Entrepreneur Intel

Today’s guest is an entrepreneur who has successfully exited a company, wrote two books, and co-founded an organization that advocates for increased awareness around liver transplants. He’s served as the Global Chair of EO, and helps teach entrepreneurs how to be their best. Please welcome to the show, Co-Founder of Living Liver Foundation and the Global School of Entrepreneurship, David Galbenski!

David joins Host Wes Mathews for a conversation on the challenges of rapid growth. David shares what it takes to make the INC 500 list twice, the importance of having your integrator, and when the right time to sell is. 

Takeaways:

• As an entrepreneur, you need to remember the three P’s: Passion, Purpose, and Potential. If you can align yourself at the intersection of all three, you increase your chances at whatever you do. 
• While you may have internal motivators for selling a company, it’s important to wait for the right external factors to sell. When the economy is strong, the offers that come in will be higher. Waiting for the right offer will maximize profit. 
• Fast growth is good, but you have to be prepared for the consequences. As you continuously move you will be outstripping your leadership capacity, the level of quality you want, and your own capital. Balancing growth with these factors is crucial. 
• Letting your clients pay you net 30 or 60 is gracious, but can have significant risks during times of recession. If one of your clients goes bankrupt, and you are an unsecured creditor, you won’t be able to recuperate your losses. 
• When looking to sell, you always want to pursue a few potential buyers at the same time. By comparing buyers, you can get a clearer picture of what your company is worth, and multiple buyers can increase the closing price. 
• While the financial aspect of selling a business can be exciting, there can be an emotional toll as well. To ease things, make sure you are taking care of employees through the transaction, and that you have a clear plan for post exit. 
• As a visionary entrepreneur, having an integrator is crucial as they can take your ideas and put them into action. It doesn’t matter if your integrator is your spouse, best friend, or total stranger, as long as you have one. 

Quote of the Show:

• “Fast growth I realized is like being on one of the craziest roller coaster rides in the world.” - David Galbenski

Links:

• LinkedIn: https://www.linkedin.com/in/davidgalbenski/ 
• Website: https://www.gse.mba/ 
• Website: https://livingliver.org/ 
• Website: https://edwardlowe.org/ 
• Book Link: https://a.co/d/5S3aW0M 
• Book Link: https://a.co/d/1wbOmUI 

Ways to Tune In:

• Spotify: https://open.spotify.com/show/2I9O1Du2CFBfhGkvR1Oyem 
• Apple Podcasts: https://podcasts.apple.com/us/podcast/entrepreneur-intel/id1720785558 
• Amazon Music: https://music.amazon.com/podcasts/4d7fcd6e-e68f-4855-bb8a-8f872fc5b799 
• Podchaser: https://www.podchaser.com/podcasts/entrepreneur-intel-5556614

Instilling authenticity in your company starts with leaders, and requires them to be vulnerable. Our guest this week helps entrepreneurs build their company vibe, and connect better with their employees. Please welcome to the show, Founder and Principal at Affect Advisors, Bill Green! 

Bill sits down with host Wes Mathews for a candid conversation on how entrepreneurs can be better leaders. Bill shares the importance of living with authenticity, why you should have regular one on one conversations with employees, and how to build a company VIBE.

Takeaways:

• The most important thing for entrepreneurs to keep in mind is to live life with authenticity. Freedom comes from thriving authentically, and by showing up with your authentic self, make yourself happy so you can help others become happy. 
• Good leaders coach with care. When an employee starts to slip in performance, try to identify what is going on beyond metrics. Difficult life events can affect a good employee's performance, and require understanding rather than reprimanding. 
• When you start offering your services to others, it’s crucial to establish a niche that you excel at. While it’s tempting to offer every service a client may want, having a cohesive core offering ensures you succeed in the early stages of business. 
• When pricing your services, it’s best to avoid hourly rates if possible as they center the conversation around time. It’s best instead to focus on the value you are delivering to clients, and set pricing from there. 
• Strategy and culture are two crucial aspects of business, but there is an often overlooked missing middle. The vibe in the middle can connect strategy and culture, but when done poorly can create friction and conflict. 
• There are four key elements to a creating company VIBE. V is vulnerability, and being vulnerable in front of employees. I is insight and reflects your self knowledge. B is for your beliefs, and how you live them. E is for the energy you bring to work 
• Every leader needs to have routine conversations with their people. Conversations can be casual, but you should always ask employees what they are working on right now, the challenges they are facing, and what ways you can help.

