Entrepreneur's Journey

Welcome to this insightful episode of The Entrepreneur’s Journey, where Michael Pallozzi speaks with his longtime friend, business transformation specialist, Jen Goldman. They explore Jen’s passion for empowering small businesses to thrive, not just grow, and discuss her unique journey from humble beginnings to becoming a change agent for entrepreneurs. Jen reveals the critical importance of financial literacy, understanding profit and loss, and the discipline needed for businesses to make clear, strategic decisions. Through shared experiences and practical tips, Jen and Michael underscore how small business owners can build sustainable practices to drive growth, overcome burnout, and maintain a work-life balance that supports business and personal success.

Tune into this episode to also learn:

• Why financial clarity is essential for business success.
• How to leverage a profit and loss statement to make strategic decisions.
• Key strategies for managing family dynamics in a business environment.
• The importance of outsourcing and effective vendor management.

What we discussed

• [00:01:00] How Michael discovered Jen on a podcast and brought her into HFM to drive transformative change.
• [00:03:50] Understanding client fit and knowing when to say “no” to ensure best service and maintain team morale.
• [00:05:00] Jen’s story of restructuring her business, even stepping back, to realign with her values.
• [00:07:00] Key financial foundations: Profit and loss basics for small business owners and visualization techniques to ease financial anxiety.
• [00:09:24] The challenges of mixing personal and business finances and its impact on growth and decision-making.
• [00:15:47] Vendor management versus employee roles, and when to outsource effectively to enhance business operations.
• [00:22:05] Strategies for managing burnout and staying balanced, including taking buffer days and leading by example to attract the right team and clients.

3 Things To Remember

1. Financial literacy is critical for making confident, strategic business decisions.
2. Cultivating a team and vendor relationships that align with your vision will elevate your business and reduce friction
3. Taking time for personal well-being and setting boundaries is essential to avoid burnout and maintain a thriving business.

Useful Links

Connect with Michael Pallozzi: LinkedIn

Connect with Jen Goldman: LinkedIn

Like what you’ve heard…

Learn more about HFM HERE

Schedule time to speak with us HERE

Check out our Financial Wellness Program – HFM Ignite

• Why entrepreneurs should prioritize their physical health.
• The importance of injury prevention in fitness training.
• How functional movement training can benefit both athletes and busy professionals.
• The role of seed oils in nutrition and how to make healthier food choices.

• [00:01:05] Duarte’s journey from competitive martial arts to corporate investigations.
• [00:03:40] The turning point that led Duarte to shift from corporate life to fitness coaching.
• [00:05:25] Duarte’s development of performance training for athletes and adults.
• [00:08:57] How Duarte integrates physical therapy insights into his coaching.
• [00:13:45] The creation of the adult Z Fit program for busy professionals.

1. Entrepreneurs often neglect their physical health, but maintaining functional fitness is crucial for long-term resilience
2. Functional movement training isn’t just about strength; it’s about keeping the body injury-free and adaptable.
3. Consistent, personalized training can reverse the effects of aging on the body and brain.

Useful Links

Connect with Michael Pallozzi: https://www.linkedin.com/in/michaelpallozzihfm/

Connect with Duarte Monteiro: zensportspeed.com

Like what you’ve heard…

Learn more about HFM HERE

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Check out our Financial Wellness Program – HFM Ignite

• How James transitioned from teaching to entrepreneurship.
• The role of Spectrum Sports in providing inclusive fitness programs.
• Challenges and strategies in scaling a niche business.
• Insights into expanding a business amidst economic uncertainties.

• [00:01:36] Introduction to Spectrum Sports and James Paoletti's background in special needs education.
• [00:03:11] The inspiration behind Spectrum Sports and its initial stages as a volunteer initiative.
• [00:06:25] How COVID-19 acted as a catalyst for business growth and community engagement.
• [00:07:43] The decision to transition Spectrum Sports into a full-time business venture.
• [00:10:21] Overview of Spectrum Sports' current programs and the move to a permanent location.
• [00:11:49] Recruitment and the passion-driven team behind Spectrum Sports.
• [00:13:12] Discussion on age diversity in programs and launching a new kids' program.
• [00:14:18] Success stories highlighting the positive impact of Spectrum Sports on participants.
• [00:17:47] Challenges of entrepreneurship, including financial planning and time management.
• [00:19:18] Future expansion plans, including new locations and programs.

