be for professors!
- Other Options: if you’re like many small business owners we know, chances are you don’t have too many hobbies or other interests outside of your business. “So what,” you say, “now I’ll have time to pursue those other interests!” Well yeah, maybe. Don’t be so fast to put aside business as an interest. Most people don’t realize how fun, exhilarating, and rewarding business ownership can be. Too many folks think about work as being a job. You know better. Maybe there is another business or two you could help. Perhaps become an investor or a partner in another business or two and bring your knowledge and expertise.
- Significant Other: what’s your significant other think? This could be your spouse, life partner, best friend, whatever. If you’re currently living with someone, how do they feel about the possibility of you being around more often. Of you not having anything in particular to do. Of getting in their way. It can be a bit of a pain dealing with someone who doesn’t have to work any more. The people closest to you should tell you how things really are and provide a good sounding board for you.
As discussed on the show today, we’ve counseled several people through this process and we’ve been through just about every situation you can imagine. Many of our clients chose to stay with the company that bought them. The reasons for doing this include curiosity, loyalty, and fear. The curiosity piece of what’s it like working for someone else/a bigger company/etc.? The loyalty piece comes from not wanting to abandon your team and walk away once the deal closes. Many of your employees have been loyal to you and you want to show that in return. The fear piece is just typically fear of what’s next. You’ve been working for as long as you can remember. What will you do if you aren’t working any more? Hopefully today’s show helps you work through these and many other questions you have when considering whether or not you want to stay on after selling your business.
People, Companies and Resources We Mentioned in the Show“Should I Stay or Should I Go” by the Clash (https://en.wikipedia.org/wiki/Should_I_Stay_or_Should_I_Go)
“Hotel California” by The Eagles (https://en.wikipedia.org/wiki/Hotel_California)
Terry Walkerly DSSB Interview Talking About Getting Fired From Every Job He Had (April 7, 2022) (https://dirtysecretsofsmallbusiness.com/episode/unemployable-terry-walkerly-of-filta-environmental-neo/)
Shark Tank (https://abc.com/shows/shark-tank)
In This EpisodeHow many times have you uttered the phrase, “I don’t have time!”? If you’re like most of us, it’s likely been hundreds or even thousands of time…just this year! Way too many small business owners utter that same phrase when we talk with them about exploring new opportunities.
Are you one of them? Then tune in for today’s show where we help give you some ideas for how to find and make the time to pursue some of these opportunities. Thomas Edison summed it up well, “Opportunity is missed by most people because it is dressed in overalls and looks like work.” As a small business owner we know you aren’t afraid of work, so let’s be sure you don’t miss too many good opportunities.
So here are some tips for how to know when it’s time to jump in to help:
- Stay Open: your mindset is key with anything in life. Being open means you have to listen when people bring you ideas or you make time to investigate things you think are worth looking into. But if you tell yourself you don’t have the time or interest in anything new then chances are pretty good that you’ll miss it.
- Vision: so where do you want to be in 5-10 years? Too many people are frustrated where they are today yet so many of those folks have no idea where they’d like to go. It doesn’t matter if we are talking about business, personal relationships, or anything else in life, if you don’t know where you want to go chances are pretty good you’re going to be frustrated and won’t be able to spot many opportunities. There’s a reason our 1st of 7 Keys to Success is Vision, we need to know where we are going. If you know where you want to go you’re able to take small steps every day/week/month to get there.
- Talk About It: one of the best ways to figure out if something is an opportunity or not is to talk to someone about it. This does a couple of things: i) it helps you process the idea by talking it through, and ii) you’ll see if it energizes and excites you. Most things can quickly be thrown into the opportunity or distraction pile based on a few short discussions with some trusted people. Being this sounding board is a big role we play for our small business owner clients.
- Sooner Than You Think: one of our most successful coaching clients once said that when he got comfortable then that’s when he’d get nervous and get himself uncomfortable. He knew otherwise he’d get passed by the competition or would stop growing and improving. One of the harsh realities of business ownership is that markets change. And change isn’t always a bad thing, especially when you can spot opportunities. Are your customers changing their purchasing behavior? Is there some new competitor who keeps showing up? Talk with anyone who has been in business for a decade or more and you can be certain the path they have taken hasn’t been one that was planned out in detail on day one.
So have you been missing some opportunities? Still not sure? Take a listen to our show from today and test out some of these approaches listed above to find out.
People, Companies and Resources We Mentioned in the Show* MVP’s 7 Keys to Success (https://maximumvp.com/7-keys-to-success/) * Metallica (https://www.metallica.com) * JPMorgan Chase (https://www.jpmorganchase.com)
In This EpisodeOne of the things we talk about often when it comes to business partners is the timing of difficult discussions. This is especially important when those business partners are also life partners because you’re going to be seeing this person after work as well. The last thing you want to do is let things that happened at work impact what happens at home. But hey, we’re all human. And sometimes our emotions and best intentions can get in the way.
We’ve been blessed to coach dozens of couples who are also business partners over the years. One of the areas we focus hard on when one spouse is considering jumping in to join the business is making sure we protect the personal relationship. One of the ways we do that is by focusing on what happens if things don’t work out. More specifically we talk about what it looks like if things aren’t working out or if that spouse is starting to drown and needs help or wants to tap out.
If you’ve been in business with your significant other for more than a year, we can guarantee there have been situations where your partner is drowning and you haven’t been quite sure how to help. One of the reasons is that you’re worried about what’s going to happen when we get home. But like any other relationship, it’s often best not to let things fester too long.
So here are some tips for how to know when it’s time to jump in to help:
- Ask: sometimes it’s as simple as asking a question. Something along the lines of “How’s it going” will often do the trick. You’ll be able to tell a lot by how your significant other responds to this question. It could be something short and sweet like “Fine” which as men we know is never a good response. They may be honest with you and tell you they are struggling and all they needed was this invitation from you. Or it could lead to a melt down or something in between. In any case, sometimes just asking a simple question will let you know if it’s time to jump in.
- Observe: pay attention to what’s going on. Not just with your significant other, but also with the folks around them. How’s the rest of the team responding to them? How about customers and vendors? Is your spouse doing a great job of acting like a duck on water where everything appears calm, cool, and collected, and only you realize they are paddling like hell underneath? Keep in mind, you’ve already asked them how things are going and you didn’t get an invitation to help. So now you’re looking for windows of opportunity and real life examples that involve other folks who are part of your business.
- Prepare and be Gentle: if you’ve noticed some issues, it’s time to jump in. The key here is preparing and being gentle. These types of conversations can get overheated in a hurry especially if your significant other feels like they are being attacked. Be sure to explain what you have been observing and give specific examples of what you’ve seen and the impact it’s had. Since this is also your life parter, you can also bring up examples of what’s happened in your personal life and how these stresses in the business have impacted this as well. Be ready for a counteroffensive as well when they start to point out all the things you haven’t been doing well either.
- Sound the Alarms: if none of the above work, you need to then be a little more aggressive and sound the alarms. You need to push hard for changes to happen. This can include getting your spouse some help with tasks in the business or perhaps giving them a path to work their way out of the business.
Whatever your particular situation, don’t wait too long to take on these challenges when you notices you spouse is drowning in the business. We’ve seen it happen too often when one or both fail, the business and the personal relationship. It doesn’t have to be that way and knowing when and how to jump in to save your drowning partner is key to your success.
People, Companies and Resources We Mentioned in the Show* The War of the Roses (https://www.imdb.com/title/tt0098621/) * Roadhouse (https://en.wikipedia.org/wiki/Road_House_(1989_film)) * The Bonnie Situation from Pulp Fiction (https://wiki.tarantino.info/index.php/The_Bonnie_Situation)
Today we were joined on the show by business owner Ben Ihde of Wild Birds Unlimited. Ben was a coaching client of MVP for several years and is a repeat guest on Dirty Secrets of Small Business (see link below for his February 14, 2019 appearance). During the show today Ben shared with us what’s been going on since we last heard from him.
In This EpisodeIf you think it feels lonely being a small business owner, just wait until after you sell your business. There are even fewer people who can relate to that. Especially if you sell the business for enough money and you don’t have to work any more. I mean how do you answer the question when your kids’ friends wonder why your mom or dad doesn’t go to work?
We know, you can’t wait for that challenge right? The challenge of having to fill your time with stuff to do that you want to do vs. what seemingly everyone else wants you to do, from employees to customers to vendors to your family. I mean how hard could that be?
Be careful what you wish for. We’ve been blessed to help several clients not only grow their businesses successfully, but also exit those businesses. Each one initially had a response like we mentioned above where they almost blew off the idea that they need to figure out what they are going to do next. During the show today we shared several of those stories as well as some personal ones to give you some ideas for how to approach your activities post sale.
Here are some things to consider when it comes to your next move after selling your business:
- Take A Break: we know it’s hard to think about taking a break. It can feel impossible to go from 100mph running your business to a complete stop or just bumping along at a few miles per hour. As small business owners, one of the things we’re really bad at is taking care of ourselves and giving ourselves a break. Jack talked during the show about how he took a break a couple of times during his career before pursuing new ventures and just how valuable those experiences were.
- Find Your Next Business Venture: you now have all this knowledge from owning, operating, and selling your business. So what do you want to do with this knowledge? We’d encourage you not to become one of these underutilized resources who is just sitting on the shelf. Get out there are start figuring out what you want to do next. It could be advising other small business owners (either for free as a mentor or you could be actually charging for your advice). Perhaps you have some friends, family, or other Know Like Trust people who would value AND pay for your counsel. Maybe you can even try going to work for somebody else for a while and remember what it’s like to be an employee!
- Get A Hobby: this is a foreign concept to most small business owners as they typically don’t have much time for hobbies. Now that you’ve got some time, maybe it’s time to pick up that hobby again. It could be anything from word working to golf to bird watching to getting a new pet! Whatever you feel like you’ve been missing out on, give it a go again.
- Wander/Spend Time With Your KLT People: we all have folks who Know Like and Trust us (“KLT”). Chances are you haven’t spent as much time with those folks over the years due to life and business demands. Make a point to spend some time with these folks and just engage with them. See what they are up to and see if there are ways you can help them. There’s a good chance your next adventure might be hiding with one of your KLT people.
Whether you’ve thought about selling your business or not, when you do start to think about it, be sure to spend some time figuring out what you’d like to do with all that free time. Be curious, stay open to the possibilities. Hopefully today’s show gives you some good ideas to consider.
People, Companies and Resources We Mentioned in the Show* Austin Powers (https://en.wikipedia.org/wiki/Austin_Powers)
Making the decision to hire someone can be very stressful on a small business owner. What if we pick the wrong person? Can we truly afford to add someone else to the payroll? What will we do if we don’t hire someone? How soon will we know we hired the right person? These and many other questions roll through the heads of business owners looking to make hiring decisions.
Are you ready for retirement? I can’t wait for retirement!! Can I retire now? Everywhere you look you can find someone trying to give you advice on retirement. But as a small business owner, retirement is likely something you’re not looking forward to. I mean isn’t retiring something old people do?
Today we were joined on the show by business owner Joe Butler of Prescription Fitness and Butler Wellness Group. Joe was a coaching client of MVP for almost a decade. During the show today Joe shared some of the key moments in his growth from one location when we met him to 7 locations today. It was anything but a straight path! Joe’s energy and enthusiasm is infectious.
Can’t I just say it! Why can’t I just tell them how I feel? These and many other thoughts have likely gone through your head at some point. Perhaps you are frustrated or feeling some pressure and you’re just about to burst! Take a deep breath, in through the nose and out through the mouth. Take another one and take a step back from the situation. Should you say what you’re thinking or should you bite your tongue and look for a better time and situation to make your point?Perhaps after you’ve had the chance to calm down a bit.
Ever bought a company before? What, no one’s ever asked you that question before? Any guess what the top response is when we ask someone if they’ve ever bought a company before? Some version of, “I don’t have the money/big pile of cash.” Well, what if someone gave you the company? What then?
Is it time to sell your company? What does it even mean to be ready to sell your business? I mean people talk about it like it’s common knowledge or something. It’s to the point that you almost feel silly asking the question.
One of the best things about summer is the chance to have some vacation time. It’s a chance to break up the monotony of your day-to-day and add some different type of chaos and excitement to your world. But one of the drawbacks is that vacations can get you out of your routine. Disrupting routines isn’t necessarily a good or bad thing by itself, but it can often be difficult to get those routines reset.
One of the great things about being a small business owner is there are new things popping up all the time. A key success factor for any small business owner is being able embrace and respond to these new challenges and opportunities. But growing can be uncomfortable and scary at times. If nothing else, it can make you feel even more lonely and under pressure.
Does your business have a plan to make money on purpose? This might seem like a strange question, but in our several decades of working with and advising small business owners we have found that the vast majority don’t have this plan in place. We refer to it as a Profit Plan. Chances are you may have heard it called a budget. No one like to be put on a budget, but we all like to make profits! So what does your Profit Plan look like?
After you’ve been in business for a few years, one of the strangest things starts to happen. You’ll begin to get inquiries from folks who will say they are interested in buying your company. If you’re like most small business owners, you’ll take those inquiries and store them in a file somewhere for when the time is right. So if you’ve determined the time is right, how to you make sure you find the right buyer for your business?
We know, this might sound a bit dramatic. Like the power struggles between good and evil! But this can be a big challenge for couples who are also business partners. So if you aren’t aware of the power dynamics that are happening in your business, and more specifically your relationship with your spouse, or if you are experiencing some of these power struggles then this show is for you.
Depending who you talk with, many people think it’s crazy to work with your spouse or significant other. One of the biggest concerns we often hear is this idea of separating business from personal stuff. You know that famous phrase, “It’s not personal, it’s just business.” How do you think that comment would be received by your significant other when explaining why you did something at work?
It can often feel like your business partner is your “work spouse” because you typically see so much of each other that you can finish each other’s sentences. But does this mean that like marriage that a business partnership should be until one of you passes away? Is this why any time you talk to your attorney or accountant they’ll ask about whether or not there is a buy/sell agreement in place, key-person life insurance, and a litany of other things?
In This EpisodeThis might seem like a strange question, but think about the question if you were to substitute attorney or accountant or insurance person for the phrase business coach. Wouldn’t you be surprised to learn a business owner friend doesn’t have an accountant or insurance person? So why would it be so odd to expect that every small business owner also have a business coach? We address this very question in today’s show.
We’ve been business coaches for over two decades. When we first started out we would often get questions along the lines of, “What’s a business coach?” As we made it through our first decade as business coaches the question changed from “what is” a business coach to “how are you different from…” and they would insert the names of six other business coaches they had recently met.
You see, unlike those accountants and attorneys who have to pass state certified exams, just about anyone can hang out a shingle and call themselves a business coach. One of the things that inspired us to get into business coaching was that we found most people who were calling themselves coaches at that time had very little to no experience in actually owning and operating a small business. How can that person help a small business owner?
One of the biggest gating items that keeps a small business owner from hiring a coach is their embarrassment. Too many small business owners feel embarrassed that they don’t have all the answers. So many are still made to feel like second class citizens because they didn’t graduate from high school or college, or don’t have a business degree. We covered this and several other reasons why most small business owners don’t have a coach in our show today. Enjoy!
People, Companies and Resources We Mentioned in the Show* E-Myth Revisited by Michael Gerber (https://www.michaelegerbercompanies.com/product/the-e-myth-revisited/) * My Cousin Vinny (https://www.imdb.com/title/tt0104952/) * MVP’s 7 Keys (https://maximumvp.com/7-keys-to-success/)
In This EpisodeWe all know couples where it’s evident who wears the pants in the relationship. Other couples have more of a shared power concept going on. So which one is right if you and your life partner are also business partners? Should one of you be the boss? Should you share the boss duties?
The “who’s the boss” question is one that needs to be answered in any business partnership, but it’s especially important to address when it comes to working with your spouse or significant other. We’ve been blessed to coach dozens of business partners, many of whom are also partners in life. As you might imagine, every situation is unique, but they all had to address this key question at some point during their business partnership.
During the show today we shared several stories of clients and how they addressed this issue, including going all the way back to Adam’s parents who were business partners for 40 years! Be sure you have the discussion before it’s too late, otherwise there is a good chance that neither the business nor the personal relationship survive.
People, Companies and Resources We Mentioned in the Show* Who’s The Boss (https://en.wikipedia.org/wiki/Who’s_the_Boss?)
In This EpisodeOne of the most overlooked opportunities for growth in the small business world is that of acquiring other companies. This could mean buying out competitors or perhaps adding new products or services to your current offerings. It could also be a way of expanding your geography or finding some good new customers or team members. There are many benefits of growing through acquisition which we discuss during the show today.
We have found several factors holding small business owners back from pursuing growth through acquisition. The biggest of these factors is the lack of understanding when it comes to financial statements. Most small business owners aren’t facile with their own financials statements and likely wouldn’t know what to do with the financials of another company.
Here are just a few of the items we covered in the show today when it comes to pulling together your own plan to grow your business through acquisition:
- Meet with competitors
- Look at online web sites
- Tell people in your network
- Talk with other owners you know who have made acquisitions
- Discuss options with your advisors
Like most things in life it starts with a decision. In this case it’s a decision you as a business owner make to grow your business through acquisitions. If you decide this is a route for you then you’ll start to notice opportunities. During the show today we shared different stories of clients who have grown through acquisition and how to go about implementing a similar plan for your business.
People, Companies and Resources We Mentioned in the Show* I’m OK—You’re OK book (https://en.wikipedia.org/wiki/I%27m_OK_–_You%27re_OK) * How Did Jack Buy His First Company Podcast Dec 20, 2018 (https://dirtysecretsofsmallbusiness.com/episode/how-did-jack-buy-his-first-company/)
In This EpisodeHave you ever not liked going to work because of the people you work with? Perhaps there is tension at work between you and a colleague where you just can’t get along on a regular basis. Maybe you disagree on the direction of the company or it could simply be you don’t like how they do certain things. What do you do when this person is related to you? What do you do if this person you can’t work with any more is your brother?
One of the beauties of working with family is that you already have a relationship with that person outside of work. That can be one of the challenges as well. Sometimes things that make you a great fit outside of work can be problematic at work. This is especially true in the case of siblings where there is a lot of history together which likely includes some hurt feelings. Over the years there has likely been a certain pecking order that has been established. Things like the oldest child dominating or the youngest child (i.e. the baby) being the favorite and always getting what they want. These dynamics can change and/or be exposed in a different way when mom and dad are gone from the business and it’s just the siblings left to run things.
So if you find yourself in a situation like this and you’re wondering what to do, don’t worry you’re not alone. We’ve seen all kinds of sibling situations over the years. One of the most important things to keep in mind with your siblings is that no matter what happens in the business you will always be siblings. You don’t have the luxury of just walking away from them and never speaking with them again like you would with a colleague who isn’t family. This fact is key when figuring out how to let your sibling know that you can’t work with them any more.
So what’s likely to happen? As with any relationship that isn’t going well, things are going to have to change or someone is going to have to leave. One of the questions we like to ask when things get emotional like this is “What’s best for the organization?” Not what’s best for Johnny or Betty, but what’s best for the organization. When framed this way, the potential solutions often appear pretty quickly. Unfortunately it usually means that someone will be leaving the organization to explore new opportunities.
One of the best ways to handle a situation like this is for the siblings to sit down and agree how they are going to change things to make things work better OR they agree they can’t make enough changes to make things work better and thus someone has to leave. Now this might take the form of a very direct conversation or it might be a little more subtle or passive aggressive. In the case where it’s more subtle it might sound a little something like, “I can’t take this place any more, perhaps I should just quit and find something else to do.” Or the person might even threaten to quit. Or just refuse to engage with their sibling and shun them at work as well as at home.
During the show today we shared several examples and situations we’ve experienced over the years. It’s one of those dirty secrets of running a small family business that the siblings shouldn’t have to work together if it doesn’t make sense for the organization.
In This EpisodeSo what does it look like when you’re ready? Does it always look and feel the same? Kind of like when you’re lost? In today’s show we talk about how to know when the next generation is ready to take over. Like many things in life and business, it’s not always so clear, but there are some key things you can look for.
One of our areas of specialty in coaching is working with families to transition their business to the next generation. While there are many great professionals in the accounting, legal, financial advisory, and insurance industries to help with the nuts and bolts of the transition, we focus more on the day-to-day running and management of the company. So even if the deal gets structured for the right price in a tax efficient manner and with a payment plan that makes sense for the seller and the business, how do you know when it’s time to pull the trigger on that transaction?
Here are a couple of things to look for and be aware of when trying to figure out if that next generation is ready to take over the business:
- Current Duties: the person who is going to take over has a current role in the business, the question is how is that role going? Do they operate basically autonomously with little to no input from the current owners. Does that person seemed overwhelmed by all of those current duties or are they ready for more? Has someone been identified to start taking some of those current duties off their plate as they plan to step into the new role as Owner & CEO of the business?
- Help: let’s face it, we all have weaknesses. Chances are that there will be some overlap between the strengths and weaknesses of the current and next generation. The key is finding the help for the next generation to help plug the holes in their skill set when they take over the business. This could mean changes some roles and duties of folks who currently work in the business or going to find another person or two to hire and bring in. It could also mean working to transition that knowledge and those skills from the current generation to the next generation. Most things are teachable and one of the beauties of small business ownership is that there are always opportunities to grow.
- Temperature: what’s the temperature of the next generation? Are they bubbling over with excitement and anticipation because they can hardly wait to take over? Or are they dragging their feet on some key items. We are big fans of Missouri because it’s known as the “show me” state. We like to see that next generation showing that they feel they are ready to take over. Chances are it might sound like they are trying to push the current generation out of the way or perhaps they are complaining a lot about how things are currently run. Not too many folks are going to jump into running a business until they at least feel like they are mostly ready!
- The Team: how does the rest of the organization respond to this next generation? Do they follow the next generation’s lead or are they secretly (or not so secretly) dreading the current generation leaving because they aren’t sure what’s going to happen to the business? If the next generation doesn’t have the support of the current team it’s going to be hard for that next generation to be successful, especially in the near term.
While these are just a few of the situations we’ve encountered over the decades, they are some of the key items to be assessing when trying to figure out when and if that next generation is ready to take the reigns. As you might imagine it’s better to wait another few months or years to transition the business vs. forcing a change to happen to soon. If you do that, chances are the current generation will be back in trying to clean things up and running the business within the next couple of years. Keep in mind that the little things are the big things in success in day-to-day business as well as the transition of that business.
People, Companies and Resources We Mentioned in the Show* Tommy Boy (https://en.wikipedia.org/wiki/Tommy_Boy)
In This EpisodeYou may have heard that one of the benefits of owning your own business is that you get to choose which 12 hours during the day you’d like to work. Many small business owners will crack a smile at a statement like this, in part because they know it contains some truth, but also because it’s one of the things many business owners struggle with. Just how much should I be working?
The answer, as with most things in life, is that it depends. It really depends on what you’re trying to accomplish. Is there such a thing as working too much or too little? How does your engagement and presence as the owner impact the rest of your team and their motivation to work? If you look around you’ll find all kinds of philosophies and pundits talking about things like a 4-hour work week. Can this really be the answer?
Maybe the trouble is we’re asking the wrong question. Instead of worrying about how much time I should or shouldn’t be working, perhaps I should be looking for things that don’t feel like work. Have you ever met someone who talks that way? Perhaps it’s you. We’ve seen too many folks who feel like they have to wait until they retire to find things they like to do. Don’t believe it.
During the show today we shared several personal stories as well as those of clients and how they have battled to find the right balance between work and everything else. This is one of those questions that only you can answer for yourself. But don’t feel guilty or bad that you find great pleasure and satisfaction in your work. Just work to find the right balance so you can continue to do it for the foreseeable future. One goal should be to find a level of work that is sustainable.
People, Companies and Resources We Mentioned in the Show* The 4-Hour Workweek (https://en.wikipedia.org/wiki/The_4-Hour_Workweek) * Only you can prevent forest fires, Smokey Bear (https://smokeybear.com) * The E-Myth Revisited by Michael Gerber (https://www.michaelegerbercompanies.com/product/the-e-myth-revisited/)
In This EpisodeOne of the areas we specialize in for our business coaching is helping family businesses transition to the next generation. One of the biggest gating items for a transition of any business, is the current owner deciding when it’s time to hang things up and move on to the next phase of their life. Sometimes the current owner is the last person to realize it’s time for them to move on. Why is this the case and how can that process be accelerated?
As you might imagine every case is a bit different, but there are some common threads that can help provide a path forward. One of the best places to start is asking the current owner what they plan to do when they step away from the business. You might be surprised at the answer you hear when the owner feels she is still on the front 9 when you thought they were about a hole or two away from the club house. So if you’re a current business owner, do you have an answer to this question about what you’ll do next? If not, it might be time to give this some thought.
If your goal is to die in the chair, it’s best to let that be known, especially to your key team. But even if that’s the case, you should still be preparing for that day by getting others more involved in the key day-to-day operations and the strategic planning of the business. In other words, make sure there is a person or people who understand the key things you do so it won’t be a mystery when you aren’t around any more. We’ve encountered too many cases when the owner died sooner than they were planning and the resulting chaos can be confusing, demoralizing, and can even tank the business. Not to mention the challenge of dealing with the grief of losing the boss who also might be a parent, sibling, relative, or friend.
One key tip off that it might be time for you to hang things up is that you don’t have any primary duties day in and day out. In other words, you might be feeling bored most days which is something newer business owners have a difficult time fathoming could even happen running a business. If you left on a vacation for a couple of weeks would the business miss your presence or would things just continue to run along? Perhaps things run even better without your interference and putzing around.
Another tip off might be that you’ve lost some key good employees recently. This often happens when there is a lack of clarity about the future of the business or there are things being talked about (e.g. a transition) that no one believes will actually happen. Some of these key employees might also be family members.
One other tip to look for is how much you’re enjoying owning the business. If you’ve gotten to the point where everything feels like “work” and you don’t awake with a state of excitement about your business, chances are this is a sign that maybe you need to take a step back or step away. Your gut can be pretty helpful in situations like this so be sure to pay attention to what your gut is telling you.
We don’t want to minimize this decision as most business owners are decades into their business when having to decide when it’s time to hang it up. Often, much of their identity is tied up with being a business owner and the thought of not being a business owner causes them more stress and angst than it does relief. Keep in mind that very few business owners got into business for themselves with a clear idea, or usually any idea, for how they plan to exit and pass the business on to the next generation.
People, Companies and Resources We Mentioned in the Show* Succession (https://www.hbo.com/succession) * Frank Jackson (https://en.wikipedia.org/wiki/Frank_G._Jackson) * Mike Krzyzewski (https://en.wikipedia.org/wiki/Mike_Krzyzewski) * Jim Boeheim (https://en.wikipedia.org/wiki/Jim_Boeheim) * Jay Wright (https://en.wikipedia.org/wiki/Jay_Wright_(basketball))
In This EpisodeIt’s pretty easy and common to get excited, nervous, and stressed when running your small business. You can often feel like Atlas with the weight of the world on your shoulders. Everyone from your employees to your customer and vendors, not to mention your family depending on you. So how can a small business stay calm and in control in the often chaotic world of running a small business?
This is one of the most common things we work on with our small business clients as part of our coaching practice. It was the genesis of our 7 Keys to Success. We wanted to find a way to quickly help small business owners know what they should be focused on and worried about. What happens with this focus is that you’re constantly working on the most important things in your business instead of those shiny objects that can often seem important but are really a distraction.
So no matter where you stand as a small business owner, chances are you’ll be able to be calm, cool, and collected when focusing on the 7 Keys to Success. During the show today we shared several examples of client stories where small business owners were able to calm themselves down as we got them focused on the biggest stressors in their business.
People, Companies and Resources We Mentioned in the Show* Atlas (https://en.wikipedia.org/wiki/Atlas_(mythology)) * MVP’s 7 Keys to Success (https://maximumvp.com/7-keys-to-success/)
In This EpisodeNo offense to Marshall Field, the retailer who is often credited with creating the slogan “The customer is always right,” but give me a break. Following this piece of advice has probably put more small businesses out of business than anything else. We have seen way too many small business owners justify keeping bad customers by quoting this phrase.
Part of our goal with this podcast is to help dispel some common myths about small business. This one about the customer always being right is definitely in our top 10 of common myths. Now, we aren’t saying to ignore the customer, because it’s important to listen to your customer. But to give them the final say on everything? What’s that say to your employees? Customers are more important than you?
Does this mean you should continue to lose money with a customer or take their abuse? Or in today’s 24/7 world that you need to respond to them at a moment’s notice? Good luck with that!
So how do you know if you might have fallen prey to this terrible myth? Here are some things to ponder:
- Losing Money: this might seem like a simple one, but if you’re losing money with a customer, chances are they aren’t right. Or if they don’t see it that way, then let one of your competitors lose money on them instead. You might be amazed what happens if you truly understand your profitability and how that will embolden you to dig your heels in and push back to make sure you can make money with a customer. You have rights as the business owner!
- Abusive: again, to the outside observer this might seem like an easy one. Why would a business owner subject themselves or their team to customers who are verbally or otherwise abusive? One of the innate challenges with any small business owner is that we’re wired to say yes to service anyone who wants to purchase our products or services. Especially if that customer is large in terms of sales to our business. But you have to draw the line somewhere otherwise you’ll lose all your good people and all you’ll be left with is bad customers.
- Overly Demanding: have you every heard of the pain-in-the-butt premium? It’s when you increase the price or your product or service to a customer who is really a pain in the butt. Many customers believe that you’ll live by the moniker that they are always right so they’ll tend to push the envelope and be demanding of your time or additional products or services.
- Slow Pay: ever have a customer drag out payments? Give you some story about how they’re waiting on payment from someone else or deflect in some other way? They’re hoping you won’t push back to hard because you don’t want to lose the business. We’ve seen way to many small business owners who turn into banks for their customers where they carry $100,000+ in accounts receivable with these customers who wind up paying slowly or sometimes never at all.
During the show today we shared several stories of our clients who decided to fire customers who were wrong for a variety of reasons. Many of these resulted in those customers coming back later on because they realized our small business owners were right!
People, Companies and Resources We Mentioned in the Show* Marshall Field (https://en.wikipedia.org/wiki/The_customer_is_always_right)
In This EpisodeWhether you’re currently contemplating starting or buying a business or if you already own a business, one question you might be asking yourself is if you’re cut out to be a business owner. Depending who you talk to you might hear things like “people are born to be entrepreneurs” or something similar. Don’t always believe the hype!
During the show we talked about different pathways to entrepreneurship and business ownership. While there are some folks who have almost always been their own bosses, most folks discover somewhere along the way that they’re just not that employable. Don’t worry it should be a t-shirt we have to wear! So the question becomes how do you know if you’re one of these folks who should be an owner vs. an employee? Here are a couple of questions to ponder:
- Clock Watcher: are you someone who works hard but when it’s quitting time it’s quitting time? If that’s the case, chances are you’re a very valuable employee for your organization. As business owners know, there is no time clock when it comes to business ownership as the business will always be on your mind.
- Need Supervision: do you act the same or differently when someone is watching vs. not watching you? You may hear it called something like being “self motivated” or “self directed”. If you’re a self starter but could use a little supervision to get things done, chances are business ownership isn’t necessarily for you. One of the beauties of owning your own business is that you don’t have to listen to other folks tell you what to do, but if you need some supervision it might be best if you stay as an employee.
- Failure vs. Learning: are you living in fear of failure or making mistakes? Or do you take more of the Thomas Edison approach that each failure is really a learning experience and gaining knowledge about what doesn’t work? Most business owners, even ones with decades of experience, make mistakes/learn lessons daily. The best ones not only learn from their own mistakes but those of others as well. If you prefer to try things vs. being afraid they won’t work out then chances are you’re more likely to succeed as a business owner.
- Help: is asking for help something you avoid or embrace? One of the dirty secrets of owning a small business is that folks figure you have all the answers. When in reality your job isn’t to have all the answers, but instead to know how to get the answers. This usually starts with taking a humility pill to admit you don’t know everything and ask for help.
- Permission or Forgiveness: are you the kind of person who follows all of the rules? Or do you understand that all rules aren’t created equally. Some rules are hard and fast but most are just guidelines or suggestions. So do you like to ask for permission or forgiveness? Are you willing to learn to ask for forgiveness? If this statement made you uncomfortable then chances are you should stay with the safety of your job.
We talked about these and other items to help you figure out if you’re the business owner type or not. If you’re still not sure, perhaps it’s time to make the leap.
People, Companies and Resources We Mentioned in the Show* The Office (https://www.imdb.com/title/tt0386676/)
In This EpisodeIf you’ve owned your business for several years, chances are someone at some point has talked to you about a business valuation. Either someone has asked you directly what your company is worth or the idea of your company’s value has come up in conversation. The question we address in today’s show is just how valuable is a business valuation?
Like many things in life and business the answer is it depends. It depends on what you use the valuation for. If it’s for something like getting key man life insurance or for a buy/sell agreement with your business partner then a valuation can often be helpful. But if it’s something you want to use to sell your business, it might not be as helpful as you might think.
During the show today we shared several stories about valuations and how they were helpful in some instances but when it comes to to actually buying or selling a business, they can be pretty useless. You as a small business owner will likely be speaking with folks who live in a theoretical or hypothetical world which can be really frustrating for those of us who live in the real world.
At the end of the day what a real buyer and real seller care about is how much cash flow does the business provide on a regular and predictable basis. You’ll likely hear terms like Seller Discretionary Earnings (“SDE”) or Owner Discretionary Cash Flow (“ODCF”) which are nothing more than the cash generating ability of your business.
So if you’re contemplating selling your business, you’ll likely have someone suggest that you get a valuation performed on your business. Just take it as a point of reference because at the end of the day the true Fair Market Value for any business requires a willing buyer and a willing seller. Just because someone runs a bunch of numbers through a spreadsheet to come up with a “value” for your business doesn’t mean a deal will get done at that level.
People, Companies and Resources We Mentioned in the Show* Spardata (https://spardata.com)
In This EpisodeMost people’s only experience with firing someone is watching Donald Trump say “You’re fired” on the TV shows The Apprentice. If you’re one of those people you may think it’s no big deal. I mean the person is being terminated for a reason, right?
Even if there is a good reason it is still difficult in a small business because you likely know a lot about this person. Chances are if they are a long-term employee they will feel almost like part of the family. So you want to do it the right way and like many things you’re doing for the first time it can be hard to know if you’re doing it the right way or not.
During the show today we covered some of the nuts and bolts for terminating someone. As you might imagine, a big part of the process is trying to take as much emotion out of it as possible. Easier said than done. We focus on a couple of key points:
- What’s Best for the Organization: this is always a great question to ask when trying to make a tough decision in your business and you want to try to take as much emotion out of the decision as possible. In the case of terminating someone it helps to ensure you keep the other folks who are impacted in mind. That includes everyone from your other employees to customers and vendors. Will the termination of this employee make the organization better or worse?
- Be Decisive: chances are if you’ve been thinking about it and talking about this person a lot, that’s a good sign that perhaps it’s time to cut ties. So make a decision and move forward. It’s unlikely you’re going to have a successful reclamation project where whatever was driving you nuts about this person will suddenly go away. The sooner you do it the better.
- Be Brief: let the person know they are being terminated but don’t feel the need to go into great detail for why they are being terminated. Let them know the next steps in the process including things like paperwork you need them to sign, any potential severance package, outplacement services, etc. The sooner their last day the better, no need for a 2-week notice.
- Be Prepared: be ready to operate as if this person isn’t part of the business any more. If they are involved in key portions of the business (e.g. delivering your product/service, billing/collections, etc.) be sure someone else is ready to go so the process is relatively seamless from a day-to-day business standpoint. Your key people should be made aware ahead of time before you terminate the employee. Also be sure to have someone in the meeting with you aside from the person being terminated. They don’t need to say anything, just be there as a witness and perhaps some moral support.
While it never gets easier to terminate someone, you will get better at it the more experience you get. The most important part is that you’ll get better at recognizing when you need to move on from someone more quickly.
People, Companies and Resources We Mentioned in the Show* Donald Trump (https://en.wikipedia.org/wiki/Donald_Trump) * The Apprentice (https://en.wikipedia.org/wiki/The_Apprentice_(American_TV_series)) * Major League (https://en.wikipedia.org/wiki/Major_League_(film)) * Terminator (https://en.wikipedia.org/wiki/The_Terminator) * I Love Lucy (https://en.wikipedia.org/wiki/I_Love_Lucy) * Jerry Maguire (https://en.wikipedia.org/wiki/Jerry_Maguire) * Milton from Office Space (https://en.wikipedia.org/wiki/Office_Space)
In This EpisodeMany folks are confused why business owners have trouble stepping back and selling or transitioning their business to the next generation of ownership. We have found in our decades of working with small business owners transitioning to the next phase in their life that one of the biggest items holding them back from exiting their business is finding ways to stay relevant.
This is a battle that many business owners fight in private, mostly in their own minds. Folks on the outside look and say why wouldn’t you want to just step away from always being the center of attention in your business. Like many things, it’s hard to just quit cold turkey. So if you’re a business owner considering transitioning away from your business but you aren’t sure how to step away from your business and find relevance, then today’s show is for you.
This maintaining relevance thing isn’t just for business owners. How else do you explain folks like Tom Brady and LeBron James who continue to perform at a championship level well past their supposed primes? The good news about being a business owner is you usually don’t have to maintain a professional athlete’s physique. But just like those professional athletes, you’ll want to come to grips with the fact that your days as a business owner are numbered and you should be spending some time and effort preparing yourself for what comes next.
A good place to start is figuring out what it is you like about running your current business. It could be something as simple as having a place to go every day. Chances are there are other things you enjoy about owning your business which likely includes the people side of things (think employees, customers, and vendors). So how do you replace all of those interactions with people.
One option we discussed during the show are ROMEO groups. Even if you don’t know what these are, we can almost guarantee you’ve seen some of them. ROMEO stands for Retired Old Men Eating Out! Stop by your local coffee shop or McDonald’s on a weekday morning and you’ll likely see a table of folks sipping coffee and chatting about everything from the news of the day or the good old days. If you go out at lunch or the afternoon you might want to check the local golf course or watering hole and you’re likely to find another group of “retirees”. If you’re like most business owners we know, groups like this sound miserable and are a big motivator to keep running your business.
How about volunteering? Start with things you’re involved in now from a volunteer standpoint and see if there is more you can do. Adam talked about his involvement with Rotary and also shared how his dad got involved with SCORE which has allowed him to share much of his knowledge and experience with future generations of business owners.
Next up is family. Perhaps you have some grandkids you’d like to see. Or make up for some lost time with your spouse and kids. That all sounds great in theory but you better check with them first. Believe it or not, most of those folks aren’t sitting around holding their breath waiting for your to retire. In fact most spouses hate it when their spouse is now available and “in the way” of the routines they’ve set for themselves.
Same thing goes for traveling or just sitting around watching day-time TV. The lack of a clear idea of what you’re going to do after stepping away from the business is one of the biggest reasons owners have trouble stepping away. Much like the athletes we discussed, it’s hard to find the rush and excitement you get from running a business in other walks of life. But there are still plenty of ways for you to maintain your relevance. It just takes a little digging to figure things out!
People, Companies and Resources We Mentioned in the Show* Tom Brady (https://en.wikipedia.org/wiki/Tom_Brady) * LeBron James (https://en.wikipedia.org/wiki/LeBron_James) * Rotary (https://www.rotary.org/en) * SCORE (https://www.score.org)
In This EpisodeIt’s rare that a small business owner wakes up one morning and decides it’s time to transition their business to the next generation. It’s something they usually think about for a while, likely many years before they are finally ready. But once they decide they often want it to happen yesterday. But before the current owner leaves they want to make sure the next generation knows everything they need to know about the business. So how do you figure out where to start?
If this describes you at this point, take a deep breath and slow down. As you’ve heard us discuss before, your primary role as owner and CEO is to Plan Direct and Control the business. So this is what you want to be teaching the next generation. Unfortunately too many owners focus more on the delivery of the Products and Services of the business vs. the Planning Directing and Controlling part.
When we coach families on transitioning their business to the next generation we use our 7 Keys to Success framework to guide the discussion. This helps to keep things focused on the most important aspects of the business. Chances are the next generation is pretty knowledgeable and might even be better at the delivery of the company’s Products and Services than the current ownership at this point. It’s all that “business” stuff that is really important. Enter MVP’s 7 Keys.
The goal is to get the next generation to master these 7 Keys. Usually one of the 7 needs a little more love and attention than others but the key is to get started on mastering all of them. The numbers are pretty important so things like the Profit Plan and Cash Flow Forecasting are key to understand and bring some calmness and clarity to the organization. It’s also key to understand how business is generated and how the Marketing Plan can drive increased sales and profitability. And the next generation can’t do it all on their own so what kind of people need to be added to the Organization to provide them the kind of support necessary to be successful.
And that’s all before we even talk about structuring and paying for the buy out of the business which is likely going to be funded in part or in whole by the current generation. Wouldn’t you feel better as the soon to be prior owner if you knew the next generation was running the business in a way that will guarantee your future payments and keep you from having to jump back into the business?
People, Companies and Resources We Mentioned in the Show* MVP’s 7 Keys to Success (https://maximumvp.com/7-keys-to-success/) * Spock of Star Trek of Mind Meld (https://www.startrek.com/database_article/mind-meld-vulcan)
In This EpisodeIf you’ve ever been involved with the buying or selling of a business, chances are you’ve heard of a term called seller’s remorse. Even if you haven’t been involved in a deal it’s likely you’ve heard about it or seen it. And it doesn’t matter how large or small a deal is, it can happen to anyone…even a billionaire.
The simplest definition of seller’s remorse is the person who was planning to sell the business no longer wants to sell it. And there are a variety of reasons why that might be the case, most of which aren’t logical but emotional. That’s why one of the first questions we ask any business owner who is contemplating the sale of their business is what are you planning to do next. When we hear a response that includes something to the effect of, “I just want to retire and fill in the blank.” It could be that they want to travel, spend more time with family, volunteer, or something else. This is usually a big red flag that this person really has no idea what they’re going to do when they aren’t running this business any more.
Here are a few things to look for to better understand what might be causing the seller’s remorse and how to overcome it:
- Price: so many folks assume that a deal doesn’t happen because the price wasn’t right. More accurately stated, it’s not the price the seller was looking for. As we’ve discovered in the small business market, typically what a seller things their company is worth has little to do with the actual operations and profitability of the business and has more to do with things like how much money and time have been invested in the business, how much money they owe to lenders, or some magical number they feel they need to retire. So while price is important, it isn’t everything and often isn’t even the main thing resulting in seller’s remorse.
- Now What?: we see it all the time with small business owners who talk about wanting to sell or transition their business to the next generation but that potential seller isn’t sure what they’re going to do next. That “R” word of retirement and what does it really look like? For an entrepreneur who has been working since their teenage years and after running this and perhaps other businesses for decades, it’s hard to quit cold turkey. If the potential seller doesn’t have an idea what they’re going to do next then beware because this deal is unlikely to happen…unless you make the owner an offer they can’t refuse!
- Who: this might sound silly, especially to those people who have never worked in or with a small business owner, but maybe the seller isn’t fond of the potential buyers. This business that the seller has built over the years becomes like a child that they birthed and grew and now they’re looking to hand it over to someone else. That someone else has to be the right person who will continue to care for the business and its employees, customer, and vendors in a way the current owner has over the years.
- Unfinished Business: a lot of times the potential seller doesn’t even really want to sell. Instead they’re going through this process because they’ve “advised” by those around them that they should sell at some point. And while the current owner might agree in principle, they really aren’t ready to sell because they feel they have more to accomplish with the business. You see, there are certain things that don’t apply to small business owners. Things like a “retirement age” and it’s usually because the owner is enjoying owning and running the business day-to-day.
- Sacred Cows: kind of related to having the right buyer, it’s often the case that the seller has some sacred cows in the business. Often it relates to certain employees or other folks they want “taken care of” after they leave. It can often go as far as the seller trying to negotiate it into the deal. As you might imagine not too many buyers are going to be thrilled with having to keep on these sacred cows once they are running the show.
