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:
Craige Thompson is an Entrepreneurial Patent Attorney at Thompson Patent Law as well as an author and a speaker. On today’s show, Craige gives insider knowledge on why someone should pursue a patent and when it’s not a good idea to do so. He also explains what the patent process looks like and things to be prepared for if you did decide to patent your invention!
Key Takeaways:
[2:20] Craige explains what a typical patent process looks like.
[3:10] Are patents a big deal? Do we really need one?
[4:15] When does it make sense to patent a product?
[5:50] What does Craige mean by ‘invention harvesting’?
[8:00] You can also check out Craige’s book as well, Patent Offense, for more info.
[10:25] “I have checked everything and there’s nothing like my product out there!” Chances are, Craige can find it.
[11:05] What is considered ‘prior art’?
[13:15] What is a ‘point of novelty’?
[15:50] Rejection of your patent is a good thing. That’s when the negotiation starts!
[17:15] Craige shares an example of what a ‘point of novelty’ looks like.
[19:15] Once you have your ‘point of novelty’ answers, it begins to unlock all the business questions you need to determine whether this patent makes sense to pursue.
[21:25] What kind of profit are you looking at if you do patent this product?
[23:00] Thinking of an exit strategy? A patent could increase the value of your company.
[26:25] Craige explains how someone can prioritize their claim strategy.
[29:00] Are patent really only for the big guys?
[31:55] How much would it cost to get a quick assessment of whether a patent is worth it or not?
[33:45] What kinds of mistakes do people usually make?
Mentioned in This Episode:
Jim Stelten is the Twin Cities Market Leader for BerganKDV, a professional services firm that solves problems and creates new opportunities for their clients in finance, HR, IT, and the C-Suite. On today’s show, Jim shares why he started his very own peer group, how it has helped him excel in his career, and how you can create an engaged peer group with lots of participation, as well.
Key Takeaways:
[1:40] Jim is a master networker and shares how he keeps track of it all.
[2:45] What does BerganKDV do?
[4:05] What did Jim do before working with BerganKDV?
[4:50] How did Jim get started utilizing peer groups?
[7:20] Jim explains some of the benefits of attending a peer group.
[8:45] These peer groups can become really vulnerable places where leaders can share what their day-to-day looks like.
[9:55] Todd shares an overview of how to create/start your own peer group.
[13:35] If you’re in a peer group, you have to participate! But don’t worry, there are facilitators there to help shy people get out of their shell.
[16:25] What does it take to make a peer group work well?
[20:45] Jim explains what a ‘debriefing’ situation looks like.
[23:35] What does Jim do in between meetups to keep everyone prepared and set for the next group meeting?
[26:00] Jim shares why he values peer groups so much.
[28:40] What kinds of lessons has Jim learned along the way?
[31:10] At the end of the day, you feel like a family.
Mentioned in This Episode:
Rich Kelley is the co-founder of Search Fund Partners; his company has participated in over 125 acquisitions in the last 15 years since its creation and they’ve backed 170 different deal searchers. On today’s show, Rich takes you through the process from finding the right deal and finding the right leader for the company, to the end-game plan once the company has been acquired.
Key Takeaways:
[2:10] What did Rich start Search Fund?
[4:10] A lot of pairings and transactions are quite emotional for the founder and Search Fund helps navigate through that in a logical way.
[6:00] Todd does a quick overview of Rich’s process.
[8:20] What does Rich look for in a new CEO?
[11:10] Sometimes Rich will hire more than one person to fill in positions within the company and get them to work as a team. This allows for a more robust company.
[15:55] Rich gives a two-year budget to have his searchers find a deal and if they can’t get it done in two years, it’s best that they move on.
[17:10] Rich’s team looks at hundreds of deals a month; it’s really intensive and by the end, they will talk to roughly 200 perspective sellers on the phone.
[17:30] What kind of people are considered ‘sellers’?
[22:30] It’s way better to fully vet a deal and not get it done than to get into a bad deal.
[24:00] What is the transition process like between the new CEO and old CEO?
[24:40] What kind of challenges does a new CEO have in the beginning?
[31:05] After acquiring a company, what’s the end goal for Search Fund?
[34:55] What kinds of speed bumps do sellers experience along the way?
[36:40] Curious to know about Search Funds? Please visit the website!
Mentioned in This Episode:
Tony Biel is the Founder at Criterion Business Development, a company that helps businesses define and attract better business prospects and clients. On the show, Tony outlines his 5-step process on how he helps companies discover who their A-list clients are and shares ways you can attract more of those clients into your company!
Key Takeaways:
[1:20] How can we find more great and amazing customers to work with?
