Eric Mitchellette is the Founder of Strategic Business Coach, Inc. and has over 20 years of experience as a financial advisor and CFO. He helps small to medium-sized businesses understand their financials and helps them become cash flow positive. Eric shares his process and some of the things you need to consider when you are looking to get a financial expert to open up the company books.
Key Takeaways:
[1:35] How did Eric first get started in business planning and capital formation?
[3:15] Cash flow problems are common but sometimes business owners are not aware of what state their company is in until it’s too late.
[4:40] How does Eric help business owners and turn their businesses around?
[7:55] When Eric steps in, the biggest thing he has to do is educate business owners and leadership the state of the company and what that means.
[11:50] After Eric knows where the numbers are, then it comes to adjusting the owner’s draw from the company and to restructure the finances so that it makes sense.
[16:00] When owing money to vendors, what’s the best approach or financial plan to let them know the company plans to make good on their promises?
[19:25] What happens to the employees during this financial turn-around time?
[20:35] If an owner has to exit, what are some of their options?
[25:50] What kinds of mistakes do owners tend to make?
[27:55] Eric shares his thoughts on next-generation family management.
[28:55] Final words of advice: You can’t plan enough. Have a strategic plan in place.
Mentioned in This Episode:
Email Todd: Todd@Dynastylc.com
Email Eric: EMitchellette@Sbciusa.com
Call Eric: 612-532-9284
Paul Annett is the Owner of inTransition LLC. He has more than 25 years of experience in corporate management and consulting and has successfully helped first-generation family-owned businesses transfer their leadership to the second generation. Paul was also responsible for growing a privately-held printing services company from $40 million to over $140 million. In today’s episode, Paul shares the four stages teams go through before they become a high-performing and high-functioning team.
Key Takeaways:
[2:15] What types of clients does Paul usually work with?
[6:45] Instead of building a high-performing team first, Paul works with the individual leadership members first. Everybody might be very talented, but that doesn’t necessarily mean they work well together.
[10:00] Paul breaks down the four different phases a team goes before becoming a successful and high performing team.
[13:55] The first phase is the forming stage where leadership takes the time to really get to know each other. You’d be surprised that even siblings in leadership roles might discover something new about what it’s like working with their brother or sister.
[14:20] The next phase is the storming stage. Leadership members can be stuck in the storming stage for years if they’re not careful and it can lead to a lot of conflicts and lack of trust.
[16:45] What’s the difference between healthy conflict vs. unhealthy conflict?
[22:50] With every bright side, there is a shadow. It’s important for leaders to be aware of both their strengths and their weaknesses.
[27:40] The third stage is the norming stage. This is where leadership can begin to align the mission of the organization with systems and processes.
[30:25] How do you know when you’ve successfully completed one stage and ready to take on another?
[31:40] The next stage is the performing stage. This is the stage that a lot of people don’t always realize they’re in because everything is so easy!
[38:05] What are some of the biggest mistakes teams make when going through this process?
[41:00] What is considered ‘healthy friction’ within teams?
Mentioned in This Episode:
Email Todd: Todd@Dynastylc.com
Email: Paul@inTransition.com
On Becoming a Leader: The Leadership Classic, by Warren G. Bennis
Kurt Theriault is the President of Allied Executives, a locally-based peer group organization in the Twin Cities for CEOs, Business Owners, and Key Leader Executives. Kurt discusses on today’s episode who would be a right fit to join a peer group, some of the benefits, and some common mistakes new members tend to make.
Key Takeaways:
[2:50] How did Kurt first discover Allied Executives?
[7:00] Who is considered the ‘right’ member or client for Allied Executives?
[10:35] Being able to share your challenges in front of a room of like minded individuals really can help unblock you.
[12:50] There are different types of peer groups out there. How do you know what’s right for you?
[15:20] The good thing about attending a peer group is that you get workshops and continuous education on important topics and challenges you’re facing.
[18:00] Allied Executives has a diverse group of people that are local to the Minneapolis area.
[19:00] When does it make sense to call a place like Allied Executives?
[27:00] What are some of the biggest mistakes members tend to make?
