Harbourtime Podcast

Episode 17 - Trent Simmons of Hardeman Company - Business Strategy for Small Businesses - Tips to Prepare Your Company for Acquisition in 2021-2022

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Trent Simmons is the CEO of Hardeman Company and has a passion for small family businesses.  Trent and his brother took a natural gas marketing company from their father which was the genesis of Hardeman.   Trent has a passion for small business.

Hardeman seeks to purchase businesses that they can own and operate as owners for the long haul. Not looking for a quick flip. They want businesses that are built the way we are built. We want businesses that ran for the previous 25 years, the way we plan to run them for the next 25 years. 

  • Small businesses built through character, work ethic, and relationships
  • Manufacturing, Distribution, and Service-related industries
  • Business owners who want to see their legacy preserved and their employees and customers are taken care of

    • Trent is a business leader - he has acquired several companies over the years.  He knows what it takes to be a business strategist, private equity guy, and owner-operator of established businesses.

    He was also a professional triathlete and we discuss how that experience translates to business strategy.  During this part of the podcast, Trent discusses lessons he learned from world class athletes, gold medal winners, and a former Australian boxer!  The lessons are great -- everyone can learn from them:

    Paraphrased:

    • The man on top of the mountain did not fall there.
    • Don't try to swim like Michael Phelps if you are not Michael Phelps.
    • Don't waste your time on comparative analysis -- you're probably not going to be the next Elon Musk or Jeff Bezos . . . but that's okay.  Reach the highest level you can.
    • The secret sauce of world class athletes (and CEO's)?   Their minds.  They put in the work.  Most of the time, they put in the work when no one is looking.  Day in and Day out.  Hard Work, Over And Over Again.  What we see are the "medals" the awards, but the hard work is almost never seen.
    • Work on your weaknesses for improvement, but MAXIMIZE your strengths.

      • Questions/Topics are listed below:

      Referencing Hardeman company’s LinkedIn page, How are you built?  Hardeman = Perseverance, Survival

      Trent, If you had to pick 2, maybe even 3 key traits of the CEO/leaders of these businesses, what stands out? What drives a business leaders/CEO/entrepreneur to build a successful business? 

      Hardeman has a nice portfolio of companies – a good mix of service, manufacturing, and other types of companies. How do you decide your portfolio strategy? Are you looking for a specific mix, or do you look for specific revenue targets, or any combination thereof?

      You’ve looked at a lot of companies – You’ve acquired some of them, and I’m sure you’ve passed on more than you bought. What strategic advice would you give a business owner who is thinking about selling their company in 2021? What should they be doing to prepare their company for acquisitions?

      When reviewing a company, you are competing against many factors: Owner Expectations, Family Member expectations, other acquirers, and many other factors. How do you balance seller expectations and other competing factors when you are in trenches of a potential acquisition?

      What lessons did you learn in training and competing in triathlons teach you that can be translated to business strategy? I know this is a bit vague, but what business lessons did the rigorous training teach you?

      Who is your favorite business leader and Why?

      ...more
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      Harbourtime PodcastBy Collin Harbour
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