1. Start with a clear focus and grow gradually, expanding based on demand and feedback.
2. Be flexible and responsive to external challenges to maintain growth and engagement.
3. A strong commitment to your mission can attract like-minded individuals and fuel growth.

Useful Links

Connect with Michael Pallozzi: LinkedIn

Connect with James Paoletti: LinkedIn

Like what you’ve heard…

Learn more about HFM HERE

Schedule time to speak with us HERE

Check out our Financial Wellness Program – HFM Ignite

• How a childhood car-washing business sparked Mike Regina's entrepreneurial spirit.
• The lessons learned from the challenges of working in the construction industry.
• The importance of relationships and values in successful business partnerships.
• Strategies for balancing multiple businesses and personal commitments.

• [00:02:05] Mike's early entrepreneurial experiences and how washing cars taught him the value of hard work and customer service.
• [00:04:09] The lessons learned from working in the construction industry, emphasizing planning and precision.
• [00:06:35] How Mike and his brother decided to start their own construction company, Big Sky, and the role of family values in their success.
• [00:09:21] The importance of professional service and customer satisfaction in setting Big Sky apart in the construction industry.
• [00:12:19] Transitioning from construction to founding Global Auditing with a strong team and shared values.
• [00:14:17] The entrepreneurial mindset of seeking opportunities across different industries.
• [00:17:29] The launch of Mike's masterclass and his commitment to inspiring and educating entrepreneurs.
• [00:19:24] Balancing personal and professional life through intentional time management and purpose-driven living.
• [00:21:56] Mike's overarching purpose of glorifying God and providing for his family through passion and purpose in his work..

1. The more you hustle and provide quality service, the greater the rewards in entrepreneurship.
2. Successful business partnerships are built on shared values and mutual trust.
3. Balancing multiple ventures requires strong processes, persistence, and intentional time management.

Useful Links

Connect with Michael Pallozzi: LinkedIn

Connect with Mike Regina: LinkedIn

Like what you’ve heard…

Learn more about HFM HERE

Schedule time to speak with us HERE

Check out our Financial Wellness Program – HFM Ignite

• How Lyme disease can trigger various health conditions and the importance of root-cause treatment.
• The difference between bodybuilding and athletic performance training.
• Why mitochondrial function is crucial for sustained energy throughout the day.
• The role of seed oils in nutrition and how to make healthier food choices.

• [00:01:44] Reese's journey into health coaching and his father's battle with ALS and Lyme disease.
• [00:03:58] The early challenges Reese faced with his health and nutrition.
• [00:05:24] The influence of mentors and the transition from athletic performance to health coaching.
• [00:07:40] Recognizing the shift towards nutrition and its impact on health.
• [00:10:54] Strategies for assessing and improving a client's energy through nutrition.
• [00:14:50] The importance of viewing food as fuel for optimal body function.
• [00:16:41] Distinguishing whole foods and their benefits over processed foods.
• [00:20:26] The impact of seed oils on health and how to avoid them.
• [00:26:12] Understanding gut health and its significance in overall wellness.

1. Nutrition plays a critical role in managing energy levels and overall health, especially for entrepreneurs.
2. Identifying and avoiding harmful ingredients like seed oils can significantly impact your well-being.
3. Personalized nutrition plans that focus on whole foods can help optimize health and performance.

Useful Links

Connect with Michael Pallozzi: LinkedIn

Connect with Reese Valcich: Revolution Health Coaching

Like what you’ve heard…

Learn more about HFM HERE

Schedule time to speak with us HERE

Check out our Financial Wellness Program – HFM Ignite

The Hutchinsons didn’t sell their family business once but twice, this is the story of their growth. Ed Hutchinson speaks with Michael about how he and his family grew and differentiated their business in a crowded contracting market. How did they do things differently after they bought their family company back? Why did they sell it again? Tune in for the full scoop.