Quote of the Show:

• “The simple things are sometimes the most high impact.” - Bill Green

Links:

• LinkedIn: https://www.linkedin.com/in/bill-green-detroit/ 
• Website: https://meetbillgreen.com/about 

Ways to Tune In:

• Spotify: https://open.spotify.com/show/2I9O1Du2CFBfhGkvR1Oyem 
• Apple Podcasts: https://podcasts.apple.com/us/podcast/entrepreneur-intel/id1720785558 
• Amazon Music: https://music.amazon.com/podcasts/4d7fcd6e-e68f-4855-bb8a-8f872fc5b799 
• Podchaser: https://www.podchaser.com/podcasts/entrepreneur-intel-5556614

Joining the show this week is a former Navy SEAL and Marine who uses his entrepreneurial expertise to inform a community of over 30,000 strong. Please welcome to the show, CEO and Founder of the SOFX Network, Sam Havelock! 

Sam sits down with Host Wes Mathews to explore the importance of having focus, and other strategies for entrepreneurs. Sam shares the importance of building trust, how privacy is an important aspect of community, and how to cut through the noise. 

Takeaways: 

• Focus is the most important thing for any entrepreneur to have. Many entrepreneurs have a strong vision and a drive to feed their own intellectual curiosity. However, without focus, you can end up chasing every idea you create. 
• When you work in a profession that is heads down and fast paced, you often don’t have time to understand what the rest of the world is saying about you. Having a quick access feed that aggregates and summarizes allows professionals to stay in the loop. 
• When creating media, it’s important to tailor your content to your audience. For the special forces community, quick updates on happenings matter more than opinions on command decisions. 
• While entrepreneurs aren’t running secret missions, they do have some overlap with special operations forces. Both groups are under-resourced, have more tasks to accomplish than time to accomplish them, and are less risk averse than peers. 
• In the current media landscape of news and social media, it is a challenge to cut through the noise. The best way to reach an audience is by targeting a specific niche and creating a high trust environment. 
• Creating a walled garden for your community can be attractive to users as it creates a sense of privacy. Users who don’t have to worry about their data being sold or used to train AI will have a better connection with your community. 
• While situations don’t always pan out as expected, it’s always worth taking a swing at an idea. Failure is better than regret, and if you can afford to take those risks, you should take them. 

Quote of the Show:

• “It’s really all about the people.” - Sam Havelock

Links:

• LinkedIn: https://www.linkedin.com/in/samhavelock/ 
• Website: https://www.sofx.com/ 
• Instagram: https://www.instagram.com/sam.havelock/?hl=en 

Ways to Tune In:

• Spotify: https://open.spotify.com/show/2I9O1Du2CFBfhGkvR1Oyem 
• Apple Podcasts: https://podcasts.apple.com/us/podcast/entrepreneur-intel/id1720785558 
• Amazon Music: https://music.amazon.com/podcasts/4d7fcd6e-e68f-4855-bb8a-8f872fc5b799 
• Podchaser: https://www.podchaser.com/podcasts/entrepreneur-intel-5556614

Being the best version of yourself applies not only to business, but your personal and family life as well. Our guest this week is someone who helps entrepreneurs achieve a better life that’s possible for them and those around them. Joining the show this week is Owner of MKD Wealth Coaches, Joe Mackey!

Joe joins Host Wes Mathews to share why grit and determination are the most crucial skills for any entrepreneur. Joe also explains the difference between offering help and taking action, how to set up a self-sustaining business, and the value of spending time with potential customers. 

Takeaways:

• The most important attributes for entrepreneurs to have are grit and determination. Success is hard to get, and requires you to do the difficult things that many others don’t want to do. 
• Knowing your target market goes beyond just the target industry or similar firmographics. Considering who you enjoy working with, the motivations of customers, and their personal attributes allows you to have stronger bonds with your customers. 
• While family office services are typically reserved for people with upwards of a few hundred million dollars, the benefits can be felt starting at $20 million. Having a firm that manages your finances 
• Whether it’s disease or natural disaster, crises cause people to worry about their financial investments. When challenging times arise, the best thing you can do is communicate with your clients and help instill a sense of ease in them. 
• While entrepreneurs are often the driving force behind sales for their organizations, it’s crucial to create a “self-sustaining” business. By allowing your business to run without depending on your presence, you allow your business to thrive even if you need a break.
• While it may seem counterintuitive, spending time in informal meetings with potential clients is an effective way to build relationships. Strong relationships create strong business, but require a slow building of trust. 
• There is a difference between offering support and taking action. Rather than simply offering condolences or well wishes when something bad happens to a client, be present and figure out actionable ways you can help them through tough times. 

Quote of the Show:

• “We want to free them up to be the best version of themselves they were created to be as an entrepreneur, as a spouse, as a parent.” - Joe Mackey

Links:

• LinkedIn: https://www.linkedin.com/in/mackeyjoe/ 
• Website: https://www.mkdwealthcoach.com/ 

Ways to Tune In:

• Spotify: https://open.spotify.com/show/2I9O1Du2CFBfhGkvR1Oyem 
• Apple Podcasts: https://podcasts.apple.com/us/podcast/entrepreneur-intel/id1720785558 
• Amazon Music: https://music.amazon.com/podcasts/4d7fcd6e-e68f-4855-bb8a-8f872fc5b799 
• Podchaser: https://www.podchaser.com/podcasts/entrepreneur-intel-5556614

Dive into the world of luxury real estate with this week’s guest. He’s a pilot, marketer, and real estate mogul who's changing the game one property at a time. Through his creativity and a bit of daredevilry, he is redefining property marketing. Please welcome to the show, Real Estate Agent at Signature Sotheby's International Realty, Dylan Tent!

Dylan and Wes dive deep into why consistency is the cornerstone of any business. Dylan shares the importance of utilizing your background to give you a competitive edge, the changing landscape of the real estate industry, and how to ask the right questions.

Takeaways:

• As an entrepreneur, having consistency is one of the most important attributes. While it can be tempting to try new solutions after limited outreach, a consistent approach is one that wins in the long run. 
• While your prior background may not fully relate to your current business venture, it can still play a crucial role in success. Embracing your background can give you fresh perspectives and help distinguish you from your competitors. 
• When a customer compares you to your competitors, it’s imperative that you know what your advantage is. While your quality of service may be comparable, knowing what factors set you apart allows you to better your niche. 
• Investing in real estate is all about acquiring a solid cash flow. AirBNB properties offer high cash flow, but require a lot of time. Multi family housing offers a safer investment with less maintenance. 
• When looking to make an investment into your own home, the best areas to invest in are kitchen, bathrooms, paint, and carpet. Other aspects of houses are too personalized to guarantee a solid return. 
• While low to middle end real estate is still over inflated, luxury properties offer good potential for buying and selling. As most buyers are paying with cash, they aren’t concerned with high interest rates. 
• When selling real estate, you need to ask the right questions. A given buyer could be moving due to a job, divorce, or simply a change in scenery. Understanding your buyer’s motivation allows you to better meet their needs.

Quote of the Show:

• “You can't serve somebody until you know what's motivating them.” - Dylan Tent

Links:

• Instagram: https://www.instagram.com/helirealtor/?hl=en 
• LinkedIn: https://www.linkedin.com/in/dylan-tent-95b104113/ 
• Facebook: https://www.facebook.com/HeliRealtor/ 

Ways to Tune In:

• Spotify: https://open.spotify.com/show/2I9O1Du2CFBfhGkvR1Oyem 
• Apple Podcasts: https://podcasts.apple.com/us/podcast/entrepreneur-intel/id1720785558 
• Amazon Music: https://music.amazon.com/podcasts/4d7fcd6e-e68f-4855-bb8a-8f872fc5b799 
• Podchaser: https://www.podchaser.com/podcasts/entrepreneur-intel-5556614

In the highly competitive beverage industry, differentiating your product is key; a strong story paired with an even stronger omnichannel strategy is a recipe for success. Here to help entrepreneurs refresh their strategy is Co-Founder of Key Sparkling Water, Mike Pilkington!