[29:50] Kurt is active on LinkedIn. Feel free to reach out!
Mentioned in This Episode:
Email Todd: Todd@Dynastylc.com
The Road Less Stupid: Advice from the Chairman of the Board by Keith J. Cunningham
Anne deBruin Sample is the CEO and Owner of Navigate Forward, where she helps executives in transition discover and find their dream jobs. A four-page resume is no longer sealing the deal, so it does take outside-of-the-box thinking to generate quality opportunities. Anne shares how her company can help executives find a career with purpose and meaning on this week’s episode!
Key Takeaways:
[2:05] What does Navigate Forward do?
[3:30] What does the average client look like for Anne?
[4:05] Why do executives seek out Anne’s services?
[7:15] Anne walks through the onboarding process when taking on a new client.
[11:30] It really does take time and conscious thinking to discover your next career steps. This discovery process can’t be rushed.
[13:40] Anne believes resumes are outdated. People simply don’t make hiring decisions on them anymore.
[16:45] The next step is to network with your rolodex to find those dream opportunities.
[18:15] Anne shares some of the worst networking meeting she’s ever taken and offers tips on how to network effectively.
[19:55] It can take executives to land their dream job between 3 weeks to 18 months. It does take time and a bit of patience to get prepared.
[23:40] Navigate Forward is still with you even after you’ve got the job. Anne and her team will help you with onboarding and transitioning!
[26:35] What makes Navigate Forward different?
[29:10] Anne shares some common mistakes executives tend to make when finding their dream job.
[31:20] Building and maintaining your network is a critical process for any executive.
Mentioned in This Episode:
Email Todd: Todd@Dynastylc.com
The 20-Minute Networking Meeting - Executive Edition: Learn to Network. Get a Job
Jim Zuehlke is a Principal at Cardinal Board Services, a company dedicated to maximizing the effectiveness of company boards. They can help you with everything from board member recruitment, onboarding, and facilitating. Jim shares his expertise on today’s show about how to onboard the perfect board member for your company based on size and vision.
Key Takeaways:
[4:00] A board for your company helps you keep current with the trends.
[4:55] When does it make sense to have a board?
[7:15] The very first thing that Jim likes to do is do an analysis on the company and see what types of board services they might need.
[12:15] After the analysis phrase, Jim likes to get everything down in writing so that everyone is clear about their next steps and he can also show this document to a potential board member.
[14:20] What does Jim mean by finding a ‘2X person’?
[17:00] How does Jim determine the right compatibility between a board member and the company?
[22:05] The process to onboard a new board member is slightly different than onboarding a team member or a C-suite executive.
[26:15] What are some of the biggest challenges of getting a board member?
[28:35] Is it beneficial to hire a board member that can open doors for them?
[31:15] Jim shares some of his thoughts about diversity and its importance.
Mentioned in This Episode:
Email Todd: Todd@Dynastylc.com
Email Jim: JimZ@Cardinalboardservices.com
John Morris and Ken Saddler are both CFO advisors for small-to-medium businesses at B2B CFO. Between them, John and Ken have over 50 years of financial experience. On today’s episode, you’ll learn the benefits of hiring an outside CFO to help grow your company, some common mistakes business owners tend to make when it comes to their products, and how you can get started on getting a better grasp on your financials.
Key Takeaways:
[1:20] What does B2B CFO do?
[2:20] How do you become an advisory CFO?
[3:30] What’s the difference between a CFO vs. a controller or an accountant?
[5:15] How hands-on do John and Ken get when it comes to a client’s financials?
[7:25] What kinds of entrepreneurs and companies do John and Ken work with?
[10:20] John and Ken share examples of what type of work their clients come to them for.
[15:55] What are some of the best ways to open up the financials with your managers?
[17:50] When do business owners really need CFO services?
[22:30] John and Ken share their process on how they onboard a new client.
[25:30] Stop giving your product or service away for less than its worth!
[29:55] What tips do John and Ken have for business owners that they can start doing today?
[33:40] John and Ken share some common mistakes they see in their industry.