[2:05] Tony helps companies bring in more new business that looks like their top 5% of their best clients.
[3:45] What kinds of companies has Tony helped in the past?
[5:15] Tony breaks down his 5-step process on how he leads companies through the discovery process and helps them find amazing clients to work with.
[9:45] How does Tony help companies discover who their A-list clients are?
[16:05] Tony has a scorecard for companies to help prioritize and systematize what’s really important to the company when it comes to finding their best client.
[18:30] Change is hard and it can be difficult to help people move into this new direction.
[21:40] What are some of the common mistakes people make?
[26:15] Make sure your new strategy can withstand the ‘mom test.’
Mentioned in This Episode:
Call Tony: 612-845-2323
Email Tony: Tony@Criterionbd.com
A specialist in career planning and development, George Dow has helped over 1,500 executives improve their career transition effectiveness, to ensure “fit” in their future position, and to review and help shape the strategic alignment of their chosen career path. On today’s show, George shares the Portfolio Life philosophy and how retirees can find a ‘new meaning’ after an important life chapter has closed in their life.
Key Takeaways:
[2:00] How did George get started in this line of work?
[3:45] There are four different types of retirees.
[4:25] So many retirees want to do more with themselves after the ‘honeymoon’ phase has worn off.
[5:35] George does a quick recap of what a Portfolio Life means.
[7:45] When executives and business owners finally retire, they have to let go of a huge work identity. It’s tough to navigate through.
[9:40] What kinds of baby steps can retirees do to dip their toes into something new and interesting?
[13:15] Ask yourself, “What are my top eight life achievements?”
[16:05] Don’t get analysis paralysis on your next new adventure. Get out and do things!
[17:15] George shares some personal stories of people who have really lived after retirement.
[25:10] Todd does a quick recap of the steps to achieving the Portfolio Life.
[27:55] What are some of the common mistakes people make while trying to achieve the Portfolio Life?
[30:50] George shares some quick tips you can implement today to get started.
Mentioned in This Episode:
Georgedow.com “Will a Portfolio Life Become Your Second Half Story?”
Georgedow.com “Bridging to a Portfolio Life”
Portfolio Life: The New Path to Work, Purpose, and Passion After 50,
by David D. Corbett
Working Identity: Unconventional Strategies for Reinventing Your Career,
by Herminia Ibarra
Michael O’Halloran is the President of Michael & Gabriel and helps his clients improve their Search Engine Optimization (SEO) rankings, website design, and more. Michael shares his expertise on today’s show about why SEO is so important for new customers to find your business and offers simple tips any business owner can use today.
Key Takeaways:
[2:35] How did Michael get into SEO?
[6:25] How does Michael help his clients with SEO?
[11:00] Michael explains how a mom-and-pop business can get a leg up from a massive chain in the search engines.
[15:15] Google rewards sites that are active.
[18:40] Google doesn’t like it when you try to keyword stuff your blog article. They take that as you trying to trick their system and will punish you.
[19:35] What’s the difference between ‘on-page’ and ‘off-page’ SEO?
[26:05] Michael shares an example of what a competitor did to one of his SEO clients to force them off Google’s front page.
[31:10] Everybody sees the need for a website, but not everyone knows how to boost themselves up in the search engines.
[33:10] Not a lot of people go beyond the first page all that often.
[34:35] If you’re practicing ‘black hat’ techniques, you will get caught by Google. Don’t take shortcuts!
[36:55] What can business owners do to improve their search rankings?
Mentioned in This Episode:
Call Mike: 651-278-2099
Email Mike: MikeOH42@Gmail.com
Tyler Olson is an award-winning serial entrepreneur in several technology fields as well as the Founder of Modern Foundation, an analytics-first marketing social & search consultancy. Tyler is also a keynote speaker and frequently speaks for organizations such as IBM, 3M, Target, and more. On today’s episode, Tyler shares his experience on what it takes to build an engaging and fun work environment for his team, what Millennials in the workforce crave from their leaders, and how he weeds out toxic and damaging individuals from entering his company culture.
Key Takeaways:
[2:00] A quick introduction about Tyler.
[2:55] Tyler is currently exploring the digital nomad lifestyle.
[4:05] Who is Tyler and how did he get started as an entrepreneur?
[8:10] How does Tyler recruit through inspiration?
[13:50] What does Tyler mean by having a ‘bad cop’ filter?
[17:55] Tyler is honest with his employees. His company is not going to pay the highest salary, but they make up for that by having flexible hours and a healthy/fun work environment.
[21:00] What kind of misconceptions do people have about Millennials?
[24:20] How does Tyler define what a ‘life-long learner’ means?
[28:00] Tyler shares his core values for his company.