Like many problems or potential problems the first step in avoiding or overcoming them is admitting that they are real. So whether you’re the potential seller or the potential buyer you need to be aware of both the possibility of both seller’s remorse as well as buyer’s remorse. We shared several stories and insights during today’s show that we hope you’ll find helpful.
People, Companies and Resources We Mentioned in the Show* Arte Moreno and Sale of Los Angeles Angels (https://www.mlb.com/news/moreno-family-ends-exploratory-angels-sale-process) * Price is Right (https://priceisright.com) * The Godfather/Don Corleone (https://www.imdb.com/title/tt0068646/)
In This EpisodeOne of the key success factors in running and growing a small business is surrounding yourself with good advisors. Talk with any small business owner and they are likely to have all or most of the following “advisors” helping their business: accountant, attorney, insurance, payroll/HR, banker, financial planner, marketing, and business coach/consultant. But how do you know if you have the right advisors for your business?
The first step is getting your mindset right. This right mindset starts with you admitting you don’t know everything and accepting that you don’t need or want to know everything as a business owner. There aren’t enough hours in the day. We’ve met too many small business owners who stay small because they’re trying to be the “expert” in all facets of their business or they are too short sighted and too cheap to invest in good advice or they simply aren’t willing to accept help from outsiders. You’ve got to be open to getting help from folks if you want to grow and succeed.
So assuming you get past this step, the question then becomes how do you know you have the right advisors for you? Notice we didn’t say have “good” advisors but the “right” advisors. Here are some things to consider whether you’re assessing your current team of advisors or looking for some new ones:
- Attitude: does your advisor make you feel like they really enjoy what they’re doing? Do you feel like you’re getting their best effort or just enough to get the job done? Do they really seem to care about you and your business or are they just collecting a paycheck? Take a similar approach to hiring advisors that you would take when looking to hire an employee to join your company. Think about how many problems those employees with bad attitudes can cause (or have been causing) for your business. Why would you want the same bad attitudes advising you?
- Responsiveness: do you constantly get crickets when reaching out to your advisors? Does it take days or weeks for them to respond to you? Or do they get back to you in realtime? With all of the connectivity these days it’s pretty easy for folks to be available and responsive, certainly within a 24-hour period.
- Values: this is one of the biggies that many people miss. It helps to have folks in your corner who value many of the same things you do. For instance, if you’re all about showering love and praise and all kinds of benefits onto your team and your advisor is more of a “just do the bare minimum” as it relates to your team then chances are you’re going to have more arguments and disagreements than good discussions. Or if you’re a “do it by the book/letter of the law” person who doesn’t even want to step into those gray areas that exist and your advisor likes to push the envelope on what’s possible or ways to interpret different statutes or laws then you’re likely not going to work well together. If you’re interviewing new advisors be prepared with some questions for them based on situations you’ve experienced in the past and see how they would guide you in that scenario.
- Real World Guidance: is your advisor someone who quotes you laws and statutes or do they sprinkle in real world guidance based on either their personal experience or those experiences of their clients? One of the biggest frustrations we’ve seen with small business owners is getting the real scoop on how things work at times. Your advisor should be able to give you some guidance on what the risks are if things go wrong and whether you’ll wind up paying or fine or perhaps doing some jail time if things go wrong.
- Beer Test: this one is pretty simple and comes from our Midwest roots. Is this the type of person you could enjoy having a beer or two with? If not, they better be so specialized in what they do because as a small business owner it’s key to enjoy the time you spend with your advisors. We’re not saying you need to be best friends with them but there should be some kind of personal connection where you feel good about this person and enjoy their company.
These are just a few of the key things we’ve noticed are important over the years when selecting and retaining advisors. You should gather a list of your own and use it to evaluate your current team or use it as a screening mechanism when interviewing new potential advisors. The key thing to keep in mind is that you should constantly be searching for those advisors that are the right fit for you and your business and just because someone’s been your advisor for a decade doesn’t mean they get to advise you for the next decade.
Many of these advisors are necessary evils or else you as the business owner have to deal directly with the bureaucracy. We know you’ll enjoy Jack’s story about why he hired his attorney when he started buying troubled companies and the direction Jack gave him to “keep me out of jail” while pursuing those acquisitions!
People, Companies and Resources We Mentioned in the Show* University of Michigan Law School (https://michigan.law.umich.edu)
In This EpisodeIf we had to pick a movie to be the theme for a small business owner, it would likely be the 1993 classic Groundhog Day starring Bill Murray and Andie MacDowell. Even if you’ve never seen the movie you can probably relate to what it feels like to have the same day over and over again. Unfortunately for too many small business owners this can be the case. So what’s a small business owner to do?
During the show today we shared some Groundhog Day experiences we’ve encountered in running our own businesses as well as coaching hundreds more through their Groundhog Days. There’s nothing wrong with having what seems to be the same day over and over as long as you’re learning. Think about all the skills Phil (Bill Murray’s) character picked up while he was experiencing the same day over and over again. Maybe you feel like he did when he was wishing to relive what was a better day in his mind which involved lots of sun, sand, and the love of a beautiful woman. Phil’s motivation was to make himself a better man to with the heart of Rita (Andie MacDowell). What’s your motivation to get better in your business?
What kind of day would you choose to have over and over again in your business? Why not make those really good days happen on purpose? Here are some things to do to help you avoid having that Groundhog Day feel in your business:
- Celebrate: this might sound silly but it’s important to stop and celebrate once in a while. Especially when your business has a big event like a big sale or someone returning to the business or a record month/quarter/year. If you don’t stop to look around and celebrate, you’ll likely feel like the same day is happening over and over.
- Schedule It: we are big fans of regular meetings. This includes everything from daily touches to weekly, monthly, quarterly, and annual get togethers. Part of what these meetings accomplish, in addition to getting a good rhythm in the business, is to break things up a bit. To give your team a chance to pull their heads up even if it’s only for 5 minutes or 5 hours. These “breaks” in the routine are key to help get rid of those Groundhog Day feelings.
- Plan It: as many of you long time listeners know we are big fans of plans. Perhaps the most important one is the Profit Plan which shows how your business will make money this year. It’s key to not only have this plan in place but to review your progress against this plan on a regular basis (i.e. at least monthly).
- Do Something Different: try changing up your routine once in a while. It could be something as simple as trying a different route to work or doing something different first thing in the morning. Maybe change up the physical space of your office or plant to give things a different feel.
So if you’re feeling like you’re starring in your own version of the Groundhog Day movie, don’t worry you’re not alone. Hopefully our show today can help you get out of that loop!
People, Companies and Resources We Mentioned in the Show* Ground Hog Day (https://www.imdb.com/title/tt0107048/?ref_=fn_al_tt_1) * The Office (https://en.wikipedia.org/wiki/The_Office_(American_TV_series)) * Michael Scott (https://en.wikipedia.org/wiki/Michael_Scott_(The_Office))
In This EpisodeToday we were joined on the show by Sherry and Dan Jones. They were clients of ours when they owned their franchise business Seniors Helping Seniors. We not only helped them grow their business but we also helped them with a successful exit of their business.
We covered a lot during our chat but some of the highlights include:
- Importance of their experience with their “welded” family and how that enabled difficult discussions and a sense of doing it together and respecting each other’s opinions;
- Wrestling with how to “turn it off” when it comes to your business and how your mind is going nonstop even when you empower your team to get things done; and
- Importance of having time away together as a couple and get away from the business so they could focus on each other and their relationship.
We are so blessed to have wonderful clients like the Jones’s who are also willing to share some of their stories of success and hardship, especially when it comes to working with your spouse. We think you’ll enjoy hearing their story!
People, Companies and Resources We Mentioned in the Show* Seniors Helping Seniors (https://seniorshelpingseniors.com) * Etch A Sketch (https://en.wikipedia.org/wiki/Etch_A_Sketch) * Cousin Eddie from Christmas Vacation (https://www.imdb.com/title/tt0097958/characters/nm0001642) * Inc Magazine (https://www.inc.com)
In This EpisodeOne of the reasons we started this podcast was to help dispel many of the myths we’ve seen in the small business world. One of those chief myths is the idea that if “you’re not growing you’re dying.” This has become so popular in the small business world that folks seem to think it must be true. Not so fast my friend.
Quick question for you, have you ever experienced significant growth in your business? If so, do you remember how it felt? Maybe you recall why people often refer to them as “growing pains” as opposed to “growing joys”. It can be a big pain to manage and absorb all the growth.
So we’re here to tell you that it’s OK not to grow. It’s OK to get your business to a manageable level where you aren’t having to deal with all the excitement, stress, and strain that results from significant growth. What’s wrong with owning a business doing a couple million in sales with 10 employees? As long as the business is nicely profitable and you’re enjoying yourself, this might be a good place to hang out for a bit…or the foreseeable future.
During the show today we addressed several challenges around growth and shared several of our personal stories as well as those of clients who have experienced some of this growth. Chief among them are:
- People: one of the constants we’ve noticed after working with small business owners for several decades is that the primary owner can typically grow the business on their own to somewhere between $1-2 million in annual sales. The challenge becomes growing beyond that first $1-2 million in sales and this typically requires finding at least one if not several key new hires for your business who will help with this growth. I’m sure you’ve heard about how hard it is to find people these days. Especially the right people. So if you don’t have this additional person or people already on board, maybe the biggest gating item to your growth is finding that one good person.
- Cash Flow: we often hear small business owners lament that they’ve run out of money or don’t have enough money to grow. This can often seem like the case, especially in a business where you have to make significant capital investments (e.g. in machinery and equipment, physical locations, etc.). But even in businesses without significant capital investments, there are likely required investments that are needed in people and services. Ever hired someone at an annual salary of 6 figures in your small business? How could you ever afford this person? Your banker can be helpful to a point as they tend to like to loan money when tangible assets are involved. It can become a bit tougher when the investment you’re looking to make comes in the form of people. That’s why we often advise our customers to secure lines of credit from a bank that can be used at your discretion. It can help fund the onboarding of a new “expensive” hire as well as the onboarding of a new large customer who won’t pay you for the next 90-120 days.
- Customers: do you love all of your customers? If you even thought about answering yes to this question then you are in rarified air. Most small business owners can quickly provide a list of all the customers they’d like to fire. Unfortunately too many small business owners feel they are stuck with certain customers who become a big percentage of their sales. Not to mention the hard wiring that exists for most business owners where they can’t fathom firing a customer and instead will bend over backward and any other way they can find to keep all those customers on board.
- The Market: not all markets are created equally. Perhaps you’re in a newer industry that requires a lot of education and changing of behavior. And even though potential customers, employees, and vendors get excited about the possibilities with your business and your new product/service, chances are it’s going to take years for many of these excited people to actually change their behaviors. Perhaps you’re in a an industry that’s a bit long in the tooth and you really can’t grow it too much no matter what you try. At that point you’ll want to focus more on maximizing profitability since you know that cash cow is likely to soon run out. Or perhaps you’re in an industry that is experiencing some consolidation. And while you were able to grow your small business over the years it’s becoming increasingly more difficult and you continue to find yourself constantly competing against bigger and better funded competitors. Maybe the answer at this stage is to look at potentially cashing in your chips and selling the current business and then heading off into the sunset or into another business.
Whatever situation you’re in, keep in mind the goal isn’t to solely grow your sales. Focus more on ways to grow your profits. But keep in mind that you don’t always have to be growing, it’s OK to reach a plateau in your business that works for you and your team. Especially when that business is providing you with sustainable profits.
People, Companies and Resources We Mentioned in the Show* Pickleball (https://usapickleball.org/what-is-pickleball/)
In This EpisodeToday we were joined on the show by business owners John and Terri Sonnhalter. Oh yeah, they also happen to be Adam’s parents! They shared with us their 40+ year journey of working together in a business as spouses. We heard from John a few years ago when he appeared on our show back in January 2020 (see below for a link to that show). But this time, Terri got a chance to share her side of the story!
We covered a lot during our chat but some of the highlights include:
- Have an honest and open relationship where you discuss everything;
- Be sure to schedule little trips and getaways with your spouse as well as weekly or bi-weekly date nights; and
- Don’t rely on trying to do everything yourself.
We had a lot of fun during this interview especially when John and Terri shared how they met and how he proposed while on their second date, even though he was already engaged to someone else!
People, Companies and Resources We Mentioned in the Show* John Sonnhalter Guest Spot on Dirty Secrets of Small Business, January 23, 2020 (https://dirtysecretsofsmallbusiness.com/episode/john-sonnhalter-founder-of-ohio-industrial-advertising-dba-sonnhalter/) * Sonnhalter (http://www.sonnhalter.com)
In This EpisodeOne of the dirtiest of little secrets we’ve discussed related to business ownership on this show over the years is that as a small business owner you’re also running a bank. With all the talk of recessions and tough times ahead, if you haven’t had this issue before, chances are you’ll be dealing with some slow paying customers over the next year or so. Today’s show is to help make sure you stay on top of your cash flow, particularly as it relates to those folks who are extending their credit with you.
During the show today we shared several personal stories as well as those of several clients and things they’ve done to get paid. Some of the highlights include:
- Do Some Digging: start with some research on the customer who owes you money. Have there been any recent news releases about their business? Ask around to other folks you know who provide products or services to this company to see if they are experiencing the same thing.
- Call vs. Email: sometimes a simple phone call can help get things moving vs. sending that 8th angry email demanding payment which gets ignored and leads to a 9th email and so on. It’s much easier to hid behind email
- Ask: ever ask your customers for their financials? You wouldn’t think twice if a banker asked to see your financials so why should you act any different when you’re playing the bank for your customers?
- Something vs. Nothing: it’s always best to get your customers paying something vs. nothing. Get them in that good habit of sending money your way.
- Big vs. Small: the approach to a big company vs. a small company will usually be different when it comes to collections. With a big company chances are all you have is an 800 number to call which never results in getting to a live person. You’ll likely only have an “ap@xyzcompany.com” email address where you send your invoices into what can seem like a black hole. These bigger companies also will likely have more hoops for you to jump through up front in terms of becoming a qualified vendor let alone the myriad of things you have to do to submit your invoice in a way that easier for them to pay. And then they’ll still wait 90-120 days after that to pay you…but they will pay you. On the small business customer front, you’ll likely know who the accounts payable person is. Heck, you’ll likely know who the owner of the business is so your approach here needs to be a little more personal. If they aren’t paying you or are slow to pay you it’s likely due to either them not being happy with your product or service or that they are in a financial squeeze right now. Your job during these situations is to remain relatively unemotional as one of the things you’re trying to decide in addition to how to collect money that’s owed to you is whether or not you want to continue doing business with this customer going forward.
Hopefully the show today gave you some ideas for either how to avoid getting into a big hole with customers who owe you money or if you do get into that situation how to approach it so you’ll be successful in collecting your money and hopefully salvaging a customer going forward.
People, Companies and Resources We Mentioned in the Show* MVP’s 7 Keys to Success (https://maximumvp.com/7-keys-to-success/) * It’s A Wonderful Life (https://www.imdb.com/title/tt0038650/)
In This EpisodeIf you’ve been around us at all then you know one of the things we specialize in with our coaching is helping people with buying and selling companies. Not only have we helped hundreds of people with various transactions, we’ve also bought and sold several businesses ourselves. So as we finish one year and head into the next we thought it might be a good topic to address for those of you who are thinking about buying a business in the new year. This could either be an add on to your current business or perhaps it’s your first business.
When I say we have personal experience with buying and selling companies, this is something Adam spent the first decade of his career doing full time on Wall Street. During that time Adam was involved in everything from multi-billion dollar deals to ones that were several million and everything in between. Jack has personally bought, fixed up, and then subsequently sold five different business. And earlier this year, Adam and his wife purchased a dormant franchise business that they’ve resurrected and are continuing to grow.
During the show we shared not only several of our personal stories but those of our clients who have had some experience with buying companies. In fact, it’s one of the fastest ways to accelerate the growth of your business. Some key topics we cover today include:
- Engage/Take Action: it’s important for you to get out and do stuff. Talk to and see people vs. just investigating.
- Buying It Right: nothing can make a deal go south faster than buying it wrong. This could mean overpaying for the deal or sending too much cash out at closing or something else. We have met so many folks who have bought their business wrong where everything has to go perfectly for them to succeed. Any of you business owners out there had everything go perfectly in your business for even a day let alone months or years?
- Some of the Best Deals Are Ones You Don’t Do: part of the process of figuring out what you want to buy should include going out to see several different opportunities. This way you can get a better feel if this particular deal is right for you. We’ve even had clients who have jumped in and started running the company before they owned it to help move the deal along. But that deal, like many others we’ve seen, died before they made it to the finish line. And that’s usually a good thing.
- What Do You Bring To The Table?: one of the reasons we are such big fans of buying a business vs. starting one from scratch is that you have the benefit of history when buying a company. Depending on how good the records are you’ll be able to see what went right and what perhaps went wrong with the business. Then the question becomes, what would you do differently? What are you bringing to the table that would have helped avoid some of those prior pitfalls and what are you going to bring to the table going forward that is going to help with the growth and success of your new business? If you can’t figure out how you’d add value to this business then chances are you should probably walk away from the opportunity.
- Don’t Go All-In On Your First Deal: one of the things we’ll counsel folks on when it comes to buying a company is to be sure not to tap into every financial resource you have to buy that business. It puts too much pressure on you to succeed and will likely push you into making decisions that are too short-term focused vs. being focused on the long-term health of building your business. Plus there are many things you’ll learn doing your first deal and perhaps running your first business that you can apply to the next one. Make sure that whatever resources you’re putting toward this new deal would hurt if it didn’t work out but it won’t tank you if it doesn’t work out.
Few things are more fun and exciting than buying your first business. Not everyone is cut out for it, but if you are you’ll be hard pressed to find more exciting things to do in your business. Maybe today’s show will give you that spark and confidence you’ve been looking for to do your first deal!
People, Companies and Resources We Mentioned in the Show* IRS (https://www.irs.gov) * Armature (https://en.wikipedia.org/wiki/Armature_(electrical)) * How Did Jack Buy His First Company, DSSB Show from December 20, 2018 (https://dirtysecretsofsmallbusiness.com/episode/how-did-jack-buy-his-first-company/) * Young Rembrandts (https://www.youngrembrandts.com/gcw-oh/)
In This EpisodeToday we were joined on the show by business owner Bob Scaccia, who is the Founder and CEO of USA Firmware. Bob shared with us some of the ups and downs of his first decade in business and the tremendous growth he’s seen over that time. We heard from Bob a few years ago when he appeared on our show back in January 2019 (see below for a link to that show).
We covered a lot during our chat but some of the highlights include:
- Financial situation when starting and some of the unexpected stresses and strains and how those stresses don’t go away with accelerated growth;
- Where are your first customers are likely to come from as well as your next ones (hint it starts with KLT); and
- Importance of key people and how that changes over time.
We had a lot of fun during this interview and we think you’ll enjoy it too no matter what growth stage you’re in!
People, Companies and Resources We Mentioned in the Show* Bob Scaccia Guest Spot on Dirty Secrets of Small Business, January 18, 2019 (https://dirtysecretsofsmallbusiness.com/episode/how-do-i-deal-with-politics-in-my-company-and-special-guest-bob-scaccia-from-usa-firmware/) * USA Firmware (https://usafirmware.com)
In This EpisodeWe are big fans of partnerships. Surprisingly, we tend to find ourselves in the minority when it comes to that positive view of business partners. We’re guessing you may have heard a lot of negatives about partners as well. So why do we often recommend that business owners look for good partners?
As you might imagine, not everyone is partner material. That means you might not be a good potential partner. Do you like sharing the credit for things or do you want to be the one getting all the accolades? Do you like having your ideas challenged or would you prefer people just do what you ask? What kinds of experiences have you had in your life with different “partners”? Do you have a lot of long-term relationships that have helped you in different facets of your life?
These and many other factors will determine if you or that potential partner might be a good fit. Here are some of the biggest benefits we’ve noticed with partnerships:
- Add Energy: as a successful small business owner, you tend to have more good days than bad. But you’re still human and it’s next to impossible to bring your best game to the table each and every day. In fact it can get quite tiring having to constantly be the one driving your company forward. Imagine how much better you’d feel having a great partner to help recharge your batteries. Chances are you’ve experienced something similar with a good person in your business who helps to get you going.
- Share Burdens: being a small business owner can be a lonely feeling. This is especially the case when things aren’t going well or there are some difficult circumstances or decisions you’re facing. Imagine having someone who is really good to share those burdens with. Where everything isn’t resting solely on your shoulders.
- Double The Joy: one of the things we often have to encourage our small business owner clients to do is to stop and celebrate the big moments and accomplishments in your business. It’s so easy to continue plowing ahead to the next challenge or deadline. But it helps to stop and smell the roses once in a while. And when you have someone to share those highs with it can be even sweeter than celebrating alone.
- Accomplish More Together: that adage of 1+1=3 can truly be the case with a good partnership. If you and your business partner bring different things to the table and you’re able to share those different talents and ideas, chances are pretty high that you’ll get where you’re trying to go much faster.
It’s never too late to find a partner. In fact, there might be a few right under your nose but maybe you haven’t noticed.
In This EpisodeEveryone loves something new and shiny! Many of our small business clients refer to those bright shiny new objects as squirrels. But while we’re all chasing these new shiny objects, we might just be missing something that’s right under our noses that can help grow our businesses. Past customers.
Oops, did we just take all of the air out of your balloon? Are those past customers not as exciting and energizing as all of those new potential customers? Keep in mind these past customers are folks who have experienced your Products and Services in the past and they’ve parted ways with some of their hard earned funds to become your customers. The question we addressed today is how often should you reach out to those past customers?
Like many things, we can often justify our behavior which includes making up reasons not to contact past customers. But if you’re looking to grow your small business, there might be an untapped potential gold mine with your prior customers. Here are some things to keep in mind when reaching out to those golden nuggets:
- Add Value: be sure that when you’re reaching out to your prior customers that you’re conscious of delivering some value to them. The idea here isn’t to reach out to say, “Hey we know you haven’t bought from us in a while, but do you want to buy some of our stuff?” Chances are that won’t be received in too positive of a light and won’t likely result in additional sales. But if you’re focused on delivering some value to those past customers then they are more likely to receive your outreach warmly. One example could be you have someone you’d like your past client to meet. Perhaps it’s a provider of another Product or Service that you thought would benefit them. Maybe it’s someone who’s looking for work and you think they’d be a good fit with your customer? It could even be an article you came across that made you think of them.
- Ask For Introductions: one of the best ways to grow any small business is through word of mouth and referrals. Who better to sing your praises than a past customer who has benefited from your Products and Services. So instead of asking your past customer to buy more stuff from you, perhaps they know someone else who might benefit from getting to know you and your company.
- Get Updated: it’s always nice to get updated with folks you haven’t spoken with in a while, especially ones you’ve done business with in the past. Be ready to provide them with some updates about you and your business since you’ve last spoken but don’t lead with that. Start with asking them for updates on their end. People always love it when you show a genuine interest in them. This is also a great way for you to find ways you might be able to help them out. If you’re always thinking about ways you can help them chances are you’ll have a great discussion and it can certainly lead to some good stuff in the future.
Whatever approach you take, reaching out to past customers is always a good thing to do on a regular basis. And yes, some of those past customers might actually become current customers of yours again after you’ve spoken if you’ve left them with a warm fuzzy feeling about you and your business. At the very least they’ll be thinking about ways they can help you as well. And that’s really what it’s all about!
People, Companies and Resources We Mentioned in the Show* I’m OK You’re OK book by Thomas Anthony Harris (https://en.wikipedia.org/wiki/I%27m_OK_–_You%27re_OK)
In This EpisodeOne of the things nobody tells you about when starting a business is that you’ve unknowingly signed up to play the bank. Every time you provide credit to a customer you always risk having someone like Wimpy from Popeye who will promise you the world for that hamburger today! So knowing how it feels to have some customers ask you to play the bank, is it OK for you to do the same thing to them?
Like many questions posed to a small business owner, the answer has a lot of gray area in it. It’s not a simple yes or no but more of a case of how and when do you have your vendors play the bank for you? Here are some times when it makes sense to have your vendors play the bank for you:
- Cash Is Tight: if your cash flow is tight, for whatever reason, leaning on your vendors for better terms can be a good way to help ease some of this pressure. You might be amazed at how much relief you’ll feel by delaying payment by 15-30 days or getting some deferrals on payments.
- Vendor Not Delivering: nothing gets discounted faster than services already provided. On the flip side, the best way to get ghosted by a vendor is to pay them fully before their work is finished. If you have a vendor who isn’t delivering as promised, it helps for you to delay payment as that might be your best or only leverage.
- Launching Something New: it’s always best to give yourself plenty of runway when starting something new. Nothing worse than starting something you can’t finish. If you’re a little tight on cash then be sure to reach out to your vendors for some favorable terms.
Deciding to utilize vendors to help ease some of your cash flow burdens is a normal thing to do in business so don’t feel bad about utilizing this technique. Just be sure you use it strategically.
People, Companies and Resources We Mentioned in the Show* Wimpy from Popeye (https://en.wikipedia.org/wiki/J._Wellington_Wimpy)
One of the common refrains you’ll hear whether it be in business or life is something to the effect, “If you’re not growing you’re dying.” A phrase like that can put a lot of pressure on a business owner to constantly be growing. But what does this really mean to grow? How do you plan for all of this growth? And is it possible to have too much growth?
One of our favorite things about small business when compared to big business is that small business allows you to have a heart. Big organizations can often feel cold and impersonal. But with that “heart” of small business also comes a lot of emotion. Our topic today covers one of those emotional reactions that is pretty common for a small business owner, trying to figure out if something is a fireable offense or not.
Chances are if you’ve been in business for yourself for a little while at some point you’ve wrestled with the thought of throwing in the towel. Many things could trigger this thought. Anything from losing a big customer or key employee or it could just be that you're tired and worn out. Whatever your situation, understand you’re not alone.
So what do you do? What do you say when someone asks you this question? Chances are you’ll talk about your business and what your business does first when responding to this question. But if someone is asking what it is that you do as the business owner in our business, what do you tell them?
Warning, this may get a little uncomfortable! It’s always awkward for a business owner to think about this question, let alone ask it out loud. Yet we know it’s a question that many business owners wrestle with at a variety of times with their business. Is there a right time to step away from your business? And what does “step away” really mean?
One of the biggest things we do for our business owner coaching clients is help them ask the right questions. Our topic today about trying to not think about your business is one of those questions that isn’t the right question to be asking. It’s really not even the question our clients and other small business owners mean to ask because it’s really not possible to stop thinking about your business. The real question is more along the lines of what things should I be thinking (or worrying) about as it relates to my business.
If you’re a business owner, chances are you’ve either been accused of being the bottleneck or you’ve recognized it in yourself. It’s tough when you’re the one who started the business and it was basically you doing everything at the start. As you grow and add more people to your team, it can be difficult to let things go and entrust your team to get things done. Especially to do things the way you’d do them. So what’s a business owner to do?
One of the most common frustrations we hear from small business owners is that they feel like they are tied to their business. Like they can’t leave for short or long periods of time without significant angst or stress as they wonder how things are going. So how do some business owners manage to be away from their business yet still have a good sense for what is going on while others are afraid to leave their business? Would you believe that much of it comes down to a few simple reports?
It seems these days that everywhere you look a new podcast is popping up. It’s to the point now that there are over 1 million podcasts currently available. And that number continues to grow. Even fake people have podcasts…Ron Burgundy anyone? So the question we pondered today during the show is, should your small business have a podcast?
So did you already start your business or are you still thinking about it? If you’ve already started your business chances are you might be feeling a bit overwhelmed already. If you haven’t already started, maybe you’re finding reasons not to start, like you’re waiting for the perfect time to launch. Unfortunately there’s no such thing as you can always find reasons not to start your company.
One of the best predictors of success in any aspect of your life is your coachability. How coachable are you? Are you what we often refer to as an “old steel guy” who knows everything? Or are you the one who’s always looking for ways to get better and improve and achieve your goals even faster?
There has never been an easier time than now to get into business for yourself. With modern technology and the resulting connectivity you could literally have a worldwide business set up and running in a matter of days. So depending on your view this could be an exciting opportunity or totally overwhelming. But just because you can set up a business, does that mean you should?
Have you been on a road trip this summer? We are big fans of road trips, always have been. And now with all the craziness going on with airlines and constant cancellations and delays, not to mention all the hassles at the airport and potential loss of luggage, road trips have become even more appealing to most folks.
So have you run out of siblings, cousins, aunts, friends, and neighbors to hire? How do you find the best people? Perhaps more importantly, how do you screen and interview people so you don’t waste a bunch of time with people who aren’t going to be a good fit for your organization?
Do you ever feel overwhelmed as a small business owner? Like you have to do everything yourself, especially if you want it done right? But at the same time you’re not an expert in every aspect of your business, even though most folks expect you to have all the answers. So what’s a lonely business owner supposed to do?
So what do you do when all the government money runs out? Over the past couple of years since the COVID-19 pandemic started there has been an unprecedented amount of “free money” being doled out to individuals and businesses alike.
It’s one of those statements you’ve likely heard at different points throughout your life. And if you’re a business owner you’ve either uttered those words or certainly thought about it a lot. It truly is lonely at the top. So what does this mean and why is it so lonely when you’re running your small business?
Staying focused can be a problem in regular life, not to mention your business life. One of the things we provide for our coaching clients is a framework to help them know “what” they should be focusing on which is our 7 Keys to Success. But that doesn’t explain “how” they can stay focused. After all, don’t we all battle some demons when it comes to staying focused?
This is one of those questions that circles around an owner’s mind quite often. Not only how often should I be in the office but for how long? Should the boss be the first in and last to leave? Or should the boss only show up whenever it’s convenient? Or somewhere in between? How about as little as possible? The short answer is, it depends!
So here we are in the middle of summer and it’s prime time for summer vacations. Are you excited about your upcoming vacation? Unfortunately, too many business owners either aren’t looking forward to their upcoming vacation or they don’t have one planned. It doesn’t have to be this way.
We recently met a husband and wife who have owned and worked together in a business for nearly three decades. They were exploring the possibility of selling their business and retiring. When we asked them what they were going to do after they sold the business they both had a sheepish grin and said they were going to “relax and enjoy life.” They want to do a little traveling and spend time with the grandkids, but the basic driver is to get relief from the day-to-day running of the business.
One of the things that folks in a leadership position wrestle with is the idea of being in control. We will often hear business owners talk about how they are accused of being micromanagers. This can result in team members not feeling confident or empowered to make many of the day-to-day decisions in running the business and instead will wait for the owner to step in to decide what to do. This can be one of the biggest limiting factors for you and your business’s success.
Over the years we have helped several clients buy companies. Some have been individuals looking to own their own business. Many more have been clients with an existing business they are looking to grow and decided to pursue acquisitions as an option. Our discussion during the show today centered more on the folks who are looking to buy their first or next business.
Many business owners are looking for help. Oftentimes they are looking in all the wrong places. It usually starts with friends and family. Most of these friends and family are well intentioned, but many can’t relate to the challenges of owning and running a small business as they’ve never done it successfully themselves. Or perhaps they have had some success in running a small business, but that doesn’t mean they can help or teach you.
Meetings often get a bad rap…and for good reason. Some of the most common problems we find are:
• There is no agenda (or the agenda isn’t followed) • 1 or 2 people dominate • Meeting doesn’t stay on time • No one is in charge
Today we were joined on the show by business partners Scott Freerksen and Chris Mosier. Scott and Chris are the owners of Lakefront Living International, a national real estate franchise focused only on lakefront properties. During the show Scott and Chris share the very different paths they took that eventually lead them each to a focus on lakefront properties.
One of the toughest decisions for many business owners is deciding when it’s time to get rid of someone. That “someone” could be an employee, contractor, customer, or even a vendor. One of the things we love most about small business is that it allows for a heart whereas big business usually comes down to a number.
So who’s in charge here? This is one of the first questions we ask when meeting with business partners. The initial response is usually something like, “we both are” or “we all are.” We and you know that isn’t the case. Someone is setting the priorities for the business.
So do you work with family in your business? Or maybe it’s friends who are like family. Or both. Are you good at leaving the personal stuff at the door when you come into work every day? Not sure what that looks like? Well today’s show is for you!
Today we were joined on the show by business owner Eric Robichaud. Eric is the owner of Green Goddess Supply, a supplier of premium quality smoking accessories and home grow products. During the show Eric takes us on his journey from software engineer/nerdy computer guy to now being the weed guy!
Do you like being in the spotlight? Do you avoid situations where you know you’ll be asked to say something in front of a group? Or are you the first person to raise your hand when a speaker is finished and is looking for questions?
We were talking with a coaching client recently who was struggling to justify increasing prices for one of their services. She kept using the word “justify” when trying to convince herself that it was OK to increase prices. Our discussion quickly shifted to talking about what made their service different from the competition. We also chatted about the mindset of their ideal customer.
Today we were joined on the show by business owner and former MVP business coaching client Terry Walkerly. Terry is the owner of Filta Environmental NEO, a leading provider of cooking oil micro filtration services to restaurants and other food establishments. Over his career Terry has owned several business including ones he’s both started as well as purchased. Although he barely made it through high school, Terry describes himself as a lifelong learner who has read just about every business book out there. Combining that with the school of hard knocks and Terry has a lot of wisdom and insights to share.
Heard a good story lately? Who’s the best story teller you know? Are you a good story teller? What makes for a good story? These are just some of the questions we tackle in today’s episode.
So you’re all excited because that new employee you’ve been searching for has finally accepted your offer. Now all you need to do is finish up the paperwork and complete a background check and they will be on the job before the end of the month! And then the background check comes back with a black mark. What should you do?
Today we were joined on the show by business owner Peter Hans. Peter is the owner of Discover Map, the leading provider of curated guides to top tourist attractions in cities and towns throughout North America. During the show Peter shared his journey from a continent hopping investment banker to a business owner by purchasing a map business back in 2005. Along the way, Peter spent about 6 years at each of his respective stops until he got that “itch” to go and do something else.
Sometimes you need to slow down to speed up. We know it’s counterintuitive. The answer isn’t always to push harder or get more information. Believe it or not, it’s often best to do nothing. To sleep on it. For a small business owner this is easier said than done. Especially if you’re one of those very driven individuals who has trouble taking it easy and slowing down.
Most business owners can relate to what it feels like to have debt in your business. Unfortunately, not too many owners are aware of how to get all that debt paid off. In fact, it seems too many business owners have come to the conclusion that it’s just the way things are when it comes to having debt. Well, it doesn’t have to be that way.
We were recently involved with some mock interviews with local high school students. The goal is to give these 15 and 16 year olds some practice at interviewing for a job. They are asked to complete an application, dress in nicer clothes, and then sit down for a 10-minute interview with some volunteer adults to “interview” for a job in a retail store.
Did you ever wonder why most people look forward to tax day in the U.S. while business owners rarely look forward to April 15th? Most folks pine for tax day because they are going to get a refund on that day. It’s like a shot of dopamine to get you all excited with that extra “paycheck” or two. For business owners, they are usually writing a check on April 15th. But this should be viewed as a positive.
Communication is always a challenge, whether in business or in life. We often meet business owners who lament about the challenges of trying to get their team on the same page. It might sound something like, “How do I make sure everyone knows what is going on?” Or “Why isn’t everyone rowing in the same direction?”
We’ve heard from a lot of business owners over the years who are looking for a checklist to run their businesses. It’s often described as something like “do these 17 things in this order and you’re guaranteed to have success.” So is getting all these systems and procedures and SOPs in place really the answer for your business? Or should you focus on attracting and retaining the best people to be part of your Organization?
If you’ve listened to our show for a while or if you know us off the air, you likely know that we are big fans of Inc. Magazine. Not only do they usually have great articles related to entrepreneurs that are easily digestible, they also have many inspirational stories. We saw a recent article addressing something that is impacting every business (large or small), The Great Resignation. According to the U.S. Bureau of Labor Statistics, between April 2021 and September 2021 over 24 million American employees left their jobs.
Do you consider yourself successful? This is a question that’s easy to ask, but really takes some thought to answer. Too many small business owners wouldn’t use the word successful to describe themselves. You’re more likely to hear them use words with more negative connotations like overwhelmed, frustrated, or just simply worn out. I guess it’s a matter of what you focus on.
Today we were joined on the show by entrepreneur Pete White. Pete is the co-owner of Abstract Ocean along with his wife Christal. During the show Pete shared his journey from a full-time job in the IT world to a business owner by pursuing a hobby related to their new Tesla vehicle back in 2013.
When’s the last time you took a road trip? With the COVID restrictions lifted in most parts of the world combined with summer being upon us, we have seen a lot more cars on the road with folks traveling across the country. But even if you haven’t been on a road trip lately, I’m sure you can recall several you’ve been on over the years. And if you’re in your 40s or later, you might actually remember picking up your TripTik from AAA before leaving on your journey. These days, you likely will just punch the destination into your GPS enabled device to get you where you’re trying to go.
As you’ve probably heard and experienced first hand, it’s never been more difficult to attract and retain good people for your business. The number of people resigning or simply no-calling/no-showing for work or interviews is continuing to increase. So what’s a business owner to do?
When we get to this time of year, folks will often ask us if it’s too late to plan since this year is almost finished and the next one is about to start. While this isn’t the ideal time to start your planning for next year, it certainly isn’t too late to start. In fact, it’s never too late to start your planning.
We are joined on by entrepreneur and author Julie Phillippi-Whitney, owner of Phillippi-Whitney Communications and author of the children’s book Astra the Lonely Airplane. During the show Julie shared her journey starting with her role as an extra in the movie Grease while in high school.
Most business owners spend a lot of time thinking about their people. Do I have the right people? Are they doing the right things? Do I need more or different people? And perhaps the most vexing question, is it time to hire someone else?
Today we were joined on the show by entrepreneur Drew Taylor, co-owner of Clubhouse Trailer Company. Drew was kind enough to share part of the journey that he and his business partner Jeff Hadley have been on since starting their company over 10 years ago.
Happy Thanksgiving everyone! We love turkey day around here! In fact this is our favorite holiday of the year and we are so glad it’s back with full force this year after the COVID Thanksgiving last year that involved more Zooms than hugs!
Today we were joined on the show by entrepreneur Greg McAfee, owner of McAfee Heating and Air. Greg shared a lot of great stories and perspectives with us during the show including some keys to his success along the way
Adam’s son was home visiting from college recently and when he was heading back to school he said he missed the little things about being home. Things like the dog resting her head on his legs while he eats or being able to drop into his sister’s room for a quick chat.
When’s the last time you were pleasantly surprised by a new hire exceeding expectations? Someone who almost instantly adds value to your organization. The type of person who really takes charge and gets through your onboarding process quickly and dives right in. Perhaps they’ve even written their own job description and a plan for the next 30/60/90 days which includes things you didn’t even think about. Plus they have a lot of other intangibles that you didn’t even know you were looking for like taking charge of their area right away and quickly ingratiating themselves with the team they are going to manage. It’s like finding gold!
People have always had side hustles. For instance, can you name a plumber, electrician, or mason who doesn’t do some sort of side jobs for friends and family? How about that person doing “the books” for several small business owners on nights and weekends or that salesperson also contracting with a start up to help get their sales off the ground?
Health is one of those things we take for granted until we don’t have it. Especially as a business owner. So what do you do if you get a negative health diagnosis? Are you the type of person who will let everyone know about your diagnosis? Will you keep it close to the vest? Will you “tap out” and say I’m done and focus on getting well? Or will you just keep grinding away?
One of the biggest enigmas for small businesses is balancing time vs. money spent on their Marketing Plan. When first starting out most small business owners have more time than money so the Marketing Plan is often 90%+ focused on time with 10% or less focused on money. For example, a new business owner may spend a lot of time going to different networking events at things like the Chamber of Commerce or BNI. If they are more tech savvy chances are the owner will be spending time on social media.
So does the thought that you might be the problem ever pop into your head? One of the things we pride ourselves on is being self aware. One key to success for any business owner is to know if you’re the problem or not. Now this often isn’t just a blanket statement where you are the problem in every situation, but that might be the case as well.
One of the biggest challenges as a small business owner is knowing what to focus on next. With so many folks trying to set priorities for you and your business, how do you as the owner decide what is really important? Should you listen more to folks inside your business (e.g. employees) or those outside (e.g. customers)? What about someone like your spouse or children? Not to mention all those thoughts you have in your own mind. It’s no wonder so many business owners are battling exhaustion!
This year has been one of rediscovering things for many folks, and we here at Dirty Secrets of Small Business are no different. During the show today we shared several stories of things that we are rediscovering. The list includes everything from golf to high school football on the personal front to things like cold calling and networking on a business front.
Do you have a preferred form of communication? In today’s day and age there are so many options to choose from including phone, text, email, and social media. Are you old enough to remember “long-distance” calls. What about rotary dial phones? Is there a best way to communicate?
Do you ever get people responding to you with smiles and nods? We get this response a lot. Especially from small business owners. They will often smile and nod when different business topics are brought up. We learned years ago that the smile and nod is often code for “I have no idea what you’re talking about and I hope you don’t ask me to explain myself.”
Today we were joined on the show by entrepreneur Ross Youngs. For those long time listeners of our show, you know we are big fans of Inc. Magazine as well as their annual list of the fastest growing private companies. Well, our guest today is a member of the Inc. 500 Hall of Fame!
Do you ever feel ready? Even going back to your earliest childhood memories. Did you feel ready for that first day of school. How about that final exam? What about that new job or promotion? Well you were certainly ready for marriage and kids right? Of course not! So why would it be any different when it comes to taking over the management and ownership of your company?
Whether you are starting, buying, or running a business, one of the most popular questions you’ll be asked is “What’s your plan?” Almost like a new college student who is often asked, “what’s your major”, your response as a business owner might be a canned response of saying what you’re supposed to say. Things like, “we’re planning to grow by 22% this year and double over the next 5 years…”. Or maybe you’ll be a little more honest and say things like, “Yeah, I don’t bother with those business plans. I spend my time doing stuff instead.”
This is a great question, and it all starts with figuring out where you want to go first and then we figure out which path to take to get there. And just like any good road trip there are multiple options for getting to your destination depending on what you’d like to see on the way or are you just interested in getting there as fast as possible? What about accidents, road work, and detours? Do you think similar things can be expected when you’re trying to get to your ultimate destination in your business? Of course!
So is now the time? Is this the offer you can’t refuse? Has every day become a grind? Is running your business no longer fun? Depending on how you answer these and several other questions will determine whether it’s time to sell or not.
What happens when you decide it’s time to retire and step away from your business? We find most people, including business owners, don’t have a good answer for this question. Too many will throw out platitudes along the lines that they’ll spend more time with family and friends, traveling, vacationing, playing golf or tennis. The list goes on, but in reality they’ve never really given this question much thought.
At the end of the day, we all have a mess in our businesses and our lives. The question becomes who do we share what parts of that mess with when it comes to our business. As the owner of a small business it’s likely you will go months or years without having to Present yourself or share your story.
During the show today we focused on a couple of examples of organizations that have gone through successful rebuilds. One you might be familiar with, the Cleveland Browns. The others are likely more like your business in that they are smaller and lesser known. We used our 7 Keys to Success framework to help explain how these changes were accomplished through the Organizational Plan for the business as well as balancing short-term results with long-term success.
So what kind of memories do you have of the library? If you’re like most people, it goes back to your early childhood days and story time. Perhaps you rediscovered the library when you had your own kids. Many of us spent time in the library during high school or college. But chances are that once you got into the business world you stopped visiting your local library altogether.
Do you ever feel like a fraud? Or do you worry that “they’re” going to figure out that I don’t belong or that I didn’t earn this? There are hundreds of these types of questions you might be wrestling with. For some business owners we find these thoughts will often dominate their day-to-day interactions. Other business owners have done a good enough job over the years of either ignoring most of these voices or they have found ways to quiet the voices so they aren’t distracting or even paralyzing.
One thing that strikes fear in the heart of many business owners is having a meeting with their banker. It’s not that these banker types tend to be intimidating or mean, it usually has more to do with how comfortable the business owner is with their financials. As the owner, the last thing you want to do is to say the wrong thing to your banker. Can’t the banker do all sorts of terrible things to you and your business? Like pull your line of credit? Or not approve the loan for that new piece of equipment?
Does the idea of working with your spouse excite or scare you? This thought of, “maybe my spouse/significant other can help with this,” is one that goes through most business owners minds at some point. It’s a perfectly natural question, especially in today’s world where it is getting tougher and tougher to find good people.
Cash is one of those things that whether you have it or not it’s usually top of mind. If you don’t have cash you’re thinking about how you’re going to get it. If you have cash you might be worrying if it’s enough or if you will run out. Either way, chances are you’re going to be aware of it and thinking about it.
A lot of folks talk about what it would be like to own their own business. Several have their own ideas for the type of company they would start. Others aren’t so sure the type of company, they just know they want to own one (or several!). So they’ll begin to search for a company to buy.
For those unfamiliar with the term “third rail” we’ve including a link below talking about it’s definition in politics. The metaphor comes from the high-voltage third rail in some electric railway systems. Touching that third rail often results in electrocution so most folks don’t live to tell about it.
OK, enough talk about what damage or bad things COVID-19 has caused. We wanted to take some time during today’s show to reflect on all the wonderful things that have come out of the past year plus of this pandemic. We wanted to highlight some of the great things we’ve noticed during this time both from a personal as well as a business standpoint.
I’ve been taking a personal branding course recently with a podcaster I’ve been listening to for a while named Jason Stapleton. One of the exercises we were asked to complete was our “origin story”. It covers things going back to your parents and their upbringing and how many siblings they had and where they grew up and eventually getting into where I grew up and how I got to this point in my life. One of the things that jumped out was my work history. And it got me to thinking, can you spot a budding entrepreneur based on what they do early in their life and career
It’s pretty easy to get caught up in the “busy ness” of day-to-day activities in our businesses. If you don’t have a longer-term goal in mind it can be frustrating for you and your team to continue on when times get tough. So do you have a longer-term Vision for your business and where you would like it to be in the next 5-10 years? Do you realize you can accomplish just about anything in 10 years?
Is your business ready? If the opportunity presents itself, is your business ready to be sold? Now, that doesn’t mean YOU are ready to sell. It’s a wonderful thing when those two things do align and both you and your business are ready to sell. Unfortunately we often find that too many business owners are ready to sell but their businesses aren’t quite ready yet.
Too many small business owners will respond “I don’t know” when asked questions about their numbers. If you are not in the regular habit of reviewing your numbers as a business owner, this is something you should start to change. One of the easiest ways to start is by reviewing your financials monthly. When we say financials, start with your Profit & Loss Statement and your Balance Sheet.
We all know it’s tough finding good people. So when you find the good ones you want to hold onto them with both hands and never let them go! But how do you get them to stay? Is it all about the money?
How many good employees do you have on your team? All of them? None of them? Not sure? We find that most small business owners don’t know how many good employees they have for a simple reason...they aren’t sure what a good employee looks like.
In This Episode We know you’ve talked about this. Perhaps even dreamed about it. How much better off would you and your team and your company be without that one customer? That customer who really isn’t the right customer for you, but you’ve held onto them for years. Maybe saying you’ve “put up with them” is a better way to put it. And it seems to go against every fiber of your entrepreneurial spirit to turn away any sales...even from the wrong customer!
So what’s a business owner to do? How about actually firing that customer? Does that seem too harsh? Not sure exactly how to do this? Maybe it’s your first time? No worries, we’ve got you covered. In this episode we shared several stories and ideas for how to know when it’s time to fire a customer as well as discussed several ways to actually do the deed (hint, you can be creative with this).
Some signs your customer might be the wrong customer:
Can’t make them happy They negotiate everything Don’t pay on time “Abusive” to you/your staff Don’t refer business They aren’t honest with you Losing money on them
There are also several ways to fire them:
Be direct Raise their prices Introduce them to your competitor Say it’s you, not them Let one of your people do it!
Sometimes you need to do a little pruning and purging in your business and that includes your customer list. Much like going to work out, you tell yourself all sorts of reasons ahead of time why you don’t want to do it, but after the workout you feel so much better. Same thing is true with finally getting rid of that awful customer! Join Us Next Time Join us next week when we chat about one of your most valuable assets, your People. More specifically we will talk about How Do I Create a Path For My Best People To Advance?.
One of the Dirty Secrets of business ownership is that whether you like it or not, one of your primary roles is to be a Leader for your organization. You may think, “Hey I didn’t sign up for this Leadership stuff, I just want to run my own business.” What exactly does it mean to be a good Leader?
A phrase that can often strike fear in the hearts of even the bravest of business owners is, “Your banker is on the phone and would like to speak with you.” Oh no, you think, what could she possibly want? Does she know about my key employee who is threatening to leave? Did that upset customer call her to complain? Will she be pulling our line of credit?
Unfortunately many folks starting out in business make the often fatal mistake of hiring family and friends first instead of last. Now this may seem counterintuitive to many folks, especially those who know us well since we usually espouse the importance of Know Like Trust when building your business. But just because it might be “easier” to start with family and friends, doesn’t mean it’s the best thing for your business.
Business owners can be a worrisome bunch. Oftentimes owners aren’t even sure what to worry about. One of the top worries for business owners, no matter what stage they’re in, is cash. More specifically, will I run out of cash? So how do you keep track of all your money?
If you’ve been in business long enough, chances are you’ve received some unsolicited interest in your business. By “interest” we mean someone is expressing an interest in perhaps buying your business. It likely came in the form of a letter that was either physically mailed or emailed or from a phone call. These letters and phone calls often come from intermediaries so the actual person who might be interested in buying your company has their identity hidden. Do you welcome these solicitations with open arms? Do you avoid them like the plague...or COVID? Likely you’re somewhere in between.
“Nobody puts Baby in a corner!” If you’ve ever seen the movie Dirty Dancing, then you can picture the scene with Patrick Swayze and Jennifer Grey. Well we’ve heard versions of this line with the same emotion and passion. But instead of talking about corners the business owner is talking about “Don’t push me out of my company!” We see it all the time with sports as well. Maybe you’ve seen an aging athlete on your favorite team not quite ready to give it up yet.
One of the things we fight in our day jobs as business coaches is the never ending poor advice given to small business owners. Perhaps the biggest offense with this advice is folks talking about business plans. It might sound something like, “All you need is a business plan to get started.” Well intentioned advice. But what does this really mean?
Have you ever seen the movie Rudy? It’s based on a true story of a young man whose biggest desire was to play football for Notre Dame. As with any great story there are many obstacles for our hero to overcome including his limited physical abilities. Perhaps the most challenging obstacle that Rudy and many of us face is the doubters around us who tell us we’re crazy for thinking something is possible or that it can’t be done. It’s often easy to give into this fear of failure and start to doubt ourselves.
One of the biggest challenges and common frustrations of any leader is to get everyone on your team on the same page. Use whatever metaphor you want. Things like “all rowing in the same direction” or “everyone reading from the same hymnal” and hundreds of other cliches. At the end of the day, it comes down to what you focus on as a Leader. Because whatever you focus on is what your team will focus on.
One of the biggest challenges for a business owner looking to transition their business to the next generation is figuring out who to transition the business to and how to know when that next generation is ready to take over. What does it look like when someone is ready to take over the company? Will you just know it when you see it? Should you have the next generation just follow you around for six months or a couple of years to learn by osmosis?
One of the things we help our clients do is buy companies. We usually start the process off by having our clients “turning over rocks.” Those “rocks” can include everything from talking to business brokers to responding to online listings or ones in the newspaper to sending out unsolicited letters to a target group.
In This Episode One of our favorite topics to discuss over the years on our show is our beloved Cleveland Browns. Now we don’t talk X’s and O’s when it comes to the Browns, but instead tend to focus more on Organization and Leadership items. Unfortunately our shows to date have typically been pretty critical of the Leadership team with the Browns. But this year, during this crazy COVID 2020, the Cleveland Browns may have actually gotten it right!
So during the show today we took a brief history lesson for how a team goes from 0-16 to the verge of the playoffs in only 4 years. And then we tied it into some of the turnaround situations Jack was involved in where he purchased companies that were struggling and then turned them into profitable businesses. Many of the Organization lessons are the same.
We thought this was a timely topic also given what’s happened in 2020 with COVID-19 and how many of us are still struggling through ways to rebuild or reset our lives as well as our businesses. Hopefully you will find some good nuggets in this episode to help you out! People, Companies and Resources We Mentioned in the Show
Cleveland Browns (https://www.clevelandbrowns.com) Ground Hog Day (https://en.wikipedia.org/wiki/Groundhog_Day_(film)) Moneyball (https://www.imdb.com/title/tt1210166/) Paul DePodesta (https://en.wikipedia.org/wiki/Paul_DePodesta) Jimmy Haslam (https://en.wikipedia.org/wiki/Jimmy_Haslam) Hue Jackson (https://en.wikipedia.org/wiki/Hue_Jackson) John Dorsey (https://en.wikipedia.org/wiki/John_Dorsey_(American_football)) Freddie Kitchens (https://en.wikipedia.org/wiki/Freddie_Kitchens) Gregg Williams (https://en.wikipedia.org/wiki/Gregg_Williams) UPS (https://www.ups.com/us/en/Home.page)
One of the annual traditions of business ownership is making some tax planning decisions, usually late in the year. It includes things like buying equipment or vehicles to take advantage of accelerated depreciation through a Section 179 tax deduction or some other accounting jargon. But those aren’t really the surprises we’re talking about. We’re talking about those surprise tax bills you get from your CPA where you have less than a couple of weeks to come up with significant cash to pay your bill.
So with all the changes going on in 2020, we are now up against some of the final changes as the year comes to an end. Gone are all the holiday get togethers with friends and family and business associates. And while many of you may be celebrating not having to attend your spouse’s company holiday party, just as many are probably missing out on that white elephant gift! This got us to thinking, what’s everyone doing to celebrate the holidays in their businesses?
We all have doubts. It’s only human. Some of us are just better at hiding those doubts than others. One phrase that is often difficult for business owners to utter is “I don’t know.” There can be a pressure as an owner to know all the answers. Whether that pressure is real or perceived doesn’t matter because you still feel it. It doesn’t matter if you’ve been in business for a few weeks or several decades, chances are there are times when you feel like you’re in over your head. So what’s a business owner to do about it?
Well, it’s almost here. 2020 is nearly finished. And there’s promising news on the vaccine front with COVID so things are looking up heading into 2021. But there are several changes we’ve all had to make in 2020 due to the COVID-19 pandemic. As we head fully into the planning season, the question becomes what changes do you keep from this year going into next year? What changes are happening worldwide that are going to impact you and your business?
We all have lots of things to be thankful for, even in this crazy pandemic COVID year of 2020! Part of the beauty about this time of year is we get the chance to reflect on the year that was as we pull together our plans for the year to come. So our question tonight has to do with how you show your thankfulness to people. Because it’s good to be thankful, but it’s even better to show your thankfulness.
Nothing like burying the answer in the headline! Yes, keep it simple. The best way to get things done is to get started! Get started in pulling together your plan. We have found too many people who are stuck in neutral. This has been exacerbated during this year of the COVID pandemic.
Are you more comfortable asking for permission or forgiveness? Not sure? Do you tend to just do what you think is right and deal with the consequences or do you try to get everyone else on board before doing stuff?
We have been blessed to not only achieve success in our own personal lives and careers, but we’ve also had the benefit of working closely with many other successful people in all walks of life. This includes people in everything from business to politics to non-profits.
We have been blessed to not only achieve success in our own personal lives and careers, but we’ve also had the benefit of working closely with many other successful people in all walks of life. This includes people in everything from business to politics to non-profits.
Some days it’s easier to stay positive than others. For instance, those days when you land a big new customer or finally bring on board that key new hire. But there are other days when it’s really tough to keep that positive outlook. Simply flip the scenarios mentioned before where instead of landing a big new customer you instead lose a customer that makes up 25% of your business. Or that key employee gives you two weeks notice.
In This Episode This might seem like a simple question. But depending who you ask about valuing your inventory, the next thing you know you get into a discussion about LIFO vs. FIFO and WIP vs. Finished Goods. What does all that mean?
Well, the answer might vary depending on the type of business you have. For instance, if you are a manufacturer then you are probably very familiar with the three different stages of Inventory classifications: i) Raw Material, ii) Work In Process or WIP, and iii) Finished Goods. But if you’re a retailer, distribution company, or someone working in the trades, you might just think about the inventory being whatever you bought and that’s it. But there’s more to it.
First off, you need to make a decision at what point do you expense something vs. capitalize it? Capitalizing a cost is what you do to put something on your balance sheet and it usually has a positive impact on your profitability. Next, what if you make some improvements or changes to that inventory? How do you capture those costs? What about the space it takes up in your warehouse or the cost of utilities, insurance, and non-productive employees? What if there is some shrinkage?
During today’s show we gave several different examples for how to think about your Inventory a little differently and touched on how that can impact your pricing and profitability.
People, Companies and Resources We Mentioned in the Show Johnny Cash, One Piece at a Time (https://en.wikipedia.org/wiki/One_Piece_at_a_Time)
We usually get a deer in the headlights response from our clients when they first hear us talk about how boring business can get when it’s running well. That deer in headlights look comes because most folks can’t relate to being bored with their business. Usually they have more colorful (and painful) words to describe how they feel about their business. Things like frustrated, excited, overwhelmed, exhausted. It’s rare that you meet a business owner who describes themselves as being bored.
If you’re in the business of meeting a lot of new people during the course of the week, month, or year, one of your keys to success will be to effectively share your story. What do we mean by sharing your story? It’s providing the person you’re speaking with the relevant points about your background that relate to them. You have to decide which parts of your experience you want to share. And how much of your story to share.
It might sound insane or counterintuitive if you run a company, but there is likely a chance you will get bored or distracted at some point. So what should you do to avoid this boredom? What kinds of troubles could this boredom cause in your business?
Few things are more strategic when it comes to the success of your company than setting your selling price. Yet we find that most small business owners take an overly simplistic approach to their selling price. It might sound something like, “What’s the competition charge?” Or “What will the market bear?”. While these might be good starting points when you first launch your business, chances are you will be leaving profit on the table, or worse losing money on some of your products or services.
I don’t care how long you’re in business, it never gets easy to let someone go. Especially if that person is in a more senior position and you’ve just recently hired them. So how do you know it’s time to let someone go?
Believe it or not, we’re almost six months into this COVID-19 pandemic. Needless to say, we’ve all absorbed a lot of changes over that time and more changes and adjustments are coming. Hopefully one of the nice side benefits of this current pandemic is that it’s making you more comfortable with making changes and trying new things.
At some point during your business life cycle, either you or someone else will ask you this question, “What’s my business worth?” The quick answer is it depends! It depends on a lot of factors. Some of these factors are things you can control while others are out of your control. For instance, you have some control over how you set your selling prices and control your costs, but you can’t control the overall industry growth or how your competitors act.
In the final part of our 3-part series on Marketing Channels we focus on the Passive Marketing Channels. In the prior two shows in the series we focused on the Short Term and Long Term Channels.
In part 2 of our series on Marketing Channels we focus on the Long Term Marketing Channels. These are the Channels that we all wish we had started months or years ago because, as the name implies, these Channels typically require a little more time to deliver some results. But that doesn’t mean they should be ignored.
There’s a lot of craziness in the world today. It’s to the point that it can literally drive you crazy if you’re not careful. One of the things we have been using for years to make sense of the world around us is Extended DISC. This assessment tool helps us not only understand our own behaviors better, but also those of the folks around us.
In This Episode With the spike in the unemployment rate early on in this COVID-19 pandemic many business owners were kind of excited. This might sound counterintuitive, but these owners were excited because they were hoping it would now be easier to find good people. This is especially true for folks in the trades.
One of the things these owners were hoping for was for many of the white collar folks who lost their jobs would want to switch careers and look to something that is “essential” so they won’t be forced to stop working. But it hasn’t happened.
Our clients in the trades aren’t seeing a huge influx of good candidates applying for their job openings. Instead, they continue to get more than half of the folks who sign up for an interview pulling a “no call, no show” when it comes time for the first interview. Most folks in a professional/white collar environment can’t even fathom someone not showing up for an interview they scheduled.
So how do we fix this or at least make some progress? We started the conversation on today’s show. Let’s get this fixed and make it cool again to work with your hands! People, Companies and Resources We Mentioned in the Show
Mike Rowe (https://en.wikipedia.org/wiki/Mike_Rowe) Dirty Jobs (https://en.wikipedia.org/wiki/Dirty_Jobs) Gap Year (https://gapyearassociation.org/gap-year.php) Grease (https://en.wikipedia.org/wiki/Grease_(film))
We are already more than halfway into the year. So how’s your Profit Plan looking? Chances are, it’s time for an update. Especially this year! We know most small businesses don’t have an annual Profit Plan. Hopefully all the struggles we’ve all experienced with COVID-19 will change people’s minds on planning.
In This Episode
We took a little trip down memory lane during tonight’s show. We discussed how MVP in its early days wasn’t speaking the language of small business owners. And because of that, we were making it too difficult for people to buy our services.
Part of our process for screening out potential prospects was to send them a list of information we wanted to see. In our minds it was stuff we thought all companies had at their fingertips. They were things we figured anyone doing diligence on a company would ask for. Things like recent financial statements, organization charts, details for how they set their selling price, and copies of their marketing plans. But for some reason we usually couldn’t get the owners to respond to us after we sent this list.
What we discovered was that people weren’t responding to us because they either didn’t have most of this stuff, or more likely they didn’t know what they heck we were asking for! We were speaking “big corporate” language but didn’t realize it as we thought all business people spoke this language. It took us a few years to “de-corporatize” ourselves. It started with not sending the list out any more.
So do you speak the language of business? During the show we chatted about all 11 things we were asking business owners for and showed how these requests could easily be misinterpreted. We think you’ll really enjoy the discussion!
People, Companies and Resources We Mentioned in the Show * Blind Man (http://www.heyblindman.com) * This Is Spinal Tap (https://www.imdb.com/title/tt0088258/) * Carnac the Magnificent (https://en.m.wikipedia.org/wiki/Carnac_the_Magnificent) * War and Peace (https://en.m.wikipedia.org/wiki/War_and_Peace)
The post How Do I Talk Business? appeared first on Maximum Value Partners.
In This Episode So, this might sound counterintuitive to all of you business owners focused on growing at all costs, but it often pays big dividends in the long-term to slow things down a bit. Growth can create all kinds of indigestion for a company.
We have several clients who have learned very expensive lessons about how it often pays to slow down. This includes everything from failed acquisitions to the wrong attachments being sent out on emails and everything in between. We shared several of those stories on our show tonight.
So what does slowing down look like? It can be as simple as forcing yourself to wait 24 hours to make a decision or “sleeping on it” for a day or two as you let things percolate. Believe it or not, most things can wait 24 hours (and usually longer). Things like having regular meetings can also force an organization to slow down a bit as that structure provides a place for most decisions. Listen instead of talk. What about “single-tasking” vs. “multi-tasking”?
If you’re in business long enough, things should naturally “slow down” for you. Much like an athlete moving from grade school to high school or high school to college and eventually to the professional ranks, at some point either the game “slows down” or they don’t survive at that next level. So if things haven’t slowed down for you yet, tonight’s show is for you!
People, Companies and Resources We Mentioned in the Show * Days of Thunder (https://www.imdb.com/title/tt0099371/) * Budweiser Clydesdales (https://en.m.wikipedia.org/wiki/Budweiser_Clydesdales) * Barry White (https://en.m.wikipedia.org/wiki/Barry_White)
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In This Episode During tonight’s show we had the honor of being joined in studio by Ben Ihde, owner of D&S Color Supply, who has been a business coaching client of Maximum Value Partners for several years. He has a fascinating story for how he went from an entry level position to owning the company and he shared many insights from that experience during tonight’s show.
Ben also discussed his experience with the Goldman Sachs 10,000 Small Business Program where he was a graduate of the first class here in Cleveland. One of his key takeaways was being able to present his business especially to bankers which paid off well for him as he took over the business and doubled his credit line and borrowed money to buy out the previous owner.
People, Companies and Resources We Mentioned in the Show * D&S Color Supply (http://www.dscolorsupply.com) * PPG Industries (http://corporate.ppg.com/Our-Company.aspx) * Goldman Sachs 10,000 Small Business Program (https://www.goldmansachs.com/citizenship/10000-small-businesses/US/)
The post How I Got From Entry Level Job To Owner, Ben Ihde? appeared first on Maximum Value Partners.
In This Episode When my wife starts talking to me about football I know I need to pay attention because she doesn’t really like football. In late January 2019, ESPN investigative reporter Seth Wickersham published a scathing article about the Cleveland Browns and the dysfunction that has existed since Jimmy and Dee Haslam took ownership in 2012. My wife had a lot of questions after reading that article, so we thought it would be an interesting topic to delve a little further into for our audience.
During tonight’s show we dissected the article to hit on some Leadership and Organization issues that we know will relate to small business owners. You might find it hard to believe after reading Wickersham’s article, but Jimmy Haslam has actually done a lot of things right when it comes to Leadership and the Organization. Chances are you might have more in common with Jimmy Haslam as an owner than you want to admit in public.
We shared some stories of clients of ours as well that relate to what Jimmy and Dee have gone through as owners. Some of the good Leadership traits like being decisive, listening, and being engaged lead to some victories for Jimmy but also some struggles. So how do you avoid making some of those same mistakes? Take a listen to the show and find out!
People, Companies and Resources We Mentioned in the Show * Seth Wickersham Article on Jimmy Haslam and Cleveland Browns (http://www.espn.com/nfl/story/_/id/25797430/inside-cleveland-browns-front-office-where-hope-history-collide) * Jimmy Haslam (https://en.m.wikipedia.org/wiki/Jimmy_Haslam) * People’s Court (https://en.m.wikipedia.org/wiki/The_People%27s_Court) * Seinfeld “close talker” (https://en.m.wikipedia.org/wiki/The_Raincoats_(Seinfeld))
The post Is Jimmy Haslam Really As Bad An Owner As Everyone appeared first on Maximum Value Partners.
In This Episode “All I need is more sales!” Raise your hand if you’ve heard that phrase before from a small business owner you know. Raise both hands if that small business owner is you! A Marketing plan can be one of the most daunting things to pull together for just about any small business owner. Where do you start?
Chances are if you’ve been in business for a couple of years then you’ve probably engaged the services of some outside marketing folks. Chances are also high that you had a not so great experience with those outside marketing folks. What’s even more frustrating, the marketing folks likely feel that they’ve done a great job for you. So why the disconnect?
Our experience with small businesses and the marketers who are providing services is that there is often a gap between what the business owner believes they are paying for and what the service provider believes they are providing. A simple example that most owners can relate to is a brochure. The marketing professional likely believes their goal is to provide a great tri-fold brochure. A brochure that looks good and tells the story of your company in a compelling and visually pleasing manner. You as the business owner are expecting to increase your sales by using these brochures.
So what happens when the beautiful brochure is delivered? The marketing professional feels their work is done, but the business owner feels like they’ve paid for something that hasn’t delivered any results yet. The results the business owner is looking for is increased sales.
During the show tonight, we addressed how you as the business owner can have better results with your marketing going forward as it relates to increasing your sales. We shared several stories of clients who have had some good results and break down some of the key findings we have to make sure your Marketing plan is delivering the increased sales your heart desires!
People, Companies and Resources We Mentioned in the Show Definition of Marketing (http://www.businessdictionary.com/definition/marketing.html)
Pi Beta Phi (https://www.pibetaphi.org/pibetaphi/)
Van Morrison Brown Eye Girl (https://en.m.wikipedia.org/wiki/Brown_Eyed_Girl)
This Is Spinal Tap, This One Goes to 11 (https://www.imdb.com/title/tt0088258/)
The post How Do I Market My Small Business To Grow Sales? appeared first on Maximum Value Partners.
In This Episode This past Monday our country honored a great leader who had a tremendous impact on race relations as well as many other things in the United States. I was watching a documentary recently that provided some history and insight into to inner workings of Martin Luther King, Jr. and his team called King in the Wilderness (make this a hot link to https://www.hbo.com/documentaries/king-in-the-wilderness).
I was struck by how similar the things he dealt with are to those things that our small business clients deal with. Especially when it comes to Leadership. He wrestled with things many small business owners wrestle with including doubts, people pulling at you, feeling like you’re always “on”, negative impacts to your personal life, etc. Most people aren’t thinking of these things when they think of Martin Luther King, Jr., a small business owner, or anyone else in a leadership role.
During tonight’s show we shared several stories about clients and our own personal experiences with many of the Leadership issues that Martin Luther King, Jr. dealt with in a public and private way.
People, Companies and Resources We Mentioned in the Show * King in the Wilderness (https://www.hbo.com/documentaries/king-in-the-wilderness) * Martin Luther King, Jr. (https://en.m.wikipedia.org/wiki/Martin_Luther_King_Jr.) * Sopranos (https://www.hbo.com/the-sopranos)
The post Leadership Lessons from Martin Luther King, Jr. appeared first on Maximum Value Partners.
In This Episode Politics is a 4-letter word when it comes to business. And it’s certainly a dirty secret of just about any organization. So what do you do about it as the owner? What can you do to prevent politics from infecting your organization? If they’re already in your company, how do you get them out?
During the first part of tonight’s show we give some ideas for how to deal with politics in your business and shared several stories of what those politics might look like in your organization.
In the second half of the show we were joined by long-time MVP business coaching client and Goldman Sachs 10,000 Small Business alum, Bob Scaccia of USA Firmware. Bob shared some highlights from his time in the Goldman Sachs program as well as chatted about the ever expanding area of IoT (aka Internet of Things).
People, Companies and Resources We Mentioned in the Show * USA Firmware (https://www.usafirmware.com) * Goldman Sachs 10,000 Small Business Program (https://www.goldmansachs.com/citizenship/10000-small-businesses/US/) * Internet of Things (https://en.m.wikipedia.org/wiki/Internet_of_things) * Flintstones (https://en.m.wikipedia.org/wiki/The_Flintstones)
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In This Episode During tonight’s show we were joined by two business advisors from the Goldman Sachs 10,000 Small Business Program here in Cleveland. Mark Pinto and Steve Sinisgalli have both been involved with the Goldman Sachs program for several years after successful careers in training and banking, respectively.
One of the exciting new monthly segments we’re kicking off in 2019 is having an alumni from the Goldman Sachs 10,000 Small Business Program join us for a segment to share their experience with the program and how it helped their businesses. Mark and Steve gave some insights into what a typical day looks like during the program with an emphasis on “peer-to-peer” learning vs. lectures. They also shared several wonderful stories about the participants in the program, aka scholars, and the successes they had with implementing their Growth Plans.
If you’re a business owner who thinks they’re the only one dealing with a certain challenge or opportunity then this program is for you. You will learn from your peers who have gone through similar circumstances. Mark and Steve also talked about the power of networking and how 85% of the alumni do business together.
If you’re curious to learn more about what is involved, click here to download a copy of the curriculum for the first cohort of 2019. If you’re interested in applying, you can go here https://10ksbapply.com.
People, Companies and Resources We Mentioned in the Show Goldman Sachs 10,000 Small Business Program (https://10ksbapply.com)
The post Goldman Sachs 10,000 Small Business Program, Mark Pinto and Steve Sinisgalli appeared first on Maximum Value Partners.
In This Episode Phew! The holidays are finally over…and now we can get back to normal life! Isn’t that a good thing? How do you get back on track? More importantly, how do you get your team and business back on track for the new year?
During tonight’s show we chatted about everything from holiday parties and their true objective which is often misunderstood and Jack makes the case for why you shouldn’t have holiday parties for your company.
What are you doing to move ahead and shake off those holiday hangovers, both literal and figurative? If you’re struggling for ideas on how to move into the new year, tonight’s show if for you!
People, Companies and Resources We Mentioned in the Show * Goldman Sachs 10,000 Small Business Program (https://10ksbapply.com) * It’s A Wonderful Life (https://www.imdb.com/title/tt0038650/) * Christmas Vacation (https://www.imdb.com/title/tt0097958/)
The post How Do I Escape The Holiday Hangover for My Business? appeared first on Maximum Value Partners.
In This Episode Is it possible to pick just one? The “champion” of the problems when it comes to running a small business. Who gets the most votes? Is it the lack of cash? How about trouble finding good people? Or a basic lack of business knowledge? Or poor leadership by the owner?
During tonight’s show we had a good discussion of the top challenges when it comes to owning and running a small business. I’m guessing we covered some of your top challenges. Take a listen to find out if we were able to agree on the top problem!
People, Companies and Resources We Mentioned in the Show * MVP’s 7 Keys To Success (https://maximumvp.com/7-keys-to-success/) * Amazon Article on Bezos (https://www.sfgate.com/business/article/Amazon-warehouse-workers-in-Europe-stage-Black-13416641.php) * Chris Farley as Matt Foley (https://en.m.wikipedia.org/wiki/Matt_Foley) * Curious George (https://en.m.wikipedia.org/wiki/Curious_George) * The Matrix (https://www.imdb.com/title/tt0133093/)
Photo by camnjeanacess
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In This Episode If you’re an avid listener of Dirty Secrets of Small Business, or if you know us off the air, you’ve heard some of Jack’s story about his first acquisition of Cleveland Armature. But until now, you haven’t heard the full story…or as Paul Harvey used to say, the rest of the story! Well, tonight’s show is for you.
If you are dancing thoughts of finally getting into business for yourself or if you’re looking to grow your business by acquiring another business, tonight’s show has something for you. Jack shared details about how he found this first company, his unique due diligence process, some of the nice surprises he found while cleaning up the company, and some keys for how he was then able to sell the company only a couple of years later after getting things fixed up. This show is guaranteed to make you laugh out loud and provide some guidance and inspiration on your search.
People, Companies and Resources We Mentioned in the Show * Armature (https://en.m.wikipedia.org/wiki/Armature_(electrical)) * Paul Harvey (https://en.m.wikipedia.org/wiki/Paul_Harvey) * UPS (https://www.ups.com/us/en/global.page) * Internal Revenue Service (https://www.irs.gov)
The post How Did Jack Buy His First Company? appeared first on Maximum Value Partners.
In This Episode How come most companies, large or small, have trouble communicating? In our business coaching practice we mostly deal with companies that have less than 25 employees, but we have a few who are larger and we’ve both worked in muiti-billion dollar corporations. In all of these cases we have witnessed and experienced communication issues. Somehow and somewhere the communication is breaking down.
In the first meeting or two with a new client, and for many meetings afterward, we’ll talk about communication challenges and breakdowns within the company. Would you believe that the fix to this “communication” issue is pretty simple? Most of our clients don’t believe the solution initially either. But the simple answer is meetings. Well run and regular meetings.
I know, you’re thinking “Noooo, not the ‘M’ word” as in meetings. “I hate meetings,” you say, “they’re such a waste of time!” Believe us, we know how you feel. Most meetings are poorly run, go over the allotted time, only cover about 10% of what was on the agenda (if an agenda even exists), and we spend a lot of time just listening to other folks chat and problem solve. What am I doing here?
Well, we’re here to tell you that well run meetings can get your business into a great rhythm and the communication problems will melt away. But you have to do it right. The meetings need to be consistent and scheduled out for the year. You have to have an agenda and stick to it. It needs to be made clear if this is a status/update meeting or a working meeting (and don’t mix the two). Would you believe most of our clients have come to love and even ask for more meetings? We shared a lot of the stories and secrets during tonight’s show!
People, Companies and Resources We Mentioned in the Show * Cool Hand Luke Prison Warden (https://en.m.wikipedia.org/wiki/What_we%27ve_got_here_is_failure_to_communicate) * DISC (http://www.extendeddisc.com) * Baskin Robbins (https://www.baskinrobbins.com/content/baskinrobbins/en.html) * Beastie Boys Ill Communication (https://en.m.wikipedia.org/wiki/Ill_Communication) * Accountability (https://www.merriam-webster.com/dictionary/accountability)
The post How Come We Can’t Communicate? appeared first on Maximum Value Partners.
In This Episode Leadership is one of those words that depending who you talk with you will get a very different answer for what are the keys to being a good Leader. Truth is, Leadership is a very personal thing. We each have our own styles, approaches, and experiences. But that doesn’t mean there aren’t certain principles of Leadership that you can work on to make yourself better.
During tonight’s show we shared several characteristics of good Leaders. We did this, not so much to provide a roadmap as to give you some tangible ways to measure your effectiveness as a Leader and perhaps identify a few areas to focus on to improve your results.
For instance, how well do you Lead by example? Are you the first one in or the first one out of the company day-to-day? Do you take credit for all the good things that happen and then point the fingers when things go wrong? Do people want to follow you and pay attention to where you’re trying to take them?
If you’re looking for some ideas on what to do next in terms of developing your own or others when it comes to Leadership skills, tonight’s show is for you!
People, Companies and Resources We Mentioned in the Show * Kareem Hunt and Kansas City Chiefs (http://www.nfl.com/news/story/0ap3000000994258/article/kareem-hunt-kansas-city-chiefs-were-right-to-cut-me) * Baker Mayfield (https://www.clevelandbrowns.com/news/baker-mayfield-s-genuine-leadership-a-constant-in-the-good-times-moments-of-adve) * Office Vibe (https://www.officevibe.com/employee-engagement-solution/leadership) * DISC (http://www.extendeddisc.com)
The post What’s This Leadership Thing All About? appeared first on Maximum Value Partners.
In This Episode Just about everyone, at some point, has danced with the idea of starting their own company. Of being the boss. The one in charge. But so few actually do it. How come? Can it really be that difficult and confusing to start a company? Do I know a lot about business or very little? Does it matter?
While it’s easy to dream and talk about starting a company, the knowledge for how to actually do it is where most folks run out of steam. Where do you find ideas for the type of company to start? How do you decide what type of corporate structure should be set up? Where do you find money? How do you know if you need money to start, and if so, how much money do you need? When are you officially “in business”?
In tonight’s show we shared some steps for you to take to get your business going and answered the above questions and a lot more. The new American dream is to own a business and it’s becoming the dream of many others worldwide as well. Tonight’s show will help you avoid the common false starts!
People, Companies and Resources We Mentioned in the Show * Inc. Magazine’s Inc. 500 and Inc. 5000 List (https://www.inc.com/inc5000/index.html) * Lake-Geauga Fast Track 50 (https://www.news-herald.com/business/eastlake-company-captures-no-spot-on-lake-geauga-fast-track/article_bf550ca8-dd55-11e8-8a27-6376a8d9e3f0.html) * Weatherhead 100 List (https://weatherhead.case.edu/events/weatherhead100/) * Local Chambers of Commerce * Local Incubators (e.g. Braintree Business Development Center, http://www.braintreepartners.org) * Most Businesses Fail Within 10 Years (https://www.fundera.com/blog/what-percentage-of-small-businesses-fail) * The Matrix (https://www.imdb.com/title/tt0133093/) * Joe Tye No BMWs (https://www.valuescoachinc.com/joe-tye) * MVP’s 7 Keys To Success (https://maximumvp.com/7-keys-to-success/)
The post How Do I Start A Small Business and Succeed? appeared first on Maximum Value Partners.
In This Episode As far back as I can remember, my parents always worked together in their business. So growing up, I thought this was a pretty normal thing. It wasn’t until I got out into the business world that I truly gained an appreciation for everything my parents did to not only have a thriving business for 40 years but also a wonderful marriage that is approaching 50 years.
We’ve coached dozens of clients over the years where both spouses are directly involved in the business. We always caution our clients and encourage them to think long and hard before bringing their spouse into the business as there are several potential pitfalls they will want to avoid.
Some of these pitfalls are more obvious than others. For instance, most business owners understand that they shouldn’t bring personal stuff into the business. So that dumb thing your husband did last night that caused all the fuses to blow out in your house, keep that at home. But what about abdicating the financials to your spouse without any oversight from you? I mean, your spouse wouldn’t steal from you, right? We’ve seen lots of things you wouldn’t believe!
During tonight’s show we share a lot of “Do’s” and “Don’ts” when it comes to working with your spouse. So whether you currently work with your spouse, you are considering bringing your spouse into the business, or you know some spouses who already work together, tonight’s show is for you!
People, Companies and Resources We Mentioned in the Show The War of the Roses
The post How Do I Avoid Common Pitfalls of Working With My Spouse? appeared first on Maximum Value Partners.
Photo © Frank Schulenburg 2016 In This Episode One consistent theme we hear from small business owners is that they don’t have the time to pull together a plan for their business. As we’ve often said, this “time” pushback is code for folks not understanding why something is important enough to pay attention to so that they’ll make the time for it. Owners will justify not pulling together an annual plan because they know it will be “wrong”.
Well, the point of pulling together an annual plan for your business isn’t to get it “right” but instead to get your best thinking pulled together and provide a beacon of light to guide everyone in the organization. It’s more about the mentality of looking ahead and trying to make things happen on purpose vs. constantly reacting to what the outside world is throwing at you.
Keep in mind that when we’re talking about a plan, we aren’t referring to a 50+ page business plan. We are referring to MVP’s 7 Keys to Success. One of the first things we do with all or our coaching clients is to pull together what we call a Profit Plan (you may refer to it as a budget). The Profit Plan is where you give your best shot at forecasting sales and expenses for the next 12 months. This is more than simply an exercise of plugging a bunch of numbers into a spreadsheet or QuickBooks.
Chances are you won’t be able to do this Profit Plan alone. So that means you’ll have to engage some other members of your team. This is perhaps one of the biggest, and often missed, benefits of pulling together a Profit Plan. What better way to get a sense of your team and how they think and work together than to have them pull together some plans for the business. Don’t worry, you won’t have to tell them how much money you or any of the other team members make, but you’ll want to be open with just about everything else when getting your plans pulled together.
During tonight’s show we provide some good guidance for how to get this plan started and how to use it throughout the year. We also share several stories about clients of ours who wound up being better forecasters than they ever thought they could be, even though the plans didn’t go exactly as they thought! There’s no better time to start pulling together a plan for the next 12 months than now!
People, Companies and Resources We Mentioned in the Show MVP’s 7 Keys To Success ()
The post How Do I Make Time To Plan My Business? appeared first on Maximum Value Partners.
In This Episode A collective sigh of relief as our latest elections are finally finished. We can certainly understand why you might be looking to have a timeout from any more political talk and advertisements. Good news here is that we want to highlight some of the key takeaways for business owners from the 2018 midterm elections and also give you some ideas for why and how to get involved.
We’ve spoken with just about every one of our business coaching clients about the importance of getting involved in politics. As you might guess, we get a lot of pushback from our clients. The top pushback is “I don’t have time to get involved in politics.” As we say all the time, when some tells you they “don’t have time” that is code for “you haven’t convinced me why what you’re telling me is important enough for me to MAKE TIME for it.”
Well tonight’s show is geared to help you understand why getting involved is the lesser of two evils when it comes to the impact on your life. We shared several stories of clients of ours and how the government got in their way and what to do about it. We also shared several personal stories about getting involved in politics. Not only did we share several reasons why you should get involved but also how to get started.
People, Companies and Resources We Mentioned in the Show
Photo/David Richard Associated Press In This Episode Being in Cleveland, we have a lot of sports talk. This time of year we have lots of football talk. Specifically Cleveland Browns football. When things don’t go well everyone wants changes and has opinions on why things aren’t going well.
Some of the smartest and successful people I know have an uncanny ability to learn from other people’s mistakes. This is key as it saves them from having to make all those mistakes themselves. In tonight’s show we share some lessons of what not to do as a leader of your business based on the leadership of the Cleveland Browns head coach Hue Jackson.
Anyone who knows my partner Jack Mencini knows that Jack is not fond of Hue, but we thought it would be good to try to take some positives out of a not so great situation. Here are a few of the leadership lessons we shared in tonight’s show:
- Instill Confidence: few things are more important as a leader than to instill confidence in other people. Unfortunately Hue does a lot of things that damage people’s confidence in him, not the least of which is his incessant habit of talking in platitudes and cliches. If you listen to or read the transcripts from Hue’s interviews you’ll be confused trying to figure out what he’s trying to say. This is part of a bigger problem in terms of Hue’s overall communication style and ability (at least what he’s demonstrated publicly). A big part of what should be communicated is problems identified and then potential solutions.
- Better Not To Say It Than Say The Wrong Thing: one subtle part of communication that is lacking for Hue is his ability to not say something. It often appears that he’s just speaking from the hip and not being as conscious as he should be of not saying the wrong thing. He’d do well to just simply skip questions vs. say these wrong things. He has to realize that he doesn’t need to have all the answers, but instead needs to articulate the next steps.
- Don’t Rely On Your Title: if I have to hear Hue tell us one more time that he is the “Head Coach of the Cleveland Browns” I think I’m going to puke! This is a very sensitive trump card that you as the leader better use very sparingly. Things like “hey I’m the boss so do what I say” or something similar.
- Praise in Public and Correct/Criticize in Private: nobody appreciates being called out in public. When I screw up I usually know that I screwed up. You don’t need to scream it from the rooftops, not if you want to get the best out of me and my loyalty and best effort. A little humility goes a long way as a leader as well so don’t always be touting your own abilities to the detriment of the team around you.
There’s a lot of other good stuff in tonight’s show and at the end of the day we can all learn something from Hue’s shortcomings. Here’s to hoping even Hue learns from his own leadership mistakes and rights this Cleveland Browns ship!
People, Companies and Resources We Mentioned in the Show * Good to Great by Jim Collins (https://en.m.wikipedia.org/wiki/Good_to_Great) * Peter Principle (https://en.m.wikipedia.org/wiki/Peter_principle) * Bill Belichick (https://en.m.wikipedia.org/wiki/Bill_Belichick) * ESPN Survey Ranking 118 Coaches in North American Four Major Sports (https://dawgpounddaily.com/2018/10/19/cleveland-browns-hue-jackson-worst-coach-major-sports/)
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Photo by Tim Dorr In This Episode
We have found that most owners don’t have a good handle on exactly how much money they are taking out of their business. It’s not that they don’t care. It’s more a factor of there being so many ways people get value out of there business. Some things have been going on for so long that many owners simply forget about them or simply take them for granted.
One of the exercises we go through with many of our business coaching clients is helping them get a sense for the value of their company. One of the most common ways a potential buyer will value your company has to do with placing a multiple on something known as “owner discretionary cash flow”. I know that sounds like a fancy pants word but the idea is to capture all the cash that the owner has control of and to show the true ability for the business to generate cash.
The starting point to figure these things out is your Profit & Loss statement (“P&L). You want to start at the bottom line (i.e. net income) and add back cash items that are outside the normal operations of the business. Some categories to consider looking into for these add backs include:
- Owner as Employee Expenses: for the owner this includes things like salary, employment taxes, healthcare, 401k and/or other retirement accounts.
- “Personal” Stuff: when you own a business there are often blurry lines between what’s considered a business vs. personal expense. Some examples would include things like cell phones, vehicle leases, dinner/lunch, gas, rent and travel. Many owners have never personally paid a bill for Verizon because the company has always covered their cell phone bill.
- Professional Services: chances are there are some professional services you have engaged to help you grow and get better as a business owner that are outside of the basic requirements like having an accountant file your taxes. Perhaps you’ve brought in a consultant or coach to help with a project or to do some training.
In addition to all of these P&L items, you’ll also want to look at your Balance Sheet to see what other things might be paid for but aren’t showing up as expenses on the P&L. This could include things like auto loans and distributions to cover tax payments or to simply take additional funds out of the business. There are also “non-cash” things like credit card points and airline miles and hotel points. Lots of stuff to consider here but certainly worthwhile to help reinforce for you exactly why you continue to do what you do when running your business!
The post Do You Know Where All Your $ Is Hiding In Your Business? appeared first on Maximum Value Partners.
In This Episode Many people are surprised that most business owners have never had to present their business before. Whether it be to a financing source (e.g. investor or banker), their team, or to anyone else. We have found that most owners simply put their heads down and grind out at the work of their business.
If you’re around long enough, at some point you’re going to be faced with the situation where you have to present your company to an outsider. Heck, it may even be a potential buyer of your business. Do you really want your first real presentation to be to the person who might buy your business?