Mentioned in This Episode:
Email Todd: Todd@Dynastylc.com
Email Ken: KSaddler@B2BCFO.com
Call Ken: 952-380-6406
Email John: JohnMorris@B2BCFO.com
Call John: 612-385-9199
Mark Coronna is the Area Managing Partner and Chief Marketing Officer for Chief Outsiders, a firm that providers contracting CMO executives and strategic management consulting services to companies in transition. On today’s show, Mark explains his process, the types of companies that benefit from a temprorary CMO, and how a company like his can help companies working through an acquisition or transition.
Key Takeaways:
[:30] Todd has some fun facts and statistics about company acquisitions.
[2:10] What do you do when you want to reach more quality prospects without breaking the bank?
[4:40] When does it make sense to hire a part-time or contracting executive?
[8:50] Small to midsize companies are looking to diversify and Mark’s firm can help you find new opportunities in your market.
[11:40] After finding key growth opportunities, Mark looks into how to actually execute an effective plan for the company.
[16:00] CEO’s have a hard time understanding the true value of what they’re getting in their marketing.
[18:25] What happens to the company’s existing marketing team when Mark and his team take over?
[20:45] What kind of mistakes does Mark seen over and over again?
[23:35] Marketing is complex and it only gets more so as the days go by.
[24:25] Can startups afford a company like Mark’s?
[26:20] Mark has published four free ebooks on the subject of marketing and growth that you can download on the Chief Outsiders website!
Mentioned in This Episode:
Email Todd: Todd@Dynastylc.com
Email Mark: MCoronna@ChiefOutsiders.com
David Mann is a classically-trained actor and uses his background to help companies tell better and more compelling stories. With over 25 years of experience, David teaches professional services leaders how to make an impact by clarifying their message. Does everyone in your company have a different idea of what you really do? David is here to help! Find out more about the great work David is doing on today’s show!
Key Takeaways:
[2:15] How did David get into acting and how does it connect with storytelling?
[3:25] How does David help companies and professionals create a compelling story?
[6:10] How much time do you typically have to grab someone’s attention?
[10:40] You have to win someone’s attention over and over. It’s not easy!
[12:40] What is David’s process to help people tell a compelling story?
[16:10] Your client is the hero of their own story, and truth be told, you’re not involved in their story. So, what are they looking for in their story and how can you connect them there?
[21:15] David always likes to ask the sales and marketing team what the company does. He will always get at least six completely different versions.
[30:00] After crafting your laser-focused message, you have to make sure it’s threaded through everything you’re doing in your messaging.
[32:15] What kinds of mistakes do companies tend to make when crafting their message?
[37:50] Go around your office and talk to the people that work there; ask them what the company does and see what they say!
Mentioned in This Episode:
Email Todd: Todd@Dynastylc.com
Sally Peine helps guide mid-size companies through complicated HR practices. She works for Insperity, which is considered a Professional Employer Organization (PEO). If you’ve never heard of what a PEO does, don’t worry! Sally gives an in depth explanation on how a PEO can help business owners through complicated health care matters, employment work comps, and so much more that take up a lot of time and resources for a company.
Key Takeaways:
[2:00] What is a PEO?
[3:15] How does Insperity work?
[5:40] Each situation is very custom and personal, so the cost of a service like this is difficult to determine right off the bat without first understanding specifics.
[7:40] Sally shares an example of what it might look like to work with a PEO.
[11:25] What happens when you have to let somebody go?
[14:45] Keep your best practices and policy as clean as you possibly can.
[17:35] When is it the right time to use a service like Insperity?
[22:00] Insperity helps you simplify all the vendors you need for your company to run (like HR, employment lawyers, health care, etc) down to one partner.
[22:40] Insperity ideally works with business owners who have between 5 to 150 employees.
[23:15] Even though it’s a partnership, what kind of objections do owners typically have before outsourcing some of their key staff management practices to Insperity?
Mentioned in This Episode:
Email Todd: Todd@Dynastylc.com
Call Sally: 952-960-5305
Email Sally: sally.peine@insperity.com
Lisa Kro was the Co-Founder of Mill City Capital, a private equity firm in Minnesota. Lisa has worked and served on a dozen different boards and has a wide range of experience; everything from non-profit to small business that turned into big business! On today’s show, Lisa is here to explain the importance of a board for your company, some of their responsibilities, and best practices to recruit new board members.