Ed Hutchinson is the President and rainmaker of his family business Hutchinson Energy Services. Hutchinson Energy Services is a plumbing company turned HVAC full-service provider. 

Tune in until the end to learn: 

• Navigating family dynamics when many people are involved
• How to position your family business for recurring growth
• Why you should prepare your family business for sale even if you don’t plan on selling it   

Timestamps

[00:40] Who is Ed Hutchinson? 

[04:07] How did Hutchinson’s HVAC business start?

[06:14] How working with the Federal government made them change their business model

[08:59] Dividing the roles between family members

[10:30] Aha moment that made them take the business across state lines 

[14:25] Challenges and success when the family business was passed down

[18:10] Advice for transitioning a business to a second-generation family business  

[20:27] Should you have a vision and mission statement for your family business? 

[22:34] How did the Hutchinsons differentiate their family business? 

[25:12] Selling the family business for the second time (building up to the final sale)

[28:55] What if you were starting a family business from scratch? (and the 24 hour rule)

[30:40] Retiring after running the family business 

[32:23] Understanding the value your partners bring (and other parting words of wisdom)

4 Key Highlights

1. Working with the Federal government compels you to be versatile. 
2. You have to have a process for how things get done in your family business no matter how stubborn your family members are. Running your company with discipline is a necessity for the survival of the business. 
3. Each family member in a family business has a unique ability. Empower each family member to play to their strengths and avoid pressuring them to rely on their weaknesses. Allow your family members to leverage their unique abilities. 
4. If you’re angry or in a negative mental state, don’t make any decisions for 24 hours. 

Useful Links

Connect with Ed Hutchinson: 

Connect with Michael Pallozzi: LinkedIn | Get a 401k tip in under 2 minutes (video)

Like what you’ve heard…

Learn more about HFM HERE

Schedule time to speak with us HERE

Check out our Financial Wellness Program – HFM Ignite

A charming conversation between Dr. Harry and Cindy Monokian and Michael Pallozi as they share how they built a dentistry practice from the ground up together, as a couple and as partners. They also talk about how it felt to gradually transition out of the business and officially hand everything over to their sons. They recount their long journey of intentional learning and inevitable trial and error as well as all the values they passed down to their sons. 

Dr. Harry Monokian and Cindy Monokian have been running Monokian Dentistry since the late 70s.

Tune in until the end to learn: 

• How to get your children to become genuinely interested in growing your family business.
• Mistakes to avoid when transitioning your family business. 
• What to consider in your buy-sell agreement.
• How even 3-day courses can completely change your business.

Timestamps

[00:58] Who are Dr. Harry and Cindy Monokian?

[03:30] How did they start their dentistry practice? (and why starting slow worked out well)

[05:27] How they got clients in an age when advertising was taboo. 

[06:23] Why education is huge for business owners. 

[07:23] Taking your child to work with you. OR How childcare happens when both parents are business owners.

[09:25] From being a teacher to running a dental practice. 

[10:03] Expanding the business and running out of money.

[13:04] How to use systems to create consistency in your business.  

[16:57] How both their sons became interested in dentistry.

[20:06] Bringing in their sons to work at the family business.

[24:12] Transitioning the family business: setting up a buy-sell for your practice, mistakes to avoid, clients

[29:59] The hardest part of letting go of the practice

[32:07] Advice for building a first-generation family business

[33:20] What’s retirement like for the Monokian?

5 Key Highlights

1. In the late 70s, it was frowned upon to advertise. Very few businesses advertised their services. Work of mouth was key in acquiring new clients. Another way to get clients at that time is to depend on the overflow of clients that other businesses couldn’t handle due to high volume. 

1. You must have a whole system in place for how you create a first impression on your clients. How you answer the phone, how you collect information, how to be pleasant - should all be part of the same system. All your staff should execute the system in the same way. This way, you create a consistent feel. 

1. Getting your children to work at your family business during the summer can be a way to get them interested in your field of work. 

1. Taking courses can be a game-changer for your family business. And taking the courses together as a family can help you learn and retain even more information than you would alone. Education becomes a family affair. 

1. It’s important to set up a buy-sell agreement for your business when transitioning your family business down to the next generation. 

Useful Links

Connect with Dr. Harry Monokian: Monokian Dentistry Website

Connect with Cindy Monokian: LinkedIn | 

Continuing Dental Education: SPEAR

Connect with Michael Pallozzi: LinkedIn | Get a 401k tip in under 2 minutes (video)

Like what you’ve heard…

Learn more about HFM HERE

Schedule time to speak with us HERE

Open an HFM Ignite account HERE

Bill Hoffman joins Michael Pallozzi to chat about how he grew a community-first business by first helping his competitors. They discuss what he’s doing to prepare his business for an eventual transition. At this point, his family members aren’t interested in running his extermination business so he shares other available avenues for business transition. In their conversation, they talk about the 3 main stakeholders you need keep in mind when selling your company, why being transparent with your employees makes for a smoother transition, and why Bill always picks up the phone.

Bill Hoffman is the CEO of Hoffman’s Exterminating which has been going on for over 31 years. Tune in to find out how his exterminating company ended up partnering with the Philadelphia Eagles in an unlikely turn of events. 

Tune in until the end to learn: 

• The #1 thing you must do before selling your business
• Why it pays to help your competitors 
• How to make a business sale as smooth as possible OR Why telling your employees your plans to sell is better for you

Timestamps

[00:56] Who is Bill Hoffman?

[04:08] How Bill got started in extermination 

[06:08] How he grew by helping the competitor

[09:12] Selling your business as part of your retirement plan.  OR Keeping your customers, employees, and yourself in your business transition plan.

[11:39] Why do business owners hide business sales from their employees?

[15:09] What’s the best way to value a business? OR Why you shouldn’t prioritize the money when valuing a business. 

[19:42] Making yourself operationally irrelevant. OR The most important thing to do before selling your business

[24:44] Always run your business as if you’re selling it

[27:16] Being consistently available to your employees and clients 

[30:57] How an extermination company bought a sports complex

[35:51] How to outwork your problems by releasing authority

[38:52] What to do after selling your business OR Should you stop working after selling your business?

[40:46] Success is transitioning your business

3 Key Highlights

1. Every business transitions at one point or another. You have to have a plan for what you will do when you transition your business. You have to have a plan for your customers, your employees, and yourself. 

1. Nobody likes change. There is a lot of uncertainty and uneasiness that can come with selling a business. It can make you reluctant to keep your employees in the loop. If you get buy-in from your employees early, you will have a much smoother transition. 

1. When selling your business, you have to gradually first become operationally irrelevant. If you don’t do that, your business will fall apart without you and investors will no longer be interested in buying your company. Build a self-managing company. You don’t want your buyer to think you need them to survive, you want to have power. 

Useful Links

Connect with Michael Pallozzi: LinkedIn | Get a 401k tip in under 2 minutes (video)

Like what you’ve heard…

Learn more about HFM HERE

Schedule time to speak with us HERE

Open an HFM Ignite account HERE

Anthony Bellia joins  Michael Pallozzi to discuss what it’s like to be a third generation family business owner. He discusses what it was like to grow up in a family business environment and shares what was naturally expected of him as a child as well as details of the transition process of the family business from the second to the third generation. Only 8% of family businesses make it to the third generation. In their conversation, Anthony shares several success factors that makes a family business beat the odds and last three generations.  

Anthony Bellie is the president of Bellia Furniture. Bellia enterprises has now been in operation for 49 years. When Anthony was still a child, Bellia enterprises had already been in business for 30 years. 

Tune in until the end to learn: 

• The significance of having a thorough exit and transition strategy when running a family business 
• What makes a family business last three generations. 
• Why all family members in a family business should understand business financials.

Timestamps

[00:58] Who is Anthony Bellia? (Bellia enterprises)

[03:49] What’s it like being a child in a family business?

[04:48] What’s the training like for children in a family business?

[07:31] What’s it like to be interviewed for a job by your father? 

[08:55] What was Anthony’s work like in Bellia enterprises and how does diversification help them thrive?

[11:16] Roles of other family members in Bellia enterprises. 

[15:00] When the first generation family members wanted to transition the business to the next generation (exiting a family business). 

[16:39] What makes a family business last 49+ years? 

[18:34] Having sensitive and strategic family business discussions with trusted advisors - why it helps. OR The two-year transition process that helped solidify the Bellia family business. 

[22:26] The biggest dangers of a transition process in a family business. 

[23:46] Why adaptability is key for success in a sales role. 

[24:57] What makes a family business defy the odds (3 things to always remember)?

[26:32] How has the business development process changed in Bellia enterprises?

[27:29] What every family member in a family member should understand. 

3 Key Highlights

1. Growing up and seeing your family own a family business is a unique experience. You get to meet many different types of people even just as a child. You feel you are part of something special that other people don’t get to experience. 

1. In a family business, it’s important to create a space where different family business can discover their strengths and passions - even if those strengths and passions ultimately lead them out of the family business. You only want to keep family members who absolutely want to be there in your family business. 

1. There is a blanket of trust in a family business. This can create some legal or financial risks that you don’t carefully study. 

Useful Links

Connect with Anthony Bellia: LinkedIn 

Connect with Michael Pallozzi: LinkedIn | Get a 401k tip in under 2 minutes (video)

Like what you’ve heard…

Learn more about HFM HERE

Schedule time to speak with us HERE

Open an HFM Ignite account HERE

Bill Emerson joins Michael to discuss his informal transition into his family recruitment and staffing company Emerson Group. In their conversation, they explore what you should consider when creating ownership and succession policies in a family business, why you should formalize succession and ownership rules, why getting outside support for your family business is both healthy and helpful,, and how to navigate a family-first ethic while still taking care of the business's best interests.

Bill Emerson is the president and CEO of Emerson Group. He interrupted his career in the family business to pursue his real estate license eventually making a return to the family business. Today, 75% of his staff have worked at Emerson Group for 10 years or more.

Tune in until the end to learn:

●     How to gift shares methodically in your family business.

●     Balancing a family-first mindset with accountability in business.

●     How running a value guided business differentiates you in your industry.

Timestamps

[00:57] Who is Bill Emerson (Emerson Group)? 

[03:26] How the family business Emerson Group started.

[04:50] Pioneering work-life balance.

[05:50] Bill’s life before joining the family business.

[09:03] The realization that made Bill return to the family business after leaving it for a real estate career.

[11:44] Gifting shares in a family business: is it the right thing to do? 

[14:04] What to consider when creating policies for ownership in a family business.

[16:36] Balancing between family-first vs. business-first mindsets

[18:34] Why you should get outside support when running a family-owned business (and what it’s like).

[21:17] Going from the face of the business to behind-the-scenes involvement in the family business.

[22:48] Running a value-based family business.

[27:07] Bill’s unique professional abilities.

[29:31] Balancing between using artificial intelligence and offering personalized services.

[33:08] Bill’s retirement and succession plan.

[35:06] Advice for running a family business.

5 Key Highlights

1. Learning business skills at another company before joining the family business is an extremely valuable experience to go through and leverage - this can be done in the same industry or in a different industry.

1. Being a supportive parent, allowing your children to make their own mistakes, and letting them freely choose their own path can be one of the best things you can do for your family business.

1. Things to consider when putting a policy for ownership in a family business in place: length of time served in the company, the skillset the family member is bringing to the table, and the exit strategy.

1. When running a family-first family business it is important to still maintain a spirit of healthy competition and challenge within the business. This will help the business grow and create a culture of accountability.

1. Having underlying values that guide the direction of your brand helps you differentiate yourself from your competitors in the wider market.

Useful Links

Connect with Bill Emerson: LinkedIn | Emerson Group Website

Connect with Michael Pallozzi: LinkedIn | Get a 401k tip in under 2 minutes (video)

Like what you’ve heard…

Learn more about HFM HERE

Schedule time to speak with us HERE

Open an HFM Ignite account HERE