[35:20] A bad hire cost Tyler around $250,000.
[37:55] How can business owners run a better, and happier, business for the younger workforce?
Mentioned in This Episode:
Email: TOlson@Modern.Foundation
Sarah Sladek is the CEO of XYZ University, an organization that helps equip worldwide companies with valuable tools and information to engage Generations X, Y, and Z as executives, employees, members, leaders, and volunteers. Sarah is also the author of several books including, Talent Generation: How Visionary Organizations Are Redefining Work and Achieving Greater Success, which she discusses further in today’s episode!
Key Takeaways:
[2:05] Who is Sarah and how did she get started?
[3:20] Where are all the young professionals?
[5:20] Organizations are struggling to keep talent.
[6:15] Are Millennials really that ‘lazy’?
[7:30] What does Sarah do at XYZ University?
[8:40] What does Sarah mean by ‘Talent Generation’?
[10:55] Less than a 3rd of U.S. employees are engaged in the workplace and worldwide only 13% of employees are engaged.
[12:25] We can’t just manage anymore. We have to lead.
[16:25] Successful companies have stayed relevant because they’ve let experienced leaders collaborate with entry-level workers.
[19:00] Sarah shares a case study of how a workforce can thrive with a diverse set of talent and age ranges.
[21:05] Sounds obvious, but you have to put your people first, not the profit first.
[23:55] Very few companies carve out time to be up-to-date on trends.
[28:00] How can companies get better at collaborating with their younger employees?
[32:10] What are some of the most common mistakes companies make when it comes to retaining talent?
[35:00] What advice does Sarah have for business owners out there who want to keep more of their talent?
Mentioned in This Episode:
Jerry Clark is the Founding and Managing Officer for SealedBid, a merger and acquisitions firm that was founded in 1993. Over the 25+ years since starting SealedBid, Jerry has worked with hundreds of individual owners on exit and succession strategies and successfully marketing their companies to qualified buyers. On the show, Jerry explains his company’s transaction process, how a company can exit successfully, and the steps buyers go through to purchase a company.
Key Takeaways:
[2:45] Jerry discusses his company’s structured transaction process.
[6:20] You need a couple of years to set your company up for a successful exit plan. You will not get the full value if you tried to sell it within one year.
[8:05] Similar to how you get your house ready for sale, you want to put essentially a fresh coat of paint and clean out the cobwebs in your company.
[12:05] How do companies exit successfully without letting their competitors know?
[15:30] Jerry discusses the steps involved on how to execute the exit strategy.
[22:05] What do buyers need to go through when they’re looking to buy a company?
[25:10] What’s the difference between a binding and a non-binding letter of intent?
[30:35] Jerry lists some common mistakes that can derail the succession process.
[33:45] Jerry offers some key advice for owners who are interested in creating a succession plan.
Mentioned in This Episode:
Today’s special episode features three guests instead of one! They’re a family-owned company featuring father, daughter, and son. In less than 4 years, the company has seen amazing growth with over 100 employees currently being employed. Todd sits down with Richard (Dick) Ward, the CEO; Ally Delagado, the CMO; and Andrew Ward, the COO of Merchology. The family discusses their unique target audience, why their company has seen such successful growth in such a short amount of time, and so much more!
Key Takeaways:
[2:15] Who is Dick and what does he do at Merchology?
[2:35] Who is Ally and what does she do at Merchology?
[2:50] Who is Andrew and what does he do at Merchology?
[3:15] What is Merchology about?
[5:00] Why did Dick intentionally hire his daughter, Ally, and his son, Andrew, into the company?
[7:05] How big is Merchology?
[8:15] Ally does a quick highlight on their target audience.
[10:40] What are millennials doing differently compared to the older generation?
[14:55] How does Merchology make it easy for customers to interact with the company?
[17:50] Merchology has a dedicated staff member oversee a customer’s order. Customers love it because they don’t feel like just a number.
[20:20] How does Merchology have absolutely no salespeople?
[23:05] How did Dick structure the company’s financing when he first started the company?
[25:35] Dick talks about one of Merchology’s core values.
[29:15] Why does Merchology say no to potential customers?
[32:25] Todd does a quick recap of the company’s 7 steps.
[33:40] What kind of challenges has Merchology experienced along the way?
[35:15] What goes into Merchology’s hiring process?
[39:45] What’s it like working with family?
Mentioned in This Episode:
Robert McDowell is the Founder and President of McDowell Agency, a full-service firm that offers private investigation and background checks. The firm completes over 50,000 background checks a year for various companies, both on the national and international level. On today’s show, Robert offers advice to business owners and discusses the very important reasons why a business, small or big, should get background checks on a potential hire.