Key Takeaways:
[2:40] How did Lisa get started in becoming a board member?
[3:10] What’s the importance of having a board of directors?
[4:35] When does it become necessary to have a board of directors?
[5:20] What’s the difference between a board of directors vs. a board of advisors.
[7:25] For a board of advisors, who should fill those seats?
[10:00] What’s the purpose of a board?
[12:50] It’s important to have a diverse set of people sitting on the board to help bring new perspectives into your company.
[16:10] Who is in charge of setting the strategy for the business? Does the responsibility still fall on the CEO or is it now the responsibility of the board of directors?
[17:30] How can the board help with a CEO succession plan?
[19:45] Lisa shares how a board can help grow and develop talent.
[22:10] How often do mergers and acquisitions work out well for companies?
[25:20] You and your lawyer want to sit down and write out exit strategies for your board members.
[26:45] What kinds of fiduciary responsibilities does the board of directors have?
[28:15] How big should a board of directors be?
[30:00] To be a part of the board, how much of a time commitment is it?
[36:20] It’s important to reflect on past mistakes, but you should not dwell on them. Lisa recommends no more than 20% of reflection time during a board meeting.
[39:00] It’s really helpful to have an appointed mentor for new board members coming in.
[41:10] Another tip: Get board members to meet directly with high-performing employees.
Mentioned in This Episode:
Email Todd: Todd@Dynastylc.com
Todd Eberhardt has switched the tables and will be the one being interviewed on this week’s show! Todd’s production assistant, David, will be hosting and asking Todd a series of questions about what Todd does at Dynasty Leadership and why he is a big advocate of the Catapult process.
Key Takeaways:
[2:40] Who is Todd and how did it all get started at Dynasty Leadership?
[5:45] David does a quick recap of each of the steps in the Catapult process.
[7:30] What does the average team look like when Todd is putting together a company?
[8:10] How can leaders start to plan for their future vision and story?
[10:40] The next step is defining your core values.
[12:00] Once you know where your values are, you will have an easier time defining the roles and responsibilities of each staff member.
[14:45] Todd takes leaders through a growth exercise where they envision their company at 5X growth.
[19:00] How do leaders establish a ‘meeting pulse’ in their company?
[22:00] How often does Todd meet with leadership teams to implement this process?
[22:55] What kinds of mistakes should you be aware of during this process?
[26:25] What have been the biggest takeaways for Todd over the years of using the Catapult process?
Mentioned in This Episode:
Email Todd: Todd@Dynastylc.com
Call Todd: 612-845-2076
Todd Schroeder is the CEO of Aeration Industries International. When Todd took over the role, the company had just been acquired and was going through some transitions. Todd created a “why not” culture, balancing empathy and empowerment with high expectations, which resulted in Aeration becoming the employer of choice. Krista Ramirez briefly joins us on the show to discuss her role in recruiting new talent for Aeration.
Key Takeaways:
[2:20] How did Todd first get started?
[3:45] Todd gives a little bit of history behind Aeration and how they got started.
[5:50] Todd knew he had to build a culture around people and innovation.
[6:25] What did Todd look for when it came to hiring new talent?
[8:40] Todd brought earlier adopters in his team to help with the social media recruiting process.
[9:45] Krista jumps on to explain her recruiting process.
[11:00] Todd explains they were actively looking for good candidates on LinkedIn.
[14:30] What kinds of roles was Krista recruiting for?
[17:20] Before hiring someone new, Todd would do a team interview with the new candidate.
[19:00] How many people have Todd and his team hired over the years?
[22:50] Todd was very diligent and aware of the kind of culture he wanted to build, and in turn, the team and company prospered from it.
[25:55] What results did Todd see when the company focused on the people?
[28:50] What lessons did Todd learn along the way?
[30:50] Krista shares her thoughts on what she wished she had done differently.
[32:40] Todd offers advice on how you can get started recruiting on social media.
Mentioned in This Episode: