Dirty Secrets of Small Business

One 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:

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.

You 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:

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.

Today 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:

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.

With 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:

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.

One 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:

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!

Today 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:

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!

The 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:

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.

“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)

How 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:

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.

One 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:

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.

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.

When Ben was last on the show he had just completed the buyout of his former boss and he was ready to grow that business, D&S Color Supply.  Not everything worked out as planned as Ben got an offer he couldn’t refuse less than a year later and wound up selling D&S Color Supply to Painters Supply Equipment.  Ben stayed on for the first year after the purchase and then joined a company run by his good friend who less than a year later wound up selling that business!  Not to worry as Ben and his wife Dawn had already identified their next venture as they purchased a Wild Birds Unlimited franchise which they have been running for nearly two years.

We covered a lot during our chat but some of the highlights include:

We had a lot of fun during this interview and we think you’ll not only enjoy hearing Ben share some of his stories, but that you’ll learn some good nuggets for how to grow your business and eventually sell it and then move on to your next business!