Key Takeaways:
[1:45] How did Robert get into private investigation and this industry?
[2:25] Why would someone need a private investigator?
[3:20] Is being a private detective as glamorous as the TV shows make it out to be?
[5:40] How much does it cost to do a background check?
[6:40] If you want to hire somebody for your leadership team, typically that consists of a criminal check, verification of any licenses and degrees, and verifying prior employers.
[7:55] How does this process work?
[9:40] Do employers really need to do a background check?
[11:35] What kind of businesses should do a background check?
[16:35] Get your forms and business processes reviewed regularly so that you can make it easy to get a background check done.
[20:00] When was the last time you heard of a treasurer cooking the books? It happens regularly and the worst part is it could have been prevented.
[22:55] Do not lie on your application form. If you’ve been convicted of a crime, tick the box yes. Lying on it will lead to an immediate disqualification.
[24:50] There is no universal standard as to where criminal records are held. This is why it really does pay to have an expert check multiple sources.
[26:05] What kind of mistakes do business owners tend to make when it comes to doing a background check?
[29:10] What can business owners do today to get started?
Mentioned in This Episode:
Toll-Free Number: 877-644-3880
Local Minnesota Number: 651-644-3880
Kevin St.Clergy is a Partner and Chief Practice Development Officer at MedPB as well as the Co-founder of Online Review Builder. On today’s show, Kevin discusses how to build social proof in your business and why reviews are a gateway to building trust online. Too many business owners underestimate the value of social proof and it’s costing them business!
Key Takeaways:
[1:50] Who is Kevin and what does he do at MedPB?
[2:30] How does Kevin define social proof?
[3:50] Don’t think online reviews are important to your business? Think again.
[6:25] Kevin has data that proves if you have more Google reviews than your competition, you will see growth as much as 50-100% a year.
[7:05] What do businesses owners have to do to create social proof?
[9:00] Most businesses don’t have a process to help happy customers leave a review.
[12:15] Kevin has created software so that people who rate your business 3 stars or less receive a form for them to fill out, giving businesses a second chance to fix a problem.
[13:30] You have to see a complaint as a gift. If you find out your customer is unhappy, give them a call!
[15:00] What are some of the best ways to get reviews from your customers? Kevin offers three easy steps.
[20:00] What kinds of mistakes do business owners typically make when it comes to generating social proof?
[21:15] Some businesses owners hate to ask for reviews, it feels too salesy. Here’s why you need to overcome this.
[23:15] Google is beginning to look at how many reviews you’re responding to online and uses it toward their rankings. Reply to your reviewers! A quick thank you back can make a ton of difference.
Mentioned in This Episode:
Brightlocal.com — Local Consumer Review Survey 2016
Mark Coronna is the Chief Marketing Officer of Chief Outsiders, a company focused on accelerating growth for their customers. Today’s show focuses on the importance of a value proposition. Mark has seven key points to consider when it comes down to explaining your value proposition to your customers, how to market it in the best way, and how to keep it relevant as the markets change years later. Value propositions are incredibly vital to the growth of your company and it is not something you should skim over!
Key Takeaways:
[1:35] What does Mark do for Chief Outsiders?
[6:05] Every company needs a value proposition. A value proposition is the heart of what you offer.
[7:00] Only 7% of leadership teams can articulate their own company’s value proposition. However, a majority of them think that 85% of their employees can articulate it. That simply doesn’t work!
[7:45] Markets can change. Is your value proposition still relevant in today’s market after being in business for 3-5-10 years?
[9:00] How do you discover your value proposition and make sure it’s is still relevant as well as communicated well within the company? Here are seven points to consider.
[11:40] How does Mark define ‘distinctive competences’?
[16:45] Write the value proposition in your customer’s language. Don’t make it sound like something only Ph.D.s can read (unless they are your target customer).
[19:10] Validate your value propositions with your customers. Get them to take a survey or even interview them one-on-one.
[19:45] Adopt an ‘outsider’ perspective and really make your benefits obvious to the customer. No one really cares if you’ve been in business since 1962.
[24:25] You may have 4-6 different types of value propositions to bring to the customer, but it’s important to get the order right between each of these. Which one is the most important to you and your customers?
[26:00] How do you accurately market these value propositions to your customers?
[29:35] Once you finally have your value propositions down, how do you go about making sure it’s still relevant three years later?
[32:40] Todd does a quick recap of all seven points.
[33:45] What kind of mistakes do companies typically make when trying to find, and then market, their value propositions?
[35:00] What things should someone focus on if they were trying to implement something like this today?
[38:00] Value propositions are vital when it comes to your company’s growth and quality of service.