Mike and Wes sit down to crack open the secrets to success in the food and beverage world. Mike shares his lessons learned from Deathwish Coffee, the importance of hiring a HR partner early, and why you need to know your brand’s story. 

Takeaways: 

• Success in entrepreneurship is all about the people. It’s one thing to have a vision, but it’s another to take that vision and bring others together around it. A good team that drives greatness is crucial. 
• Extending your passion to your employees is the secret to scaling a small business. When your employees are as passionate about the mission as you are, they feel ownership of results and work hard. 
• An HR partner is an essential early stage hire. When your HR partner is aligned on mission, they will hire people who are stronger fits, and will help make a cohesive company culture. 
• Every company needs to have a culture of accountability. Whether it’s about owning client deliverables or taking out the trash, you want employees who say “I’ll do it” rather than ask “who will do it?”
• In a crowded market, knowing your brand story is what will set you apart. Understanding what makes you unique, why a customer would buy your product, and the problem that you are solving for them will help differentiate your company. 
• Understanding where your customers are is key to your distribution strategy. While many consumers buy beverages off a store shelf, DTC allows you to better control your narrative, and platforms like Amazon give you a wide reach. 
• When you are running an omnichannel strategy, it’s important to stay consistent across all channels. While messaging can vary by channel, it’s best to keep pricing and promotional details consistent. 

Quote of the Show:

• “We weren't selling coffee. We were selling a way you felt every single morning. We were selling a movement. We were selling camaraderie.” - Mike Pilkington

Links:

• LinkedIn: https://www.linkedin.com/in/mike-pilkington-yes/ 
• Website: https://keysparklingwater.com/ 

Ways to Tune In:

• Spotify: https://open.spotify.com/show/2I9O1Du2CFBfhGkvR1Oyem 
• Apple Podcasts: https://podcasts.apple.com/us/podcast/entrepreneur-intel/id1720785558 
• Amazon Music: https://music.amazon.com/podcasts/4d7fcd6e-e68f-4855-bb8a-8f872fc5b799 
• Podchaser: https://www.podchaser.com/podcasts/entrepreneur-intel-5556614

Could real estate be the secret to your success as an entrepreneur? This week’s guest thinks so. His company has saved his clients over $2B total through tax incentives. Joining the show is CEO of CORE Solutions Group, Terry Judge!

Terry sits down with Wes to dive into the world of cost segregation. Terry outlines what cost segregation is, how you can utilize it, and how you can apply it to previous real estate purchases.

Takeaways:

• Everyone needs a mentor. Whether it’s a formal mentor, or simply a more senior employee you shadow, having someone to show you the ropes is crucial for career success. 
• Cost segregation is an aspect of the tax code that allows real estate investors to write off their property within 1 - 5 years. When someone buys a building, they can end up writing off almost 30%-40% of the purchase price in year one. 
• To implement cost segregation, it’s important to work with a CPA who is familiar with it. Staying compliant is important, and working with a firm that knows the ins and outs of the tax code is crucial to success. 
• When utilizing cost segregation, you need to understand what aspects of a property can and can’t be depreciated. While many aspects of the building itself can be depreciated, aspects like the land it is on cannot. 
• The amount of your income that comes from real estate determines how much you can depreciate against. Real estate professionals can depreciate against most if not all of their income, while people who charge rent may only against rental income. 
• If you previously bought a property, but are only just learning about cost segregation, don’t worry! Through a one time automatic consent with the IRS, you can go back and redo your depreciation, carrying it forward to the current year.

