Catalytic Conversations

Many family businesses come to a place and time where the decision is made to sell the family business.  While many families would prefer to pass the business on for generations to come, sometimes that isn’t possible for unforeseen reasons.

I recommend to all business owners that they actively plan for the sale of their business - regardless of their ideal exit.  Why?  Because it is always great and empowering to have options when you are ready to exit.

For some owners, taking this seriously will allow them to reverse engineer a viable asset instead of merely a job from the business they’ve worked so hard to create.  My guest today, Michelle Seiler Tucker of Seiler Tucker Inc. and author of Exit Rich, has had 20 years of experience buying, selling and growing viable businesses.

Michelle has designed a process with tools to equip business owners to build value within their businesses.  Today, she shares the ST GPS, and the 6 Ps of value that every listener can integrate into their exit preparation.

KEY ISSUES: Problems You May Encounter:

What You Need To Know - THE WHAT:

What You Need To Do - THE HOW:

Resources:

You can connect with Wendy Dickinson on FB, LinkedIn, and Instagram.

This is interview was a part of my weekly radio show at IBGR.Network.  Catch Catalytic Conversations every Friday at 2 pm EST.

Building Culture and Teams

Culture in any organization can be difficult to define, as well as communicate.  The issue of defining and explaining culture in a family business is even more complex.  At the same time, leaders in a family business have a responsibility to not only define and explain culture, but to also equip themselves and the next generation to lead through culture changes.  It’s complicated for the family and for those in the organization outside of the family, isn’t it?

At the same time, the WHY Institute believes that knowing the WHY of the company, it’s leaders and those who make up the organization is an important part of sustaining a family business for future generations.  The WHY Institute founder, Gary Sanchez, was inspired to reach  out to Simon Sinek after his famous TED Talk to ask how a person goes about discovering the WHY.  Simon didn’t know, but supported Gary in his efforts to devise a scientifically sound way of discovering your WHY.

Today I have a conversation with Dan Dominguez of the WHY Institute.  Dan shares his experiences in working with family businesses, and the individuals within those organizations, on discovering their WHY, their how and their what.  Each leads to greater clarity and ability to communicate the mission and vision to employees as well as ideal clients/customers.

Strong Culture is linked to:

Knowing the Why, the How, and the What of the company AND the people in an organization helps build a strong company culture.

According to the PwC, 2019 Family Business Survey, over 50% of family businesses did NOT plan to pass the business on to the next generation.  One of the reasons was a lack of interest on the parts of the younger generation.  Dan and I wonder if a lack of clarity around Why - for the company and for the next generation, contributes to that statistic.

Companies and individuals can investigate the process of Why discovery by exploring The WHY Institute’s website: www.whyinstitute.com.

Resources:

You can connect with Wendy Dickinson on FB, LinkedIn, and Instagram.

This show gives you, the Owner/Founder Executive the chance to see how somebody else did it - innovate within an established market.  Jay Carpenter and his co-founder, Alexis Carpenter, had a need, which led to an idea that took them to starting Handley Watches.

Jay shares the journey.  He gives us his “WHY”.  He told us what he didn’t know and had to find out.  Jay will let us in on how they did it - from day one.

Handley Watches gives us a blend of the old and the new, so that we can move, work and play without the weight of connection dragging us down and back.

This interview took place as part of my weekly radio show, Catalytic Conversations, with IBGR.Network every Friday at 2 pm EST.  Drop by any time.  Join the IBGR.community or download the IBGR app to get the full show notes.

Seven Hills Electric has seen a few economic meltdowns. This is a family owned business with master networkers. In this episode, Greg and Kyle Harvey connect the dots for us – we can see how networking in the right way led to their most recent successes.

Debra Willis of PPG Solutions, and Karen Larsen of HR TABS, and I have the chance to see this crazy world through the eyes of a third generation family business that survives every jolt the economy delivers.

Takeaways:

1. Seven Hills knows how to pivot. After ’08 downturn:

a. Went from a commercial firm to residential and light industrial.

b. Refocused on new territory from Charlottesville to Richmond area in Virginia.

2. This family business makes decisions as a group and goes with consensus.

3. The Harveys put high value on relationships:

a. They work at building strategic partnerships.

b. Every customer request is handled by the owners, then on the day of service, the owners start deliver instructions to the service teams onsite.

Visit the Seven Hills website here. Catch up with Debra Willis and find out how you can save on employee benefits. Email her at [email protected]. Karen offers a monthly subscription service for those of you who want an HR expert in your pocket. Email her at [email protected]. Need a business coach? Call me at 804-372-7575. I’d love to hear from you!

Best,

Wendy

This episode of Catalytic Conversations gives you a chance to weigh the value of a strategic response versus a knee jerk reaction.

No judgment here.  This group of people have a wealth of experience, with the curated wisdom to make those words go down easier.

Jeff Miller and Randy Asbell are sales gurus.  They are business owners who help build out sales teams (Jeff) and processes (Randy).  The two also model collaborative relationships at their best!

Here’s what Debra, Karen and I took away from this conversation:

Next month Greg and Kyle Harvey of Seven Hills Electric will be our guests.  Seven Hills is a resilient family business with the ability to pivot in response to the market on any given day.  Tune in to learn how they do it each and every time!