Mentioned in This Episode:
Call Mark: 612-554-0081
Dr. Jim Schmidt has been serving as Chancellor at the University of Wisconsin-Eau Claire since 2013. Chancellor Jim, as he likes to be called, has slightly over 30 years of experience in academia and has seen what a lot of leaders did wrong, and right, when it came to those dreaded budget cuts. On today’s show, Chancellor Jim discusses how he was able to make some tough decisions within his university and how he ended up making his campus much more efficient with less money.
Key Takeaways:
[1:25] Who is Chancellor Jim Schmidt and how did he get started in his career?
[2:05] Of the 30 years Chancellor Jim has worked in academia, he had to cut the budget 26 times.
[3:05] Across-the-board cuts are for lazy administrators. It’s viewed as ‘fair,’ but it really isn’t.
[4:35] When it comes to budget cuts, how does Chancellor Jim approach this?
[10:45] Remember, you’re only as effective as your people and if your people are worried about their job security, things aren’t going to get done as quickly.
[11:50] How can you be transparent with your team when facing budget cuts?
[14:25] Once your team is aware of the budget cuts, then you need to rally them towards a common goal and the university’s values.
[20:35] When you’ve established what key areas are vital for your students/customers, then it’s time to get your team together to start brainstorming on the best course of action.
[25:20] As a Chancellor, it’s Jim’s responsibility to give the students the best experience possible. If you make across-the-board budget cuts, their experience will suffer.
[27:55] Chancellor Jim told his team to reject the notion that you gotta ‘do more with less.’ You can’t do that to your customers because then your quality will suffer.
[34:00] Many of Chancellor Jim’s staff were willing to do more with less because they were used to that status quo. He had to tell them to stop because it will only lead to them being burned out.
[35:30] The university has had four years’ worth of increased student enrollment despite making these budget cuts.
[37:45] As a leader, you have to be open to having those tough conversations and you need to be available for your people.
[39:05] Chancellor Jim does a quick recap.
[41:40] What mistakes did Chancellor Jim make along the way that he wishes he did a bit differently?
Mentioned in This Episode:
Call Jim: 715-836-2327
Email Jim: JSchmidt@uwec.edu
Karl Neset is a Fractional CFO for CliftonLarsonAllen. Karl has perfected a process that allows business owners to give employees more skin in the game and earning potential, without giving up their equity. Employees can act as owners through a profit share program that compensates people based on their contribution to the company. Karl explains why this strategy leads to a better team dynamic within the company and gives employees a strong sense of purpose, too.
Key Takeaways:
[1:35] Who is Karl and what does he do for CliftonLarsonAllen?
[5:10] There are roughly 10 steps in how an owner can help an employee get more skin in the game and earn more income.
[6:10] The first step starts with gathering the data.
[7:10] How do you properly compensate differently-skilled people?
[9:25] Karl shares an example of how a system like this (ownership among employees) looks like, once it’s been properly put into action.
[11:40] It’s a team discipline. If one screws up, they all screw up.
[12:20] What does the sales department look like when a strategy like this is put in place?
[14:10] A system like this makes it a lot easier on the owners. They do not have to micro-manage their employees.
[15:35] If the owner goes away for a couple of months, the business will still run smoothly, because employees are being compensated similarly to how the owner is being compensated.
[16:45] What kind of percentage does each employee get, based on their roles?
[18:35] This strategy gives motivation to both new and older employees who now see that they can be a part of something meaningful and they will get compensated fairly well for it. It gives them drive to advance within the company and obtain career growth.
[19:50] The next step is to lay out different projections for the next five years in the company. You should have three: A bad year, an okay year, and a great year. Based on these numbers, your employees will be compensated accordingly.
[21:00] This model allows for employees to make double, in some instances, than what they can in an open market. Who wouldn’t want that?
[22:35] If someone makes double their normal salary, do they start getting cocky? How does that affect the company as a whole and how do you address it?
[28:20] Before implementing a plan like this, why is it important to run it through HR first?
[30:40] Many employees/owners might think this plan is too good to be true or unsustainable.
[32:15] It is critical to incorporate wealth management classes in the company after a strategy gets put into place. Employees who see a huge spike in wealth do need to understand what that means to them.
[33:30] Why should a business owner use this strategy vs. something like using phantom stock or equity?
[37:00] What are some things to think about/potential mistakes that could happen?
Mentioned in This Episode:
Email Karl: Karl.Neset@Claconnect.com
Rebecca Metz is the Founder of Web Pages That Sell. When Rebecca was coming back from vacation, she found out something horrible — her website had been hacked! Not only was the experience stressful, but having her website down meant she was not generating any business, too. After recovering from the incident, Rebecca has some advice for those business owners out there on how they can prevent this from happening to them, and what they should do in case it does happen.