We spent time on tonight’s show going through different things to focus on if you want to knock that presentation out of the park. The best starting point is our 7 Keys to Success in terms of what things you should cover (with the 7th Key being the actual presentation itself). A couple of particularly important:
- Organization (key #4): be sure to include your team in these presentations. One fo the things that gives potential investors or buyers comfort is to see how there is a good team behind the owner.
- Marketing (key #3): in this area you want to focus and understand your competition and your customers (as well as potential customers and target markets)
- Profit Plan (key #2): this has to do with your numbers. On this item in particular it’s key that the owner has familiarity with, and preferably command of, the financials. The banker/investor/buyer of the business is betting on you as the owner and not your CPA or someone else who you might currently be the one heading up your numbers.
When it comes down to it, a good presentation can make up for a lot of other shortcomings in your business. Even if you don’t have answers to some tough questions, the fact that you can address those questions and explain why you don’t have good answers right now builds confidence in those folks who are grading your presentation. But in this case instead of gold stars you’ll be getting investments.
People, Companies and Resources We Mentioned in the Show * MVP’s 7 Keys to Success (https://maximumvp.com/7-keys-to-success/) * Atypical (https://en.m.wikipedia.org/wiki/Atypical) * Jennifer Jason Leigh (https://www.imdb.com/name/nm0000492/) * Michael Rapaport (https://www.imdb.com/name/nm0001650/?ref_=fn_al_nm_1) * Fast Times at Ridgemont High (https://www.imdb.com/title/tt0083929/?ref_=fn_al_tt_1)
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Welcome to episode 126 of the Dirty Secrets of Small Business. This week, by popular demand, we are pleased to present a replay of our most popular episode about How to Document Stuff.
In this episode Jack and Adam discuss the importance of and how to
- Create a functional organizational chart (who does what)
- Track your Revenue Cycle
- Monitor your Purchasing Cycle
- Manage you Payroll Cycle and
- Stay on top of your Production Cycle.
These are key functions that business owners needs to do.
So click the audio play button here to listen to Jack and Adam tell us How to Document Stuff.
The post From the Archives – How do I Document Stuff appeared first on Maximum Value Partners.
In This Episode Several of our clients have recently been approached by folks who are expressing an interest in perhaps acquiring their company. We have found this scenario happens to most business owners at some point. The question is, how do you know it’s time to sell your business? Just because some stranger reaches out to you to chat doesn’t necessarily mean it’s a sign that you should sell.
There are several questions we have our clients answer to help them figure out how to know when they are ready to sell. Some revolve around financial issues while some are more philosophical. A quick sampling of questions we address in this show include:
- How much money are we currently taking out of the business (just a hint, you need to include more than just your salary)
- How much money do we need to walk away?
- What will I do next?
- What about other family members involved in the business?
If you’ve recently been approached by a potential suitor, this show is definitely for you. If you haven’t been approached yet, chances are you soon will and the sooner you start to get answers to some of these questions the better prepared you’ll be to know when is the right time to sell your business.
People, Companies and Resources We Mentioned in the Show * Dr. Evil, Austin Powers International Man of Mystery (https://en.m.wikipedia.org/wiki/Dr._Evil) * Spice Girls, Wannabe (https://en.m.wikipedia.org/wiki/Wannabe) * Brooks from Shawshank Redemption (http://shawshank.wikia.com/wiki/Brooks_Hatlen)
The post How Do I Know It’s Time To Sell My Business? appeared first on Maximum Value Partners.
In This Episode There is a relatively recent trend in business, and in other parts of life for that matter, as it relates to transparency. Particularly as it relates to how to create more of it in the business. Seems like a simple enough question, but it’s not easy to do for most business owners. Why?
Many of the current business owners were brought up in times where subordinates didn’t ask questions or challenge authority. That mentality has certainly changed. People these days ask lots of questions, even ones that might seem inappropriate. So are they trying to be nosy or helpful or somewhere in between?
In tonight’s show we talk about some of the things you can do to provide more transparency and gave several examples of our business coaching clients who have both done a good and not so good job on the transparency front. The biggest part of this has to do with creating trust within the organization. Building trust starts with getting up in front of your team and explaining some of the “whys” in your business and how you make decisions.
People, Companies and Resources We Mentioned in the Show * International Talk Like A Pirate Day (https://www.awarenessdays.com/awareness-days-calendar/international-talk-like-a-pirate-day-2018/) * Steve The Pirate from Dodgeball the movie (https://www.imdb.com/name/nm0876138/) * Tales from the Crypt (https://www.imdb.com/title/tt0096708/) * Rotary International (https://www.rotary.org)
The post How Do I Create More Transparency In My Business? appeared first on Maximum Value Partners.
In This Episode What’s it take to find good professional advisors? Just about every small business owner has several advisors who are part of their business. The most common include CPAs, attorneys, insurance agents, financial advisors, bankers, IT services providers, and marketing folks. Not all of these folks are created equally.
In fact, we have found that in our experience as small business owners and advisors to hundreds of small business owners, the vast majority of these small business service providers leave much to be desired. In fact, it’s so rare that we’ve heard small business owners sing the praises of any of their service providers that we can count on one hand the number of times this has happened in 15+ years of coaching small business owners.
Here are a few things good service providers do that can separate themselves and truly add value to small business owners:
- Purge the hourly mentality
- Focus on what’s best for your client (vs. what’s best for you)
- Establish and frequently revisit clearly defined deliverables
- Have a true desire to help
- Educate your clients
We’ve been blessed to work with and meet several service providers who do great work with small business owners. If you are a small business owner who is frustrated with your current providers, don’t settle for less than stellar results.
People, Companies and Resources We Mentioned in the Show * The Cabin Club Restaurant (http://www.thecabinclub.com) * Legal Zoom
The post How Do I Add Value As A Professional Service Provider? appeared first on Maximum Value Partners.
In This Episode Just about every business owner we’ve met has had to deal with collecting payment from customers who are simply late in paying for products or services or are actually refusing to pay. What’s the best way to deal with these situations? Depending on your style, you may actually look forward to calling up and yelling at someone to pay you, but most folks would rather get poked in the eye than have to confront someone on payment and have a potential conflict.
At this point, we’ve nearly heard all the excuses people will float your way. Everything from “We didn’t get your invoice” to “We’re cutting you a check this week” to “Someone stole our checks”. There are some simple things you can do to avoid getting into these situations. There are also several things you can do to effectively collect what’s owed to you and do it in a way that isn’t going to cost you customers or hurt your bank account!
On tonight’s show we also address whether you should give someone a “man hug” after you’ve fired them and is it really better to work for someone else or yourself? You won’t believe the stuff we found on these topics!
People, Companies and Resources We Mentioned in the Show * HBO’s Hard Knocks (https://www.hbo.com/hard-knocks) * Working For A Company vs. Working For Yourself (https://thecooperreview.com/working-for-a-company-vs-working-for-yourself/amp/)
The post How Do I Deal With The Litany of Excuses for Late or Non-Payment? appeared first on Maximum Value Partners.
In This Episode A common focus for our business coaching is helping owners of small companies pull together and executed a succession or transition plan for their business to hand things off to the next generation. We have found that the majority of small business owners would like to eventually transition the business to someone else in their family (e.g. their kids). Unfortunately most don’t have plans in place to make this happen.
We touched on a couple of recent articles citing examples of NFL teams and the family drama that can ensue when looking to transition ownership from one generation to the next. While these transitions are often played out in a more public forum, the situations and challenges are no different from what is faced by smaller companies that aren’t under the public spot light of being a professional sports franchise. Things like warring siblings, second or third spouses, and ego-filled founders, are as commonplace on Main Street as they are in the office of NFL ownership.
In tonight’s show we shared some stories of clients we have helped through this process and the lessons that applied to them as well as these NFL owners. Some of these nuggets might appear to be common sense, but once the veil of family gets pulled over the situation, things can often get more cloudy vs. clear when it comes to transitions. Enjoy the show!
People, Companies and Resources We Mentioned in the Show * NFL Family Ownership Succession and Drama (https://www.si.com/nfl/2018/07/16/nfl-succession-family-ownership-bowlen-benson-adams-mccaskey) * Cleveland Browns announce Succession Plans (http://www.crainscleveland.com/sports-business/browns-succession-plan-all-family) * Al Lerner and Randy Lerner (https://en.m.wikipedia.org/wiki/Al_Lerner and https://en.m.wikipedia.org/wiki/Randy_Lerner) * Art Modell and David Modell (https://en.m.wikipedia.org/wiki/Art_Modell and https://en.m.wikipedia.org/wiki/David_Modell)
The post How Do You Transition Your Family Business Like They Do It In The NFL? appeared first on Maximum Value Partners.
In This Episode One topic we discuss with all of our business coaching clients at some point is the idea of setting up a non-profit. It often comes up in conversations when we are dealing with a family business that is transitioning from one generation to the next. Starting a non-profit can be a great way for the current generation to transition from running the day-to-day family business to putting their energies into something they are passionate about.
What we have found is that most people don’t know much about non-profits and how they work. In fact, there is an overall perception that you can’t make money with a non-profit. In reality, non-profits have a lot more in common with for-profit entities than most people think. The same 7 Keys to Success we use to coach our for-profit business owners apply equally as well to non-profits.
During today’s show we shared several examples of non-profits that we have personally been involved with and helped set up and walked through a couple of current examples of non-profits we’re working to launch. If you’re a newbie to the idea of non-profits then tonight’s show is one you won’t want to miss!
People, Companies and Resources We Mentioned in the Show * Types of IRS non-profit classifications (https://www.irs.gov/charities-non-profits/types-of-tax-exempt-organizations) * Charitable Organizations Classified as 501(c)(3) (https://www.irs.gov/charities-non-profits/charitable-organizations/exemption-requirements-section-501c3-organizations) * Non-profit employees making over $1 million annually (https://www.erieri.com/blog/post/2017/12/27/How-Many-Charity-CEOs-Will * Earn-$1-Million-or-More-in-2018) and (https://nonprofitquarterly.org/2017/03/08/million-dollar-compensation-nonprofit-ceos/) * MVP’s 7 Keys to Success (https://maximumvp.com/7-keys-to-success/) * Family Feud (https://www.familyfeud.com) * Esther Lewis Warburton Patient Education Initiative/The Patient Revolution (https://patientrevolution.org/about/) * Wiener dogs (https://www.akc.org/dog-breeds/dachshund/)
The post How Truly Different are Non-Profits and For-Profits? appeared first on Maximum Value Partners.
In This Episode One area of business ownership that can be very uncomfortable is having everyone’s eyes on you as the Leader of the company. As we’ve discussed hundreds of times, being a business owner includes a lot of things that folks don’t necessarily like or want to do. Depending on your style, Leadership may in fact be one of those things you don’t look forward to, but you’re the owner so you have to at least give it a shot.
The world is full of all sorts of stories of poor leadership. Just read or watch any of the news today alone and you see examples of the Catholic Church in Pennsylvania and the grand jury findings on abuse and cover ups. Or stories about Maryland football and coach D.J. Durkin and his staff and how something they did lead to the death of a 19-year old player from heat exhaustion.
Like many things in life, we can often learn more from our mistakes (or mistakes of others) than we do from our successes. One of the things we coach all of our business owner clients on is how to best lead their organization and help them work through things that aren’t too comfortable for them. Part of how we do this is help them to focus on their role and reinforce what it means to be a leader vs. a doer all the time. Things like:
- Plan Direct Control
- Do What’s Best For The Organization
- Help OR Get Out Of The Way
- Sometimes You Have To Jump On The Grenade
- Don’t Ask People To Do Something You’re Not Willing To Do
We covered these and several more nuggets in tonight’s show. Enjoy!
People, Companies and Resources We Mentioned in the Show * Footloose (https://www.imdb.com/title/tt0087277/) * Catholic Church Pennsylvania Grand Jury (https://www.nytimes.com/2018/08/14/us/catholic-priests-pennsylvania-church-jury.html) * University of Maryland Football and Jordan McNair death (https://www.washingtonpost.com/sports/colleges/a-football-player-died-and-all-of-the-university-of-maryland-is-diminished/2018/08/14/77dfa104-9ffb-11e8-8e87-c869fe70a721_story.html?noredirect=on&utm_term=.9566a5eedb30) * Urban Meyer Administrative Leave and Ohio State University (https://www.sbnation.com/college-football/2018/8/1/17639616/urban-meyer-ohio-state-administrative-leave)
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In This Episode We touched on a couple of topics during tonight’s show. One topic has to do with why you should hire overqualified people even though we find most small business owners talking themselves out of it. The second topic had to do with how do you know what to do next or where to start? These are two common issues we have seen with a number of small business owners.
As counter-intuitive as it might sound, many small business owners are afraid of hiring folks who are overqualified. Jack and I have a hard time with this as we know the tremendous value good people can bring to an organization. Many owners make the mistake of viewing someone who is overqualified as being too expensive so they think they can’t afford them. Usually this is the result of the owner not having worked with good people. Owners may also express a fear that if they bring in this overqualified person then they will leave in six months or they will just go off to start their own competing business after they learn from this business. Our response to this is SO WHAT! Good people bring almost instant value to any organization they join and will leave that organization better off than when they joined. It doesn’t matter if it’s six months or six years.
We find many business owners getting stuck with ideas they’ve had for a while but they just aren’t sure where to start or what to do next. So too often they just freeze up or spin their wheels. A big reason for this is what we refer to as “people not knowing what they don’t know.” That may seem like an odd phrase, but just think about it for a moment. If I don’t know what I don’t know, I’m probably never going to get to the answer on my next move. I have to go searching for answers. This will require me to engage with different people and investigate different resources to start to realize what it is that I don’t know and then start to get educated on that topic so I can move forward. A big part of what we do with our business coaching clients is to help them work through this process quickly and suggest next steps for them to take to move forward. It often starts with documenting stuff going on in your business. That moving forward process creates tremendous energy for all people involved.
We shared several stories on tonight’s shows of client situations where there have been some great successes by following some of the principles we covered during the show. Enjoy!
People, Companies and Resources We Mentioned in the Show * Kramer vs. Kramer (https://en.m.wikipedia.org/wiki/Kramer_vs._Kramer) * Atari (https://www.atari.com) * Space Invaders (https://en.m.wikipedia.org/wiki/Space_Invaders) * Centipede (https://en.m.wikipedia.org/wiki/Centipede_(video_game))
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In This Episode If you’re a business owner and you haven’t thought about when you want to sell your business, or you haven’t thought about it in a while, here’s a sign that you should be thinking about it. As we know, most people don’t start or buy a business with an “exit plan” in mind, but it’s something that you as an owner should be thinking about on a regular basis. Because if you haven’t thought about it, how do you know if you’re ready to sell?
While this is an easy question to ask, it’s certainly a hard one to answer. Perhaps a good place to start is giving you a few reasons for why you’d want to sell your business. These could include:
- Being Backed Into A Corner: maybe you have a partner and you can’t stand working with this person any more or you’re just simply worn out from the day-to-day (or decade-to-decade) grind of owning and running your business;
- Unsolicited Offer: maybe the idea of selling wasn’t even anywhere near your radar, but you’ve been approached by someone who is interested in purchasing your business; or
- Planning and Ready: maybe you’re in the minority of business owners and you’ve actually been not only thinking about this but actually laying some plans down to sell and executing on these plans. Things like getting a core team in place to run the business when you’re not around.
So if you’re in any of these above situations, how do you know if you’re actually ready to sell? A big factor in being ready to sell is that you know what you’re going to do next. And it doesn’t have to be “retiring” but instead could involve another business venture, but could also include family stuff and hobbies. You might just be ready for a change. Or that unsolicited offer might just be the right price for you to walk away from it all.
Whatever your particular situation, we share several stories of clients or ours in tonight’s show and we know some of them will relate to you. Enjoy!
People, Companies and Resources We Mentioned in the Show * Calgon Take Me Away (https://en.m.wikipedia.org/wiki/Calgon) * Saint Ignatius High School (https://www.ignatius.edu) * St. Edward High School (https://www.sehs.net)
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In This Episode No matter how long you’ve been in business or how many times you’ve done it, firing an employee never gets easy. In fact, we have found that short of outright theft, most small business owners will do just about anything to delay firing someone. Even when they know logically that it makes sense to fire someone. The very real emotions of the thing can often get in the way.
In tonight’s episode we don’t focus on how do you determine whether or not you should fire someone. That includes things like lists of pros & cons, annual and quarterly reviews, etc. Instead, we focused tonight on how do you actually do it. What does the event look and sound like? What message do you deliver to the individual and the rest of the team? How long do you allow for a transition? Do you allow the person time to find another job or do you escort them out at the end of the day (or something in between)? Who is going to pick up the tasks this person was doing (short-term and long-term)? Should you offer a severance package, and if so, how much? Don’t even get us started on all the HR stuff for what should you be documenting to protect yourself and your company in case you get sued!
The answers can be very different to each of these questions depending which category the employee falls under. For example, is the person:
- Family: these involve the strongest bonds/emotions/relationships and you will likely have to see this person again (e.g. family get togethers, holidays)
- Long-Term Employee: these often involve tremendous bonds built over years or decades where you know them and their families pretty well and you may even be friends with this person, but unlike family, you will likely not see this person again after they are terminated.
- Short-Term Employee: while this may seem like the easiest one since you haven’t had the chance to form significant bonds with this person yet, this is the case where you might find yourself being the most introspective and applying blame to yourself. You will likely ask yourself if you could have helped this individual more or managed them better or put them in a better situation to succeed.
No matter what the situation, it’s not easy when it comes to firing someone, especially in a small business where people aren’t just numbers on a spreadsheet. Much of the guidance you’ll find out there is geared toward bigger companies and we know small business is a bit different and typically more humane (and human). Take a listen to tonight’s show as we shared several different client stories that fall into each of the above categories. We’re sure at least one will relate to your current situation or one you’ve been in before.
People, Companies and Resources We Mentioned in the Show * Entrepreneur Magazine (https://www.entrepreneur.com/article/166644) * Harvard Business Review (https://hbr.org/2016/02/the-right-way-to-fire-someone) * Performance Improvement Plans (https://www.shrm.org/resourcesandtools/tools-and-samples/how-to-guides/pages/performanceimprovementplan.aspx) * Jim Collins Good To Great (https://en.m.wikipedia.org/wiki/Good_to_Great) * Goodfellas (https://www.imdb.com/title/tt0099685/) * Inglourious Basterds (https://www.imdb.com/title/tt0361748/) * Office Space and Milton and his red stapler (http://nowiknow.com/the-stapler/) * An Officer and a Gentleman and Richard Gere (https://en.m.wikipedia.org/wiki/An_Officer_and_a_Gentleman) * Gladys Knight and the Pips (https://en.m.wikipedia.org/wiki/Gladys_Knight_%26_the_Pips)
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In This Episode While at times in business you will be faced with situations that seem like they could be life or death, it’s rare that your actual life will be put in danger. But that doesn’t make the current crisis seem any less critical or threatening. During tonight’s show we discussed several business lessons that can be gleaned from the recent rescue mission to save the 12 young soccer players and their coach from a cave in Thailand.
There are several things that were done, especially from a leadership standpoint that can help you as a leader in times of crisis.
- Stay Calm
- Plan
- Act
- “Not To Do” lists are often more important that “To Do” lists
- Be Open to Help
- Stay Positive
During the show we share not only how the rescue team used these skills but also shared stories of how our clients implemented many of these Leadership styles to successfully navigate their ways through a crisis. We also shared some stories that didn’t go so well because they weren’t following these Leadership qualities.
People, Companies and Resources We Mentioned in the Show * Wild Boar Soccer team from Thailand (https://abcnews.go.com/International/navy-seals-rescued-thai-soccer-team-cave-make/story?id=56495487) * Animal House (https://www.imdb.com/title/tt0077975/) * World Cup (https://en.m.wikipedia.org/wiki/2018_FIFA_World_Cup) * James Bond (http://www.007.com) * Sandals (https://www.sandals.com)
The post How Do I Lead In A Time of Crisis? appeared first on Maximum Value Partners.
In This Episode As silly as the question might sound, how do you know if someone is doing a god job or not? How do you really know? Is it based on a gut feel? As the owner and boss, you often aren’t aware of all the details of how things are going day-to-day. It can be different for a key manager in your business vs. one of the more junior folks on staff.
We try to keep things as simple as possible for our business owner clients. This starts with giving them clarity on what their role or job description is as the owner. Three simple words: Plan, Direct, Control. When in doubt as the owner for what you should be doing, focus on those three words.
When it comes to judging whether someone is doing a good job or not it starts with the Plan. What goals did you have for this person and their role in the company? Is it clear to both you and them? How are you able to measure the results? Have you provided clear Direction? Did you hear them feed back that direction to you so you know you’re on the same page?
The Control part comes through a series of regular meetings and reporting. If you have good communication, chances for success increase exponentially! A couple of simple clarifying questions. Based on what you know today, would you hire this person again? If this person came in and gave you their 2-week notice, would you be secretly relieved or distraught?
People, Companies and Resources We Mentioned in the Show Good to Great by Jim Collins https://en.m.wikipedia.org/wiki/Good_to_Great
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In This Episode A client of ours recently attended a presentation focused on business transition. One of the things that stuck in his head was a quote from a speaker who had recently taken over the business after working for the company for the better part of two decades. He said, “I went from being involved in everything to being responsible for everything.” Gulp!
This is something we address with nearly every business transition we get involved with, especially when it includes family. This is one of the hardest things to prepare someone for when it comes to answering the question of whether you want to own the business or not. Newt Gingrich can certainly speak to this experience as he reflected on the differences between being part of the House of Representatives vs. being Speaker of the House. Newt talked about how it’s easier to throw fire bombs from the back row vs. being the one up in front.
There tends to be a lot of romance around the topic of business ownership. Just Google the phrase “top reasons to own/start your own business” and you’ll find lots of romantic reasons for owning your own business (all of which are positive). Like any pursuit (or relationship), that romance comes with a lot of hard work as well. And not just hard work, but work you may not want to do. But as the owner there is often no one else who is willing to do that work either so guess where it falls? Squarely on your shoulders. This “hard work” can vary depending on your perspective. For some people it’s getting out there to market the business to grow sales. For others it’s dealing with all the people issues or making sense of the numbers or collecting money from customers.
So you have to ask yourself if you truly want to be responsible for everything vs. simply being involved in everything when thinking about this topic of business ownership. Too many business owners don’t come to this realization until they’re already in that ownership seat. We’ve identified a handful of key attributes for success for a business owner which we discuss in today’s show. These include things like not having a job mentality, humility, and a willingness to try things. Listen to today’s show to find out more about these characteristics and others.
People, Companies and Resources We Mentioned in the Show * Inc. Magazine (https://www.inc.com/guides/201101/top-10-reasons-to-run-your-own-business.html) * Entrepreneur Magazine (https://www.entrepreneur.com/article/243145)
The post How Do I Know If I’ve Got What It Takes To Be The Boss? appeared first on Maximum Value Partners.
In This Episode It’s often been said that beauty is in the eye of the beholder. The same thing can be said of the definition of “significant” when it comes to changes. We often help our business coaching clients with not only defining what is a significant change but then also helping them work through options and start to make that change. It can be a difficult thing to do by yourself.
Trying to find some objectivity is helpful. This can be done by getting some outside guidance from a mentor, business group, CPA, business coach, good friend. Anyone who is business oriented but not involved in your day-to-day business. It’s also helpful to frame things in financial terms and how the decision will impact your business. Beware not to fall prey to paralysis by analysis though.
Perhaps most important is to know yourself. Be aware of things like your behavior style which can impact how you make decisions. Also understand if you are more driven by the desire to attain pleasure or avoid pain. Most of us are more likely to act to avoid pain!
People, Companies and Resources We Mentioned in the Show * Tom and Jerry (https://en.m.wikipedia.org/wiki/Tom_and_Jerry) * Tidbit (https://www.merriam-webster.com/dictionary/tidbit) * Dr. Evil, Austin Powers (https://en.m.wikipedia.org/wiki/Dr._Evil) * Apple (https://www.apple.com) * IBM (ibm.com) * NBA, Adam Silver (nba.com) * World Cup (https://www.fifa.com/worldcup/) * Iceland (https://en.m.wikipedia.org/wiki/Iceland) * Eva Peron, Evita, Don’t Cry For Me Argentina (https://en.m.wikipedia.org/wiki/Eva_Perón) * Netflix (netflix.com) * Amazon Prime (amazon.com) * Hulu (hulu.com) * Ford (ford.com) * Weeble (https://en.m.wikipedia.org/wiki/Weeble) * Charlie Weible (http://www.weibleco.com/charles-bio.html)
The post How Do I Make A Significant Change In My Business? appeared first on Maximum Value Partners.
In This Episode One thing we discovered early on in our business coaching is that owners of small businesses typically do little to no planning in their business. Our clients learn how to properly plan as part of our coaching, as do the listeners to our radio show and podcast. For those of you who are planners, one of the questions you may have is when is it time to update or change my plans?
If you’re doing planning properly, you typically spend a lot of time and effort pulling those plans together. So you don’t want to change them quickly or often. But there are certainly times that call for those updates to happen. Some things are in your control and others are not. In either case, you should certainly look at making some adjustments or changes to get things back on course. After all, one of the keys of the planning is to drive your day-to-day activities!
Most owners don’t know how to plan for their business so they don’t do it. Once we teach our business coaching clients how to plan, it becomes addictive and part of their ongoing culture.
People, Companies and Resources We Mentioned in the Show * Beach Boys Wouldn’t It Be Nice (https://en.m.wikipedia.org/wiki/Wouldn%27t_It_Be_Nice) * Venus Flytrap from WKRP in Cincinnati (https://www.imdb.com/title/tt0077097/) * Dave Ramsey (https://en.m.wikipedia.org/wiki/Dave_Ramsey)
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In This Episode If you’ve been in business long enough, chances are there have been several times when you’ve felt like you can’t get caught up and that you’re drowning in work. There are only so many hours in the day and it almost feels like being in quicksand where the harder you work and the more you struggle the worse things get. So what’s a drowning business owner to do?
First off, realize that you always have choices. No matter how many items are on your To Do List or how many unopened emails you have, you always have a choice for how to respond. Don’t give up hope! Keep things simple to start. List out all the stuff you have to do. Get it out of your head and either onto a piece of paper or into a Word document or some other electronic format. There is incredible power an energy that comes from simply getting things out of your head. Then find one good person to help you. You’ll be amazed the positive impact one good person can have on your organization! Go after someone overqualified!
People, Companies and Resources We Mentioned in the Show * U.S. Supreme Court Case with Masterpiece Cakeshop and Jack Phillips vs. Colorado Civil Rights Commission (http://www.scotusblog.com/case-files/cases/masterpiece-cakeshop-ltd-v-colorado-civil-rights-commn/) * Tarzan (https://en.m.wikipedia.org/wiki/Tarzan) * Buffalo Blue Cheese Combos (https://www.influenster.com/reviews/combos-baked-snacks-buffalo-blue-cheese-pretzel) * Jacob Marley (https://en.m.wikipedia.org/wiki/Jacob_Marley) * Bob Marley (http://www.bobmarley.com)
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In This Episode We covered a couple of different topics in tonight’s show including common myths about older folks looking for jobs: i) I’m not going to find a good job, ii) You can’t take time off or you’ll never get back into the workforce, iii) I’m not going to make as big a contribution as I did in the past, iv) Only type of work available is part-time, and v) Chance to be an entrepreneur has passed me by. This was from an article by Anne Tergesen in the Wall Street Journal back in November 2016.
We also talked about more recent examples of political correctness and how it continues to hurt America. The latest examples involve a tweet by Roseanne Barr and employees of Starbuck’s kicking out a couple of people who were loitering in their store and refused to buy any of their products.
With the continued proliferation of social media and 24/7 news coverage, companies are now taking the tactic of making major decisions in public and in short time frames where it would be best to take a little more time to look long-term at the results of their decisions. If we all have to be afraid of offending someone, we’ll likely lose the ability to debate issues and resolve our conflicts.
People, Companies and Resources We Mentioned in the Show * R.R. Reno at FirstThings.com and article “Against Princeton” (https://www.firstthings.com/web-exclusives/2017/11/against-princeton) * 5 Myths About Landing a Good Job Later in Life by Anne Tergesen (originally in Wall Street Journal) (http://blog.cordantwealth.com/five-myths-about-landing-a-good-job-later-in-life-infographic) * Shawshank Redemption librarian character Brooks Hatlen (http://shawshank.wikia.com/wiki/Brooks_Hatlen) * Cousin Eddie from Christmas Vacation (https://www.imdb.com/title/tt0097958/characters/nm0001642) * Roseanne Barr (https://en.m.wikipedia.org/wiki/Roseanne_Barr) * Disney/ABC (https://en.m.wikipedia.org/wiki/Disney–ABC_Television_Group) * Starbuck’s Sensitivity Training (https://www.usatoday.com/story/money/business/2018/05/29/starbucks-closure-racial-bias-training-tuesday/650316002/)
The post How Do You Deal With Fancy Pants People, Land A Job Later In Life, and Respond to Political Correctness? appeared first on Maximum Value Partners.
In This Episode We’ve all been there with our business. Whether it’s due to tremendous growth, the departure of a key person, or you’re just simply struggling to get everything done. How do you know it’s time to add someone to your team? It’s something we’ve all struggled with. One of the biggest reasons is that it’s going to hurt the pocketbook in the short-term. You also won’t likely save time initially as you will have to train that new employee to get them up to speed. It’s key to think longer term in these situations.
Sometimes it’s not so obvious when the time is right to hire someone. For instance, a good person might simply present themselves as being available. And you feel you’re not quite ready yet. We usually advise our clients to take the leap and hire that good person because they will add value to your business.
Like many things in life, the timing never seems quite “right” to hire someone. I mean, you’re kind of used to the current pain you’re in so why risk bringing someone on who will give you some hope and relief only to find out they’re the wrong person? The biggest gating item to growth of your small business is finding the right good people to help. One good person can be the difference between staying where you’re at and doubling the business.
If you’re comfortable where you and your business are at there’s no need to hire someone. If you’re not so happy about things, a new good person with energy and ideas and experience that you don’t have might be just what the doctor ordered to help push your business ahead. We share lots of these stories during tonight’s show of our business coaching clients who exploded after bringing on a few of the right people.
People, Companies and Resources We Mentioned in the Show * Oprah Winfrey Show (http://www.oprah.com/app/the-oprah-winfrey-show.html) * Crystal balls (https://en.m.wikipedia.org/wiki/Crystal_ball) * Weird Science (https://www.imdb.com/title/tt0090305/) * Lisa Holly of Berea Moving and Storage (https://maximumvp.com/lisa-holly-president-ceo-of-berea-moving-and-storage/) * Tom Brady and Bill Belichick and New England Patriots (https://www.patriots.com)
The post How Do You Know It’s The Right Time To Add Employees to Your Business? appeared first on Maximum Value Partners.
In This Episode If you’ve been in business for a while, chances are you’ve gotten some unsolicited phone calls, emails, and/or letters from folks inquiring about potentially purchasing your business. So what do you do with these inquiries? Depending how your day is going will often determine your reaction to these.
We have helped hundreds of clients through situations like these and the bigger question of how do you know it’s time to sell your business? Each situation is unique, but the questions you should be asking yourself are the same. These include:
- Why do I want to sell?
- What will I do next?
- What’s the company worth?
- What do I say?
- What shouldn’t I say?
- Can I work for someone else after being the boss?
- What will happen to my employees?
- How do I know what to present to a potential buyer about my company?
- Should I officially put the company “up for sale”?
In tonight’s show, we share answers to these questions by sharing several stories of clients of ours who we’ve coached through this process. Some decided to sell. Some didn’t. Listen to tonight’s show to find out why!
People, Companies and Resources We Mentioned in the Show * Shark Tank (http://abc.go.com/shows/shark-tank) * ROMEO Groups (Retired Old Men Eating Out) * Duets (https://en.m.wikipedia.org/wiki/Duets_(film)) * Business Valuation Rules of Thumb (https://www.amazon.com/Business-Valuation-Rules-Formula-Resource/dp/097213302X)
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In This Episode Over our 15+ years as business coaches, we’ve worked with hundreds of business owners and met with thousands more. When we are meeting with a new potential customer, the business owner will sometimes involve their spouse in the discussions (whether that spouse is an employee or not). But when we meet with the owner of a technology company it’s about 100% guaranteed that we will meet the spouse as part of the process. Why is that?
Jack and I have had versions of this discussion numerous times over the years and decided to share some of our insights during tonight’s show. We talk about reasons why the spouses seem to carry an inordinate amount of influence when it comes to owners of IT companies. It’s all done for good reasons and with the best of intentions. We also share some strategies for how the technology company owner can harness that influence to supercharge the success of their business.
Technology company owners are some of our favorites clients. Our experience has shown them to not only be wickedly smart and curious, but also some of the most kind and caring people who do business the right way. It’s often the people side of the business, everything from employees to customers to vendors, that leads to the frustrations and potential struggles. We get IT business owners and this show is for you!
People, Companies and Resources We Mentioned in the Show * Revenge of The Nerds (https://www.imdb.com/title/tt0088000/) * War Games (https://www.imdb.com/title/tt0086567/?ref_=fn_al_tt_1) * Real Genius (https://www.imdb.com/title/tt0089886/?ref_=fn_al_tt_1) * Animal House (https://www.imdb.com/title/tt0077975/?ref_=fn_al_tt_1)
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In This Episode The majority of our business coaching clients have some sort of family (or close friends who are like family) that are part of their business. And many of these business owners talk with us about bringing other family members or friends into the business. The most common are children, spouses, and siblings. Our initial reaction to this discussion is to advise our client to not do it. They are often surprised by this guidance.
We usually start with a “no” because we want to make sure that this close person is really the best person for the job. There are a lot of perceived and real negatives that come with bringing these close folks into the business. Not the least of which is that these new people have a lot of influence on the owner of the business and a lot of additional access than most other employees. This is due simply to their relationship to the owner vs. something they’ve earned.
We recognize that many owners have a dream of creating and growing a business to turn over to their kids. While this is a great idea and goal, we often pull the reigns in on our clients to slow them down and make them think long and hard about whether this is truly what’s best for the business and the family. A lot of unintended consequences come from bringing family and close friends into the business. Not the least of which is you make it difficult to get away from your business because the closest people in your life are now also in your business.
On tonight’s show we share a lot of stories of our coaching clients who have brought in and are struggling to eject family members and still keep the family together. There’s a lot of undue pressure on the owners as part of this process. But don’t worry, you’re not alone!
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In This Episode With the NFL Draft just 24 hours away, folks across the country are buzzing about who their favorite team is going to draft. This is especially true in our home town where our beloved Cleveland Browns own the #1 and #4 picks in the draft. Just about everyone (locally and nationally) has an opinion about what they should do with those picks. But ultimately, one person, the General Manager John Dorsey will be the one who decides what to do. And he will be the one who gets the credit or the blame depending how those draft picks perform.
How come certain executives and teams seem to draft well and others don’t? The players they are choosing from is a pool of very talented folks. So do some folks just have a better knack for picking players than others? Or is it something else that makes those players selected successful?
As a small business owner, you also get credit or blame for how the people you hire perform. Identifying and hiring (i.e. drafting) the right people is a big part of it, but there are other things that determine the success or failure of those team members. Things like your culture, training, coach (CEO).
A common thing you’ll hear about the great players is that they make others around them better. This is true of great players, coaches, owners, and anyone else with greatness. One of your biggest jobs as the owner is to not only identify the right players for your team, but also create the environment to get the best out of them.
People, Companies and Resources We Mentioned in the Show * Cleveland Browns (http://www.clevelandbrowns.com) * National Football League (“NFL”) (https://www.nfl.com) * New England Patriots (http://www.patriots.com) * Tom Brady (https://en.m.wikipedia.org/wiki/Tom_Brady) * Bill Belichick (https://en.m.wikipedia.org/wiki/Bill_Belichick) * John Dorsey (https://en.m.wikipedia.org/wiki/John_Dorsey_(American_football)) * Hue Jackson (https://en.m.wikipedia.org/wiki/Hue_Jackson) * Indeed (www.indeed.com) * ZipRecruiter (www.ziprecruiter.com) * My Cousin Vinny (https://www.imdb.com/title/tt0104952/) * Atlas (https://en.m.wikipedia.org/wiki/Atlas_(mythology))
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In This Episode As discussed during last week’s show, we recently engaged another Marketing firm to assist us in crafting a Marketing Plan for our business that is focused on getting our Message clarified. Quite simply we’re trying to figure out how to explain what it is that we do. Something as simple as business coaching doesn’t quite cover it.
Over the years we’ve utilized lots of phrases to try and encapsulate what we do. These phrases include: Good Business Made Better; Train, Mentor, and Inspire; Get Business Owners Unstuck From the State of How; and even Dirty Secrets of Small Business. We’ve recently come up with a few more, but who knows if they capture the essence of what we’re all about. Things like: Helping You Get Your Arms Around Your Business or Contrarians.
One key thing we find business owners don’t do enough of is profiling their best clients/customers. If you don’t know what a good customer looks like, how do you know when you come into contact with one? Things like gender, age, size of business, and geographic location.
This Marketing thing is really messy, challenging, frustrating, and can lead to lots of silly giggling fits. It can make your brain hurt…in a good way. Listen to tonight’s continuation of the discussion we started in last week’s show about Marketing Plans.
People, Companies and Resources We Mentioned in the Show Kilroy Was Here (https://en.m.wikipedia.org/wiki/Kilroy_was_here)
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In This Episode One of the more daunting and frustrating things for business owners is putting together a practical marketing plan…and finding someone to help you do it. In the small business world there are a lot of people who are selling themselves as marketers or marketing professionals but we have found very few can actually deliver results.
Keep in mind that the purpose of marketing is to drive sales. Marketing does this by generating leads for your business which can mean folks walking in the door, the phone ringing, or the email box filling up. Once the leads come in the business’s job is to move those leads to either a yes or no in terms of buying from your business. The most confusing thing is getting folks to understand exactly what marketing is and how to pull together a meaningful plan.
We have engaged several marketing professionals and firms over the year to assist MVP with this process. We’ve typically gotten good nuggets from each but haven’t found sustained success. We look at three key components to marketing: i) Targets: who are good customers for you; ii) Message: why do customers buy from you; and iii) Channels: how do you communicate your Message to your Targets?
Sounds simple right? But it’s not easy and can take years to continue to evolve and improve your marketing plan to where you are getting the sustained results you’re looking for that will continually drive qualified leads your way.
People, Companies and Resources We Mentioned in the Show * Marketing Professionals * “When the Germans bombed Pearl Harbor” (https://en.m.wikipedia.org/wiki/Animal_House) * I Dream of Jeannie (https://en.m.wikipedia.org/wiki/I_Dream_of_Jeannie)
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Photo by Dark Dwarf In This Episode Kids grow up so fast. It’s hard to believe our “kid” the show Dirty Secrets of Small Business is now 100, as in 100 shows! Where did all the time go, what have we accomplished, and where do we go from here?
We started from humble beginnings of wanting to help small business owners worldwide by sharing our experiences as well as the stories of our hundreds of clients. We thought it would be helpful to shed some light on the “dirty secrets” of small business that we know very well but are constantly surprised more folks aren’t aware of. There are also several commonly-held myths that the general population has about small business and we wanted to debunk those myths. Along the way we figured we’d pick a few fights and hopefully provide some inspiration and perspective to our fellow small business owners.
We’ve taken on a range of topics where we’ve shed some light on the dirty secrets for how things are done and also debunked lots of myths. One of the most popular has been focused on getting into business for yourself, whether that be by starting or buying a company. Nearly as numerous have been the shows that cover the importance of the numbers when it comes to business. This includes things like setting your selling price to understanding your financials to figuring out how to calculate and award year-end bonuses. How about dealing with friends and family members who are part of your business? What could go wrong with hiring your sibling? How do you get rid of that in-law in the business when things don’t go quite as you were hoping? We also have a half dozen shows addressing the “9-to-5” or “job” mentality that can drive owners mad! How come nobody understands why you can’t take a vacation and enjoy yourself or you can’t find that switch to turn your brain off and stop thinking about your business?
What’s the future hold? To date, we’ve only had a couple of guests but we’re planning to have more, especially ones who can share their stories with you directly. As we continue to promote the show and get discovered by more people, we know that you the audience will become a bigger part of the show which will include more phone calls, texts, tweets, and emails to address your questions directly. We’d also like to become bigger advocates for the small business people in the world as they need more champions. We see the show being syndicated in markets across the country to expand our reach to more local markets. We’re just getting started. Thanks for being part of the ride so far!
People, Companies and Resources We Mentioned in the Show Professional Business Coaches Alliance (https://www.businesscoachesalliance.com)
The post How Did We Get to 100 So Quickly (Reflecting on 1st 100 Episodes) appeared first on Maximum Value Partners.
In This Episode Most business owners don’t start a company with a plan to exit the business and transition it to the next generation. Fortunately many owners do spend some time working on a plan to transition the ownership to the next generation as they begin to think about winding things down. But there can be many false starts along the way that are common challenges but can be avoided or minimized.
One big mistake we see is where the current owner takes the “osmosis” approach of telling the next generation to just follow them around for the next 6 months and do what they do. Another is the the individual parties are too focused on themselves vs. the other involved parties and the business itself. Nothing will stall discussions and plans faster than folks focusing too much on themselves when it comes to a transition. Yet another common false start is when it becomes apparent that the next generation isn’t quite ready to take over yet. How do you get them up to speed so that you as the exiting owner feel comfortable stepping back and eventually stepping away?
It is a good idea to get input from folks who are outside your business. If nothing else those folks tend to be more objective and less emotional than those in the business. A big stumbling block can be talking with too many outsiders because they will often give different opinions and advice which can often be conflicting. Plus more information isn’t always better. Another common stumbling block is engaging the wrong outside advisors who are more skilled with the nuts and bolts of structuring a transaction vs. the transition of day-to-day management fo the company.
One of the things we do in our coaching business is to facilitate lots of discussions between the interested parties which include a lot of “what if” scenarios to help the parties talk through the good, the bad, and the ugly. Plus we do it in plain English vs. some other professionals who will be speaking their own language! Don’t let the false starts stop your business transition. Focus on getting the plans together that are based on MVP’s 7 Keys to Success (https://maximumvp.com/7-keys-to-success/). Get some inspiration and ideas from our show today!
People, Companies and Resources We Mentioned in the Show * Newt Gingrich (https://en.m.wikipedia.org/wiki/Newt_Gingrich) * Spock Vulcan mind meld (http://memory-alpha.wikia.com/wiki/Vulcan_mind_meld) * Bob Marley (http://www.bobmarley.com) vs. Jacob Marley and Christmas Carol (https://en.m.wikipedia.org/wiki/Jacob_Marley)
The post How Do You Deal With False Starts During A Business? appeared first on Maximum Value Partners.
In This Episode Most of us as business owners have been there. Things are going along great, we finally have what appears to be the right team in place. And then boom! One of your key people comes in and gives their 2-week notice. What’s a boss to do?
Often the initial reaction to a good person resigning is that you want to do whatever it takes to make them stay. The pain of them leaving is almost too much to bear at this point. You know that as the owner it is likely that you’ll have to be the one plugging the gap to make up for what they were doing. Who has time for that? Plus you’ll have to go through the process of finding, interviewing, hiring, onboarding, and training someone new. So what’s an owner to do? Well, it depends.
There’s no one right answer to this situation. It really depends on why the person is leaving. We recently had a client where this happened with a key employee who decided to leave so he could make more money. Another client had someone resign because some of the job duties they were given weren’t something they were comfortable doing. Yet another had someone resign because they got an offer from another business.
We provided different guidance for each of these clients because their particular situations were all different. For the one who was leaving to make more money, despite the owners’ desire to try to work something out to pay this person more, we advised them to let the person go. For the one who was leaving due to the job duties going beyond their comfort zone, we advised the owner to go back with a paired down job description that would focus on those things this person was experienced in and liked doing. What do you do when this happens?
People, Companies and Resources We Mentioned in the Show * glassdoor.com (https://www.glassdoor.com/Salaries/index.htm) * indeed.com * ziprecruiter.com * Horrible Bosses 2 (http://www.imdb.com/title/tt2170439/)
The post How Do I Handle An Employee Quitting Unexpectedly? appeared first on Maximum Value Partners.