Quote of the Show:

• “If you're going to succeed in any endeavor, why not seek out somebody that's already doing what you want to achieve and just mimic and copy.” - Terry Judge

Links:

• LinkedIn: https://www.linkedin.com/in/coresolutionsgroup/ 
• Website: https://coresolutionsgroup.net/ 

Ways to Tune In:

• Spotify: https://open.spotify.com/show/2I9O1Du2CFBfhGkvR1Oyem 
• Apple Podcasts: https://podcasts.apple.com/us/podcast/entrepreneur-intel/id1720785558 
• Amazon Music: https://music.amazon.com/podcasts/4d7fcd6e-e68f-4855-bb8a-8f872fc5b799 
• Podchaser: https://www.podchaser.com/podcasts/entrepreneur-intel-5556614

Our guest this week is an entrepreneur who uses her 50 years of experience to drive impact. Through her cosmetology skills, she’s been a force for good in the childhood cancer community for over 20 years. Please welcome to the show, Founder and CEO of Maggie’s Wigs 4 Kids of Michigan, Maggie Varney!

Maggie joined Wes Mathews to discuss the work she is doing, and how she got started. Maggie shares her motivations for starting a non profit, the importance of providing a space for kids to feel like themselves, and the best ways for someone to get involved.

Takeaways:

• One of the most important things for an entrepreneur to have is a mentor. Whether it’s before you start your business, or 3 years into your career, having a mentor sets you up for success and can save you from learning lessons the hard way. 
• Inspired by a 16-year-old's need for a wig, Maggie Varney started Wigs 4 Kids to provide help to children with cancer in Michigan. 500 children are diagnosed with cancer each year in Michigan, and there are different requirements for children's wigs, like head size. 
• To help share the work of nonprofits, Google offers qualifying organizations $10,000 a month in pay per click ad credits. Understanding how to take advantage of programs like these can help get the right eyes on critical services. 
• By providing additional programs beyond just wigs, Wigs 4 Kids creates a space for kids with cancer to experience normality. As many patients are limited due to compromised immune systems, a safe space allows them to have activities they would otherwise miss. 
• For a kid, a wig is more than just a prosthetic. Beyond changing how they look, a wig changes how they feel. Having a wig and support provides them with both a sense of hope and wellness. 
• Through the use of corporate sponsorships, companies can directly do good in their communities by sponsoring wigs and services. These sponsorships foster community as well as companies get to know about the children they are providing wigs for. 

Quote of the Show:

• “I am not going to chase the dollar. I'm going to focus on the kids.” - Maggie Varney

Links:

• LinkedIn: https://www.linkedin.com/in/maggievarney/ 
• Website: https://www.wigs4kids.org/ 

Ways to Tune In:

• Spotify: https://open.spotify.com/show/2I9O1Du2CFBfhGkvR1Oyem 
• Apple Podcasts: https://podcasts.apple.com/us/podcast/entrepreneur-intel/id1720785558 
• Amazon Music: https://music.amazon.com/podcasts/4d7fcd6e-e68f-4855-bb8a-8f872fc5b799 
• Podchaser: https://www.podchaser.com/podcasts/entrepreneur-intel-5556614

When it comes to running a business, you need to have good leadership skills. Our guest this week is a leadership expert who has a holistic approach to entrepreneurship. Joining the show this week is Owner of Chester Street Residence, Scott Seltzer.

Scott shares his journey into running a family business. He dives into the challenges of caring for a community, the necessity to be a strong leader, and why he brings 100% of himself to work each day. 

Takeaways:

• One of the most important things in entrepreneurship is to care for your employees. Whether your employees have concerns or exciting news, a good leader is there to listen and understand. 
• When planning to have a child take over the family business, it’s important to have them start at the ground level. A holistic experience of the business functions will give them a good understanding of how it runs, and will help them build trust with other employees.
• Embrace the positivity and purpose in senior living, where genuine love for people is key. Choose to show up with energy and enthusiasm every day, as your attitude can inspire and uplift those around you.
• When creating a senior care facility, one of the most important aspects is community. Creating a space where people feel cared and accommodated results in better patient satisfaction, and higher employee engagement. 
• When dealing with major events like COVID, it’s important to align your mission with the needs of the community. Balancing safety and community allowed people to receive the care they needed, and still see family. 
• Approach requests with empathy and politeness. Choose to show up as a leader with a positive mindset and calm demeanor, as handling challenges gracefully is a conscious choice that leads to better outcomes.
• As a business owner, it’s common to experience frustrating situations. Rather than focusing on the source of the frustration, focusing on the solution helps you see the path forward. 