Key Takeaways:
[2:10] What is Rebecca’s business about, Web Pages That Sell?
[3:05] What happens when your website gets hacked?
[6:55] If you have multiple websites, one website can affect the other.
[7:15] Call your hosting company or your webmaster!
[8:15] Check whether your website has been blacklisted.
[9:45] When you’ve been hacked, it’s usually not personal.
[13:00] When you call your hosting provider, be prepared that they may not be very helpful.
[15:40] Another thing to note, your webmaster is not responsible for this hack either. However, they may have some answers for you to help you regain control of your website.
[16:40] When your website has been hacked, this needs to be the first priority. The worse it gets, the harder it will be to get your whole website back.
[17:40] Find a website cleaner. You can be expected to pay between $200 to $1,000 to have this done. Make sure the price includes multiple website clean ups.
[21:20] If you’ve been infected once, expect to be infected again.
[23:10] Get into a habit of backing up your website. Both your entire your website and your database.
[24:35] You should back up your website once a month and your database once a week.
[26:10] If your site has been blacklisted, this may mean your emails are too.
[27:20] Regularly update your plugins!
[31:05] What are some of the top mistakes people tend to make?
[32:10] The good news is Rebecca has a service to help you backup your website regularly.
Mentioned in This Episode:
Call Rebecca: 612-516-5388
Ron Dunford has been working for Schreiber Foods for over 30 years, and has learned a thing or two about leadership along the way. Now that he’s retiring from Schreiber Foods, Ron plans to help business owners achieve and set the right tone for their team. Over the years, Ron has come up with five leadership principles that will help someone go from completely clueless to a powerful, and thoughtful, leader.
Key Takeaways:
[1:20] How did Ron first get started in Schreiber foods? And now that he’s retiring, what’s next for him?
[3:25] Leadership and success principles are universal.
[4:40] Ron has a five-principle philosophy that he’s developed and perfected over the years.
[6:35] One of Ron’s principles is to dream big. How does someone successfully do that?
[8:15] Are people telling you you’re crazy? If not, you might not be dreaming big enough.
[10:30] How does Ron motivate others to get beyond their comfort zone and to dream big?
[14:25] If we only expect success, we won’t be able to handle the roadblocks along the way. What are Ron’s thoughts on this?
[16:10] How does Ron manage the millennial generation? 40% of the Schreiber Foods workforce are millenials.
[23:35] Ron is a competitive guy, but it’s important to realize that he doesn’t, and nor should you, want to try and win no matter what the costs.
[25:20] When you know what your values are, it’s easy to say no, and walk away from business deals.
[27:20] If you find yourself saying, “I’ll be happy when… (fill in the blank),” watch out! You need to enjoy the journey, not just the end result.
[30:35] What was Ron’s big aha moment when it came to achieving his goals and changing his mindset?
[33:20] Ron does a quick recap of his five principles.
Mentioned in This Episode:
Email Ron: RDunford13@gmail.com
Steve Nelson, ASA, is the Managing Director for Chartwell, a financial advisory firm. Steve breaks down everything business owners need to know about ESOPs (Employee Stock Ownership Plan) and the seven steps you need to take to get one implemented in your company. Steve also outlines the various benefits employees would receive if your company had an ESOP in place.
Key Takeaways:
[1:00] Before we get started, what is an ESOP?
[3:10] What are some of the benefits of an ESOP?
[6:25] Remember, ESOP is not for everyone.
[6:40] Who would best benefit from an ESOP?
[13:40] What are the seven steps business owners need to do to get an ESOP?
[17:15] How many lawyers typically get involved in an ESOP transaction?
[19:15] Employees need to understand that they’re not a direct owner of the stock. They are a beneficiary of the trust. Why is this distinction important?
[24:15] Big companies can greatly benefit from an ESOP, but what about smaller-sized companies?
[26:15] Why would anyone want to be a trustee?
[29:30] Steve estimates that there are probably 7,000 to 8,000 privately-held ESOPs in the country and it’s growing.
[31:10] ESOPs give opportunity for wealth to people who otherwise would not have that opportunity.
Mentioned in This Episode:
Lance Madson is the CPA, MBT, and ABV for Boulay Group, an accounting and financial consulting firm. Lance leads the firm’s business valuations department, as well as specializes in tax planning for both businesses and individuals. On this week’s show, Lance discusses Boulay’s 7 step process on how they accurately evaluate businesses worth between $1 million to $50 million dollars.
Key Takeaways:
[1:30] Who is Lance and what does he do for Boulay?
[5:45] Boulay has a 7-step process that helps them properly assess a business.