In This Episode
We’ve boiled down the focus of our coaching business to what we call 7 Keys to Success. One of those Keys to Success that can dominate all the others is #6 on our list, Cash Flow Forecast. If you have cash concerns a a business owner, nothing else will matter until you have that cash issue figured out.
The “cash” issue can come up in a lot of ways. It could be vendors pressing you for payment, payroll coming due at the end of the week, or the impending tax bill. Whatever is causing the cash pressure, until you find an answer to solve it, you won’t be able to be the leader of your business that your team needs.
In tonight’s show, we provide some insights and ideas into ways you can find cash for your business. We start with some pretty basic ones that most people think about and have tried, banks and/or investors. But we then get into some more creative ideas about ways to utilize competitors and/or vendors to help fund your business. We even touch on ways to tap into some of the assets on your balance sheet to find alternative ways to raise money including the sale of some assets or even looking into factoring your receivables. You could even look online and set up a crowdfunding page (e.g. GoFundMe) or tap into your personal IRA.
Whatever cash pinch you might be feeling now or anticipating, tonight’s show will give you some ideas and answers for how to find money for your business.
People, Companies and Resources We Mentioned in the Show
- Shark Tank (http://abc.go.com/shows/shark-tank)
- Dino’s III (http://www.dinosrestaurants.com)
- Black Bear (https://blackbeardiner.com/location/goodyear/)
- Jerry Maguire (http://www.imdb.com/title/tt0116695/)
- GoFundMe (https://www.gofundme.com
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In This Episode We recently had a client who had an opportunity present itself in the form of a potential employee who was a “rock star” by all accounts. The issue was our client wasn’t actively looking to hire someone yet and he was cash poor at this point in the year due to a recent investment in some inventory. So he was asking us how he determine if he could afford to higher this person or not.
During our discussion we took our client through a couple of things. First, we talked about the Functional Organization Chart he was working on because we wanted to use that to frame a potential job description for this “rock star”. We knew if we couldn’t get the role laid out for this person then there was no need to move forward. In this case we were able to figure out the role pretty quickly.
Next we talked about looking beyond the annual salary for this person and focusing on what they would cost the business for 90 days. That way we’re looking at a decision for $15,000 or $20,000 vs. $60,000 or $80,000. We look at it that way because if this new hire isn’t working out within 90 days then you will part ways with them.
We also talked about plugging this new person into the Profit Plan for the next 12 months to see what impact they would have on the profitability of the overall business. We know most owners don’t have a “budget”, or as we refer to it as a Profit Plan, so it’s imperative to get one set up where you’re forecasting your sales and expenses by month for the next 12 months. It gives you great visibility on any decision you make for your business and the resulting impact you expect.
People, Companies and Resources We Mentioned in the Show * Dodgeball the Movie (http://www.imdb.com/title/tt0364725/) with Vince Vaughn and Average Joe’s * Geddy Lee of Rush and the lyrics of the song Freewill, “If You Choose Not To Decide You Still Have Made A Choice” (https://www.azlyrics.com/lyrics/rush/freewill.html)
The post How Do You Know If You Can Afford That New Hire? appeared first on Maximum Value Partners.
In This Episode Most business owners spend a good chunk of their time on people issues. Finding them. Training them. Inspiring them. Retaining them. Firing them. You get the idea, lots of time on people stuff!
We hear too often the pushback phrase of “I don’t have time” when we talk with small business owners about the importance of training new employees. If the owner doesn’t train them then someone else will, usually it isn’t the way the owner would train them or want them to be trained.
How about finding and paying good people. “How can I afford to pay them” is a common question we’ll hear from owners. Good people are hard to find and when you do you need to grab them with both hands and not let them go. Often a big obstacle to bringing on good people is the owner’s lack of understanding for how to pay these folks, but you can only answer that by plugging them into your profit plan.
One of our favorite games with our coaching clients is to play the game “let’s pretend” because it puts us easily into a situation. For instance, “let’s pretend your business doubles tomorrow.” Would your current systems hold up? Would you be able to process and produce all those additional orders? Can your people and systems handle it? Would you be able to fund that growth? Getting your company ready for scalability is a key role for the owner of a business.
People, Companies and Resources We Mentioned in the Show * Undercover Boss (https://en.m.wikipedia.org/wiki/Undercover_Boss_(U.S._TV_series)) * Good to Great by Jim Collins and getting the right people on the bus and in the right seats (https://en.m.wikipedia.org/wiki/Good_to_Great) * Steve Jobs and Apple’s policy of “A” players vs. “B” players (https://www.amazon.com/Steve-Jobs-Walter-Isaacson/dp/1451648537) * Atlas with the world on your shoulders * Jesus, “my yoke is easy and my burden is light”, Matthew 11:30 * Boston Legal with James Spader and William Shatner (https://en.m.wikipedia.org/wiki/Boston_Legal)
The post How Do I Make My Organization Better? appeared first on Maximum Value Partners.
In This Episode As a business owner, there are lots of opportunities to Present yourself and your company. We have found that most owners don’t think of it this way. A few examples include Presenting to a new potential customer or current customer. What about Presenting to a bank or investor? How do you come off when Presenting to your team? Ever consider selling your company or looking to buy another company?
Presenting can create a lot of stress for an organization and for the individuals who are called on to Present. As a business owner, you should be the top Presenter in your company. You should be aware of who you are Presenting to and how to tailor the message to that particular audience. To keep things simple, we focus our business coaching clients on following our MVP 7 Keys to Success (https://maximumvp.com/7-keys-to-success/) as a framework and guide for what to present.
We have had several clients who have been wrestling with Presenting their annual Profit Plans to their team
People, Companies and Resources We Mentioned in the Show * The Big Chill (http://www.imdb.com/title/tt0085244/) * The Big Lebowski (http://www.imdb.com/title/tt0118715/?ref_=fn_al_tt_1) * Nathanial Rateliff and the Night Sweats (https://en.m.wikipedia.org/wiki/Nathaniel_Rateliff_&_the_Night_Sweats_(album)) * Mr. Rogers (https://en.m.wikipedia.org/wiki/Fred_Rogers) * Billy Graham (https://en.m.wikipedia.org/wiki/Billy_Graham)
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In This Episode A common struggle for leaders of just about any organization is that they often feel like they have to do everything themselves. Even when they have a lot of good people around who are able and willing to help. We see this with many small business owners and we’ve seen it in several non-profit situations as well.
One of the key principles we hammer into our clients’ heads is that their job consists of three simple things, and it’s not “Do, Do, Do”! We teach our clients how the embrace the approach of “Plan, Direct, Control”. This simple but powerful model is what we use to orient our business owner clients as well as ourselves or any other leader we counsel.
First things first, “what’s the plan?” This quickly becomes a favorite mantra for our business owner clients. It starts with us asking them this question and it flows throughout the organization as they begin to ask everyone else that same question. It all starts with the plan. Next is the Direction. Think of yourself as a conductor of an orchestra when you are in a leadership role. You have to give direction (sometimes correction or encouragement) to your team. And then comes the Control. We do this in business through a series of regular meetings and reporting.
Not sure who you can build around in your company? Try scheduling a few brainstorming sessions and see who stands out. Also, have people Present as much as possible. This doesn’t need to be a “formal” presentation but can simply be someone up at a whiteboard. You’ll get a great sense for how they think when they present. We shared several success stories during today’s show as well as some other helpful tips!
People, Companies and Resources We Mentioned in the Show * Wedding Crashers, Will Ferrell as Chazz Reinhold and “Where’s the Meatloaf Mom?” * Star Trek Vulcan mind meld * KPIs (Key Performance Indicators)
The post Podcast Date: How Do You Work Through People? appeared first on Maximum Value Partners.
In This Episode Finding good people is a constant battle for any business, but especially for small businesses. If you have 10 people in your company, the positive impact a good person can have (or the negative impact a bad person can have) can be transformational for your organization.
So why do so many business owners get in their own way and get stuck in the hourly mentality when trying to find and hire good people? Good people are going to be “expensive”. Especially if you aren’t plugging them into an overall Profit Plan for your company. And they aren’t going to work for an hourly rate. They’re most likely to be salaried.
When you have a small business, you know the people and the hiring and firing process is something that can be very personal and emotional. One of the things we work on with all our clients is to be more decisive when it comes to their people. The old adage of “slow to hire and quick to fire” is a great one to keep in mind.
People, Companies and Resources We Mentioned in the Show * Indeed.com * Zip Recruiter * LinkedIn * Craigslist * Office Space
The post How Do You Break Free From The Hourly Mentality? appeared first on Maximum Value Partners.
In This Episode Too many folks get in their own way when it comes to buying a company. In fact, they usually stop it before they start. The biggest reason has to do with money…or lack thereof. We hear this all the time when it comes to buying a company.
On tonight’s show we shared several stories about current business coaching clients as well as other potential clients who we’ve spoken with just in the last week alone about how to buy a company. And doing it without putting down a ton of money. The key with buying anything, whether it be a car, house, or a business, is buying it right.
One of the biggest mistakes to avoid when it comes to buying a company is to make sure you don’t get emotionally involved as the potential buyer. Keep in mind that the seller is already very emotionally involved, it’s their business after all. One of the ways to avoid this emotional commitment is get to the point of making an offer sooner vs. later.
The first question you need to answer when it comes to buying a company is, “Would you take it if they gave it to you?” Keep this question in mind as you’re looking at the potential company to purchase. Simply “giving it to you” can take a lot of different forms. The seller could play the role of the bank and you as the buyer pay them out of the future profits of the business, so the business literally pays for itself. Or, the offer could be so low, say a few thousand dollars, that it’s basically equivalent to someone giving it to you. The point is, don’t use not having a nest egg of money as an excuse for not buying a company!
People, Companies and Resources We Mentioned in the Show * Entrepreneur Magazine, “6 Factors In Taking Over An Existing Business” * Cocktail with Tom Cruise and the flugelbinder
The post How Do I Buy A Business When I Have No Money? appeared first on Maximum Value Partners.
Photo by ccPixs.com In This Episode
If you’re in business long enough, chances are very high that you’ll be faced with a big decision…To Sue or Not To Sue! How do you know when the time is right to put up a fight vs. settle?
A couple of things to keep in mind: i) you will likely never see the inside of the court room as about 95% of the cases are settled before getting to court; ii) the only people guaranteed to make money are the attorneys; iii) size matters, some things just aren’t worth fighting.
During tonight’s show we shared several different examples of our personal experience as well as those of our clients when it comes to lawsuits or potential lawsuits. Our guidance to our business coaching clients is to try everything else first before looking to file a lawsuit. This all hinges on ensuring you have a reasonable party on the other side because you can’t fix or negotiate with crazy!
Filing a lawsuit should be the last thing you try after trying to negotiate, settle, or finding some other way to avoid getting attorneys involved. If you’re dealing with someone who’s a bit nuts, you may have no other choice but to sue!
The post To Sue Or Not To Sue? How Do You Know When The Time Is Right To Put Up A Fight Or Settle? appeared first on Maximum Value Partners.
In This Episode If you’re looking to suck the oxygen out of the room, just tell people you’re looking to have more meetings. Why do meetings get such a bad rap? Our experience shows that most meetings in business are poorly run. So what happens is most companies instead choose not to have regular meetings. If a meeting does happen it creates a lot of buzz within the organization.
So how do you reverse this aversion to meetings in your business? It starts with getting regularly scheduled meetings with set agendas. Pick a meeting to start with. There are two types of meetings: status/update OR working meetings. Do your best not to mix these two. Nothing will create more angst and frustration than sitting in a status meeting that devolves into a problem solving working meeting where two people have hijacked things while the rest of the people sit and watch.
We suggest starting with either a daily touch with your key people that lasts 5-10 minutes or a weekly meeting. Both of these would be status/update meetings vs. working meetings. Start with setting the time/date of the meeting. If it’s a daily meeting, pick a time of the day and stick with it (e.g. 8am every day). If it’s weekly, lock in the day and time (e.g. 2pm on Tuesdays).
One of the biggest benefits of regular meetings is it minimizes interruptions, especially from the owner! Keep something else in mind as well, anyone who is in the meeting should have something to say as well. Another often overlooked side benefit of regular meetings is the chance to have people present. They will grow each time they present themselves and their thoughts and you as the business owner will gain more confidence in your key people as you get insights for how they think and present themselves.
Get those meetings started, either a daily or weekly one to kick things off! Don’t tell us you don’t have time for it, make the time for important things.
People, Companies and Resources We Mentioned in the Show Debbie Downer from Saturday Night Live (https://en.m.wikipedia.org/wiki/Debbie_Downer)
Mickey Goldmill from Rocky (https://en.m.wikipedia.org/wiki/Mickey_Goldmill)
The post How Come Meetings Get Such A Bad Rap? appeared first on Maximum Value Partners.
In This Episode Communication. Keeping it simple and good is more difficult than it sounds. No matter what type of business you’re in, there will always be communication challenges because you will be dealing with people. Don’t confuse keeping it simple with communication being easy. It’s difficult to keep it simple!
A common challenge we hear from business owners is they are tired of having to repeat themselves. It might sound something like, “I’ve told him a hundred times before how to properly document that!” Our response, so tell him for the 101st time because it still hasn’t sunk in. Keep in mind there are three key ways people communicate and learn: Visual, Audio, and Kinesthetic.
The majority of people learn/communicate visually. Nearly as many do it Kinesthetically (based on feel/tone). The smallest amount (less than 10%) prefer to communicate and learn Auditory (hearing/listening). Too many folks rely heavily on the Auditory portion of communication (i.e. they talk you to death). Then it starts to sound like all of the adults in Charlie Brown! Try some whiteboards and flip charts…put a little passion into what you’re saying! How’s your handshake?
Another key is “active listening”, which is basically having someone play back to you what they heard to make sure you’re on the same page. That’s why “Presenting” is one of our 7 Keys to Success. Also, try having some regular meetings with your key people so you can make sure everyone is on the same page and you’ll know it by including the active listening component!
Here’s a list of the Top 10 Things to make you a good communicator:
- Good listener
- Non-verbal cues
- Clarity/Brief/Don’t Ramble On
- Friendly Tone
- Confidence
- Empathy
- Open Mindedness/Be Curious
- Respect
- Feedback
- Picking the Right Medium
People, Companies and Resources We Mentioned in the Show Jimmy Stewart (https://en.m.wikipedia.org/wiki/James_Stewart)
It’s a Wonderful Life (http://www.imdb.com/title/tt0038650/?ref_=fn_al_tt_1)
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In This Episode Many business owners struggle with something that most people think should be a no brainer…taking a vacation. How come it can be so hard to enjoy the holidays with your family and friends without getting the shakes? How do you find the switch to turn things off? How do you not feel like Mr. Scrooge when you wish more people were working during the holidays? It can be maddening!
We have a lot of clients who are going through a transition of the business from one generation to the next (parents to kids and other relatives). There are lots of good advisors when it comes to structuring the transition to save taxes and do it properly. But how do you transition the day-to-day management? How do you as the boss step back? How do you as the “owner in training” step up into a leadership role?
There are some key things to do at the start. First you should get agreement that the time is right for a transition and how long should it take (e.g. 3, 5, 7 years). Then the current generation should look at testing out what it’s like to back off a bit by doing something like reducing work time from 5 days per week to 4 days per week so they can start to figure out what they’re going to do after the transition is complete. Will they be a man or woman of leisure or get into volunteering?
Don’t worry about “what’s fair” but instead “what’s best for the organization”? Things like, “who should be in charge” if there will be more than one owner. Don’t do a 50/50 ownership, someone should always have at least 51%. What about compensation? Not just salary and bonus, but what about other perks? Also, who is going to do what so you can ensure that there is a relative equal dissemination of duties so one partner doesn’t feel like she is carrying more of the burden? These and many other questions are key things to discover as part of the business transition process.
The post How Do You Transition the Ownership/Management of a Business? appeared first on Maximum Value Partners.
In This Episode Many business owners are frustrated by the sense that they spend most of their days babysitting adults. Mind you, these are adults they are paying to work at their company. As an owner you hire people to help you out, not to create more work and drama for you. So what’s a business owner to do?
We try to keep things real simple when coaching our business owner clients. We focus them on what their role should entail which can be summed up in three words: Plan Direct Control. Ask anyone you are managing, “What’s the Plan?” If you hear good stuff, great, then your job is to help Direct them through getting that Plan executed. You Control things by having regular meetings and reports.
The idea is to “trust but verify” what is being done, but it all starts with getting agreement on the Plan. Having people “Present” their plans as well as updates gives you great insights as the manager for how this person thinks, makes decisions, and processes information. The meetings you have as part of the Control should be focused on them Presenting, not you.
It’s also key to get clarity of who is responsible for what. Or making sure everyone knows who “the guy” is as Dan Gilbert says (owner of Quicken Loans and the Cleveland Cavaliers, among other things). You don’t have to put up with babysitting all day, but it’s up to you as the boss to make changes first.
People, Companies and Resources We Mentioned in the Show * Dan Gilbert (https://en.m.wikipedia.org/wiki/Dan_Gilbert) * Quicken Loans (https://www.quickenloans.com) * Cleveland Cavaliers (http://www.nba.com/cavaliers/)
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In This Episode
Tonight we have had some special guests in studio, Anthony Mencini and Natalie Hocevar. We talked about the importance of celebrating victories and accomplishments during the course of the year, like a client of ours achieving $1 million in sales for the first time.
We provided some perspective for folks as it relates to big vs. small business. Tony worked for Hyatt which is a $4.4 billion corporation and attends the University of Kentucky where he was the 8-man rugby player on the SERC champion Wildcats. Natalie has worked for TJ Maxx, which is part of a $34 billion corporation, as well as American Eagle, which is a $3.6 billion.
Whether it’s a big-time corporation, a big-time rugby program, or a small business, finding and keeping good people as well as coaching and training them is the key to success. We also chatted about Tony’s initial forays into entrepreneurship which include a water bottle that can be branded and green as well as his recent investment into a couple of crypto currencies including Bitcoin.
A little different show today, but lots of fun. Have a very Merry Christmas everyone!
People, Companies and Resources We Mentioned in the Show
Hyatt (https://www.hyatt.com)
American Eagle (https://www.ae.com)
TJ Maxx (https://tjmaxx.tjx.com/store/index.jsp)
University of Kentucky (http://www.uky.edu/UKHome/)
Cuyahoga Community College (http://www.tri-c.edu)
University of Kentucky Rugby (https://www.kentuckyrugby.org)
SCRC (http://www.southeasternrugby.org)
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Photo by Alex Schreyer In This Episode We are coming to the end of what’s typically called the planning season in business where owners and managers are finalizing their plans for the upcoming year…for those who do plan their business. Most business owners know they’re supposed to put together a “business plan” or “budget” for their business but most don’t know how to do it.
First off, let’s get the terminology straight. We call it a Profit Plan (vs. budget) because the goal of any year in running your business is to make a profit. But most owners were never taught how to pull together this plan. The end result should look like your Profit & Loss Statement (or P&L) and will forecast your revenue, expenses, and resulting profits for the upcoming year.
The best starting point is to pull together some of your historical data including your most recent P&L, a list of your top customers, a list of your current employees, and a month-to-month summary of your sales over the past couple of years. These are key pieces to help you start forecasting your sales and expenses for the next 12 months. Start at a very high level and set a goal for sales dollars for next year as well as desired profit. Then you can use these documents to add some details to those goals.
On the sales front you can project out sales by current customers vs. new customers. You can also look at projected sales from current quotes you have outstanding as well as potential customers you have in the pipeline. This should make up a good portion of your forecasted sales for the next year. Whatever the difference between your desired total sales and the details you’ve been able to cobble together in this paragraph will show the desired new sales. For instance, if your overall sales goal for the year is $1 million and you can see $750,000 in sales from your current customers, outstanding quotes, and pipeline, then you will have to find $250,000 in sales. You can then pull together a Marketing Plan to show how you will get those new sales.
Usually forecasting expenses is a little easier and should start with going line-by-line through your latest P&L and forecast each item for next year. We encourage our clients to get their team involved in this process so you can get their best thinking as well as buy-in to this plan which increases the chances of achieving this plan. During tonight’s show we gave some examples for clients’ of ours and how we guide them through this process.
People, Companies and Resources We Mentioned in the Show Austin Powers International Man of Mystery (http://www.imdb.com/title/tt0118655/)
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In This Episode During the second half of last week’s episode we started to talk about how to set your selling price. Unfortunately most small business owners rely too heavily on what their competitors are charging when it comes to setting their selling price. That’s a good piece of information to have but shouldn’t be the sole criterion to setting your selling price. If it is, then you will be on a going out of business curve. Someone will always be willing to go out of business faster than you and undercut your prices as well.
We encourage our business owner clients to instead focus on the true costs of your business when looking to set their selling price. It’s one of the most strategic things you do as a business owner and can lead to great success or failure in your business. Don’t fall into the habit of always using price as the weapon to win customers.
As you know we try to keep things simple when advising our business owner clients. The same is true when it comes to setting selling price. Be sure to have a good handle on your costs as well as a forecast for your volume of sales in the next 12 months. Especially your Material, Labor, and Overhead costs. If you’re in a service-based business, chances are you have little to no Material costs. If you do have Material, make sure you aren’t confusing “markup” for “margin”. On the Labor front you’ll want to have a good sense for productive and unproductive labor. The productive labor typically is billed out as part of producing your product or service whereas the unproductive labor will include things like vacation/sick time and time where folks aren’t working on billable items.
The Overhead is all the other costs that aren’t directly related to the cost of producing your product or service. In fact, many folks refer to these as fixed costs that are there whether you sell anything or not. Things like rent, insurance, utilities, dues & subscriptions. Remember, in addition to knowing these costs, you also need to have a good handle on your forecasted sales volume for the upcoming 12 months. These are the base components you’ll need to properly set your selling price. Take a listen to tonight’s show!
People, Companies and Resources We Mentioned in the Show Bill Clinton talking to a small business owner during his campaign telling a pizza owner to increase his prices to cover increased costs
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In This Episode In tonight’s episode we continued our discussion from last week on figuring out how much to give your employees for Christmas bonuses and we also started in on a new topic for how to set your selling price.
Since the last show we’ve pulled together a simple spreadsheet to help guide you through how to calculate the bonus pool. Click here to get the spreadsheet. Jack also addressed how to decide who gets what part of the pool in terms of a discretionary bonus. Don’t focus on being equitable, but instead focus on your feel for how well each member of your team contributed to the company’s success this year. Don’t over complicate things with formulas.
Click Here to Get The Bonus Calculator Spreadsheet We also started to discuss how to set your selling price. Unfortunately most small business owners rely too heavily on what their competitors are charging when it comes to setting their selling price. That’s a good piece of information to have but shouldn’t be the sole criterion to setting your selling price. If it is, then you will be on a going out of business curve. Someone will always be willing to go out of business faster than you and undercut your prices as well.
We encourage our business owner clients to instead focus on the true costs of your business when looking to set their selling price. It’s one of the most strategic things you do as a business owner and can lead to great success or failure in your business. Don’t fall into the habit of always using price as the weapon to win customers. We’ll get into it in more detail next week for how to go about setting your selling price.
People, Companies and Resources We Mentioned in the Show * Austin Powers International Man of Mystery (http://www.imdb.com/title/tt0118655/), Michael Myers * Dodgeball the Movie (http://www.imdb.com/title/tt0364725/) with Vince Vaughn and Average Joe’s
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In This Episode At this time of year, it’s always great to take some time and reflect on the blessings we each have in our lives and give thanks. Jack and I are truly blessed to be business coaches and work with some truly fantastic small business owners. We are also blessed to have a business partnership that has lasted for 15 years with very little discord!
It’s also that time of year when business owners (and their teams) start thinking about year end bonuses. The employees think about how big the bonuses will be and the owners will be wondering how can they pay for all those year end bonuses. There is no magic wand or simple formula to follow, but in tonight’s show we walked through an example for how to calculate a bonus pool for your team. A key part of this calculation is to account for things that don’t impact profit but do impact cash flow and can often make it painful to afford paying these bonuses.
With a client we had this week, we were going through some calculations and it turns out that there was no money to pay bonuses, but after a lot of discussion he said he still wanted to find a way to pay some bonuses. So we walked through how he could communicate his decision to his team. At the end of the day, it’s key to explain your thinking to your team because they may not like it, but they will certainly understand it better and in the end respect you.
In tonight’s show we addressed many of these items and shared some of the guidance we provided for our clients. Let us know if you’re wrestling with any of these questions, tweet at us @MaximumVP.
People, Companies and Resources We Mentioned in the Show National Lampoon’s Christmas Vacation, Clark Griswold, Cousin Eddie
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In This Episode You know it’s pretty easy to start a company. In fact in tonight’s show we talk about how we can set up a company tomorrow to do anything, whether it be sell hamburgers or pizza. The challenge with running a company is making money vs. losing money.
Unfortunately most folks who get into business don’t understand business. When we talk about business, one of the biggest things is understanding how to make a profit. Without profits, a business will only last until you run out of money. Again, losing money isn’t hard.
There are several trends leading to fewer companies starting in the U.S. Lots of folks have been spooked away from starting a business so instead they start to consider taking the route of acquiring a company instead. There are lots of places to get ideas or find companies to acquire. Start with sources like the Inc. 500 list (or Inc. 5000) or your local newspaper’s business opportunities section. Don’t let money, or the lack of money get in the way of buying a company. What if someone gave you the company?
Get out of your own way and get yourself into business. In tonight’s show we provide you a lot of ideas, perspective, and inspiration! That includes folks who already own a company. Once you step out on your own, you will find out just how good you are. And you likely won’t be able to work for someone else.
People, Companies and Resources We Mentioned in the Show * CNN Money Magazine Online (http://money.cnn.com/2016/09/08/news/economy/us-startups-near-40-year-low/index.html) * Inc. Magazine (www.inc.com) * Inc. 5000 (https://www.inc.com/inc5000)
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In This Episode If there’s one thing we’ve learned in all our decades running and advising business owners it’s that no one can have true success in their business without good people. Unfortunately many small business owners have never experienced what a good person can do in their business.
Too many business owners burden their company with family and friends. Not that there’s anything wrong with family and friends, it’s just hard to be objective when trying to determine if they’re good employees or not. With current laws in place, it’s no wonder so many small business owners don’t bother looking to hire non-family or friends. How do you interview someone you don’t know? How do you avoid asking the wrong questions?
One challenge is knowing where to go find good people. Do you go to Craigslist? How about indeed.com or ZipRecruiter.com? Should I go to a staffing company or use a recruiter? That seems expensive! There are lots of answers to this perplexing question of how to find and perhaps more importantly, retain those good people.
People, Companies and Resources We Mentioned in the Show * Cleveland Plain Dealer article from Associated Press on November 3, 2017 called “Job interviewers often cross a line, poll finds” * Craigslist * Indeed.com * Zip Recruiter * Amazon * Movie Office Space and “The Bobs” * Movie Tommy Boy and not strangling your employees
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In This Episode How does delaying on dealing with bad employees harm your business? There have been lots of stories in the news lately about some bad employees (Kevin Spacey or Harvey Weinstein anyone?). Chances are you have some too. Maybe they aren’t sexually assaulting people, but there are lots of things bad employees can do to harm your business and it’s up to you to do something about it. We spend a lot of time talking with our coaching clients about bad employees and why it’s best to cut ties sooner vs. later.
How do you figure out what to give your team in terms of bonuses for the year? We have a client who for the first time last year gave their entire team Christmas bonuses. Now it’s become expected. But it’s the owners’ fault since they didn’t tell the team why they were getting the bonuses. We are big fans of putting together a pool of money that shares the profits of the company in the form of discretionary bonuses given out by the owners and key managers.
How do you hire somebody one of your new employees referred when that employee is subject to a non-solicitation by a former employer? One of our clients recently had this situation and when attorneys get involved, it never ends in a win-win situation for anyone.
How do you run a business when you don’t know business? Especially the numbers? Most folks start or get into a business because they know and/or like the products or services. Then they learn the other “stuff” of business. At some point, usually after a couple of years, the owner realizes that there’s more to this stuff than most people (them included) realize.
People, Companies and Resources We Mentioned in the Show Kevin Spacey (http://www.bbc.com/news/entertainment-arts-41829484)
House of Cards (http://www.imdb.com/title/tt1856010/)
Harvey Weinstein (https://en.m.wikipedia.org/wiki/Harvey_Weinstein)
Jeopardy (https://www.jeopardy.com)
Jim Collins author of Good to Great (http://www.jimcollins.com/article_topics/articles/good-to-great.html)
Mr. Potter from It’s a Wonderful Life (https://en.m.wikipedia.org/wiki/Mr._Potter)
Scrooge (https://en.m.wikipedia.org/wiki/Ebenezer_Scrooge)
Holy War St. Ignatius vs. St. Ed’s (http://www.cleveland.com/hssports/blog/index.ssf/2017/10/st_ignatius_reclaims_no_1_spot.html)
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In This Episode Owning a small business can be difficult enough without government laws and regulations getting in the way. One of the things we help our business coaching clients focus on is Marketing. It typically starts with a discussion about who is your ideal Target. Who are you trying to go after as a customer?
I recently became aware of a story that happened several years ago about a baker in Colorado who was being accused of violating the state’s anti-discrimination laws because he refused to bake a cake for a same sex couple’s wedding reception. The owner of the bakery, Jack Phillips, said he doesn’t make cakes for events that don’t fit with his religious views of the world and includes things like witches, Halloween, and sexually suggestive images.
So instead of simply moving on to the next bakery, this couple made a post on Facebook, which was picked up by the local news media and has lead to a 5-year legal battle that will be making it’s way to the United States Supreme Court this fall.
So this got us to thinking, why don’t you as a business owner have the right to be particular about who you sell your products or services to? Who should be protected and who shouldn’t? Can’t I discriminate against Ohio State fans since I’m a University of Michigan graduate? Tune in to today’s show to hear our take!
People, Companies and Resources We Mentioned in the Show * St. Ignatius vs. St. Ed’s football Holy War * Jack Phillips owner of Masterpiece Cakeshop< * The Daily Signal * Federal Antidiscrimination Laws Colorado * No shirt, no shoes, no service * Fast Times at Ridgemont High
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In This Episode We’ve had a pretty interesting day with clients who have had a variety of situations we know aren’t unique to them. I got a call on the way to the show today of a client lamenting a long-term employee who stormed out in tears after a run-in with one of the principals of the business. How do you bring that person back into the business?
Another client is dealing with a very unreasonable client who is refusing to pay their latest invoice and making accusations and questioning our client’s integrity. How do you respond when you’re blood is boiling and all you want to do is defend yourself and your team?
What about clients dragging out payments who are hiding behind their awaiting payment from their customers or an insurance settlement? Why should that negatively impact your cash flow?
There are lots of questions and we have lots of answers that we address in today’s show!
People, Companies and Resources We Mentioned in the Show Saturday Night Live – Donald Trump, Hilary Clinton
Dumb and Dumber
War of the Roses
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While Political Correctness probably came from a good place and was well intentioned, but it has become a cancer to our society. And that negative impact has been felt when it comes to business too.
When everyone is so busy being offended, how can you have a real discussion and debate about anything? How can people learn and make progress if they aren’t able to hash out their ideas and differences? As an owner, how do you get the real scoop on how people are doing and feeling about how things are going if they are bound by the shackles of Political Correctness?
If as an owner or employee you have to watch every word you say for fear of offending someone or being accused of being mean, chances are you’ll opt for not saying something that should be said. And then things are likely to fester from what was a very small issue into a much bigger issue.
How can you properly correct or coach someone in your organization if their skin is so thin that it can’t handle anything perceived to be close to criticism? You can only soften things so far before the message gets lost. What’s a business owner to do? We share some ideas in today’s show on How To Eradicate Political Correctness.
People, Companies and Resources We Mentioned in the Show * Detroit Firefighter fired for brining watermelon to work (http://www.snopes.com/detroit-firefighter-watermelon-fired/) * Jerry Jones saying he’ll bench any players not standing for National Anthem and quoted NFL game operations manual policy
Photo by Thomas’ Pics
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Everyone knows someone (or many someones) who have started a company. But very few actually understand what it takes to start a company. In today’s show we tackle several of the myths that are out there about starting a company and how to do it in a practical way.
Do you need a big pile of cash? Or a business plan? Lots of employees? What’s it really take to start? We advise our clients and those looking to start a company to keep it simple. You will want the basics of a business plan that are rooted in the 7 Keys to Success, but don’t go crazy with 30 or 40 pages of stuff. Put that time and energy into getting the business off the ground.
One of the biggest keys is getting your product or service out there for people to try it out. Can you give it away at first? If not, you need to continue to tweak it. If you can give it away, work on getting your first paying customers.
Don’t make the mistake early on of making the business support your needs in terms of taking a “paycheck”, but instead keep as much cash in the business as you can so it can be reinvested to improve your business. If it’s good, it will eventually support all your financial needs and then some!
People, Companies and Resources We Mentioned in the Show * MVP 3 Circles * MVP 7 Keys to Success * Business valuation firm Spardata * Department of Forgings in the Commerce Department of the Federal Government.
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In This Episode The recent controversy around the question of “to kneel or not to kneel” got us to thinking about how business owners lead in times of controversy. Jack and I spent some time talking about how a couple of different folks were leading in the NFL “kneeling” controversy: President Trump vs. NFL Commissioner/Owners/Coaches. Needless to say, there are lots of examples of poor leadership on display when it came to this topic.
It’s never simple, but starts with questions about who are the constituents you’re trying to serve, what are your responsibilities, your personal behavior style, and what do you hold as values of what are appropriate ways to act at work. Like any situation that causes controversy, there isn’t one simple answer.
In today’s politically correct society, it’s nearly impossible to step forward and truly express your opinion or feeling on an issue without fear of wrath from others. Most people don’t enjoy upsetting others or being the target of anger. How do you lead your company? Take a listen to today’s show to get some ideas and insights for how you can approach some future controversies in your business.
People, Companies and Resources We Mentioned in the Show National Football League
LeBron James
Dan Gilbert
Donald Trump
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In This Episode We were fortunate enough to have one of our former clients join us for today’s show, Lisa Holly who is the President & CEO of Berea Moving & Storage Co. She shared several of her stories, starting with how she and her brother took over ownership after the untimely death of her mother.
Early on it was a struggle as the business hadn’t been making money for years and was in some pretty significant debt, but Lisa didn’t want to let it go. So she pulled herself up by her bootstraps and got to work on the business with the help of MVP.
A couple of the biggest things Lisa learned from MVP included the fact that just about anything is negotiable, which comes in handy when you’re in debt with everyone from Uncle Sam to your landlord to your CPA. She also started to master forecasting her cash flow, which helped to bring lots of calmness and energy.
Lisa continues to work by the “MVP Bible” which is how she refers to MVP’s 7 Keys to Success and has a poster on the door in her office so it’s always in front of her. She’s had lots of ups and downs over the first decade of owning the business, but she now feels much more confident with how to deal with just about any situation that presents itself, much of that due to what she learned in her 4 years with MVP.
Hear stories about her nicknames for us (Peanut Butter & Jelly) as well as the degree she earned from the “School of Adam and Jack”.
People, Companies and Resources We Mentioned in the Show Lisa Holly and Berea Moving & Storage Co.
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In This Episode If you’ve been in business for a few years you’ve probably had someone tell you that you should work “on” your business instead of “in” it. Heck, you may have even uttered that very phrase yourself. What does it mean to work “on” your business. More importantly, how do you do it?
In this episode, Jack and I share our insights for some simple ways to work “on” your business. It starts with you getting out of the Product or Service of your business. If you’re busy day-to-day with fulfilling customer needs by delivering your Product or Service, you are working “in” the business.
Start by carving out 1 hour per week to work “on” your business where you won’t be disturbed. If that means getting out of the office or plant, then do it! Take that hour to work on some project that will help move your business forward. Maybe it’s pulling together a list of all the things you’re doing in the business so you can delegate some of those tasks out to someone else.
The key here is for you to spend some time “planning” your business vs. “reacting” to your business. Whenever you’re planning you are working “on” the business and whenever you’re reacting you’re working “in” the business.
People, Companies and Resources We Mentioned in the Show E-Myth Revisited by Michael Gerber is where the phrase of working “on” your business vs. “in” your business originated.
Join Us Next Time Join us next week when we will be joined by long-time Maximum Value Partners client, Lisa Holly who is the President & CEO of Berea Moving & Storage (http://bereamoving.com). Lisa has a very inspiring story that will make you laugh and cry, you won’t want to miss it!
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On this week’s show, Dirty Secrets of Small Business, Jack Mencini and Adam Sonnhalter, founders and co-owners of their own small business, Maximum Value Partners (MVP) address a how question that an avid listener, Jason in New York, emailed them with: How do I know if its is time to leave my day job?
According to Adam, Jason was in a really good situation to even start thinking about leaving his day job to start his own business. “When I talked to Jason, I found out that he was 30-years-old, planning to get married, no debt, had a good steady job and was moonlighting in a business he hoped to start himself, one day,” said Adam. “He also already had his own equipment and a truck.”
“The other part of his background, which he felt was a negative, was the he did not graduate from college.
“I told him that college was over-rated and our experience shows that of those people starting a business, one-third have some college education, one-third have graduated from college and one-third never went to college and went on to start a successful small business.”
Another curious statistic the small business coaches shared is that it is very easy to get a loan for college, but extremely difficult to get one to start a new business… “Which is bureaucratic and ridiculous,“ said Jack.
Many individuals just like Jason, are nervous to take the leap to start their own business because they think about failure and ultimately “living under a bridge in a cardboard box.”
If you have been successful “working for the man” or rather, working for a corporation and then start your own business and it doesn’t work out, there is no reason not to believe that you couldn’t go back to doing a job. Sometimes you have to get out of your own way to go on your own. Just do it!
For more tips and insights on starting your own business and the option of acquiring an established business to make it your own with little or no money down, listen to the August 30 episode of Dirty Secrets of Small Business. Jack and Adam also cover the concept of how to engage with people/other business owners to research the business you want to start plus how to go about taking the leap to get your business up and running.
For more insights contact Jack and Adam directly at radio@maximumvp.com or 877-849-0670.
Plan to listen each week on Wednesdays at 7:30 pm (EST) on WINT Radio 1330 and the new 101.5 FM, the coaches invite listeners to be a part of the show and feel free to call in (440-946-9468) or tweet your question to @MaximumVP or @JackmMVP or @AdamSonnhalter. Listeners can ask questions about their businesses and be part of the show.
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When you start a business, perhaps the very last thing on your mind is when it will be time to sell your business. To Jack Mencini and Adam Sonnhalter, hosts and business coaches who are small business owners themselves with Maximum Value Partners www.maximumvp.com and the hosts of Dirty Secrets of Small Business, there seems to come the “a ha moment” in every business owners’ life after many years of running the business when for a variety of reasons it just feels right to move on. Sometimes this epiphany comes with clarity and to others, it is filled with doubt even though their gut is telling them now is the time.
Jack and Adam know a thing or two about small business and when it is time for someone to consider taking the necessary steps to sell. They have run about two-dozen small businesses themselves. Over the last 15 years, they have coached hundreds of owners using their formula: The 7 Keys to Success https://maximumvp.com/7-keys-to-success/
Each week on Wednesdays at 7:30 pm (EST) on WINT Radio 1330 and the new 101.5 FM, the coaches invite listeners to be a part of the show and feel free to call in (440-946-9468). Listeners can ask questions about their businesses or even debate the examples Jack and Adam share on the trials and tribulations of their clients and the dirty secrets of small business.
On this week’s episode of Dirty Secrets of Small Business, the business coaches give an overview of How Do I Know It’s Time To Sell My Business? The podcast is available on iTunes or https://maximumvp.com/dirty-secrets-small-business-radio-show-podcast/
Jack and Adam share thoughts on the reasons why business owners make the decision to sell their businesses. It could be:
- Health reasons… I don’t have the energy anymore or it could be a more serious health issue
- The realization that my kids don’t want to take over the business or that they do and they want me out
- The Fed UP Syndrome… It has been a grind for 24/7 for too many years, which I was enjoying and it’s not fun anymore
Along with the topic of how to go about exiting from the business and either selling it to an outsider, selling it to the competition (Yes, this is a viable solution) or transitioning it to your son, daughter or another family member, there is the conundrum of really having the owner exit and break away. Too many times, Jack and Adam have coached and consulted with the owner on selling the business only to find out that on the very first day when Junior took over, they find dad is stilling in his old office.
The business coaches give advice that when you have a plan to get out of the business, the plan also has to include that you physically get out of the business too! This doesn’t mean that if you are a male business owner you become a one of the ROMEOs (retired old men eating out) that we see early in the morning at every breakfast place with donuts or bagels causing loud conversation with a half-dozen older gents arguing over insane and insignificant topics. Have a plan to keep your body and your mind in gear and productive by volunteering in your community or even consulting at workshops for small businesses or getting into a new business.
If you are thinking of selling your business or transitioning it to a family member, give Jack and Adam a call (877-849-0670) and they will talk you through it because they know how to do it and neither one of them is remotely near to being a ROMEO!
For more info on small business challenges tune into past podcasts of Dirty Secrets of Small Business on iTunes or https://maximumvp.com/dirty-secrets-small-business-radio-show-podcast/
Do you have any How Questions of your own to email to Jack and Adam or any war stories on listening to a suit rather than working with an effective small business coach? Do it by sending your questions to radio@maximumvp.com or submit a question on their web site at https://maximumvp.com/how/
If you have a success story or a question you would like to share, email or contact Jack and Adam directly at radio@maximumvp.com or 877-849-0670.
Remember…You can also call in during the show each week when you are listening on Wednesdays at prime time 7:30pm (EST) on WINT 1330 AM and 101.5 FM. Dial 440-946-9468 to ask your question to the Maximum Value Partners’ coaches or tweet your question to @MaximumVP.
The post How Do I Know It’s Time To Sell My Company? appeared first on Maximum Value Partners.
In this day and age of constantly being in contact with everyone through smart phones and social media in both your personal life and business life, how can you ever achieve down time or what everyone is ruminating on: the need for work/life balance? In this week’s show on Dirty Secrets of Small Business, hosts and small business owners themselves, Jack Mencini and Adam Sonnhalter tackle not only the work/life how question, but also discuss the truth that many small business owners, who love their small business… don’t want to be disconnected from their work and don’t see the balance conundrum as an issue for them. It may be an issue for their significant others and their families…but not for the owner who has never found the switch to turn off thinking about his business and really doesn’t want to.
Adam gave the example of growing up in a family business where his dad ran a very successful advertising/public relations agency. “My dad was always available to take me to my sports practices and take part in family functions. What I didn’t realize until much later in life is that after my brother and I went to bed, my dad would probably be up until 2:00 am working on the business. His work/life balance didn’t suffer because he chose to utilize all of his time on his schedule (the things he chose to do) even if it meant burning the midnight oil.”
Jack also addresses the idea of what work/life balance means to the millennial workforce. “To millennials and small business owners their concentration is on tracking productivity and not the normal 40-hour work week or the 9-5 job,” said Jack. “If more people would target what needs to be done and the concept that it really doesn’t matter in what time frame the project gets done or if you are able to get it accomplished sooner, then you will have the flexibility to define your own work/life balance. This will result with no compromise for reaching success and productivity.
Listen to this week’s show of Dirty Secrets of Small Business, as co-hosts Jack Mencini and Adam Sonnhalter, who are also owners of Maximum Value Partners, www.maximumvp.com discuss the topic of sucky job syndrome.
For more insights contact Jack and Adam directly at radio@maximumvp.com or 877-849-0670.
Plan to listen each week on Wednesdays at 7:30 pm (EST) on WINT Radio 1330 and the new 101.5 FM, the coaches invite listeners to be a part of the show and feel free to call in (440-946-9468) or tweet your question to @MaximumVP. Listeners can ask questions about their businesses or even debate the examples Jack and Adam share on the trials and tribulations of their clients and the dirty secrets of small business.
The post How do I achieve a work/life balance? appeared first on Maximum Value Partners.