Quote of the Show:

• “To me, leadership is just about solving problems and helping people get better.” - Scott Seltzer 

Links:

• LinkedIn: https://www.linkedin.com/in/scott-seltzer-6177b01/ 
• Website: https://www.chesterstreetresidence.com/ 

Ways to Tune In:

• Spotify: https://open.spotify.com/show/2I9O1Du2CFBfhGkvR1Oyem 
• Apple Podcasts: https://podcasts.apple.com/us/podcast/entrepreneur-intel/id1720785558 
• Amazon Music: https://music.amazon.com/podcasts/4d7fcd6e-e68f-4855-bb8a-8f872fc5b799 
• Podchaser: https://www.podchaser.com/podcasts/entrepreneur-intel-5556614

As a Visionary, do you often feel scattered and overwhelmed? You're not alone! In this episode we sit down with the “visionary’s visionary” to help business owners find better balance. Our guest this week is Author of “Unscatter the Chatter” and Founder of iMatter, Bob Shenefelt!

Host Wes Mathews joins Bob to discuss some of the biggest challenges visionary entrepreneurs tend to face. Bob shares the ways that visionaries can bring better structure to their work, the importance of letting go of the vine, and why every leader needs to find the alignment between themselves and their business. 

Takeaways:

• The key lesson in entrepreneurship is to have the courage to pursue your vision and build a team to support you in areas where you may not excel. Understanding your strengths and delegating tasks to capable individuals is crucial for success
• Embrace structure and clarity in your ideas to effectively convey your vision to others. Simplify your plans and delegate responsibilities to achieve success smoothly. There is value in structure around what matters most. 
• As a visionary, it's important to let go of trying to do everything and find the right integrator to complement your skills. Embracing your visionary role and seeking support from an integrator can lead to sustainable growth and success in business.
• Focus on identifying what you excel at and surround yourself with supportive people to leverage your strengths effectively. Delegate tasks that are not aligned with your strengths or target market to allow your team to thrive and achieve success
• As an entrepreneur, it’s important to carve out time for yourself. While recreational time can be refreshing, it can also be another business tool. Activities like golf can be relaxing, yet also serve as a way to connect with potential clients. 
• Focus on setting meaningful daily intentions through prioritizing important goals over urgent tasks to have a fulfilling and productive day. Embrace simplicity, gratitude, and community support to drive positive outcomes and achieve personal growth
• As an entrepreneur, you can often face self doubt or feelings of imposter syndrome. Self affirmations can help create a positive mindset. It’s important to stop asking “am I successful?” and start affirming “I am successful”.

Quote of the Show:

• “There's value in structure around what matters most and who matters most.” - Bob Shenefelt

Links:

• LinkedIn: https://www.linkedin.com/in/bob-shenefelt/ 
• Website: https://www.imatter.com/ 
• Book Link: https://a.co/d/gtEU1iy 
• Book Link: https://a.co/d/9h5ZPxj 
• Book Link: https://a.co/d/dVAm0oD 
• Book Link: https://a.co/d/1sYDyqh 

Ways to Tune In:

• Spotify: https://open.spotify.com/show/2I9O1Du2CFBfhGkvR1Oyem 
• Apple Podcasts: https://podcasts.apple.com/us/podcast/entrepreneur-intel/id1720785558 
• Amazon Music: https://music.amazon.com/podcasts/4d7fcd6e-e68f-4855-bb8a-8f872fc5b799 
• Podchaser: https://www.podchaser.com/podcasts/entrepreneur-intel-5556614