[8:00] Lance breaks down the thought process behind step 1, which offers three approaches on how to look and evaluate a business.
[11:50] What would Lance need to know, when a client comes to them with projected business growth? How does he know the client is being reasonable with his projections?
[17:15] What types of things does Lance need from the client, and what should you prepare for in order to make your evaluation as accurate as possible?
[23:10] Lance also has access to outside resources and databases that help compare a client’s industry and their projected growth.
[26:15] Lance and his team always look at the debt-to-equity ratio in any business they evaluate.
[30:40] Another aspect Lance considers is the compensation aspect. Are there any family members taking a salary when they don’t spend time at the company?
[36:15] What happens when business owners disagree with the numbers Lance provides?
[39:45] We’ve just come off an election year. What trends has Lance seen so far?
[44:45] What should business owners know about their business?
[47:55] Want to work with Boulay? Lance discusses prices and what you can expect from their service.
Mentioned in This Episode:
Call Lance: 952-893-9320
Terry Slattery is the President and CEO of Slattery Sales Group. After serving four years in the Air Force, Terry got his degree in economics, and joined IBM’s sales team. This propelled him into 20+ year career in sales. On this week’s show, Terry discusses what a ‘bankable forecast’ is, where companies lack the most when hiring new sales reps, and why so many companies struggle to get that big deal locked in.
Key Takeaways:
[2:10] Who is Terry and what does Slattery Sales Group do?
[6:10] A founder was once telling Terry it takes him two years for a sales rep to be properly trained in his industry.
[9:35] Terry has to make sure there’s alignment between the CEO’s priorities and management. When things aren’t clear, that’s when things start to break down on a production level.
[12:10] Before you spend resources training a sales rep, you first have to ask yourself a series of important questions.
[15:00] 6% of your entire workforce will be elite, another 20% will be good, and the rest of the 74% will range from being a 3-year project to a bad hire.
[20:00] Don’t be in a hurry to hire! It’s going to be a mistake!
[22:00] What does ‘bankable forecast’ mean?
[32:50] Focus on organizing management first; that way your team understands the process. The process is easier to train/teach than throwing them in with the sharks.
[41:25] Half of all sales people are uncomfortable to talk about money. This means that they can’t defend premium price.
[43:25] Didn’t get the deal? You will want to listen to what Terry has to say on why!
[53:40] Keep in mind there’s a big difference in the daily operations and behaviors of someone who is closing 90% of their business vs. only closing 10%.
[54:30] How much does it cost the business when there’s a bad sales hire? Over 6 figures!
[1:03:50] Statistically, in a multivendor contest, the last contestant gets the business 9 times out of 10, no matter what the price is.
Mentioned in This Episode:
Jonathan Cleveland is the Managing Director for Houlihan Lokey, a global firm with expertise in mergers and acquisitions, financial restructuring, and more. Today’s discussion focuses on how to spot and handle distressed companies. Although Jonathan works with companies who average around a billion dollars in debt, the lessons Jonathan talks about apply to all businesses.
Key Takeaways:
[1:55] At the Houlihan Lokey firm, they have three main divisions. Jonathan explains what each of these divisions are and how they help their clients.
[3:10] What’s Jonathan's background, and how did he get involved with the firm?
[6:00] Houlihan Lokey works with high-scale clients. The average debt level for a client is around one-and-a-half billion dollars.
[7:50] How do distressed companies get so deep into trouble? Is it because they have an easier time accessing capital?
[11:25] You know your industry is in trouble when the guy on TV says, ‘This time it’s different.’
[12:55] Let’s say the industry or sector is doing okay, how do you tell when an individual company is in trouble?
[17:15] The rest of your business operations can get a bottleneck when the company is focusing on paying off high levels of debt. It can often be a Catch-22.
[20:15] If lenders feel unsure you are able to pay off the debt, they can re-price or even increase their rates.
[22:30] What types of distressed companies come to Houlihan Lokey?
[26:25] Who makes the call to get help? Is it the bank or maybe even the CEO of the business?
[30:20] What are some of the biggest mistakes distressed companies are making?
[34:25] How does Jonathan access the executive team?
[37:20] A lot of human psychology is used when interacting with a distressed team.
[37:30] Failure challenges our ego.
[39:10] You need to have a real awareness over the consequences of borrowing money.
Mentioned in This Episode:
Corky Hall is the CEO/Founder of Stellus Consulting, founded in 1993. Corky and his team focus strictly on brand strategy for his clients. Stellus Consulting has worked with some very well known and established companies, like The Texas Rangers, Minnesota Twins, Coca Cola, and more! Why are such big name companies coming to a brand strategist? Well, as Corky explains on the show, the company name and the brand identity are two very different people.