Reach out to Jeff Miller of Sales Recruiters of Virginia by visiting www.salesrecruitersofva.com or by calling 804.263.5961.  Catch Randy Asbell of Selling Forensics at www.sellingforensics.com or by calling 937.831.6090.  Debra Willis, of PPG Solutions, and Karen Larsen, of HR TABS are my co-hosts.  Contact them for a benefits review, or your HR needs.

If you need a coach visit my site: www.ascendcoachingsolutions.com.

Wendy Dickinson

Norman Company Inc is an amazing commercial construction company in central Virginia…. the model for family business at its best!

This family-owned commercial construction company provides clients in Greater Richmond and surrounding areas with general contracting: project management, pre-construction planning, estimating and scheduling; and negotiated Design/Build services.  The Normans built their business on shared values, delivery of quality products, and integrity.

In the interview, Rob (VP of Business Development) and Will (VP of Construction) Norman discuss the protocols put in place to protect employees, clients, and subcontractors from COVID19 infection.  What we didn’t expect was the level of commitment this family business brings to the job.  Listen in for a glimpse at family biz best practices at work - on the jobsite and in real time.

Two things that didn’t come out during the interview:

Norman Company Inc. | Building Quality, Value and Lasting Relationships.

Reach out to Will or Rob Norman by visiting their website.  Debra Willis, of PPG Solutions, and Karen Larsen, of HR TABS are my co-hosts.  Contact them for a benefits review, or your HR needs.  If you need a coach visit my site: www.ascendcoachingsolutions.com.

Wendy Dickinson

Catalytic Conversations is back!  Wendy Dickinson, Founder of Ascend Coaching Solutions is a business coach who works with owners at the intersection of life and business.

Today she talks with Debra Willis of PPG Solutions and Karen Larsen of HR TABS about the struggles of business owners coping with COVID-19.  We’ve entered the second quarter in 2020 - and it’s all about survival.

We discuss:

My guests are Debra Willis of PPG Solutions and Karen Larsen of HR TABS -

Debra is a 40 year healthcare veteran. President of partners in healthcare and currently a business manager at PPG Solutions/Benefit Hackers. She now works with small businesses to reduce insurance costs and improve employee benefits. Specializing in cost analysis and device at no cost!

You can contact Debra Willis at [email protected] or at 804-909-5414.

Karen Larsen is the CEO and Founder of HR-TABS LLC Consulting.  She is a certified Fractional HR Executive with over 30 years of practice expertise as a leader in HR and organizational development in multiple industries and Fortune organizations.  As a chief HR strategist, Karen’s passion is to help small businesses become “Employers of Choice”.

You can contact Karen Larsen of HR TABS at [email protected] or 804-405-5003.

Listeners, you can contact Wendy at www.ascendcoachingsolutions.com, or at 804-372-7575.  Let us know what you think!

Seven Hills Electric is a third generation electrical services company.  Seven Hills has evolved from a 4 partner business started in the 70’s, to a family owned company with three generations currently at the helm.  The Harvey Family had to pivot due to the recession of ‘08.  Kyle discusses the ups and downs of their decisions.  He is open about his choices - going to college, joining the business, and the preparations for the next recession.  Join us for a frank discussion of what has worked for Seven Hills Electric and the Harvey Family.

After our conversation, I suggested that Seven Hills design a special disaster package for their service customers.   SHE could take a look at the damage done in the past from hurricanes, flooding, snow/ice events, as well as wind damage.  That information could provide the outlines of the most valuable features and benefits that would give their service customers an advantage in getting back up and running after a climate event.  Kyle was open to the idea.  My question to you listeners, what can you do to turn a climate event into an opportunity to generate revenue?

If you’d like to dive into more about Seven Hills Electric, visit their website here.  To contact Kyle Harvey email him at [email protected] or call him at 804-397-7999.  If you need a business coach, contact me at www.ascendcoachingsolutions.com or call me at 804-372-7575.

If you thought family business was all unicorns and rainbows, think again.  The family business is a source of income, professional growth, AND a major source of identity.  This is part two of an in depth interview about a family business that weathered Hurricane Katrina with mixed results.

Michele Wink, CEO of UP Professional Solutions, is one of five children.  Her father founded an engineering firm.  In this interview, recorded on the anniversary of Hurricane Katrina, Michele tells us about the lessons her family learned about succession, contingencies, and how to build a family identity that can withstand any trial.

Here are Michele’s key takeaways:

If you would like to learn more about UP Professional Solutions, go to their website here.  Michele invites you to contact her at [email protected], or call her directly at 504.561.1652.

If you thought family business was all unicorns and rainbows, think again.  The family business is a source of income, professional growth, AND a major source of identity.

Michele Wink, CEO of UP Professional Solutions, is one of five children.  Her father founded an engineering firm.  In this interview, recorded on the anniversary of Hurricane Katrina, Michele tells us about the lessons her family learned about succession, contingencies, and how to build a family identity that can withstand any trial.  This is part one.  You won't want to miss part two!

Surprise Best Practice: Michele’s parents staged a summer camp at their home for the entire 3rd generation, and started a 3rd Gen Club.  Every grandchild was eligible for the club once he/she could read.  Then, the company was open to those children to learn about the business.  Each member of that generation is close to one another as a result of those practices.  Definitely a win for the Winks!

If you would like to learn more about UP Professional Solutions, go to their website here.  Michele invites you to contact her at [email protected], or call her directly at 504.561.1652.