One of the allures of running your own small business might be that you don’t have to worry about all the formal structure that exists in bigger companies. Typically that starts with avoiding regular meetings at all costs. I mean, as a small business owner, you are typically seeing and talking with all of your key team members multiple times a day. Why muck it all up with a bunch of formal meetings?
In our 15 years of coaching owners of small companies, one of the top complaints we’ve heard revolves around communication. Either too little of it, too much, too confusing, etc. You might be surprised how a couple of simple, structured, and regular meetings can alleviate much of the communication complaining. The key is doing it right.
We are big fans of keeping things simple and easy. From a meeting standpoint, start with one meeting. We typically recommend starting with either a daily touch or a weekly update meeting. The daily meeting should be no more than 5-10 minutes and the weekly no more than an hour. It’s key to start with one so you can get your rhythm down and build momentum.
Next, follow these simple steps:
- Have a set day & time: if Monday at 10am works for everyone for the weekly update, make sure it gets into everybody’s calendar and stick to it and don’t allow other things to trump that meeting. Also, start on time and finish on time. Don’t let it drift!
- Create a set agenda: make the agenda items a handful of broad categories for what you’d like to discuss during the meeting and the specifics will change each time. And don’t let anything else be inserted into the meeting.
- Avoid problem solving: whether it be a daily touch or a weekly update meeting, the purpose is to make sure information is disseminated, not to solve problems. If you see people delving into problem solving mode, quickly bring them back up and ask them to problem solve offline.
- Don’t include bystanders: if someone is in the meeting, they should have something to present. Avoid the temptation of inviting everyone into the meeting. You want folks to be active participants so don’t waste someone’s time by requiring them to be at a meeting where they aren’t participating.
Listen to this week’s show of Dirty Secrets of Small Business, as co-hosts Jack Mencini and Adam Sonnhalter, who are also owners of Maximum Value Partners, www.maximumvp.com discuss the merits and the upside of running a successful meeting and what it means for your business.
For more insights contact Jack and Adam directly at radio@maximumvp.com or 877-849-0670.
Plan to listen each week on Wednesdays at 7:30 pm (EST) on WINT Radio 1330 and the new 101.5 FM, the coaches invite listeners to be a part of the show and feel free to call in (440-946-9468) or tweet your question to @MaximumVP. Listeners can ask questions about their businesses or even debate the examples Jack and Adam share on the trials and tribulations of their clients and the dirty secrets of small business.
The post How do I run a successful meeting? appeared first on Maximum Value Partners.
Probably some of the toughest situations to deal with in having your own business involve making changes to your team, especially when the person is your relative or possibly… your mother. Small business coaches Jack Mencini and Adam Sonnhalter, who are also co-hosts of Dirty Secrets of Small Business, discuss the very difficult situation of having to fire your mother in this week’s show.
We believe it’s never the desire of the children to disrespect mom and that mom really doesn’t want to get in the way, but often mom doesn’t quite know how to bow out gracefully. As a transitioning business owner, it’s tough to give up being in charge and it’s also hard to let your children make their own mistakes in the business. You have to fight that natural parental instinct to protect both your children and your business.
One of the best ways to take some emotion out of a situation like this is to ask the simple question of “what’s best for the organization?” You’d be amazed at how often the cloud lifts and the answer appears when you’re struggling with what to do in a tough situation. Now the challenge becomes making the decision to execute on that decision.
As you might imagine, this topic of “firing your mother” doesn’t come up in a situation where everyone is getting along and in agreement for what is best for the organization. So when’ it’s gotten to this point, here are a few options to consider to get the business unstuck from this very delicate situation:
- Pay your mother to stay away: this is as simple as it sounds where you literally continue to pay your mother whatever you were paying her when she was working in the business with the caveat that you don’t want her to come to work any more. If she steps foot back in the company then the payments will stop.
- Offer a buyout: one sure way to rid the company of your mother is to buy her out which would then put you in full control. Putting together an offer to buy her out might just do the trick.
- Prepare for your own exit: if you can’t get your mom to agree to either of the above, then you might have to threaten to leave the business yourself. This option only works if you are integral to the business AND you are actually willing to leave. Don’t go down this path unless you are truly ready to walk out.
- Take her to court: this brings back images of Judge Wapner from People’s Court, but if you can’t negotiate another option, the last one would involve getting the lawyers involved and using the legal system to your advantage and make your case to an impartial 3rd party (just like Wapner!).
Another topic that is covered in this week’s Dirty Secrets of Small Business is How do I know if I am an entrepreneur? Tune in to this week’s podcast to see if you measure up as an entrepreneur.
Listen each week on Wednesdays at 7:30 pm (EST) on WINT Radio 1330 and the new 101.5 FM, the coaches invite listeners to be a part of the show and feel free to call in (440-946-9468) or tweet your question to @MaximumVP. Listeners can ask questions about their businesses or even debate the examples Jack and Adam share on the trials and tribulations of their clients and the dirty secrets of small business.
If you have a success story or a how question you would like to share, submit a question on their web site at https://maximumvp.com/how/, send an email to radio@maximumvp.com or contact Jack and Adam directly at 877-849-0670.
The post How do you fire your mother? & How do I know if I am an entrepreneur? appeared first on Maximum Value Partners.
Many small business owners are not formally educated in how to run their businesses. Many learned by starting and then flying by the seat of their pants. Other successful small business owners will also commiserate of having earned their PhD at “The School of Hard Knocks.”
To Jack Mencini and Adam Sonnhalter, hosts and business coaches who are small business owners themselves with Maximum Value Partners www.maximumvp.com and the hosts of Dirty Secrets of Small Business, The School of Hard Knocks out ranks any ivy league school in their book. Turning to a resource like a small business coach, also helps with the challenging situations of running a productive, profitable and sustainable business.
Jack and Adam know a thing or two about small business having run about two-dozen small businesses themselves. Over the last 15 years, they have coached hundreds of owners using their formula: The 7 Keys to Success https://maximumvp.com/7-keys-to-success/
Each week on Wednesdays at 7:30 pm (EST) on WINT Radio 1330 and the new 101.5 FM, the coaches invite listeners to be a part of the show and feel free to call in (440-946-9468). Listeners can ask questions about their businesses or even debate the examples Jack and Adam share on the trials and tribulations of their clients and the dirty secrets of small business.
On this week’s episode of Dirty Secrets of Small Business, the business coaches give an overview of How Do I Fire My Relative? The podcast is available on iTunes or https://maximumvp.com/dirty-secrets-small-business-radio-show-podcast/
Jack and Adam share insights and stories on three relationship areas where small business owners often struggle with relieving relatives of their duties in the business:
- A spouse
- A parent or childor
- A sibling.
Firing a relative is vastly more complicated than firing an employee who is not related to you. This family member will still be in your family and not out of your life unlike a non-related employee. Jack and Adam recommend trying to find another role for this individual in the business that is now more suited to their abilities and work ethic. If all of those options have been exhausted, another solution could be for the relative you want out of the business is to help them find a more rewarding position with another company or even find a company for them to buy and become their own boss. If both of you can get comfortable with what that relative will be doing next it helps to ease the exit a bit.
As business coaches, Jack says that they bring a perspective to the situation of firing the individual or getting them to exit that is less emotional and more pragmatic in determining what is the best course of action for the business and for the health of the family relationships going forward. They help take much of the emotion out of the equation by focusing on what is best for the organization vs. any one particular individual.
If anyone in the listening audience would like to get more insight into how to develop a plan to part ways with that relative who is now doing more harm than good for your business, give Jack and Adam a call (877-849-0670) and they will talk you through it because they know how to do it.
For more info on small business challenges tune into past podcasts of Dirty Secrets of Small Business on iTunes or https://maximumvp.com/dirty-secrets-small-business-radio-show-podcast/
Do you have any How Questions of your own to email to Jack and Adam or any war stories on listening to a suit rather than working with an effective small business coach? Do it by sending your questions to radio@maximumvp.com or submit a question on their web site at https://maximumvp.com/how/
If you have a success story or a question you would like to share, email or contact Jack and Adam directly at radio@maximumvp.com or 877-849-0670.
Remember…You can also call in during the show each week when you are listening on Wednesdays at prime time 7:30pm (EST) on WINT 1330 AM and 101.5 FM. Dial 440-946-9468 to ask your question to the Maximum Value Partners’ coaches or tweet your question to @MaximumVP.
The post How do I fire my relative? appeared first on Maximum Value Partners.
Do you like to get the latest insights on small business and how government is affecting small business? Well, Dirty Secrets of Small Business is the show/podcast for you as business coaches, Jack Mencini and Adam Sonnhalter debate, ponder and discuss such issues as why do politicians say they are going to create jobs which led to this week’s topic: The Future of Work.
Jack and Adam are also very intuitive on all matters of small business because they know business in having owned their own small businesses and currently the founders/coaches for Maximum Value Partners, www.maximumvp.com, helping hundreds of clients over the last 15 years involved in small businesses.
Listen each week on Wednesdays at 7:30 pm (EST) on WINT Radio 1330 and the new 101.5 FM, the coaches invite listeners to be a part of the show and feel free to call in (440-946-9468). Listeners can ask questions about their businesses or even debate the examples Jack and Adam share on the trials and tribulations of their clients and the dirty secrets of small business.
On this week’s episode of Dirty Secrets of Small Business, the business coaches give their viewpoints on The Future of Work The podcast is available on iTunes or https://maximumvp.com/dirty-secrets-small-business-radio-show-podcast/
Jack shares his insights on the following:
- The future of being paid for your data
- The use of robots and technology taking over jobs
- Government doesn’t have a clue on creating jobs
- Constant consumption of technology is changing business
Adam gives the insight that there are 25 million small businesses in the United States. These businesses on Main Street USA are all over the nation! These include small hometown bakeries, pizza shops, florists and diners. These are small businesses that if each one hired one more person, it could change the course of employment in America.
Many of these businesses are flourishing and some are being challenged. The key to success is productivity, profitability and sustainability, which Jack and Adam say are the foundation to building and having a business grow. These concepts are ingrained in their 7 Keys to Success https://maximumvp.com/7-keys-to-success/
In addition to talking about the future of work, Jack and Adam dig into the whole concept of retirement and how that belongs with their list of words they wanted to purge from our vernacular like the word BUDGETS rather than PROFITS for your business. To get more insight on the business coaches list of words to get rid of for small business success tune into this week’s show and past podcasts of Dirty Secrets of Small Business on iTunes or https://maximumvp.com/dirty-secrets-small-business-radio-show-podcast/
Do you have any How Questions of your own to email to Jack and Adam or any war stories on listening to a suit rather than working with an effective small business coach? Do it by sending your questions to radio@maximumvp.com or submit a question on their web site at https://maximumvp.com/how/
If you have a success story or a question you would like to share, email or contact Jack and Adam directly at radio@maximumvp.com or 877-849-0670.
Remember…You can also call in during the show each week when you are listening on Wednesdays at prime time 7:30pm (EST) on WINT 1330 AM and 101.5 FM. Dial 440-946-9468 to ask your question to the Maximum Value Partners’ coaches or tweet your question to @MaximumVP.
The post The Future of Work? appeared first on Maximum Value Partners.
Small business owners now have advocates on a radio/podcast called Dirty Secrets of Small Business with Jack Mencini and Adam Sonnhalter, hosts and business coaches who are small business owners themselves with Maximum Value Partners www.maximumvp.com
Each week on Wednesdays at 7:30 pm (EST) on WINT Radio 1330 and the new 101.5 FM, the coaches invite listeners to be a part of the show and feel free to call in (440-946-9468) to ask questions about their businesses or even debate the examples Jack and Adam share on the trials and tribulations of their clients and the dirty secrets of small business.
On the July 12 episode of Dirty Secrets of Small Business the business coaches give an overview of How do I do a deal? The podcast is available on iTunes or https://maximumvp.com/dirty-secrets-small-business-radio-show-podcast/
Recently, Adam was in a huge book store scanning the shelves in the section of ‘Small Business’ titles and was flabbergasted to see a book titled: How to Buy a Small Business from the publishers of HBR. For those of you not familiar with “HBR” it stands for Harvard Business Review.
“I thought to myself,” said Adam, “You’ve got to be kidding me. The goliath of all big business academia is Harvard and they are publishing a book trying to be relevant to small business?
“The suits and tie types who wrote this book give a summary that is full of BS when it comes to advising a potential small business owner. If their goal was to scare someone away from potentially buying a small business by telling them they need somewhere between $500,000 and $1 million for a transaction then I’m sure they’ll accomplish their goal. If there’s one thing I’ve learned in my 15 years of advising small businesses compared to my decade as an investment banker advising larger companies is that the deal market for smaller companies is a little more messy and much less structured. Something the suits and ties don’t quite understand..”
“We’ve helped dozens of people buy small companies and I’ve bought and sold five companies personally,” said Jack. “We understand what it takes to get a deal done in the small business world.”
Jack and Adam share a few war stories for deals where they helped an employee buy the business where he worked from the owner as well as a story of a client buying a competitor. “What you won’t find in the HBR guide is the real reasons behind why people do deals, and it usually has very little to do with maximizing the selling price,” said Adam. They also shared a story about a deal gone wrong that wound up on the auction block within 18 months.
If anyone in our listening audience would like to buy a little company, give Jack and Adam a call (877-849-0670) and they will talk you through it because they know how to do it.
For more info on small business challenges tune into past podcasts of Dirty Secrets of Small Business on iTunes or https://maximumvp.com/dirty-secrets-small-business-radio-show-podcast/
Do you have any How Questions of your own to email to Jack and Adam or any war stories on listening to a suit rather than working with an effective small business coach? Do it by sending your questions to radio@maximumvp.com or submit a question on their web site at https://maximumvp.com/how/
If you have a success story or a question you would like to share, email or contact Jack and Adam directly at radio@maximumvp.com or 877-849-0670.
Remember…You can also call in during the show each week when you are listening on Wednesdays at prime time 7:30pm (EST) on WINT 1330 AM and 101.5 FM. Dial 440-946-9468 to ask your question to the Maximum Value Partners’ coaches or tweet your question to @MaximumVP.
The post How Do I Do a Deal? appeared first on Maximum Value Partners.
Big corporations really know how to make profits. Business owners for small business know how to make sustainable profits after mastering Maximum Value Partners 7 Keys to Success https://maximumvp.com/7-keys-to-success/.
On this week’s Dirty Secrets of Small Business hosts, Jack Mencini and Adam Sonnhalter share stories and insights of small business owners who are their clients every week on their radio show/podcasts. The stories come from the clients they have helped from their coaching business, Maximum Value Partners. (MVP) www.maximumvp.com
In this week’s July 5 episode of Dirty Secrets of Small Business aired at 7:30pm (EST) on WINT Radio 1330 AM and 101.5 FM, the business coaches give an overview of What are the 7 Keys to Success? The podcast is available on iTunes or https://maximumvp.com/dirty-secrets-small-business-radio-show-podcast/
Adam starts the discussion talking about the founder of 1-800-Got-Junk who had a VISION, which is the first key in the 7 Keys. This owner realized that five or six years into his business, that 9 out of 11 people he had working for him did not really line up with his vision for the business. He did the hard task of firing the 9 people and went from having five trucks in his business to just one truck. By doing this and re-evaluating the team he needed and the vision he required for his team to engage in, it was in a very short time that the business began to flourish.
The second key is the PROFIT PLAN or How do I make money on purpose? Concentrate on making a profit plan rather than obsessing over a budget. Isn’t it more fun to be making money rather than always worrying about money going out of the business? It is also important to make sure you have the right people in the right jobs who are just as committed as you with a “can do” attitude that is in line with your philosophy for the profit plan.
The third key is the MARKETING PLAN- How do I know we are doing the right things to drive sales? Take a look at who your best customers are—the ones who pay on time and the ones who are helping you be profitable. Figure out how to target the same type of client again and again either through referrals and/or marketing tactics to get your business known with the target audience you want to turn into long-standing clients.
The fourth key is ORGANIZATION- How do I keep track of who is doing what? As a business owner, you need to have the right positions for your business with the right people in those seats. Nothing can derail your business faster if you have the wrong people not helping you move your profit plan along. Too many owners skimp on paying for good recruiters to find those people who will help make profits. Getting a person on the cheap who causes you to lose money is a recipe for failure. Invest in your business and your employees and this will help build your profit plan.
The fifth key is LEADERSHIP- How do I continue to develop as a leader? Leadership starts with you, as the owner. You’re THE MAN or THE WOMAN who will need to Plan, Direct and Control the business and all the details to make it profitable, sustainable and successful. Jack and Adam have advised thousands of small business owners to take command of their leadership position and also impart skillful delegation to their team so they can continue to concentrate on growing the business.
The sixth key is CASH FLOW FORECAST – How do I make sure we don’t run out of cash? Jack advises that every small business owner start with a 90-day cash flow report that turns out to be simple and fun with keeping a keen eye on positive cash flow every day for 90 days. For more info on how to make this happen, give Jack a call at 877-849-0670.
The seventh key is PRESENTING- How do I talk about my business so that everyone can understand? This often overlooked 7th Key brings it all together where instead of talking all about your products or services, you can finally talk business. You will be able to focus on the other six keys now that you have answers for them. This presenting can be anything from looking to bring on a new employee or going to the bank for financing and everything in between. An owner who can truly present the business is hard to resist!
For more info on small business challenges tune into past podcasts of Dirty Secrets of Small Business on iTunes or https://maximumvp.com/dirty-secrets-small-business-radio-show-podcast/ or call Jack or Adam for help with your small business challenges at 877-849-0670.
Do you have any How Questions of your own to email to Jack and Adam? Do it by sending your questions to radio@maximumvp.com or submit a question on their web site at https://maximumvp.com/how/
If you have a success story or a question you would like to share, email or contact Jack and Adam directly at radio@maximumvp.com or 877-849-0670.
You can also call in during the show each week when you are listening on Wednesdays at prime time 7:30pm (EST) on WINT 1330 AM and 101.5 FM. Or call 440-946-9468 to ask your question to the Maximum Value Partners’ coaches or tweet your question to @MaximumVP.
The post How Do You Get Better in your Small Business? appeared first on Maximum Value Partners.
Dirty Secrets of Small Business hosts, Jack Mencini and Adam Sonnhalter share stories and insights of small business owners every week on their radio show/podcasts. The stories come from the clients they have helped from their coaching business, Maximum Value Partners. (MVP) www.maximumvp.com
Jack and Adam have personally owned and operated over 20 companies themselves and have helped hundreds of their MVP clients to become profitable, sustainable and successful in handling all the thorny issues of running a small business. They base their coaching on using the 7 Keys to Success https://maximumvp.com/7-keys-to-success/and cover many of the keys each week during their spirited discussions.
In this week’s June 28 episode of Dirty Secrets of Small Business aired at 7:30pm (EST) on WINT Radio 1330 AM and 101.5 FM, the business coaches give a good back and forth on the how question of How do you define good customer service? The podcast is available on iTunes or https://maximumvp.com/dirty-secrets-small-business-radio-show-podcast/
Adam shared real-life incidents of good and bad customer service that he experienced over Father’s Day weekend.
“Eight of us went to a Saturday night Father’s Day celebration at a BBQ restaurant known for their variety of ribs,” said Adam. “The first challenge began when our young waitress said we couldn’t mix the variety of ribs on our individual orders and ‘oh by the way, we are out of baby back ribs.’
“We put in our orders and 20 minutes later she came back to say that they were out of some of the beverages we selected. We gave her different options and finally after a very long wait, 7 dinners came to our table. Unfortunately, mine was not one of them. After waiting another 20 minutes, my rib dinner finally was set before me and looked like they had experienced a charred inferno.
“When the waitress came to clear the plates, she asked if everything was OK and I calmly said that the ribs were over done and she explained the cook had taken a break and she would take it off our check.
“The manager never came over to apologize or offer any condolences with a free dessert, etc. Not what I would call good customer service and we will never go back.”
Adam experienced a much different scenario the next day when he and his family went for a Father’s Day lunch where they had to wait an extremely long time for their meals. The waitress apologized numerous times and when the meals arrived, she checked to see that everything was perfect. When the check came, she said that the manager would be taking care of all the meals and we owed nothing because they wanted to make sure we knew that this was a mistake on their part and wanted us to return.
Jack shared that good customer service comes from points of honesty, empathy and ownership when things go wrong. If you, as a small business owner, are not the recipient of your vendors’ good customer service where they are honest when problems arise and are able to empathize and quickly take ownership of the problem, then maybe it’s time to make a change and find a new vendor. The same points need to be focused on for your own business and how your customer service is professionally working for your clients. You may need a tune up and Jack and Adam can help you see where the issues are in your team to change and become a stellar provider of goods, services and excellent customer service.
For more info on small business challenges tune into past podcasts of Dirty Secrets of Small Business on iTunes or https://maximumvp.com/dirty-secrets-small-business-radio-show-podcast/ or call Jack or Adam for help with your small business challenges at 877-849-0670.
Do you have any How Questions of your own to email to Jack and Adam? Do it by sending your questions to radio@maximumvp.com or submit a question on their web site at https://maximumvp.com/how/
If you have a success story or a question you would like to share, email or contact Jack and Adam directly at radio@maximumvp.com or 877-849-0670.
You can also call in during the show each week when you are listening on Wednesdays at prime time 7:30pm (EST) on WINT 1330 AM and 101.5 FM. Or call 440-946-9468 to ask your question to the Maximum Value Partners’ coaches or tweet your question to @MaximumVP.
The post How do you define good customer service? appeared first on Maximum Value Partners.
As a small business owner, you probably have a team of advisors that include a CPA, insurance agent, lawyer, banker and perhaps a marketing guru. Some of these advisors are a necessity in the United States economic environment where regulatory laws demand that you run your small business legally and adhere to compliance regulations (e.g. pay taxes).
Jack Mencini and Adam Sonnhalter, coaches to small business owners, and as owners themselves with Maximum Value Partners, www.maximumvp.com, tackle this somewhat perplexing How Question this week on: How do I know if I have good advisors?
In this week’s June 21 episode of Dirty Secrets of Small Business aired at 7:30pm (EST) on WINT Radio 1330 AM and 101.5 FM, the business coaches get fired up on how to determine if you have good advisors or are just putting up with them because you have to. The podcast is available on iTunes or https://maximumvp.com/dirty-secrets-small-business-radio-show-podcast/
Jack states his opinion that many advisors, especially lawyers have what he has defined as a “misallocated arrogance.” It’s almost like they are doing you a huge favor by even answering your phone call or taking the time 5 days later to return your call. Adam also has a short fuse for any advisor who can’t return a client’s call within 24 hours. “In this day and age of cell phones, texting, etc., why is it that some advisors ignore their clients for days on end. There is really no excuse for this lack of responsiveness,” said Adam.
In trying to determine if you have good advisors for your small business, consider these five areas to rate them:
- How responsive and available are your advisors? Do they get back to you quickly or at least in 24 hours?
- Do they look out for your best interest?
Adam shared the story of one client who went to his banker asking for an additional business loan. You won’t believe what this banker did for our client who wasn’t a customer of his! Get the full story on the podcast.
- Are your advisors honest with you?
Most business owners are surrounded by too many “yes people” who never tell the owner the way things really are for fear of upsetting the person who signs their check. This “yes person” disease can often infect advisors as well. If your advisors haven’t upset you recently, chances are they might not be the right advisors for you.
- Does your advisor present you with solutions or problems?
As a business owner, chances are you have enough people in your world who present you with problems. Advisors shouldn’t be one of those people.
- Do they really listen to you?
When’s the last time one of your advisors presented a solution that didn’t involve their services or a financial benefit to them?
If you find yourself not giving a very high rating to your advisors after going through these five points, maybe it’s time to give Jack and Adam a call. They are well connected to many of the advisors you need who will have your best interest at heart. From coaching small business owners for over 15 years and having had dozens of their own businesses and advisors, the Maximum Value Partners are in tune with introducing you to advisors who will really be your partners on your journey of continued sustainable profits and success. In many instances, Jack and Adam become your most trusted advisors in being there for you 24/7 with sound advice and great solutions to all your How Questions.
For more info on small business challenges tune into past podcasts of Dirty Secrets of Small Business on iTunes or https://maximumvp.com/dirty-secrets-small-business-radio-show-podcast/ or call Jack or Adam for help with your small business challenges at 877-849-0670.
Do you have any How Questions of your own to email to Jack and Adam? Do it by sending your questions to radio@maximumvp.com or submit a question on their web site at https://maximumvp.com/how/
If you have a success story or a question you would like to share, email or contact Jack and Adam directly at radio@maximumvp.com or 877-849-0670.
You can also call in during the show each week when you are listening on Wednesdays at prime time 7:30pm (EST) on WINT 1330 AM and 101.5 FM. Or call 440-946-9468 to ask your question to the Maximum Value Partners’ coaches or tweet your question to @MaximumVP.
The post How do I know if I have good advisors? appeared first on Maximum Value Partners.
It’s a challenge for any business owner when you have an employee who isn’t quite doing the job that they should or it just seems like this individual just doesn’t seem to fit into performing and meeting the responsibilities of the position. There is a huge added level of challenge in what needs to be done to come up with a solution when the person who doesn’t fit anymore is a family member who has been working in your business.
Jack Mencini and Adam Sonnhalter, coaches to small business owners, and as owners themselves with Maximum Value Partners, www.maximumvp.com, tackle this How Question: How do you deal with a family member who doesn’t quite fit into your business? In this week’s June 14 episode of Dirty Secrets of Small Business aired at 7:30pm (EST) on WINT Radio 1330 AM and 101.5 FM. The podcast is available on iTunes or https://maximumvp.com/dirty-secrets-small-business-radio-show-podcast/
The show and their business are aimed at an audience who either owns a small business or someone who is thinking of starting their own small business. Jack and Adam help these entrepreneurs on a path to fun and success. They define success as growing sustainable profits.
In discussing this week’s dilemma of a family member who doesn’t quite fit in, Adam offers 2 things not to do and 3 things to do to deal with the situation. First what not to do:
- Keep things as is or in a “status quo” position. This is often referred to as imitating an ostrich with your head in the sand and pretending that the situation isn’t that bad or somehow will miraculously fix itself.
- Let someone else decide for you. As we jokingly tell all of our business owner clients, that is why you get paid the big bucks! To have difficult discussions like this. Don‘t pawn them off on someone else, especially when you‘re the one who can fix this problem..
The 3 things you can do would be to center on removing the person from the work environment (without having to fire them).
- Pay them to stay home and not come to work. As silly as this might sound, it is a proven strategy we have seen work for all kinds of family situations. The business owner has to view this as addition by subtraction and doing what is best for the company. In these situations, there is little doubt that the individual needing to leave has significantly affected the culture and productivity of his/her co-workers. As the owner, are you willing to see your talented employees, who are helping the business be successful, start to leave because they can no longer deal with the relative who is bringing everyone down?
- Make the relative quit. This is a strategic move on the owner’s part to do this in such a way that the decision comes from the relative and does not look punitive. Remember, you may still be passing the turkey platter to this person over Thanksgiving. One way to make this happen is bring someone else in to manage that relative so they no longer report to you.
- Find somewhere else for the person to work by using your professional network or through one of your contacts. This is probably the best of all possible options if this family member has marketable skills in other areas, but just didn’t work out for your business. It becomes a win-win situation for everyone and helps maintain both a professional relationship and family cohesiveness where no one feels like the victim.
Jack and Adam also discuss the topic of how they will always strongly caution new businesses on wanting to bring on family members to fill the positions. It has been their experience that more often than not, working with spouses, siblings, cousins, children, aunts and/or uncles, etc., in a professional setting causes tremendous stress for the family unit. Knowing how to hire good talent is one of the many areas that these business coaches can help small business owners make the right decision to avoid having to fire employees when they realize that person was not a good fit…thus avoiding having to deal with the current how question!
For more info on small business challenges tune into past podcasts of Dirty Secrets of Small Business on iTunes or https://maximumvp.com/dirty-secrets-small-business-radio-show-podcast/ or call Jack or Adam for help with your small business challenges at 877-849-0670.
Do you have any How Questions of your own to email to Jack and Adam? Do it by sending your questions to radio@maximumvp.com or submit a question on their web site at https://maximumvp.com/how/
If you have a success story or a question you would like to share, email or contact Jack and Adam directly at radio@maximumvp.com or 877-849-0670.
You can also call in during the show each week when you are listening on Wednesdays at prime time 7:30pm (EST) on WINT 1330 AM and 101.5 FM. Or call 440-946-9468 to ask your question to the Maximum Value Partners’ coaches or tweet your question to @MaximumVP.
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Jack Mencini and Adam Sonnhalter would like to rid the business world of the word: Budget. The budget mind set creates a vision of Jack Nicholson in a straightjacket when he starred in the movie, One Flew Over the Cuckoos Nest. Just like Jack Nicholson’s straightjacket, these small business coaches for Maximum Value Partners (www.maximumvp.com) feel that a budget binds you and is an old, dusty accounting term that has so many negative connotations. They like the word: PROFIT Plan. Isn’t profit so much more exciting to think about than spending (or not spending) money?
In this week’s episode of Dirty Secrets of Small Business at 7:30pm (EST) on WINT Radio 1330 AM and 101.5 FM every Wednesday, the cohosts of the show, Jack and Adam tackle this How Question How do I get rid of a budget mind set?
As an example, Adam tells the story about one of their clients, “Bill,” who before owning his own business worked at a government agency. Bill was really excited one day when he went to his boss with the great news that he found a way to save his department $70,000 dollars in their budget. Bill had outlined his research and due diligence for how to go about saving the $70K and had all the info in a file folder he handed to his boss. Rather than being overjoyed with this news, his boss pushed the folder away and told him that he should find a way to not only spend the $70K in savings he found, but find an additional $100,000 to spend, otherwise they would lose the money for the next budget. Bill couldn’t believe his ears, but he did as he was told and it wasn’t too long after that when he decided the politics of dealing with budgets was not for him and went on to launch his own business to concentrate on a Profit Plan.
Having a profit mindset means that you don’t spend yourself out of business. Profit means looking for ways to make more money. Profit makes everything go to keep the lights on, meet payroll, keep inventory, create sustainability for the company and support the community.
Jack gives the overview that you have to have a plan to make money on purpose. If you start doing things differently with no plan in place, the small business owner won’t know what to do. Pulling together the first draft of your Profit Plan begins with answering 2 questions:
- What do I want my company’s sales to be for the coming year?
- How much do I want in profit/net income/the bottom line?
If you start with putting these two stakes in the ground, you can then go about the business of filling in the details in between which consists of all your expenses. Our business coaching clients are often amazed at how quickly they can pull together their first Profit Plan. They almost get giddy when they present it to us. Dedicate your plan to figuring out how your company is going to make money on purpose not solely on how to squeeze your expenses even lower which is the budget mindset. Your Profit Plan can be very exciting in having an “Abundance Mindset” rather than being straightjacketed by the “B” word.
Jack and Adam also discuss the topic of how to bring on a new hire and having to add to the salary pool and additional payroll. Will this person, over time and in the future, be part of the profit structure in bringing in more sales, more business and more cash? Having a plan and a profit mindset will open up the opportunity to bring on the talent to have your business be profitable.
For more info on small business challenges tune into this week’s June 7 podcast on iTunes or https://maximumvp.com/dirty-secrets-small-business-radio-show-podcast/ or call Jack or Adam for help with your small business challenges at 877-849-0670.
Do you have any How Questions of your own to email to Jack and Adam? Do it by sending your questions to radio@maximumvp.com or submit a question on their web site at https://maximumvp.com/how/
If you have a success story or a question you would like to share, email or contact Jack and Adam directly at radio@maximumvp.com or 877-849-0670.
You can also call in during the show each week when you are listening on Wednesdays at prime time 7:30pm (EST) on WINT 1330 AM and 101.5 FM. Or call 440-946-9468 to ask your question to the Maximum Value Partners’ coaches or tweet your question to @MaximumVP.
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Are you living the dream of having your own business? Or are you thinking of taking the leap and starting your own business? You probably have a tremendous amount of How Questions: How do I get funding? How do I hire good employees? How do I get clients and keep clients? Jack Mencini and Adam Sonnhalter, the “Unstuckers” and the small business coaches from Maximum Value Partners (www.maximumvp.com) get owners unstuck from the state of HOW! (How questions are those questions that perplex small business owners day in and day out.)
In this week’s episode of Dirty Secrets of Small Business at 7:30pm (EST) on WINT Radio 1330 AM and 101.5 FM every Wednesday, the cohosts of the show, Jack and Adam tackle another How Question: How do I stay focused when my personal life is in a state of flux?
Back in the day when you probably had a job for a company who made the rules, told you what to do or gave your expectations of what they wanted you to do on your job, the 24-hour day was probably 8 hours at work, 8 hours relaxation or at home and perhaps, 8 hours of sleep. If you are a small business owner, the lines between these three segments are often blurred and you will find yourself thinking non-stop about business during your 16 hours of wakefulness, and you might even be having dreams or nightmares about your business when you are sleeping.
“Don’t feel guilty if you are thinking about your business or doing your business all the time,” said Jack. “Your family or friends are probably looking for the switch on your body to have you turn off always thinking or talking about the business. There isn’t the switch to turn off your thoughts and good business owners probably wouldn’t want to because that is what makes you successful.”
There are times throughout your life as a small business owner that you need to keep that focus sharp even if your personal life is having challenges. Adam offers some insights on how to get back on track:
- Take a day off to be with your kids or your significant other by going for a walk or hike or even just sitting down and catching up with them to see what has been going on in their world.
- Look around your office and have a morning, afternoon or even a whole day just to purge the old files or reorganize the piles of magazines and books that date back three years. You will be surprised on how good you will feel if you have made a clean sweep of all the stuff that has been piled on that office chair no one can sit on.
- Hit the gym or get on the bike and exercise until you build up a good sweat. You will be amazed how that will clear your head and even give you more energy to be focused.
- If the personal issue doesn’t seem to have a resolution from you just battling it in your head, reach out to a good friend or mentor and over coffee ask for their advice. Another viewpoint from someone you trust might help you see a solution you hadn’t even considered.
- Change your routine of taking the same route to your office. How many times have you ended up at work or even going back home and it was almost like you were on autopilot and in another zone unaware of how you got to your destination. If you take another route, you are training your brain to be more focused and be open to new answers.
- While you are taking that new route home, try listening to a podcast on a topic you are interested in or by someone motivational that you find interesting.
In addition to this How Question, Jack and Adam give insights into how to deal with a difficult person who seems to suck the oxygen out of the room the minute they enter with their negativity and the “in-your-face” attitude.
For more info on small business challenges tune into this week’s May 31 podcast on iTunes or https://maximumvp.com/dirty-secrets-small-business-radio-show-podcast/ or call Jack or Adam for help with your small business challenges at 877-849-0670.
Do you have any How Questions of your own to email to Jack and Adam? Do it by sending your questions to radio@maximumvp.com or submit a question on their web site at
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Jack Mencini and Adam Sonnhalter, the small business coaches from Maximum Value Partners (www.maximumvp.com) get owners unstuck from the state of HOW! (How questions are those questions that perplex small business owners day in and day out.) In this week’s episode of Dirty Secrets of Small Business at 7:30pm (EST) on WINT Radio 1330 AM and 101.5 FM every Wednesday, the cohosts discuss: How do you prompt the break of a long-term relationship? The break up could be with an employee, a customer/client or perhaps a vendor.
They define a long-term relationship as being 5-10 years and as a business owner, you have been through some stuff and had a chance to see how the other party performs. Having been through some stuff with the other party, it can be hard to break the relationship off, even though it is almost always the right thing to do.
“People don’t break off very easily,” said Adam. “In business coaching, every time we break from a customer… even if there is a good reason or bad reason… we tend to feel that there is a little dark cloud over the situation. And, it doesn’t’ feel good, especially in the moment.”
Over the years, they have found that when a bad situation or bad fit between the coaches and their clients surfaces, they know now to break it off right away. “There is always that feeling of discomfort or loss, but it is better to end it as soon as possible,” said Jack.
When it comes to something not working, it is better to cut it off sooner than later “When we had our first client break off, we were caught off guard because we weren’t ready to let them go. But, they were ready to flap their wings and fly on their own,” said Jack.
“They gained knowledge from us and put it to good use,” said Adam. “We took a break for a year and then they came back to us to have as a sounding board and help them look for answers to their ‘How Questions.’ Within a few years they wound up selling their business to a competitor for a nice profit!”
If you do make a break… it might not be forever… just for now. Good partnerships might need to take a rest and it is sad, but it could be that you had a good run. The lesson is that, the coaches did well for the client and they are both successful, but it is time to take a break for a while. This could be true of any of your vendors, customers, or employees as well. As much as many of us would like these relationships to be life-long, the reality is that very few wind up lasting more than a few years at best.
In addition to this topic, Jack and Adam give insights into how much to pay your employees, how to look at salary from an annual perspective or an hourly perspective. Also, how do you know if you have a problem with your employees and if they are trying to blackmail you into getting a higher salary? The business coaches also share a few dirty secrets on how to set selling prices during this episode.
For more info on small business challenges tune into this week’s May 24 podcast on iTunes or https://maximumvp.com/dirty-secrets-small-business-radio-show-podcast/ or call Jack or Adam for help with your small business challenges at 877-849-0670.
Do you have any How Questions of your own to email to Jack and Adam? Do it by sending your questions to radio@maximumvp.com or submit a question on their web site at https://maximumvp.com/how/
If you have a success story or a question you would like to share, email or contact Jack and Adam directly at radio@maximumvp.com or 877-849-0670.
You can also call in during the show each week when you are listening on Wednesdays at prime time 7:30pm (EST) on WINT 1330 AM and 101.5 FM. Or call 440-946-9468 to ask your question to the Maximum Value Partners’ coaches or tweet your question to @MaximumVP.
The post How do you prompt the break of a long-term business relationship? appeared first on Maximum Value Partners.
Jack Mencini and Adam Sonnhalter, the small business coaches from Maximum Value Partners (www.maximumvp.com), a.k.a “The UnStuckers”, address many how questions and get people unstuck from the state of HOW! In this week’s episode of Dirty Secrets of Small Business at 7:30pm (EST) on WINT Radio 1330 AM and 101.5 FM every Wednesday, the cohosts discuss how do you get the owner of a dysfunctional company to change?
When you start talking about dysfunction in the workplace or in the home, the word “normal” will usually pop up. What is “normal” for you can be very different for someone else from a different background or experience. What is “normal” will also change over time due to social norms and what the family or the business is experiencing.
Years ago the normal family unit was mom at home and dad being the breadwinner with daily dinners and all members of the family around the dinner table at 5:30pm. Back then…that was normal, but probably pretty unusual in today’s environment.
In looking at small business and addressing the question of what is normal, it is often difficult for the business owner to know what is normal since they typically only know their own business. It’s helpful to get the perspective of outsiders, especially ones who have seen a lot of different companies. This helps the business owner understand and admit that there is some dysfunction in the workplace. Initially, there will be some denial because the business owner sees what is going on in their business as normal.
A couple of examples of what dysfunction might look like include family members who are employees and don’t differentiate between work and personal. For instance, if they yell and scream at each other at family functions, you will usually hear them reacting in the same way in the work environment. This can be very disruptive to the other team members and even the outside vendors and customers. And it’s not normal! Too many times, this dysfunctional behavior is not viewed as a problem because the owner’s relationship is based on the family dynamic rather than the professional work dynamic.
In addition to this topic, Jack and Adam give insights into the value and ramifications of what the constant churn of people in a small business organization can do to the future of the business. Jack and Adam share a few dirty secrets on how to quickly tell if you are hiring a good employee and how to tell if a business is running smoothly within a few minutes.
For more info on small business challenges tune into this week’s May 17 podcast on iTunes or https://maximumvp.com/dirty-secrets-small-business-radio-show-podcast/ or call Jack or Adam for help with your small business challenges at 877-849-0670.
Do you have any How Questions of your own to email to Jack and Adam? Do it by sending your questions to radio@maximumvp.com or submit a question on their web site at https://maximumvp.com/how/
If you have a success story or a question you would like to share, email or contact Jack and Adam directly at radio@maximumvp.com or 877-849-0670.
You can also call in during the show each week when you are listening on Wednesdays at prime time 7:30pm (EST) on WINT 1330 AM and 101.5 FM. Or call 440-946-9468 to ask your question to the Maximum Value Partners’ coaches or tweet your question to @MaximumVP.
The post How do you get the owner of a dysfunctional company to change? appeared first on Maximum Value Partners.
Jack Mencini and Adam Sonnhalter, co-hosts of Dirty Secrets of Small Business, which airs live on Wednesdays at 7:30 pm (EST) on WINT 1330 AM and 101.5 FM, discuss the question: Why are the small guys, the small business owners, ignored?
Both men are also business partners and small business coaches with Maximum Value Partners (MVP) www.maximumvp.com who delve deep into the discussion of why this is the case that the small companies are often ignored for business loans and their impact on the community. Why aren’t they more celebrated, promoted, and appreciated like the bigger companies? These small companies have great stories to tell as well.
Why it is this the case? Jack starts the discussion by saying that many small business owners lack the insight and tools to be professional self-promoters and the ability to present and tell their business story in an appealing or sexy way to grab people’s attention.
Owners of small businesses don’t think bigger because they don’t know how to go about getting the financial backing for cash and capital to grow their businesses as those who are among the venture capitalist (VC) and the Wall Street types. A small business owner does not command that kind of attention to make the VC or Wall Street maven stand up and take notice. What is alarming is that the small business owner is not looking to borrow huge sums of money in the millions to make a go of it, but rather amounts that are in the lower spectrum being in the tens or hundreds of thousands of dollars.
There is a definite market for small business owners to stand up and be recognized and not ignored. Marcia Pledger columnist for Cleveland.com and The Plain Dealer had an ongoing column for ten years title: My Biggest Mistake and How I fixed it http://amzn.to/2pDNSq8
The book is an interesting compilation on small business stories. The chapters give an inside look of how the challenges within small business were addressed and solved. These stories resonate with people because folks can relate to them and get their hands around them pretty quickly. They are real stories that many of us have experienced ourselves. Most of us can relate to dealing with families issues (whether it be as part of a business or not). Almost none of us can relate to raising hundreds of millions of dollars from Venture Capitalists or selling our company for billions of dollars, yet those stories are the ones most often told.
Several recent television programs give some insight for how to tell the stories of small business in an interesting way: The Profit with Marcus Lemoni and the long-running Shark Tank with 5 VC individuals, who weekly skewer the small business individuals who are presenting. Yes, these companies aren’t being ignored, but many times they are not getting the backing they need to make a go of their small businesses. And for each of these stories being told, there are millions more!
Sometimes, these shows have a negative effect on people who might be thinking about starting a small business. Jack and Adam have the feeling that a potential small business owner will watch the Shark Tank and it scares people about going to ask for money. Why would anyone want to subject themselves to 5 individuals who seem like they are ready to be the firing squad?
In digging deeper about supporting small business, Jack feels that the system is rigged against small business. “The people who make decisions on dolling out the big bucks are usually made up of government bureaucrats, professors or college ivy league types who have never run a business themselves.
“People who are in power to doll out the dollars are usually looking at high tech start-ups. These high tech companies are not what you would consider Main Street USA.” Jack feels it is rigged by the VC who would not help the small business and the Main Street USA companies to get funding to grow and expand. For these small businesses, it is often times just too hard to try and get the smaller loans.
Jack states that many VCs make the decision to not give money to a small business because it is not fancy enough. The florist on Main Street USA…the VC sees nothing sexy about giving her money to improve her company. It is a sad truth that 25 million jobs can be created in small companies if there were to each get better and simply add one employee. But, a fancy professor or bureaucrat or Wall Street guy will not see it as sexy to give $50K to a florist to help her business expand.
Jack further explained another example of the system being rigged. One of MVP’s clients, who was not a fancy high tech company but a solid company, wanted to expand and go to a suburban community. In order for him to do business in this community, he had to pay the mayor off in an “under the table” deal because the mayor did not want that business in his community. If it had been a sexy IT company, the mayor would have been head over heels to do it. The small business owner did not go through with giving the pay off.
For more info on how not to be ignored as a small business and the topic of purpose versus profit, tune into this week’s May 10 podcast on iTunes or https://maximumvp.com/dirty-secrets-small-business-radio-show-podcast/ or call Jack or Adam for help with your small business challenges at 877-849-0670.
Do you have any How Questions of your own to email to Jack and Adam? Do it by sending your questions to radio@maximumvp.com or submit a question on their web site at https://maximumvp.com/how/
If you have a success story or a question you would like to share, email or contact Jack and Adam directly at radio@maximumvp.com or 877-849-0670.
You can also call in during the show each week when you are listening on Wednesdays at prime time 7:30 pm (EST) on WINT 1330 AM and 101.5 FM. Or call 440-946-9468 to ask your question to the Maximum Value Partners’ coaches or tweet your question to @MaximumVP.
The post Why are the small guys ignored? appeared first on Maximum Value Partners.
For their first show in the new prime time slot, Jack Mencini and Adam Sonnhalter, co-hosts of Dirty Secrets of Small Business, which airs live on Wednesdays at 7:30 pm (EST) on WITN 1330 AM and 101.5 FM, discuss the thorny topic of: How do you know when to fight? They are covering this subject as it relates to small business issues and taking a stand to fight for your position and also discussing being too afraid to stand up for yourself and your beliefs.
Adam started the discussion with the question: Will you fight at all costs?
If someone pushes you, are you one of those people who pushes right back and wants to fight because that was how you were brought up? Is it part of your nature to react in that way?
If you have been in business for a while, you will probably know if someone has that fight or flight mentality. Some business people will fight even if they are in the wrong …no matter what the consequences may be. Other people, even if they are in the right, won’t engage in controversy or start the fight. But, overall how do you know when it is right to fight?
Most humans don’t want to admit their mistakes. For many men in our current culture, a man will never stop to ask for directions or admit that he is wrong. Jack interjected that maybe a man just feels misunderstood. More often than not, the mentality is that it is often hard to admit a mistake and apologize.
How do you know when it is the right time to fight?
According to Jack, “When your gut says this is wrong and I have to do what is right. But, most business people capitulate to the attorneys and try to find a way to settle. Even though we know it is wrong, the small business owner will not fight and I think that is wrong. Your first instinct is the right instinct and to go ahead and fight if you are right! Fight for your right!”
For more info on when is the right time to fight and insights on the value of understanding your small business financial statements tune into this week’s May 3 podcast on iTunes or https://maximumvp.com/dirty-secrets-small-business-radio-show-podcast/ or call Jack or Adam for help with your small business challenges at 877-849-0670.
Do you have any How Questions of your own to email to Jack and Adam? Do it by sending your questions to radio@maximumvp.com or submit a question on their web site at https://maximumvp.com/how/
If you have a success story or a question you would like to share, email or contact Jack and Adam directly at radio@maximumvp.com or 877-849-0670.
You can also call in during the show each week when you are listening on Wednesdays at prime time 7:30 pm (EST) on WINT 1330 AM and 101.5 FM. Or call 440-946-9468 to ask your question to the Maximum Value Partners’ coaches or tweet your question to @MaximumVP.
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How questions come to small business owners daily. Jack Mencini and Adam Sonnhalter of Maximum Value Partners www.maximumvp.com and cohosts of Dirty Secrets of Small Business have been through thousands of them. They have been coaching together for over 15 years and one of the How Questions that they address today is – “How do I document how we do stuff here?”
To start the discussion, Jack interjects that one way to look at documenting your business process is to create a functional organizational chart to see who is doing what. The other key charts to develop are 4 flow charts to analyze your business cycles.
These are -The Revenue Cycle, The Purchasing Cycle, The Payroll Cycle and The Production Cycle.
For the Revenue Cycle, the phone rings or there are customer inquiries. Start by drawing little boxes with the titles: Orders Received. Look to describe how the orders are documented, the flow and description of the orders into the system and into the accounting system. The same can be said for Purchasing with the question to be asked: Is there an authorized request for that?
You will have the visuals with the boxes and the start of how the process starts and generates within your small business.
The Payroll Cycle includes your team on your payroll and the 1099 contractors or advisors and those people you want to hire. The fourth cycle is Production. All businesses produce products or services and this is typically the part of the business the owner knows and loves best. These cycles and what they represent will be the general big overview to document stuff and how effectively your small business is being run.
Where do you start?
One MVP client relies on SOPs (Standard Operating Procedures) to document all the steps with everything they do to fix the cars that come into the business, which is a car collision repair and reconstruction business. The damaged car is documented from the first time it rolls onto the lot to the final handing back of the keys to the owner to pay and drive away in the newly fixed car. This small business owner doesn’t rely on having all the details just in his head. He found a starting point to go over all the steps, document the processes and share the info with his team. This process also includes describing all the steps with deadly detail, all the complexities to systematize the entire process that even a new comer can come in and follow the check list!
For more info on peeling back the layers of the 4 cycles and documenting all the stuff within your small business tune into this week’s podcast on iTunes or https://maximumvp.com/dirty-secrets-small-business-radio-show-podcast/ or call Jack or Adam for help with your small business challenges at 877-849-0670.
Jack and Adam also announced that Dirty Secrets of Small Business is making the move to prime time! Starting on May 3, the show will air live on Wednesdays from 7:30 pm (EST) to 8:30 pm (EST) right after Tech Talk on WINT 1330 AM. The move to Wednesday evenings has the small business coaches, as part of the station’s must-listen-to lineup with other business shows scheduled to air in the evening time slots.
Do you have any How Questions of your own to email to Jack and Adam? Do it by sending your questions to radio@maximumvp.com or submit a question on their web site at https://maximumvp.com/how/
If you have a success story or a question you would like to share, email or call (radio@maximumvp.com or 877-849-0670). You can also call in during the show each week during April at noon (EST) – 1:00 pm on WINT 1330 AM, call 440-946-9468 to ask your question to the Maximum Value Partners’ coaches or tweet your question to @MaximumVP.
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Jack Mencini and Adam Sonnhalter of Maximum Value Partners www.maximumvp.com and cohosts of Dirty Secrets of Small Business discuss in this week’s broadcast how to deal with the good problem of having too much potential business. When this “issue” comes up for prospects or clients they know, the MVP coaches will ask the business owner, “How do you set your selling price?”
While most business owners will say they’d kill to have the problem of having too much business, in reality it “kills” them to have to turn away any business. This can be a real problem though for your business as not all customers are created equally. As a small business owner how do you go about setting your selling price? Do you base it on the prices set by your competition? This is probably the most popular answer we hear, but that is not the right answer if you want your business to thrive.
Copying the pricing structure from your competition is a slippery slope for a smaller company. How do you know that your competition is setting their selling price properly? How do you know they are making money at those prices? To simply be at the lowest price point is putting your company on a going out of business curve. Ultimately, that is not the way to do it.
Chances are you won’t have the information to properly evaluate your competition and how they run their business and their cost structure (e.g. their overhead, the equipment they use is it old, new or leased, etc.). All of these things within the competition’s business could be very different from the operations of your business and thus be a bad way to set your selling price. Changing the selling price to be in line with your competition or to try and beat them out of business could be a formula for disaster.
You need to start by looking at all the costs associated with your business to determine a selling price of your goods and/or services and not rely just on the price point that your competition is using. The major components are material, labor, and overhead (sometimes referred to as fixed costs). All three of these need to be factored in when setting your selling prices to help ensure the health and profitability of your business.
Even if you do have a good handle on your true costs, we have found another common mistake is people confusing markups with margins. They are related but have a very different impact on the profitability of your business. It’s important to use margins to set your selling price vs. markups which will erode away your anticipated profitability.
If your selling prices are in need of evaluation and you are mystified and even scared on how to do this, tune into this week’s podcast on iTunes or https://maximumvp.com/dirty-secrets-small-business-radio-show-podcast/ or call Jack or Adam for help with your small business challenges at 877-849-0670.
Jack and Adam also announced that Dirty Secrets of Small Business is making the move to prime time! Starting on May 3, the show will air live on Wednesdays from 7:30 pm (EST) to 8:30 pm (EST) right after Tech Talk on WINT 1330 AM. The move to Wednesday evenings has the small business coaches, as part of the station’s must-listen-to lineup with other business shows scheduled to air in the evening time slots.
Do you have any How Questions of your own to email to Jack and Adam? Do it by sending your questions to radio@maximumvp.com or submit a question on their web site at https://maximumvp.com/how/
If you have a success story or a question you would like to share, email or call (radio@maximumvp.com or 877-849-0670). You can also call in during the show each week during April at noon (EST) – 1:00 pm on WINT 1330 AM, call 440-946-9468 to ask your question to the Maximum Value Partners’ coaches or tweet your question to @MaximumVP.
Do you have any How Questions of your own to email to Jack and Adam? Do it by sending your questions to radio@maximumvp.com or submit a question on their web site at https://maximumvp.com/how/
If you have a success story or a question you would like to share, email or call (radio@maximumvp.com or 877-849-0670). You can also call in during the show each week during April at noon (EST) – 1:00 pm on WINT 1330 AM, call 440-946-9468 to ask your question to the Maximum Value Partners’ coaches or tweet your question to @MaximumVP.
The post How do you set your selling price? appeared first on Maximum Value Partners.
It’s no secret that Jack Mencini and Adam Sonnhalter hosts of Dirty Secrets of Small Business encounter many “how questions” when coaching their clients at Maximum Value Partners www.maximumvp.com. On this week’s show, they zero in on one key how question that plagues more small business owners than you can imagine: How do I use the numbers to run my business?
“Usually the discussion starts with us asking the small business owners about their balance sheet, “ said Jack. “We go on to drill a little deeper and ask the owners what is on the report and then have them explain the profit & loss statement. Many will give the answer that you take your sales and subtract your expenses and you come up with the profit number. Not bad, but that is just about all they can explain.”
Many small business owners just do not understand the numbers. Or even how to explain the profit & loss statement and the balance sheet. It’s not their fault. We typically find that no one has ever explained to the owner “why” these reports are important and how they can be so helpful and comforting when it comes to running and managing their business.
Our experience has been that the majority of business owners want to understand how to properly use their numbers to run the business. The biggest challenge is they are typically too embarrassed to ask for help or they have been programmed to respond, “well that’s why I have a CPA.” What a load of bull! This approach leads to lots of upset business owners when they don’t have cash to pay hefty tax bills from profits that aren’t in the bank come tax time. If you’re the business owner, you need to take ownership of your numbers, not delegate that to someone else.
Being able to talk about sales and invoices, accounts receivable, accounts payable, and payroll is a good start, but there is so much more to running by the numbers. Perhaps most important is the ability to forecast your business and create a Profit Plan that shows how your business will make money this year. Why wouldn’t you as the business owner want to understand how you are going to make money this year? If you don’t care, no one else will.
If your numbers are all over the place… it doesn’t have to be that way. To find out more about why it is so important to look at these numbers and have a good solid understanding of the figures within your business, tune in to this week’s podcast on iTunes or https://maximumvp.com/dirty-secrets-small-business-radio-show-podcast/
Jack and Adam also announced that Dirty Secrets of Small Business is making the move to prime time! Starting on May 3, the show will air live on Wednesdays from 7:30 pm (EST) to 8:30 pm (EST) right after Tech Talk on WINT 1330 AM. The move to Wednesday evenings has the small business coaches, as part of the station’s must-listen-to lineup with other business shows scheduled to air in the evening time slots.
Do you have any How Questions of your own to email to Jack and Adam? Do it by sending your questions to radio@maximumvp.com or submit a question on their web site at https://maximumvp.com/how/
If you have a success story or a question you would like to share, email or call (radio@maximumvp.com or 877-849-0670). You can also call in during the show each week during April at noon (EST) – 1:00 pm on WINT 1330 AM, call 440-946-9468 to ask your question to the Maximum Value Partners’ coaches or tweet your question to @MaximumVP.
The post How do I use the numbers to run my business? appeared first on Maximum Value Partners.
Jack Mencini and Adam Sonnhalter hosts of Dirty Secrets of Small Business welcomed Marcia Pledger, business/financial journalist as their guest on the April 3 show to discuss everything small business!
Marcia is a business reporter and columnist for The Plain Dealer and Cleveland.com. She has vast experience covering topics ranging from small business and technology to manufacturing. Her articles include sharing stories of “reinvention”- either online or in print. Marcia has delved into talking with business owners on such topics as: What drives a person or company to make a drastic change that led to success? Why reinvent the wheel or not to dwell on setbacks? How do you come back after your business has faced a downturn?
Marcia drew from her experiences of interviewing some 450 business owners over a 10-year period for her “My Biggest Mistake…and How I Fixed It” column in The Plain Dealer. She discussed these topics and many more with Jack and Adam, who have been small business coaches for over 15 years.
Jack and Adam shared many of their stories with Marcia by drawing on examples from coaching their clients at Maximum Value Partners (www.maximumvp.com).
Through the April 3 discussion with Marcia, the business coaches said that many of the experiences detailed in her book “My Biggest Mistake…and How I Fixed It: Lessons from the Entrepreneurial Front Lines,” are very similar to numerous challenges they have been coaching their clients on.
The high-energy conversation with the journalist and business coaches touched on planning, reinvention and having the right partner in business. They shared a common dilemma many family businesses have in how to fire a family member who needs to move on so that the business can succeed.
To hear more about the insights discussed on this April 3 broadcast with Marica Pledger, access this podcast and all the Dirty Secrets of Small Business podcasts on iTunes or at https://maximumvp.com/dirty-secrets-small-business-radio-show-podcast/
Do you have any How Questions of your own to email to Jack and Adam? Do it by sending your questions to radio@maximumvp.com or submit a question on their web site at https://maximumvp.com/how/
If you have a success story or a question you would like to share, email or call (radio@maximumvp.com or 877-849-0670). You can also call in during the show each week at noon (EST) – 1:00 pm on WINT 1330 AM, call 440-946-9468 to ask your question to the Maximum Value Partners’ coaches or tweet your question to @MaximumVP
The post Marcia Pledger Shares Small Business Secrets, Mistakes and Successes appeared first on Maximum Value Partners.
A really tough HOW Question for this week’s show with Jack Mencini and Adam Sonnhalter, who are both business partners and business coaches of Maximum Value Partners www.maximumvp.com is How do I know when to overhaul my business?
As cohosts of the weekly Dirty Secrets of Small Business radio shows and podcasts, they tackle many tough HOW Questions and this week’s one is no different in having them dig deep to offer insights on how small business owners can navigate the challenging obstacles of making their businesses successful.
When does having trouble with your business turn into a total overhaul or a even closing the doors for good? It is rare that the business the owner started day one is the same business years later. All businesses go through transition, change and evolution. These changes don’t always mean growth and don’t always mean devastation either. But, if you are at the point of continually losing money or not making much money at all, you have to ask yourself: Why am I doing this and why isn’t it any fun for me to run this business anymore?
As business coaches, Jack and Adam focus on the scary six-letter word: PROFIT, are you making any money? Too many business owners cannot answer this question. They will quickly say “yes” or “no” but when we ask them how they know they are or are not making a profit they usually respond by saying “there is money in the bank” or “we are paying taxes.” While those might be signs that your business is profitable, it may not in fact be the case.
One of the Dirty Secrets of Small Business we’ve learned over the years is that most small business owners don’t understand or use their financial statements. If you don’t use financials statements to guide you and don’t know where your cash flow is coming from, how can you really chart the course for success or even know that it is time to make some significant changes or perhaps close the business down and walk away?
MVP helps business owners recalibrate and overhaul their businesses by focusing on the 7 Keys to Success. Keep things simple, starting with know what your main role is as the owner, which can be boiled down to three words: Plan, Direct and Control.
To learn more about how to know if it is time to overhaul your business turn to the March 27 podcast and all the Dirty Secrets of Small Business podcasts on iTunes or at https://maximumvp.com/dirty-secrets-small-business-radio-show-podcast/
Do you have any How Questions of your own to email to Jack and Adam? Do it by sending your questions to radio@maximumvp.com or submit a question on their web site at https://maximumvp.com/how/.
If you have a success story or a question you would like to share, email or call (radio@maximumvp.com or 877-849-0670). You can also call in during the show each week at noon (EST) – 1:00 pm on WINT 1330 AM, call 440-946-9468 to ask your question to the Maximum Value Partners’ coaches.
The post When to Overhaul Your Business appeared first on Maximum Value Partners.
Jack Mencini and Adam Sonnhalter business partners and business coaches of Maximum Value Partners www.maximumvp.com and cohosts of the weekly Dirty Secrets of Small Business radio show and podcasts discuss the topic of how do you incorporate faith into your business life.
Adam referenced the 2016 movie Hacksaw Ridge where the main character enlisted to fight in World War II but did not want to carry a gun or kill anyone due to his strong religious beliefs. The movie brings out the concept of being true to your beliefs, your values and your virtues while also navigating the world around you.
In today’s business world, people are often suspicious of anyone who leads with announcing their religious orientation. According to Adam, it’s sometimes seen that you are like a TV evangelist. If you are leading with your religious announcement could it be that you are deflecting something else in your background or business? Or are you just being comfortable sharing your beliefs? The old adage is not to talk about politics or religion and you need to be politically correct to hide your feelings and your beliefs. Is that really the best way to interact in a business setting?
How do you incorporate faith in your business without losing business and how do you not take it personally if the reaction is not the positive response you wanted? Jack says you have to put things into perspective and learn how to digest the feedback. Sometimes you just might have to spit out the feedback and move on. If you are part of a small company you can rarely ignore it. The intent from the person giving the feedback is not usually meant to upset someone. It may be that the comment happened in a wave of emotion or was said in an incorrect way… “I really didn’t mean to say it that way.” It may be too late to try and rewind or correct it at that point.
Even if you don’t like how someone is saying something to you…focus on what they are saying rather than on how they deliver it to you. The seventh key of the 7 Keys to Success https://maximumvp.com/7-keys-to-success/ is about presenting, which is important in one-to-one communications between you the small business owner and your employee, vendor or client.
To learn more about being your true self in business and presenting effectively turn to the March 20 podcast and all the Dirty Secrets of Small Business podcasts on iTunes or at https://maximumvp.com/dirty-secrets-small-business-radio-show-podcast/
Do you have any How Questions of your own to email to Jack and Adam? Do it by sending your questions to radio@maximumvp.com or submit a question on their web site at https://maximumvp.com/how/.
If you have a success story or a question you would like to share, email or call (radio@maximumvp.com or 877-849-0670). You can also call in during the show each week at noon (EST) – 1:00 pm on WINT 1330 AM, call 440-946-9468 to ask your question to the Maximum Value Partners’ coaches.
The post Faith and Small Business appeared first on Maximum Value Partners.
Whether you are starting out with a new business or have had your own small business for several years, you can learn a great deal by tuning into Dirty Secrets of Small Business.
Jack Mencini and Adam Sonnhalter have been helping small businesses with all of the challenging how questions for over 15 years with their own business, (having owned and operated over 20 small companies) as coaches for Maximum Value Partners (MVP) www.maximumvp.com. Now with their weekly radio show, Dirty Secrets of Small Business, as cohosts, they tackle the issues small business owners face day in and day out. They get business owners unstuck from the state of how!
In this week’s show there are four segments!
Segment one is a common myth of small businesses- All business owners are independently wealthy! Jack and Adam debunk this myth that all owners are draining the bank account and rolling around in cash!
Segment two is the dirty secret of the week- Most family businesses are total mess! Family businesses have their own definition of normal and which staff member has what responsibility based on the relatives (who are also part of the staff) and their relationships.
Other non-family run businesses operate as a “meritocracy:” people doing well based on their own actions versus the family name driving their position in the business. Many people feel that if you are sleeping with the boss you will have an advantage. Well that is very true!
Segment three is the How Come this or that exists? – How come state governments are not taking care of roads, the city’s bridges, flooding waterways and all the disrepair by saying that there is no money? To Adam, it’s like someone saying; “I don’t have time for that.” It is blowing off the real issue and the work needed to find a solution.
Segment four is the small business success story that is chronicled from one of their MVP clients. This week, Adam talks about one of their clients who needed to have the company run smoothly and grow when they are away from the business to take a vacation. The goal is to not to have pending disasters become reality six months down the road just because of your time away earlier in the year.
To learn more about all of these segments and how to take time away from your business, turn to the March 13 podcast and all the Dirty Secrets of Small Business podcasts on iTunes or at https://maximumvp.com/dirty-secrets-small-business-radio-show-podcast/
Do you have any How Questions of your own to email to Jack and Adam? Do it by sending your questions to radio@maximumvp.com or submit a question on their web site at https://maximumvp.com/how/.
If you have a success story or a question you would like to share, email or call (radio@maximumvp.com or 877-849-0670). You can also call in during the show each week at noon (EST) – 1:00 pm on WINT 1330 AM, call 440-946-9468 to ask your question to the Maximum Value Partners’ coaches.
The post Most family businesses are total mess! appeared first on Maximum Value Partners.
How do I create a profit plan? How do I handle this contract? How do I make something happen? How do I make more money? There are endless “How Questions” every day with small business owners.
Jack Mencini and Adam Sonnhalter have been helping small businesses with all of the thorny how questions for over 15 years with their own business, as coaches for Maximum Value Partners www.maximumvp.com. Now with their weekly radio show, Dirty Secrets of Small Business, as cohosts, they tackle the how questions along with this week’s topic on How to Plan Your Business. They get business owners unstuck from the state of how!
Jack and Adam provide the clarity and insight for business owners who are always thinking about business to relax a little. Business owners need to plan and also get the fun back into their business by addressing the how questions. Sometimes it just takes getting away from the business and looking at things from a different perspective.
In many situations, business owners feel out of control because they are always thinking about the business and trying to handle everything. What they can control is how to react to tough situations and how to be a boss. There is really no school on how to be a boss. Often times, according to Adam, “you don’t know what you don’t know.” Sometimes it takes outside coaches to bring things into perspective and using MVP’s 7 Keys to Success https://maximumvp.com/7-keys-to-success/ to get the business on a track that can be managed for profitability.
In this week’s show, Jack and Adam cover the all too often problem that small businesses just don’t plan for the future or even for the next quarter. “We hear the excuse time and time again, that the business owner is too busy to set aside time to plan,” said Jack.
Adam advised that everyone in the listening audience turn their calendars two months ahead and pick two days to go offsite with the key people on their team to have a planning session. Take the time to go to a hotel and also pick a place that has a nice restaurant to be able to have a good session with your people and then a good dinner.
This is the time to get everyone on the same page and plan how the business can grow, handle challenges and keep current with new technologies and advancements in the marketplace.
To learn more about how to go about planning for your company and getting everyone on the same page, go to the March 6 podcast and all the Dirty Secrets of Small Business podcasts on iTunes or at https://maximumvp.com/dirty-secrets-small-business-radio-show-podcast/
Do you have any How Questions of your own to email to Jack and Adam? Do it by sending your questions to radio@maximumvp.com or submit a question on their website at https://maximumvp.com/how/.
If you have a success story or a question you would like to share, email or call (radio@maximumvp.com or 877-849-0670). You can also call in during the show each week at noon (EST) – 1:00 pm on WINT 1330 AM, call 440-946-9468 to ask your question to the Maximum Value Partners’ coaches.
The post How do you plan your business? appeared first on Maximum Value Partners.
Jack Mencini and Adam Sonnhalter cohosts of Dirty Secrets of Small Business and business coaches with Maximum Value Partners www.maximumvp.com discuss the details on how they advise their clients of how to go about buying a company. And, more importantly, buying a company the right way.
“So many people would like to buy a company and dream about it but they think it costs too much money,” said Adam. “It is amazing there are opportunities out there to buy a company. It often doesn’t mean writing a big check.”
Jack has purchased and turned around numerous companies and he knows a thing or two about the process to buy a company. But… How do you buy it right?
As you go through the process of looking for that company to buy, an important cleansing palate questions to ask yourself is: If someone just gave it to you, handed you this company; would you take it? Is this the company for you and your dreams?
“Well, no one is going to give you a company right out, but if you structure it correctly, you can get it for minimal money down. You need to turn over rocks and look for the deals. Most people don’t have realistic targets but once you do… it becomes fun,” said Jack.
There is a lot to really looking for that company and you need to buy it right. Both Jack and Adam strongly advise that you don’t put too much up front by tapping into every resource. Red flags should be going up if you are tapping every one of your resources and asking friends and family for money to buy this business.
It comes down to the philosophy of buying it right again. You need to focus not only on the price, but the terms you can negotiate. Terms could go over a period of time where the company is making profit. In this structure, you are able to meet the terms with very little stress on your part because you are using your skills and talents to make the business profitable.
It is also key to understand which is more important to the seller, price or terms? Do they need the money sooner or later. If they just want to step away from the day-to-day operations, they may be able to wait over time for the total payment of the company.
The first step is to have a non-binding letter of intent when you go into a conversation that you are serious about buying the company from the current business owner. This takes the company off the market and allows you, the interested party, to have the serious conversations and ask the questions from the current owner as part of your due diligence process. Don’t be afraid to ask the tough questions and engage people who own the companies.
To learn more about how to go about buying a company, finding companies to buy and more insights on small businesses access the February 27th podcast and all the Dirty Secrets of Small Business podcasts on iTunes or at https://maximumvp.com/dirty-secrets-small-business-radio-show-podcast/
Do you have any How Questions of your own to email to Jack and Adam? Do it by sending your questions to radio@maximumvp.com or submit a question on their web site at https://maximumvp.com/how/.
If you have a success story or a question you would like to share, email or call (radio@maximumvp.com or 877-849-0670). You can also call in during the show each week at noon (EST) – 1:00 pm on WINT 1330 AM, call 440-946-9468 to ask your question to the Maximum Value Partners’ coaches.
The post How do you go about buying a company the right way? appeared first on Maximum Value Partners.
The workforce for everyone is a completely different landscape than it was 20 or even 10 years ago due to technology and the behaviors/work ethic of the Millennials. Jack Mencini and Adam Sonnhalter, business coaches with Maximum Value Partners (MVP) www.maximumvp.com and cohosts of Dirty Secrets of Small Business discuss the nuances of how small businesses can work more effectively with this generation who make up a good portion of the 2017 workforce.
In this week’s show, they discuss the topic of How do I communicate with Millennials and how do I get these individuals to work effectively with everyone?
It is evident from the MVP coaches talking to their clients that Millennials and the challenges they represent are abundant in the workforce. “It is rare that when we talk to the owner of the company,” said Adam, “that they are talking about them (Millennials) in glowing terms. It’s more that the conversations are not that positive and often laced with frustration from the small business owner.”
This topic came to the forefront last week for Adam when attending a weekly Rotary meeting where Lisa Hutson, Director of the Small Business Development Center at Lorain County Community College gave a great talk about diverse generations in the workforce. Her presentation cited several interesting stats from the Center for Generational Kinetics including giving an overview that Millennials are 17-35 years old and born within the years from 1982 – 2000. They are also known as Generation Y. This group is very creative! The oldest Millennials are now 35 years old and are reaching the prime of their careers. Hutson mentioned that these Millennials are “adulting” later.
In their minds, they become adults at 30 vs. the more traditional definition of 18 or 21 years old. Millennials don’t seem to think it is a big deal to go to school and come back and live with mom and dad.
Jack and Adam discuss a common mis-perception that most people think that Millennials are tech savvy. The truth is that they are more technology dependent rather than tech savvy. They are always on their devices, but they don’t necessarily understand how the technology works.
How Millennials communicate is very different as well. In addition, this group in the work force is asking for more feedback than say Baby Boomers or Gen Xers born from 1965-1981. Millennials want more than the yearly performance review. They seek feedback and confirmation on a continuous basis… be it monthly and even weekly from their supervisors and colleagues.
Another huge factor with Millennials revolves around work schedules and expectations from their older bosses and colleagues. The objective should be with everyone in the workforce is productivity and not demanding that every employee be physically in the office in a routine that is 9-5 no matter what. The question should be asked: Can the work be accomplished effectively if the worker wants a flexible schedule and wants to work from home? Should it matter that they may be working through the middle of the night so that they can attend their kids’ volleyball game in the afternoon? If the work gets down and it is completed on time and in good order, who really cares if they were physically in the office?
To hear more about how to work effectively with Millennials and have them be accountable, access the February 20 podcast and all the Dirty Secrets of Small Business podcasts on iTunes or at https://maximumvp.com/dirty-secrets-small-business-radio-show-podcast/
Do you have any How Questions of your own to email to Jack and Adam? Do it by sending your questions to radio@maximumvp.com or submit a question on their web site at https://maximumvp.com/how/.
If you have a success story or a question you would like to share, email or call (radio@maximumvp.com or 877-849-0670). You can also call in during the show each week at noon (EST) – 1:00 pm on WINT 1330 AM, call 440-946-9468 to ask your question to the Maximum Value Partners’ coaches!
Access all the Dirty Secrets of Small Business podcasts on iTunes or at https://maximumvp.com/dirty-secrets-small-business-radio-show-podcast/
The post How do you get Millennials to work together? appeared first on Maximum Value Partners.
On this week’s Dirty Secrets of Small Business, Jack Mencini and Adam Sonnhalter, cohosts and also business owners of Maximum Value Partners, www.maximumvp.com discuss the topics: When was the last time you fired a client and how do you know when it is time to fire a client?
“We have dealt with countless situations with our MVP clients who have clients of their own who have become challenging and needed to be fired. It’s the old ‘addition by subtraction’ thing with these customers. Once the owner realizes how much stress these bad customers are putting on the them, their employees, and the overall organization, they realize they will be better off without them,” commented Adam.
When one of MVP’s prospective clients was recently explaining a situation about a bad customer, her body language and tear-filled eyes were clearly saying that this client was causing her stress and a great deal of anxiety. MVP told her to end the misery and “hand over what you have done and walk away.”
“At this point you have lost money on this business relationship with no end in site so why do you keep working with them?” She countered with the fact that the client had ‘deeper pockets’ than her and she didn’t want to be sued. She also didn’t want this client talking badly about her and her firm if things didn’t end well. When MVP countered with the fact that it’s good for the soul to fight some of these battles even if it means getting sued plus she would have a very strong case to present to any judge or mediator. As far as the “talking badly” thing, if this client is truly a bozo then folks who are worth anything wouldn’t put much credence in him talking bad about her or her firm. Adam explained that ‘the pain in the butt clients’ are pains in the butt for everyone.
This is when the real reason came out for why she hadn’t yet fired this client, she didn’t know how. She described the client as somewhat of a bully and unreasonably demanding. She teared up again as she described how intimidated she was and said it was a woman thing of dealing with a man in business who felt he could bully her. So we role played several scenarios for how to terminate this client and make it a positive outcome for her. By the end of that discussion, she wanted Adam to join her for the conversation with this client!
To hear more about how and when to fire a client and many more insights on running a small business, access the February 13 podcast and all the Dirty Secrets of Small Business podcasts on iTunes or at https://maximumvp.com/dirty-secrets-small-business-radio-show-podcast/
Do you have any How Questions of your own to email to Jack and Adam? Do it by sending your questions to radio@maximumvp.com or submit a question on their web site at https://maximumvp.com/how/.
If you have a success story or a question you would like to share, email or call (radio@maximumvp.com or 877-849-0670). You can also call in during the show each week at noon (EST) – 1:00 pm on WINT 1330 AM, call 440-946-9468 to ask your question to the Maximum Value Partners’ coaches! Access all the Dirty Secrets of Small Business podcasts on iTunes or at https://maximumvp.com/dirty-secrets-small-business-radio-show-podcast/
The post How do you fire a client and when is it the right time? appeared first on Maximum Value Partners.
The idea of needing to be passionate to be a small business owner is really a misguided thought process. Can anyone get passionate about cleaning grease or printing? In this week’s episode of Dirty Secrets of Small Business, Jack Mencini and Adam Sonnhalter, co-hosts, examine the concept and ultimate myth that you need to be passionate to be a small business owner!
As small business owners themselves for Maximum Value Partners www.maximumvp.com, Jack and Adam have coached hundreds of small business owners over the last 15 plus years and have heard countless times that passion is a key ingredient for success.
According to Jack, “That is pure bunk.” It is only true to the degree that you are passionate about profit and making money and having a successful organization. You really don’t need to be passionate about the widget or the machinery that gets rid of mold that your business is providing to have it be a success
If you have a hobby or interest that you are passionate about it could turn out to be a detriment to your business success. You spend more time on the activity around your passion than the 7 Keys to Success for your business. https://maximumvp.com/7-keys-to-success.
“We often hear, ‘I love doing this… (which could be an offshoot of a hobby). I just don’t ‘love dealing with the challenges of the business, which distracts from the product or the thing I am passionate about’,” said Adam
Jack refers to the book E-Myth Revisited http://amzn.to/2ejEhkZ that shares the story of the woman who loves to make pies and starts a business making and selling pies. She really, really loves to bake pies and this is her passion. But the book talks about all the things she gets involved in and all these other things that suck her time into running the business and away from her joy of baking pies. The passion she once had for her avocation or hobby is not bringing her happiness or is no longer the joyful passion it once was.
It is a crock that you need to be passionate to be a business owner. You need to focus on profit not necessarily being passionate about the product.
The business part of it gets in the way… and is the essence of the E-Myth Revisited book in describing all the stuff that gets in the way of what someone describes as their passion. If the small business owner can make the business succeed that is not passion… that is making the business work strategically to be profitable.
If you are too passionate about the product or service and not laser focused on all the tactics of the business, the organization will suffer. Being passionate about a hobby and then trying to turn it into a business soon becomes like a job and the joy goes out of it.
To hear more about this topic and the How Question of the week, access the February 6 podcast and all the Dirty Secrets of Small Business podcasts on iTunes or at https://maximumvp.com/dirty-secrets-small-business-radio-show-podcast/
Do you have any How Questions of your own to email to Jack and Adam? Do it by sending your questions to radio@maximumvp.com or submit a question on their web site at https://maximumvp.com/how/.
If you have a success story or a question you would like to share, email or call (radio@maximumvp.com or 877-849-0670). You can also call in during the show each week at noon (EST) – 1:00 pm on WINT 1330 AM, call 440-946-9468 to ask your question to the Maximum Value Partners’ coaches! Access all the Dirty Secrets of Small Business podcasts on iTunes or at https://maximumvp.com/dirty-secrets-small-business-radio-show-podcast/
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Most people aren’t sure how to go about buying a business. Because of this they will either start a business of their own, or if they already own their own business they will look to add one customer at a time or launch a new product or service and grow it from the ground up. We contend buying a business is the best way to either become a first-time business owner or to grow your existing business more quickly or diversify your current business. We have coached dozens of clients on how to buy a business right.
As small business owners themselves, Jack Mencini and Adam Sonnhalter have coached hundreds of small business owners by being co-partners of Maximum Value Partners www.maximummvp.com. They celebrate a 15+year collaboration with a tremendous amount of experience when it comes to offering insights on buying businesses and helping small business owners on their road to success.
In this week’s segment of Dirty Secrets of Small Business, as cohosts, they share with their listeners real Intel on how to go after buying a business in an way that is efficient and cost effective.
If you are looking to be a business owner for the first time, how about approaching the owner of the business you work for currently? Many small private companies have no succession plan in place and you’d be surprised how many owners would welcome this type of inquiry from a good employee. I know what you’re thinking, “I can’t afford to buy this business!” Oh yeah, how do you know? Most companies aren’t purchased with a pile of cash at the consummation of the deal. In fact, most small private companies use what’s known as “seller financing” where the seller acts like the bank in the deal allowing the new owner to pay for the purchase over time with the profits of the business.
Learning how to go about researching and finding that company to buy is a talent that Jack and Adam coach their clients on in every situation. Jack says that it is not difficult to buy a company and if you have enough business savvy to buy a competitor or diversify your business operations by purchasing another small business in a somewhat related area of your current business.
When you buy a company, you are adding more customers and super charging your growth through this acquisition. Buying an existing company with a portfolio of customers rather than beating the bushes to look for new clients is a great strategy to help you successfully grow your business if you follow the advice of Maximum Value Partners.
In their years of coaching small businesses, Jack and Adam have a stellar record of providing insight, direction and good counsel which includes helping business owners prepare for the day that they shake hands with a business owner whose company they are acquiring to add to the growth and profitability of their own company.
If you are itching to buy a business to start your first journey of owning a company or you are on the path to increase your profitability by acquiring a company, listen to the entire podcast of Dirty Secrets of Small Business and the January 30th podcast. Access all the Dirty Secrets of Small Business podcasts on iTunes or at https://maximumvp.com/dirty-secrets-small-business-radio-show-podcast/
Do you have any How Questions of your own to email to Jack and Adam? Do it by sending your questions to radio@maximumvp.com or submit a question on their website at https://maximumvp.com/how/.
If you have a success story or a question you would like to share, email or call (radio@maximumvp.com or 877-849-0670). You can also call in during the show each week at noon (EST) – 1:00 pm on WINT 1330 AM, call 440-946-9468 to ask your question to the Maximum Value Partners’ coaches!
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When you start your own business, you hardly ever fast forward ahead to ask yourself: How do I transition my business to the next generation? And when the time is right, probably about 20-30 years down the road, most small business owners don’t have a clue as to the right way to go about handing the keys to the castle over to the new leaders…possibly leaders that you are related to…your children, the next generation.
Jack Mencini and Adam Sonnhalter, coaches with Maximum Value Partners (MVP) www.maximumvp.com and cohosts of the revered weekly radio show/podcast: Dirty Secrets of Small Business have found that with over 15 years of coaching small businesses, many of their clients usually approach this transition in one of three ways.
“You would be amazed that some owners we know said that their adult children could follow them around for about six months during the work days to get the hang of things and be ready to take over,” said Jack. “Adam and I call this the Osmosis Approach in that the owner believes that this next generation will breathe in the air around them and miraculously know what to do. It is a little like the old legend of sleeping with your text books before the big final and hoping that the knowledge on the pages would miraculously find its way into your brain. Everyone knows this doesn’t work and yet, the Osmosis Approach is alive and well, even though most folks know it doesn’t work well, when it comes to the young ‘uns successfully taking over running the business.”
The other factor in dealing with transition is called the Death Factor. Unfortunately, many owners feel that if they avoid the transition of power long enough, nature will take its course and they will die. When this happens, it won’t be their problem of how well their children are capable of keeping the business going successfully. This is not really a conscious choice, but we’ve heard some folks use the phrase “if” when talking about their eventual death vs. using the phrase “when”.
Maximum Value Partners feels that the third option is really the only one if you want a successful transition of your and that is the Planned Approach Factor.
In their 15 plus years of coaching small businesses, Jack and Adam have a stellar record of providing insight, direction and good counsel in helping business owners plan for the day that they shake hands with the new leader, give a goodbye salute to their team and walk out the door knowing that the company is in good hands. They also know that from planning with MVP, they have taken the multitude of necessary steps, which include the 7 Keys to Success https://maximumvp.com/7-keys-to-success/ in preparing and working with the next generation over a period of time to share the knowledge and insights on all nuances of the business.
The answer to how to transition is knowing that planning, preparation and open communications with the new leaders to be and including the entire team at your business are critical to the profitability and success when the new leaders take over and the original owner is no longer on the scene.
For the entire overview on how to transition your business successfully to the next generation, including how to deal with situations where multiple children are involved, listen to the January 23rd podcast. Access all the Dirty Secrets of Small Business podcasts on iTunes or at https://maximumvp.com/dirty-secrets-small-business-radio-show-podcast/
Do you have any How Questions of your own to email to Jack and Adam? Do it by sending your questions to radio@maximumvp.com or submit a question on their website at https://maximumvp.com/how/.
If you have a success story or a question you would like to share, email or call (radio@maximumvp.com or 877-849-0670). You can also call in during the show each week at noon (EST) – 1:00 pm on WINT 1330 AM, call 440-946-9468 to ask your question to the Maximum Value Partners’ coaches!
The post How do I transition my business to the next generation? appeared first on Maximum Value Partners.
Jack Mencini and Adam Sonnhalter, coaches with Maximum Value Partners (MVP) www.maximumvp.com know that small business owners are faced with numerous questions and challenges day in and day out. With over 15 years of coaching business owners (and having owned many small businesses themselves), Jack and Adam have heard all the stories and questions that plague the hard working owner.
Nearly all of these dilemmas and questions start with HOW? Such as: How can I make more profit? How much can I charge for my products or services? Many of these HOW questions repeat throughout the course of a business and MVP has heard them all!
On Dirty Secrets of Small Business in this week’s program, the HOW question they tackle is “How do I know when it is time to split with my business partner?” Through this segment, the hosts, Jack and Adam dissect this question, which was emailed to them from a business owner in Willoughby, OH.
To really get to the core solution, the coaches discuss how the situation may differ and how to strategically handle it depending on if the business partners are husband and wife, brother and sister (or any sibling partnership), another family relative like a cousin or distant relative or even a very good friend. Each dynamic will play out a little differently because with family issues, you need to concentrate on the deeper relationships such as saving the marriage and then saving the business.
In this week’s discussion, Jack and Adam also give insight on how it may be daunting for the retiring owner to hand the leadership of the company over to the kids. It is not usually that tidy in the passing of the baton if you haven’t thought all the ramifications and land mines through before taking the leap and throwing the keys to the new young leaders.
Many times a good course of action takes years and not weeks to have a successful and less stressful transition from the person who has built his or her whole life around the business and then is seeing (perhaps) a different leadership style (which is not wildly accepted) from the kids. All of the trauma and stress can be minimized if you turn to coaches like Jack and Adam who have navigated these treacherous waters with numerous small business owners for great outcomes.
For the entire overview on how to know when it is time to split with your business partner, listen to the January 16th podcast. Access all the Dirty Secrets of Small Business podcasts on iTunes or at https://maximumvp.com/dirty-secrets-small-business-radio-show-podcast/
Do you have any How Questions of your own to email to Jack and Adam? Do it by sending your questions to radio@maximumvp.com or submit a question on their web site at https://maximumvp.com/how/. Many of the How Questions can also filter back into the 7 Keys to Success to help you deal with these questions https://maximumvp.com/7-keys-to-success/
If you have a success story or a question you would like to share, email or call (radio@maximumvp.com or 877-849-0670). You can also call in during the show each week at noon (EST) – 1:00 pm on WINT 1330 AM, call 440-946-9468 to ask your question to the Maximum Value Partners’ coaches!
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On Dirty Secrets of Small Business, business coaches and entrepreneurs Jack Mencini and Adam Sonnhalter of Maximum Value Partners (MVP) www.maximumvp.com tackle the challenging questions that many small business owners face. In this week’s segment, Jack and Adam first discuss a client dilemma with a personnel issue of one employee “having feelings” for another employee, who did not take kindly to the additional attention.
The business owner turned to Adam for advice to see if the next step should be to talk to a labor attorney. Adam and his MVP client did some brainstorming in dissecting the details of the situation and decided that a call should be made to the labor attorney.
“In these situations, it is good to have a coach to talk you through the “what ifs” of the situation,” said Adam. “For many small business owners, there is no one that they can brainstorm with on critical issues. Jack and I do a lot of discussions and role playing with our MVP clients.”
For a good number of MVP clients, role-playing gives the business owner a chance to practice their communications and become comfortable with the strategic paths they are taking. “The client develops confidence with the position they are taking and the outcomes are usually very successful,” said Jack.
In this week’s show, Jack and Adam also cover the How Question of: How do I make more money? They go over the details of sales, revenues, profits and planning.
For the entire overview on How to make more money?, listen to the January 9th podcast. Access all the Dirty Secrets of Small Business podcasts on iTunes or at https://maximumvp.com/dirty-secrets-small-business-radio-show-podcast/
Do you have any How Questions of your own to email to Jack and Adam? Do it by sending your questions to radio@maximumvp.com or submit a question on their web site at https://maximumvp.com/how/. Many of the How Questions can also filter back into the 7 Keys to Success to help you deal with these questions https://maximumvp.com/7-keys-to-success/
If you have a success story or a question you would like to share, email or call (radio@maximumvp.com or 877-849-0670). You can also call in during the show each week at noon (EST) – 1:00 pm on WINT 1330 AM, call 440-946-9468 to ask your question to the Maximum Value Partners’ coaches!
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We find most business owners struggle to balance all the things vying for their attention. Everything from employees to customers to vendors to family and friends who want the owner’s attention. As a result, the business owners often find themselves in firefighting mode. With all these variables tugging at them, many struggle with staying focused on the right things. Jack Mencini and Adam Sonnhalter co-hosts of Dirt Secrets of Small Business and business owners themselves with Maximum Value Partners (MVP) (www.maximumvp.com) just might have insights and answers to your questions on being focused.
As the business owner, you should be focused on your primary job, which can be summed up in three simple words: Plan, Direct, Control. Given that definition, your primary focus should be your plan. As the owner, you should feel comfortable asking anyone in your organization, “What’s the plan?” One of the dirty secrets of small business is that most owners don’t have a plan. Instead they are in a mode of reacting to the daily rhythm of the business. We focus all of our business coaching clients on pulling together a plan based on the 7 Keys to Success (https://maximumvp.com/7-keys-to-success/), starting with the Profit Plan. How are you going to make money in your business this year? What could be more important that having a plan for this? As the business owner, this should be your primary focus and the thing that drives your daily activity.
Jack also commented that one of the things some business owners wrestle with is the boredom that comes with overseeing a well-run company. This might sound a bit crazy to those who have never experienced this, but when things are going well and you have good people on board to run your business, things can get a bit boring. Especially compared to those “good old days” when you were in constant firefighting mode! Helping the team achieve the Profit Plan can be very energizing and provide tremendous focus for both you as the owner as well as your team.
For more insights on being focused and getting stuff done, listen to the entire podcast. Access the podcasts on iTunes or at https://maximumvp.com/dirty-secrets-small-business-radio-show-podcast/
Do you have any How Questions of your own to email to Jack and Adam? Do it by sending your questions to radio@maximumvp.com or submit a question on their web site at https://maximumvp.com/how/. Many of the How Questions can also filter back into the 7 Keys to Success to help you deal with these questions https://maximumvp.com/7-keys-to-success/
If you have a success story or a question you would like to share, email or call (radio@maximumvp.com or 877-849-0670). You can also call in during the show each week at noon (EST) – 1:00 pm on WINT 1330 AM, call 440-946-9468 to ask your question to the Maximum Value Partners’ coaches!
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It could be a dilemma for every tenured business owner in every industry. As an owner you look to hire talent that is young, energetic and committed to being a team member in building your business. Jack Mencini and Adam Sonnhalter co-hosts of Dirt Secrets of Small Business and business owners themselves with Maximum Value Partners (www.maximumvp.com) are often faced with this HOW question from their clients: How do I work with this new group of Millennials? They are bright, talented and eager but they come with a new attitude to the day-to-day routine of work. With this group, there comes change.
There are new ways to communicate between the baby boomers and the Millennials who would rather text or email than walk down the hall to have a face-to-face.
We encourage the business owner to take a look at their business and how technology has affected the workplace… your workplace. Maybe you really don’t need every single employee to be physically located in your headquarters. Don’t think that just because you can’t see your younger employee at your office doesn’t mean that he or she isn’t working. Research and analysis have shown that with many Millennials productivity and the volume of work accomplished is higher when done remotely.
According to an article on Forbes.com “Remote workers — overwhelmingly — feel they’re more productive: According to the survey, 91% of remote workers believe they “get more work done when working remotely,” compared to only 9% who feel they don’t. While it’s worth noting this is an employee self-assessment (as opposed to managers’ assessments), the large margin here does seem significant.”
http://www.forbes.com/sites/victorlipman/2016/05/02/are-remote-workers-happier-and-more-productive-new-survey-offers-answers/#41098fc3455c
In addition to the work location, millenniums want to be involved in the goal setting of the business.
A great way to have good communications with Millennials is to have open communications. Share with them the financials, the P&L statements, your vision, your balance sheet, inventory and vendor challenges. The more open you are with them, the more engaged they will be to be part of the sustainability, profitability and success of your business. It also helps to have a strategy that centers on the criteria of Plan, Direct and Control for effective leadership and collaboration with all of your team.
To get the inside scoop on how to be an effective business leader with Millennials, listen to the entire podcast. Access the podcasts on iTunes or at https://maximumvp.com/dirty-secrets-small-business-radio-show-podcast/
Do you have any How Questions of your own to email to Jack and Adam? Do it by sending your questions to radio@maximumvp.com or submit a question on their web site at https://maximumvp.com/how/. Many of the How Questions can also filter back into the 7 Keys to Success to help you deal with these questions https://maximumvp.com/7-keys-to-success/
If you have a success story or a question you would like to share, email or call (radio@maximumvp.com or 877-849-0670). You can also call in during the show each week at noon (EST) – 1:00 pm on WINT 1330 AM, call 440-946-9468 to ask your question to the Maximum Value Partners’ coaches!
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Jack Mencini and Adam Sonnhalter co-hosts of Dirt Secrets of Small Business and business owners themselves with Maximum Value Partners (MVP) (www.maximumvp.com) tackle the difficult HOW question this week of: How do I start my own business?
Jack was recently at a family event when one of his relatives, who is a licensed massotherapist shared with him that she was thinking of starting her own business and wanted insight on how to do this. She is currently working for someone else and is trying to get advice from many different sources including family members. (Spoiler alert – many family members may not have a clue on how to go about starting a business.) Talking to Jack was a good first step, but not a short conversation that could provide a solution while the chip dip is being passed.
A good first step, which Jack advised is to get a good definition of what her products and services will be. As simple as that sounds, most people don’t do this well, especially early on. This type of definition quickly leads into the types of people who would want that type of product or service, also known as the target market. Jack also suggested that she look at Maximum Value Partners 7 Keys to Success to get her on the mindset of what are the fundamentals to developing a good business which includes creating a good Marketing Plan https://maximumvp.com/7-keys-to-success/
Adam also offered a key insight to have Jenny ask herself, “Is my product or service good enough that I can give it away and people will want it?” The premise being that if you can’t even give it away, you might not have the right product or service to start a business.
Jack’s relative was also considering something that is another common mistake, going into business with a friend. In this case, the friend is also a massotherapist who doesn’t know anything about business. Partners can be good when they each bring different things to the partnership. What typically happens in a case like this is that they’ve now doubled the number of mouths they need to feed and will ultimately lead to stress on the business and the friendship. We encourage folks who are just starting out to focus hard on getting their first customers. If you can’t get people to pay for your product or service, it doesn’t make sense to take the plunge and get into that business.
For more insights on this HOW question of starting a business and additional insights on running a small business, listen to the entire podcast. Access the podcasts on iTunes or at https://maximumvp.com/dirty-secrets-small-business-radio-show-podcast/
Do you have any How Questions of your own to email to Jack and Adam? Do it by sending your questions to radio@maximumvp.com or submit a question on their web site at https://maximumvp.com/how/. Many of the How Questions can also filter back into the 7 Keys to Success to help you deal with these questions https://maximumvp.com/7-keys-to-success/
If you have a success story or a question you would like to share, email or call (radio@maximumvp.com or 877-849-0670). You can also call in during the show each week at noon (EST) – 1:00 pm on WINT 1330 AM, call 440-946-9468 to ask your question to the Maximum Value Partners’ coaches!
The post How do I start my own business? appeared first on Maximum Value Partners.
Every business owner has endless How Questions. The answers to these How Questions become the keys to success for small business owners trying to navigate their future and profitability. Maximum Value Partners (MVP) www.maximumvp.com focuses on getting business owners unstuck from this state of HOW by offering solutions to the puzzles wrapped around the HOW questions.
Jack Mencini and Adam Sonnhalter are the coaches of MVP and the hosts of the weekly podcast Dirty Secrets of Small Business. In this week’s show, they ponder the questions of: How do I handle all my emails and how do I know when I can negotiate?
In today’s world, few things can be as disruptive and intrusive as email. In fact, for many business owners emails have taken over their lives. It doesn’t have to be that way. Jack suggests that simply ignoring the emails until you are ready to address them is healthier for you and your business. Jack and Adam also offer the idea that you set up a schedule to respond to emails on a set timetable throughout the day (e.g. first thing in the morning and once in the afternoon/evening). The job of the small business owner isn’t to respond immediately to every email coming through. How can you get anything done if that is how you operate? Who is running the business at that point? Not you!
“If the email isn’t like a building burning down, you can answer it in 24 hours,” recommends Jack. “This will help you to focus on what is really important and not eat up your day trying to manage the ever exploding inbox.”
Another How Question discussed this week, was: How do I know when I can negotiate?
To get the inside scoop on how to be an effective negotiator and to listen to the entire podcast, access the podcasts on iTunes or at https://maximumvp.com/dirty-secrets-small-business-radio-show-podcast/
Do you have any How Questions of your own to email to Jack and Adam? Do it by sending your questions to radio@maximumvp.com or submit a question on their web site at https://maximumvp.com/how/. Many of the How Questions can also filter back into the 7 Keys to Success to help you deal with these questions https://maximumvp.com/7-keys-to-success/
If you have a success story or a question you would like to share, email or call (radio@maximumvp.com or 877-849-0670). You can also call in during the show each week at noon (EST) – 1:00 pm on WINT 1330 AM, call 440-946-9468 to ask your question to the Maximum Value Partners’ coaches!
The post How do I handle all my emails and negotiations? appeared first on Maximum Value Partners.
On the Dirty Secrets of Small Business radio show, co-hosts Jack Mencini and Adam Sonnhalter, who are also the coaches of their business, Maximum Value Partners (MVP) www.maximumvp.com decided to mix it up a bit and offer something a little different for this week’s show. Rather than the usual 4 segments that have been part of each one-hour broadcast, Jack and Adam are now concentrating on the state of How? Every business owner has the endless How Questions, which are integral to every small business owner trying to figure things out. MVP tries to get business owners unstuck from this mindset and provide the answers to these questions.
“How questions are the basis for everything that is on an owner’s mind,” said Jack. “How do I find the right people? How do I get more clients? How do I negotiate a deal when looking to buy a company? How do I fire my brother who is no longer an asset to our company?”
Do you have any How Questions of your own to email to Jack and Adam? Do it by sending your questions to radio@maximumvp.com or submit a question on their web site at https://maximumvp.com/how/. Many of the How Questions can also filter back into the 7 Keys to Success to help you deal with these questions. https://maximumvp.com/7-keys-to-success/
For today’s show/podcast, the topic started with the example from one of their MVP clients who asked How do I become more approachable?
The owner of this company was a pretty big guy physically and he could be imposing and loud when he talked. His wife asked MVP how he could be more approachable so his employees would feel more comfortable discussing work issues and opportunities with him. He cared about his employees, but recently, two employees were looking to leave almost back-to-back. The two employees had talked to his wife who was part of the business rather than go to him. The owner knew he had a challenge, but didn’t know how to solve it.
The employees did not feel comfortable going to him because of his imposing stature. The owner wanted to solve this problem (he was actually a teddy bear at heart) and asked Jack and Adam what he should do?
Some practical tips the MVP coaches gave him were: smile more often and be more self-deprecating. Make it a genuine smile though and practice it if you have to so that it is relaxed and natural. Show that you enjoy what you are doing. Being self-deprecating brings out the human side. Try using the phrase “I’m confused.” Stay humble.
Another How Question they cover in today’s show was How To Collect Money? Jack and Adam give tips and insights in how to get the invoices paid that are due to you!
For more information and to listen to the entire podcast, access the podcasts on iTunes or at https://maximumvp.com/dirty-secrets-small-business-radio-show-podcast/
If you have a success story or a question you would like to share, email or call (radio@maximumvp.com or 877-849-0670). You can also call into during the show each week at noon (EST) – 1:00 pm on WINT 1330 AM, call 440-946-9468 to ask your question to the Maximum Value Partners’ coaches!
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On the Dirty Secrets of Small Business radio show, co-hosts Jack Mencini and Adam Sonnhalter, who are also the coaches of their business, Maximum Value Partners (MVP) www.maximumvp.com are fresh from the recent Thanksgiving celebration. No, they aren’t talking turkey, but rather stuffing as it relates to all the stuff small business owners have to contend with.
In this week’s show, they debunk the common myth that centers on “I told them once, so they should get it.” Nearly every owner goes through this with his or her team of employees in being challenged on how to communicate effectively. Directions and insights that seem crystal clear to the owner can often take 2 or 3 or even dozens of times to explain so team members really get it. To the owner, it feels like you are babysitting at times or even dealing with a very young child. Keep in mind that communication is very difficult and what may be inherently clear in your mind might not be so clear when presented to your team. Your team members usually have different backgrounds and experience so it might be that you’re using words that you think are very clear but have a different meaning to your team. We see it all the time when discussing numbers and using terms like profit, which is totally clear to us, but most people don’t see what we see. If you get a lot of blank stares or think that your people have taken on the look of a deer in the headlights, maybe it’s time to examine how well you are communicating the back-story of what you need to be implemented.
A great thing to do is pause and have your team feed back to you what they just heard so that you can ensure you’re on the same page. If you aren’t on the same page, you’ll quickly be able to identify where the confusion exists.
In having owned 20 businesses of their own and advising hundreds of small businesses over the years, Jack and Adam know how critical communications can be for the success of the business and the motivation of the team. It is also a good idea to understand how each employee handles and engages in the work environment. MVP utilizes a DISC analysis which can shed light on personality and management styles that also includes the nuances of how people communicate and process orders/directions. For more information, visit
https://maximumvp.com/mvp-services/extended-disc-training/ and also give Jack and Adam a call to discuss. 877-849-0670
In this week’s Dirty Secret of the Week, the coaches discuss the secret that owners are always working. Many small business owners can relate to this because they are balancing all the work things with their personal lives. In reality, though, an owner’s brain never turns off and when they do shut things down by force that’s usually when things with the business don’t continue to go well. Jack and Adam’s advice is to accept that, yes, in some way you are always working. Knowing how to manage it and not have it totally consume you in your off time is the key to being a small business owner who can accept this responsibility and be there for the others in his or her life.
For more details on getting satisfaction from your business and hearing Jack’s HOW Question of the week, access the podcasts on iTunes or at https://maximumvp.com/dirty-secrets-small-business-radio-show-podcast/
If you have a success story or a question you would like to share, email or call (radio@maximumvp.com or 877-849-0670). You can also call into during the show each week at noon (EST) – 1:00 pm on WINT 1330 AM, call 440-946-9468 to ask your question to the Maximum Value Partners’ coaches!
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Jack Mencini and Adam co-hosts of Dirty Secrets of Small Business® podcasts are the true insiders to help small businesses with their challenges. This week’s dirty secret centers on the premise that “good partners are hard to find, but invaluable when you find one!”
Jack and Adam have over 15 years experience in coaching small businesses to success and sustainability with their business Maximum Value Partners (MVP).
In having owned 20 businesses of their own and advising hundreds of small businesses over the years, they understand the nuances and trying times that small business owners contend with. Jack and Adam also realize that it is good to have a partner who is different from you and brings a contrarian mindset to the table. If you hire all like-minded people and even have a duplication of yourself with your business partner, this leaves little room for creativity or exploring new ideas that someone who may think differently can offer to brainstorm.
It is also a good idea to be open and honest with your business partner regarding the good, the bad and the ugly or else it won’t work. Through honest communications with each other, you need to be on the same page for where you’d like the business to go and have the same shared values with your mission and vision. Not having to argue and increase stress with your business partner will bode well for the success and profitability of your business.
The MVP coaches also debunk the myth that your business will be profitable in the first six to twelve months when the new business is starting up. According to Adam, most people think of this in terms of them being able to take money out of the business. It’s the old job versus owner mentality. Running a business is not like being employed within an organization, working for someone else and having a job. Running a business needs to focus on growing and feeding the business first with investments of the owner’s savings and/or incurring debt to keep cash flowing into the business. Jack and Adam are saying that in some unusual cases, new businesses can be profitable early on, but in most cases, either the business owner or the spouse still has their job to keep things a float before jumping in 100% and not having another salary as a safety net.
For more details on getting satisfaction from your business and hearing Jack’s HOW Question of the week, access the podcasts on iTunes or at https://maximumvp.com/dirty-secrets-small-business-radio-show-podcast/
If you have a success story or a question you would like to share, email or call (radio@maximumvp.com or 877-849-0670). You can also call into during the show each week at noon (EST) – 1:00 pm on WINT 1330 AM, call 440-946-9468 to ask your question to the Maximum Value Partners’ coaches!
The post Good Partners Are Hard to Find, But Invaluable When You Find One! appeared first on Maximum Value Partners.
On the weekly show/podcast, Dirty Secrets of Small Business®, Jack Mencini and Adam Sonnhalter co-hosts uncover the secrets, which many of the United States 28 million small businesses face day in and day out. This week’s secret centers on the premise that “your banker really can help you if you know how to help him help you.” Jack and Adam have a tremendous amount of experience with small businesses in having owned over 20 small businesses themselves and coaching hundreds of others through their own firm, Maximum Value Partners www.maximumvp.com
According to Adam, some of the ways that you, as an owner, can help your banker build a better relationship with you is to focus on: regular communication (quarterly at minimum) to keep him or her informed of the growth, developments and even challenges your business is facing. In these discussions, it is really good to describe and emphasize the positive situations and the next steps you are building for profit and sustainability. It is also a good idea to have discussions with your banker on updates before you need the money so that the banker has the back-story of your goals and vision for the business. That’s right, go to your banker BEFORE you need the money.
Jack also interjected that it is critical that the business owner learn how to effectively present the numbers for the business. Also, with banks continuing to make changes to personnel and the way they make decisions in the processing of money for a small business, it is important for the owner to have an understanding of the bank’s current process. Often times, this insight can help an owner in asking for more money initially rather than having to go back numerous times if more funds are needed. It has been MVP’s experience in coaching owners, that if you present well, which is part of their 7 Keys to Success https://maximumvp.com/7-keys-to-success/, there is an opportunity to get a larger loan rather than you may have originally thought.
In this week’s myth, they debunk the idea that success is all about making money. If it was all about making money, you wouldn’t have nearly the number of small businesses in this country since many of those owners made or make less than if they worked for someone else. Money is certainly one measuring stick, but you need to find other variables. Some other measureables to guide you in determining the success of your business are all about loving what you do, doing things the right way, not compromising your principles and focusing on the quality of life which allows you to do more things in your family and community.
For more details on getting satisfaction from your business, small business challenges and being profitable, access the podcasts on iTunes or at https://maximumvp.com/dirty-secrets-small-business-radio-show-podcast/ to hear this November 14th broadcast and more of Maximum Value Partners’ clients success stories to hear great insights for your own business.
If you have a success story or a question you would like to share, email or call (radio@maximumvp.com or 877-849-0670). You can also call into during the show each week at noon (EST) – 1:00 pm on WINT 1330 AM, call 440-946-9468 to ask your question to the Maximum Value Partners’ coaches!
The post Your Banker Can Help You If You Help Him Help You appeared first on Maximum Value Partners.
Many small business owners are energetic, dynamic and share the philosophy that they are capable of doing it all for their business. Starting out, these new owners are doing the operations plan, hiring, dealing with vendors, filling the pipeline with new customers and ultimately being pushed and pulled in a thousand directions. It usually starts out this way with the boss doing everything.
Jack Mencini and Adam Sonnhalter of Maximum Value Partners (MVP) know that over time, it’s impossible for the small business owner to be an expert at all facets of the business. One of the most challenging parts of running your own business is that you are constantly faced with situations where it isn’t always obvious what you should do next and thinking that you can do everything yourself. Jack and Adam often use the visual of the overlapping of their 3 Circles model to explain what the owner is feeling: https://maximumvp.com/the-3-circles/
In this week’s dirty secret, Jack and Adam who are the hosts of the Dirty Secrets of Small Business show, uncover the fact that many small business owners feel that transferring the business to the kids is the best exit plan. Most business owners didn’t start their company with the idea in mind of getting out of it or doing an exit plan. Yet, many small business owners have dreamed about building something that they could one day turn over to their kids.
Unfortunately, it’s usually not that simple and often the wrong course of action for the health of your relationship with your kids and the health of your business. There are far better ways to go when you wish to exit the business. Give Jack and Adam a call at (877) 849-0670 or email them at radio@maximumvp.com to start the discussion and the exit plan.
In this week’s client success story, Adam shares the overview of how one company accelerated their growth by using several of MVP’s 7 Keys to Success https://maximumvp.com/7-keys-to-success/. The Presenting, Profit Plan and Organization points are the 3 of the 7 keys, which provide the groundwork for this client’s plan for accelerating their growth. It can work to accelerate your growth as well!
For more details on this success story, access the podcasts on iTunes or at https://maximumvp.com/dirty-secrets-small-business-radio-show-podcast/ ) to hear this November 7th broadcast and more of Maximum Value Partners’ clients success stories to get great insights for your own business.
If you have a success story or a question you would like to share, email or call (radio@maximumvp.com or 877-849-0670). You can also call into during the show each week at noon (EST) – 1:00 pm on WINT 1330 AM, call 440-946-9468 to ask your question to the Maximum Value Partners’ coaches!
The post You Can’t Do It All appeared first on Maximum Value Partners.
Many of us have heard about Dale Carnegie. He was one of the first quasi business coaches who wrote the book over 60 years ago: How to Wind Friends & Influence People. It is still relevant today and it comes down to making people feel respected and appreciated. Dale Carnegie along with Jack Mencini and Adam Sonnhalter of Maximum Value Partners are very like-minded in having similar ideas of how business owners should deal with their teams and what it takes to be a good leader.
In this week’s dirty secret, Jack and Adam who host of the Dirty Secrets of Small Business show, uncover the fact that as a small business owner, if you don’t like people, you shouldn’t be a business owner! Nearly every business owner spends the largest part of their time dealing with people “stuff.” If people aren’t your thing and Dale Carnegie’s philosophies never hit home with you, chances are you won’t have too much fun owning a business. As the owner, you will be involved not only in keeping operations, profits, inventory and customer relations running smoothly, but there will be the nuances of dealing with employee relationships between the teams and even personal issues if someone isn’t performing due to a family health crisis or their own lack of being motivated. The small business owner has to balance the professional demeanor with understanding and solutions when “stuff” gets into the day-to-day operations. You don’t have to be a Dr. Phil, but you need to manage all the people issues.
Another myth of small businesses is that you need to guard your ideas so someone doesn’t steal them. There tends to be a feeling of paranoia with small business owners keeping things private and not sharing or brainstorming with their teams. There needs to be trust with your inner circle and also knowing that by having this confidence to share a new idea with a talented individual or team, that the discussion may lead to greater developments and insights to build on your initial ideas.
In this week’s segment of How Come?, Jack ponders: How come people don’t ask a lot of questions and instead go along with what they know? Is it because they are afraid of not looking like they are not in control by knowing everything or is it because a great fault of leaders usually has them talking 80% of the time and only listening 20% of the time? If the percentages were reversed, it may result in the small business owner getting ideas and answers from the talented team working in their company. As a small business owner, try to develop the habit of active listening and couple that with asking questions by letting go of the feeling that you are less powerful because you are engaging others to be part of the solution. Your teams will feel motivated and involved in building success and sustainability because you asked the questions!
Didn’t get to catch the show on Monday? You can listen to the podcasts on iTunes or at https://maximumvp.com/dirty-secrets-small-business-radio-show-podcast/ ) to hear more of Maximum Value Partners’ clients success stories and great insights for your own business.
Every week, on DirtySecretsofSmallBusiness.com catch up on a success story from one of their clients in the world of small business. If you have a success story or a question you would like to share, email or call (radio@maximumvp.com or 877-849-0670) to get insights from the Maximum Value Partners’ coaches!
The post If You Don’t Like People, You Shouldn’t Be A Business Owner appeared first on Maximum Value Partners.
The dirty secret of this week from Jack Mencini and Adam Sonnhalter of Maximum Value Partners and hosts of the weekly Dirty Secrets of Small Business show, uncover the fact that as a small business owner, nothing goes as quickly as you expect. Sometimes what should take days takes weeks; what should take weeks takes months and what should take months sometimes takes years… all because different challenges enter in when you are running your own business. You, as the owner, think you have the best-laid plans until a crisis comes up, inventory is down, an employee doesn’t show up or you have a personal family issue. You have plans and a direction in mind, but don’t kid yourself that everything will go smoothly 100% of the time.
Another myth of small businesses is that you will have more time to spend with family and friends. Jack and Adam have owned and operated 20 companies of their own and have coached hundreds of business owners on how to develop their small businesses and how to plan and direct their time. Nearly every one of the owners they have dealt with is always surprised that when they entered the business they felt they would have more family time.
The coaches of Maximum Value Partners try to give a dose of reality by saying that yes, you have command of your schedule and your time, but the business will take a tremendous amount of time that you can’t spend with your family. The trick is to make your schedule as manageable as possible to develop your teams and your inner circle of employees to work effectively for you. Will you have more time than being a worker in a job for a company? Maybe not at first, but over time as a good businessperson, you will find a subtle balance to be able to enjoy time with your family and friends although again… not at first when you are starting your small business.
In this week’s show you can also get a great overview on a topic Jack and Adam discuss titled: How to Stop the Bleeding…. By bleeding, they mean the demise of cash flow, profits, etc. It comes down to really working their 7 Keys to Success (https://maximumvp.com/7-keys-to-success/) and developing those skills for a profitable and sustainable business.
You can listen to the podcasts on iTunes or at https://maximumvp.com/dirty-secrets-small-business-radio-show-podcast/ ) to hear more of Maximum Value Partners’ clients success stories and great insights for your own business.
Every week, on DirtySecretsofSmallBusiness.com catch up on a How Come? question from Jack who ponders the world of small business and the how questions owners are faced with. If you have a how come question that has you stumped you, email or call (radio@maximumvp.com or 877-849-0670) to get insights from the Maximum Value Partners’ coaches!
The post As a Small Business Owner- Nothing goes as quickly as you expect! appeared first on Maximum Value Partners.
The dirty secret of this week from Jack Mencini and Adam Sonnhalter of Maximum Value Partners and hosts of the weekly Dirty Secrets of Small Business show, uncover the fact that just because you’re good at your product or service…doesn’t mean you’ll be a good business owner. 75% of companies who launch into business are very good at their product or service but soon come to realize that they also need to be skilled at marketing/sales and administration, which are every bit as important as the product or service they are building the business around.
Being in business for yourself means that you will have times when your inventory doesn’t come in on time or the supplier you counted on suddenly says that they are having their own problems with production. Knowing how to handle these challenges while also keeping tabs on your marketing to grow sales can be overwhelming. If you think you need a little coaching, you might want to have a conversation with Jack and Adam and you can always call into the show each Monday from noon – 1:00 pm (EST) at 440-946-9468 or email your question to radio@maximumvp.com
Another myth of small businesses is that you can set your own schedule and as a boss, you can do what you want when you want. That might be true if you look at the philosophy that you will have to work 12 hours a day… just pick which 12 hours you want to work!
According to Jack and Adam, it is a myth that you can set you schedule because crises, employee problems and regulations will get in the way and press in on your schedule. The important thing to remember is that with your schedule you should try to set goals rather than constantly being upset when the day or week doesn’t go as you thought. Being the small business owner, things will get in the way, but if your eye is on the goals rather than trying to adhere to a schedule, there will be more time to celebrate rather than sulking in frustration.
In this week’s show (you can listen to the podcasts on iTunes or at https://maximumvp.com/dirty-secrets-small-business-radio-show-podcast/ ) tune in to hear about one of Maximum Value Partners’ clients success stories in how they effectively found a company to buy.
Every week, on DirtySecretsofSmallBusiness.com catch up on a How Come? question from Jack who ponders the world of small business and the how questions owners are faced with. If you have a how come question that has you stumped you, email or call (radio@maximumvp.com or 877-849-0670) to get insights from the Maximum Value Partners’ coaches!
The post Just Because You’re Good at Your Product/Service Doesn’t Mean You’ll Be a Good Business Owner appeared first on Maximum Value Partners.
Do you ever feel like running a small business is a thankless endeavor? Does it seem like all that you do for your employees and your family never results in an actual heartfelt accolade your way or a small thank you from those who benefit from your hours of work? Well…you are not alone. The dirty secret of this week from Jack Mencini and Adam Sonnhalter in this week’s Dirty Secrets of Small Business show, underlines the fact that even if you make payroll every couple of weeks and haven’t taken money or a salary for yourself while building the business, no one will seem to care or give you a high five.
Many, many business owners that Jack and Adam deal with as clients of their small business coaching with Maximum Value Partners www.maximumvp.com have come to realize that it is lonely at the top or at least as the owner of a small business that is providing the livelihood for their team and keeping a roof over their family’s heads.
Most of the people who are oblivious to the sacrifices the owner is making or the hard work they are doing will never appreciate what you do because they are what Jack and Adam call “job folks.” Job folks look at work and business as a 9-5 proposition where once you leave the building you don’t think about work until you are clocking in at 8:59 am the next morning.
This is not meant to harbor blame or be disparaging towards job people. You just have to know that they need to be brought into the communication process to understand that the business owner has a passion for what is being built. Along with this passion and excitement of building the teams and the business is a stark reality that brings about sacrifice and countless hours of pondering about the profits, sustainability and challenges, which come with owning a business. If as a business owner you feel that there should be a better understanding from your team on what the business and you are going through, don’t give up on explaining the nuances of your business and how they are an integral part of its success and failure. Through weekly or monthly “state of the business” meetings, you can train your team on what it means to run a company with all the mixed emotions, highs, lows and successes to build an organization that will run to sustain them with a paycheck every two weeks. You can also share with them that hopefully in the future there won’t be that many times when you, the owner, have to forego your paycheck for the health of the company. Explain to them that this does happen from time to time when profits haven’t kept up with either increased overhead or the need to ramp up for inventory or unexpected costs for doing business.
Another common myth in this week’s show that goes along with employee appreciation is that as an owner, you can pay yourself whenever you want. Sure you can if the money is there, but don’t delude yourself that taking money from your bank loan is a good idea. The money has to be there to be paid. It’s perfectly OK to take a salary if things are stable, if things are going more south or receivables are slow coming in, you may want to let your own salary slide rather than tapping a bank loan.
As small business coaches, Jack and Adam give advice to their clients on the owner’s payroll: (1) don’t look for an ongoing paycheck (2) money for your salary has to be there and (3) focus your sights on profit and taking a bonus when the time is right.
Every week, tune into DirtySecretsofSmallBusiness.com to catch up on a small business success story highlighting an experience from one of Maximum Value Partners’ clients. You can also catch up on all the podcasts and learn more about how to be a productive and successful business owner and if running a small business is really right for you!
The post Your Employees Will Never Appreciate What You Do appeared first on Maximum Value Partners.
In this week’s Dirty Secrets of Small Business show, hosts Jack Mencini and Adam Sonnhalter uncover the dirty secret that “Your Spouse Will Never Understand Your Obsession with Your Business.” As business coaches for Maximum Value Partners, Jack and Adam have worked with hundreds of small business owners over the last 15 years and often they need to explain that “job” people who work for someone else or the big corporation don’t have the same mindset that a business owner of a small business has in being totally saturated with thinking about their business all of their waking hours. And, for some during the non-waking hours, it’s even dreaming about what’s happening with the business. Many times “job” people share the same mindset with a spouse who feels that work should end at 5:00 pm.
To someone not totally involved with owning a business, it’s not natural to be taking work home. Spouses may harp on the topic work-life balance. If you are a small business owner, you left work-life balance behind when you made the leap from being an employee to being a business owner.
Jack and Adam advise their clients that the small business owner needs to take time to sit down and really communicate to their spouse or significant other what the daily, weekly, monthly and future challenges are with the business. This conversation can enlighten both parties and help the spouse to understand that many if not all business owners are truly blessed if they love what they do. The conversation should explain (for deeper understanding) that the obsession can be handled, but it is part of being a business owner.
On the subject of handling your obsession, there should be times when the business owner takes a step away from their constant business thoughts to be engaged with the family, outside activities and interests, which aren’t connected with the business. This small amount of time will also help put things in perspective and maybe even result into a fresh approach when you get back to pondering the hundreds of thoughts associated with running your company.
Talking about pondering…tune in to hear Jack ponder the weekly Home Come? topic plus his discussion with Adam on the myth that teamwork is all about building consensus.
If you are in the camp that consensus is the only path to take with your business team and would like to discuss a contrarian viewpoint, call into the show on Mondays at noon at 440-946-9468 or send your opinion by email to radion@maximumvp.com. If you would like reach the MVP coaches directly when the show is not on, call 877-849-0670.
Every week, tune into DirtySecretsofSmallBusiness.com to catch up on a small business success story highlighting an experience from one of Maximum Value Partners’ clients. You can also catch up on all the podcasts and learn more about how to be a productive and successful business owner and if running a small business is really right for you!
The post Your Spouse Will Never Understand Your Obsession with Your Business appeared first on Maximum Value Partners.
My spouse or significant other isn’t involved in my business…this is a common myth that many small business owners feel is the truth because their significant other doesn’t go to the office or place of business with them everyday. The fact is that the most important person in your life is influencing your business decisions even if they aren’t physically in the office. This week, Jack Mencini and Adam Sonnhalter of Maximum Value Partners (MVP) https://maximumvp.com debunk this myth and explain that the spouse is in a very influential position as they are living and sleeping with the owner and have access to the owner that no one else does. The results of the business impact their livelihood as much as anyone else.
As it is important to communicate clearly with your employees it is equally important to find ways to communicate clearly with your spouse about what is going on in the business aside from what has been deposited in the bank. Your spouse cares about you and truly cares about your wins and worries with the business.
Dirty Secret In this week’s show, Jack and Adam also cover the dirty secret that even if you don’t realize it, as a business owner, there’s no “off switch” on your brain to stop thinking about your business. There are times that even if you aren’t in the work environment your thoughts go to your business. You could be at a restaurant having great service from the wait staff and thinking, wow this is a really great employee… I wonder how the restaurant owner does it to find a great employee like that? How can I find other great employees for my business? And then your thoughts are off to the races and it may be your dinner companions have to nudge you back to reality.
“It’s important that you realize there are times you need to put the work thought switch on pause or realize that there needs to be time when you need a break from the constant thoughts of your business,” said Adam. If you have experienced this constant thought process about your small business and would like to share your insights with Jack and Adam on how you effectively manage it, call 877-849-0670 or email radio@maximumvp.com
How Come? Tune in to hear Jack’s How Come? when he talks about:
How come there are so many good questions to ponder that could have life changing consequences? One question to ponder is that if you had one opportunity to be different what would you change about yourself? Change is hard for everyone and especially those with small businesses. There are problems in small business and we tend to move it aside rather than addressing them. Trying to make one change or many changes is often difficult but small victories build on significant change both in personal lives and for businesses that need to change to make their operations more profitable.
Every week, tune into DirtySecretsofSmallBusiness.com to catch up on a small business success story highlighting an experience from one of Maximum Value Partners’ clients. You can also catch up on all the podcasts and learn more about how to be a productive and successful business owner and if running a small business is really right for you!
The post There’s No “Off Switch” On Your Brain to Stop Thinking About Your Business appeared first on Maximum Value Partners.
A myth that many small business owners buy into is that they should be very active in social media. This week, Jack Mencini and Adam Sonnhalter of Maximum Value Partners (MVP) hhtp://maximumvp.com debunk this myth about social media total involvement with down to earth common sense. So often every marketing person you talk to will say that not participating in social media is no longer an option. Adam would agree that from this standpoint that many of the social media sites have been around for a while and the concept of being totally involved seems to have stuck. According to an article from Emily Copp, there are over 3 billion internet users and over 2 billion have active social media accounts. People often view social media as free marketing and it is if you also consider your time involvement to be free too!
According to Jack, “like any other pat of you marketing plan, you should have a schedule in place to focus on social media platforms that make the most sense for your business starting with where do your targeted customers gravitate towards. There are only so many hours in a day and if you can designate a trusted person on your team to be the social media guru for your business, that is certainly a good way to go.”
Dirty Secret of the Week In this week’s show, Jack and Adam also cover the dirty secret that most of your team will disappoint you eventually. Whether it is because they are not as engaged as they should be or their level of helping you grow the business has diminished or their growth and talent have leveled off…it is somewhat inevitable that some of your team will become disappointing as the years go by. In this topic, they also emphasized the philosophy that not having close friends or family members as your employees sometime makes it easier to deal with the eventual or possible disappointment from individuals on your team. If you have experienced this disappointment and would like to share your insights with Jack and Adam, call 877-849-0670 or email radio@maximumvp.com
How Come? Tune in to hear Jack’s How Come? when he talks about:
How come it’s getting harder to define a technology company? Jack digs into the conundrum that every company utilizing some form of technology to make their business better or more state-of-the-art seems to tack on the description of being a superior technology company. Jack also discusses: How does technology affect you, your products and your market? How does technology help my small business make it happen on purpose?
Every week, tune into DirtySecretsofSmallBusiness.com to catch up on a small business success story highlighting an experience from one of Maximum Value Partners’ clients. You can also catch up on all the podcasts and learn more about how to be a productive and successful business owner and if running a small business is really right for you!
The post Most of Your Team Will Disappoint You Eventually appeared first on Maximum Value Partners.
This week, Jack Mencini and Adam Sonnhalter of Maximum Value Partners (MVP) cover the common myth that customers only care about low prices. There is an old adage when you are looking for services or products that you can have it quick, cheap or right… you just have to pick two of the three.
Has it always been this way that price is the only thing a customer or client really cares about?
If your only competitive advantage is price, you are on a going out of business curve., There has to be more to your service and product offering than just being at the right price. What happens in small business environments requires more than just a fair or low price to get the sale. The small business owner has to demonstrate the attributes of their products and services to convey value and providing a solution to the client’s needs. It comes down to customers really wanting more than just a good price. Knowing how to present your value proposition and being able to be profitable from the sale are keys to success. Jack and Adam coach small business owners to develop the skills to reach their business goals.
In this week’s show, Jack and Adam also cover the dirty secret that you don’t need money to buy a company. There are ways to negotiate a win-win situation for the small business owner and the owner of the company he or she is looking to sell. If you want to learn the ins and outs of how to successfully buy a company with either very little money down or no money down, call Jack and Adam to talk about it at 877-849-0670 or email radio@maximumvp.com
How Come?
Tune in to hear Jack’s How Come? when he talks about:
How come all these journalists want to see Trump’s tax returns? What value is that? There are bigger issues on trade, war, education and government spending. Why aren’t the journalists asking to address these hard questions?
Taking this week’s how come question and relating it to small business centers around the amount of information employees should know and understand about the owner’s numbers.
“With our clients, we advocate that they share information on their P&L with their employees; to share everything but the information on the individual employee salary amounts on payroll.
“This openness and transparency of discussing sales, revenues, profits and goals with the employees creates an atmosphere of understanding the challenges and excitement of building the small business. In discussing the P&L numbers, the small business owner and the employees both feel part of an organization where they understand how they can help build it on a path for greater success,” said Adam.
Every week, tune into DirtySecretsofSmallBusiness.com to catch up on all the podcasts, hear about their clients’ Success Stories and learn more about how to be a productive and successful business owner and if running a small business is really right for you!
The post You Don’t Need Money to Buy a Company appeared first on Maximum Value Partners.
This week, Jack Mencini and Adam Sonnhalter of Maximum Value Partners (MVP) cover the topic and the dirty secret that Most Small Businesses Are Really Banks!
As a small business owner, take a look at your Accounts Receivable on your balance sheet. Are there entries older than 30 or 60 days? Or do they go way, way beyond the normal terms of payment that you discussed when they first became your customer?
“It happens so often with many of our clients,” said Jack, “Our clients experience great growth and they will ask us where all the money is after paying their employees and their other expenses? They will comment: ‘My CPA tells me I’m profitable, but I don’t have any cash’.”
We usually ask them if they understand their financial statements. In most cases, they really don’t – and are surprised to find out that much of their cash is tied up in receivables or inventory. Then comes the difficult realization that they’ve become a bank for many of their customers who aren’t paying in a timely fashion. We coach many of our small business owner clients on how to get out of this situation and avoid getting into it in the future. One simple step all businesses should institute is having new customers fill out a credit application so you can perform a credit check on this potential new customer.
Not many of MVP’s clients initially do this important step because they are too caught up in the excitement of landing the new business. They assume payment will not be an issue. People often get worn down by the collection process, but cash flow is the lifeblood of any healthy small business and business owners need to stay on top of their receivables. If you have had this dilemma, call Jack and Adam to talk about it at 877-849-0670.
How Come? Tune in to hear Jack’s How Come? when he talks about:
How come if we learn from our mistakes, why are people so afraid to make a mistake?
In this segment, Jack refers to blogger and writer, Lisbeth Saunders Medlock.
Jack took an excerpt from Medlock’s article in summarizing that mistakes derive meaning from what we desire and what we see as success. ‘In many cases, what I see as important and desirable and being a success will be a failure if the situation or project does not go as I planned.’
Mistakes can be beneficial to inspire others—we all make mistakes and we need to accept that we are flawed. In a work environment, failure can inspire the group to say great things about what you, as a leader, have done and they will be inspired that you, as their leader, can admit that you have made mistakes.
In a family dynamic, grandparents have a war chest of stories of when mom and dad screwed up that the kids love to hear about it… it humanizes their parents. In a workplace, recognizing failure also humanizes the leader in front of the team to show growth and humanity.
How do you make mistakes on purpose? Don’t be afraid to make mistakes. Don’t be afraid to keep moving forward and put yourself in an environment to keep achieving and learning.
As the boss, be willing to accept mistakes in your employees who are trying to grow and move forward to help the business and themselves be successful. Your mistakes and theirs will inspire others to own up to it and to share the learnings.
Every week, tune into http://dirtysecretsofsmallbusiness.com to catch up on all the podcasts, hear about their clients’ Success Stories and learn more about how to be a productive and successful business owner and if running a small business is really right for you!
The post Most Small Businesses Are Really Banks appeared first on Maximum Value Partners.
It is aggravating to hear the politicos wanting to take care of small business and in reality they really don’t. Every year, politicians are adding more legislations and restrictions that challenge small businesses. America could be great again; even greater if we could unshackle the harness around small businesses on the state and federal level to lift unnecessary taxes and provide more growth incentives. The benefits of a small company are numerous. They can be nimble and flexible to execute new projects and react quickly. Small business owners are able to see ideas and put them into practice very efficiently without months and months of meetings and layers of confrontational conferences. Why can’t government see the opportunity to further supporting the small business entrepreneur?
A small family run company of 50 employees can be dynamic in what they can accomplish quickly and without a lot of red tape. 25 million small businesses are in the United States, which is a powerful statistic. If 10% of small businesses could get better, then those businesses could also be hiring more people to create jobs and continue to be the community fabric that makes communities better plus put more people to work.
This week, Jack Menicini and Adam Sonnhalter of Maximum Value Partners also cover the topic and the myth: “Things will take care of themselves.” Depending on the situation this could be a good thing. Like Jack’s strategy when it comes to email…let it sit for several days and percolate. The emails may resolve themselves, time may take care of it….and you may not even need to ever address it.
But sometimes if you don’t address the situation it might not be the best for you or your company. If you have some clients not paying their bills in a timely fashion they may choose to ignore it for a while and it may take care of itself with finally getting payment or you could find yourself short of cash. Sometimes, if the invoices are not addressed, the actual bank may come in because they hold the security and assets for your client’s company and will seize additional assets and shut them down leaving you high and dry.
Overall things should take care of themselves with your guidance. As a small business owner, be in charge and be deliberate on the key priorities in your business. Cash flow is a key part of your business and you need to be focused on what is important, what you might let slide for awhile and what issues will always need your immediate attention. Your profit plan is something that does not take care of itself… as the leader you need to keep the lights on and your employees paid or your business will suffer.
Tune in to hear Jack’s How Come? segment where he talks about: How come it’s called a witness stand when the people sit? How come people keep trying to vacuum up the string and when it isn’t picked up, they will pick it up and try to have the vacuum pick it up again?
We have seen countless companies give people multiple chances even though they are not performing (just like picking up the string countless times). If you have an employee who is not a good performer, you might try to reassign them or make them a reclamation project, but there likely will come a point when you need to let them go.
Every week, tune into DirtySecretsofSmallBusiness.com to catch up on all the podcasts, hear about their clients’ Success Stories and learn more about how to be a productive and successful business owner and if running a small business is really right for you!
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