Key Takeaways:
[1:45] Corky focuses on brand strategy for his clients, but what does that entail, exactly?
[5:00] Corky has helped some very well-established companies hone in on their branding skills.
[5:45] If you already have a brand, tell me about your brand. ‘Who’ is your brand? Your logos and colors are irrelevant to Corky!
[9:30] How does branding help a business?
[13:25] How do you create a brand?
[15:30] Why does a young adult vs. a retired couple go to a baseball game? It’s the same game, but they each have different motives.
[19:30] Are advertising agencies Corky’s competitors?
[21:30] Price comes down to 5, 6, or sometimes even the 7th most important thing, when comparing brands.
[26:40] Most business owners don’t stop to think about their customers that deeply.
[28:45] Customers want to know you have their backs.
[31:35] Remember, what makes a strong and sustainable tree? The roots!
[40:00] How can a big company incorporate brand strategy into their storefronts?
[43:40] As the brand, you are always the voice of the customer.
[49:45] When it comes to shifting your brand, it’s not just 6-8 bullet point items you need to fix. You need to fix the emotion behind your brand.
[53:45] What is your brand promise?
[53:55] Remember, strategy is inherently dull.
[1:00:20] How can small business owners improve their brand?
[1:02:40] Don’t get the sales guy to interview your customers.
[1:07:45] Why do your customers choose you over your competitor?
[1:12:30] Every business can benefit from Corky’s advice on today’s show. Every company has to face the ‘branding’ music.
Mentioned in This Episode:
David Samuels is a corporate executive benefits designer. In the course of his career, he has also bought out seven other companies that do similar work. This means he helps business owners transition themselves out of the business and into retirement. These transitions can be difficult to manage, which is why David explains his unique process on how he gets the job done, where everybody involved in the deal comes out a winner.
Key Takeaways:
[2:15] What does a corporate executive benefits designer do?
[4:05] How did David discover this career field?
[7:35] Before David begins work with a client, he first has them take a compatibility test to see if they’re a right fit.
[8:55] What does the compatibility test entail?
[9:35] When there’s a winner, there’s always a loser, and David hates that. He wants to have a win-win scenario for both the buyer and seller.
[10:30] David needs to know he’s working with someone of integrity and honesty.
[10:55] The entrepreneur's books have to be clean.
[12:10] Why is finding the core needs of the seller so important?
[12:25] You’re not just buying a business, you’re buying somebody’s life’s work.
[15:35] Is the seller jumping in front of the train or is he being pushed?
[17:15] What happens if a deal goes bad?
[20:35] Transitions take time. If the owner wants to retire quickly, their staff is going to feel abandoned.
[24:35] At the end of the day, David wants his clients to feel great about the deal. David wants them to always know that he’s got their back.
[26:40] As business owners are looking to retire, they’re trying to cut back on their overhead and simplify their lives. David, so to speak, takes on those complications.
[29:05] Even though David has to do extra work, he firmly believes in a 50/50 monetary split.
[36:50] How does David evaluate a business?
[42:50] It boils down to having extensive conversations with the business owners to understand what they do and what David will do.
[46:20] David has been in this business for 27 years and has done 7 acquisitions. What kind of lessons has David learned throughout his career?
[49:55] What has the turnover been like once David has acquired a business?
[51:30] When a takeover happens, David often sees an increase in clientele. How is this possible?
Mentioned in This Episode:
Blois Olson is the Founder of Fluence Media, an agency that provides perspective, strategy, and execution to clients. They specialize in public affairs, litigation communication, labor/management, online/social media consulting, and crisis communication. Blois was listed in the “40 under 40,” by the Minneapolis-St. Paul Business Journal, at age 31, and recognized as a “Top Marketer,” by Minnesota Business magazine, in 2012. On today’s show, Blois discusses how businesses can position themselves in the right light, when it comes to their PR.
Key Takeaways:
[:45] What’s Blois’s world like?
[2:50] How does Blois help his clients?
[4:00] Business can get dark and scary sometimes.
[5:45] Leaders need to be transparent, especially during times of uncertainty.
[9:30] How does Blois decide which form of media is the right platform to showcase his clients’ message on?
[10:25] Technology allows us to directly communicate with customers.
[15:35] What’s considered ‘newsworthy’?
[19:55] It boils down to reputation and storytelling. It’s not about hype!
[20:30] Do Blois and his team have to coach his clients on who their ideal audience is?
[25:45] When does it make sense to have a M&A conversation?
[30:30] How can companies create their own PR disruption?
[36:05] If you’re communicating and you’re first, you have the upper hand to directly target the right customers.
Mentioned in This Episode: