Dirty Secrets of Small Business

Adam Sonnhalter
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Dirty Secrets of Small Business Podcast

The Dirty Secrets of Small Business Podcast is here to give you the tools, knowledge and power to achieve success whether you're starting a new small business or already have one. Each episode we will discuss: Common Myths of Small Business Ownership, Dirty Secret of the Week, How Come? (What's on Jack's Mind), Small Business Success Stories (MVP Clients) - within 7 Keys, Current Events/Regulations Impacting Small Business and Un-politically Correct Thought.

  1. 25 APR

    What Happens When You’re Not Ready, Lisa Holly Guest Host?

    In This Episode One of the areas of small business coaching where we’ve specialized over the past two decades plus has to do with transitioning the business from one generation to the next.  As you might imagine, over that time we’ve come across just about every scenario you can imagine.  The one that people seem to fear most is when the current business owner dies while still running the business.  So the question for today is, “What happens when you’re not ready?” One of our clients, who was also a prior guest on Dirty Secrets of Small Business, Lisa Holly, is joining the show today to discuss this very topic.  As you might recall from Lisa’s first appearance on the show, her and her brother Woody took over the family moving and storage business after their mom died in a car accident in November 2006.  Nearly 17 years to the date of their mom’s passing, I also lost my business partner and co-host of Dirty Secrets of Small Business, Jack Mencini. We thought it would be fitting to have one of our past clients who loves Jack almost as much as I do to share her thoughts on this topic.  Plus, I have a little different perspective on this topic since Jack’s passing.  Some of the things we shared during today’s show include: Just Keep Swimming: we all need to tap into our inner Dory from the movie Finding Nemo and “just keep swimming”.  When a business partner (or life partner) passes away unexpectedly, it’s often necessary to remind yourself to just keep taking the next step forward.  Take that next breath in and out.  As hard as it might seem at the time, you need to keep moving.  In doing that, it can often feel like all we are doing is barely holding things together.  And that’s perfectly normal.  It might take months or years before you don’t have to remind yourself to take the next step or breath and it just starts happening naturally. Be Patient: we often need to remind our clients to give themselves some grace when it comes to transitions like this.  There is no playbook for what is the right or wrong way to react, although most folks who have been through something similar will tell you to be patient and not make any major decisions in the first year.  This also gives you plenty of time to listen to what others are telling you and/or suggesting and see what might fit.  Remember that changing behavior takes time and effort and the emotions will pass.  So be patient with yourself as well as those around you. Now What/What’s Next?: if you’re truly unprepared, like Jack and I were with Dirty Secrets of Small Business, you pretty quickly start asking questions like, “Now what?”  We knew Jack was planning to do the show until he was no longer able to do it physically or mentally and we both thought that time was years away. With Lisa and her brother Woody, they were thinking they might eventually take over the business but they certainly weren’t thinking it was going to happen when it did.  But once you get through the “holding everything together” phase, you need to decide what’s next.  In the case of Berea Moving & Storage, Lisa said there was no other option as far as she was concerned.  Not only did she and Woody want to honor their parents and all they had built, but they also realized they had dozens of employees who were willing to do whatever it took to succeed. Lisa talked today about her “discovery” year of 2007 where she learned about a lot of things and people including herself.  Like other things related to business transitions, there is no one right way to do things.  So if you still have time, you can start working on a transition plan today.  If it’s already too late, then hopefully some of our stories and insights from today’s show have helped.  Whatever you do, don’t go it alone and make sure you tap into your “village” of people for help. People, Companies and Resources We Mentioned in the Show

    45 min

  2. 23/11/2023

    Thankful for Jack

    In This Episode You might have noticed that it’s been a few weeks since we’ve dropped a podcast.  It’s the first time in nearly 8 years of recording Dirty Secrets of Small Business that we’ve missed a week. We have some sad news to report.  My business partner of over 20 years in Maximum Value Partners, and my co-host for nearly 8 years on Dirty Secrets of Small business has passed away.  Jack Mencini left this world two weeks ago on November 8, 2023 at the age of 80.  While we had plans in place for MVP after Jack, we never really had plans for DSSB after Jack since he planned to continue with the show as long as he could.  I am planning to take some time during this holiday season to figure out the next steps for DSSB. In the meantime I thought it was appropriate to do a Thanksgiving show this year as Thanksgiving was Jack’s favorite holiday.  He loved the food, family and friends, and football without all the pressure of having to bring gifts.  Just a chance to be with people you love and reflect on all the things we have to be thankful for. As you might imagine, I have so much to be thankful for in my 20+ year partnership with Jack and I wanted to share a few of them with you today: Partner: my wife said losing Jack is kind of like losing her.  Jack was someone I saw, talked with, texted, or emailed nearly every day over the last 20 years.  We spent a lot of time together coaching our hundreds of clients over the years, but what I’ll miss most is the times we were just hanging out talking about things.  Everything from life to business to sports.  And we took lots of trips together including several annual trips to baseball spring training in Arizona to watch our beloved Tribe and get out of the Cleveland winters for a few days.  It’s hard to put into words all that Jack has meant to me in my life. Clients: we’ve been blessed to have a front seat view with hundreds of small business clients as they run, grow, and eventually transition their businesses.  The outpouring of love for Jack over these past few weeks has been overwhelming.  It’s safe to say Jack had an impact on just about everyone he encountered and just about all of that impact was positive. Listeners: what started out as a couple of amateurs live on the radio evolved into a weekly podcast that has helped so many folks.  We initially started the DSSB podcast so we could help more small business owners as well as provide people with some insight for what it’s like to work with MVP.  It’s been great over the years to hear from so many of you and how you enjoyed and looked forward to our podcasts.  If nothing else, we could often provide you with a few laughs and a voice of reason to make sense of what can often be a crazy business world. 390: I’m so blessed to have recorded 390 DSSB podcasts with Jack.  I’ve already gone back and listened to a few of our prior shows over these past couple of weeks.  It’s so great to hear his voice and his laugh and to hear him tell his stories even though I know so many of the stories by heart. I recently changed the wallpaper on my phone to the photograph I’ve uploaded for this show.  This is a photo of Jack from our first Spring Training trip in March 2015.  Every time I look at my phone I see this smiling face and I can almost hear the crack of the bat.  I want to wish all of you a very Happy Thanksgiving and hopefully you remember you have a lot to be thankful for this year. People, Companies and Resources We Mentioned in the Show St. Ed’s Obit for Jack with Senior High School Photo (https://obituaries.sehs.net/obituaries/john-e-mencini/) Busch Funeral Home Obit (https://www.buschcares.com/obituaries/John-E-Mencini?obId=29850202)

    17 min

  3. 26/10/2023

    Comfortable Being Uncomfortable: Jeremy Orsky of Ohio Collision Group

    In This Episode Today we were joined on the show by business owner Jeremy Orsky of Ohio Collision Group.  Jeremy was an MVP client for nearly 8 years and we had a lot of fun and tremendous success together!  During the show today Jeremy shared his story of acquiring several underperforming collision repair shops and growing them and eventually selling them to a consolidator.  He was able to accomplish all of this by his early 40s. We covered a lot during our chat but some of the highlights include: Working with family in the business including his dad, sister, and spouse, not to mention a few friends who were like family; How do you spot underperforming assets and then grow them; Importance of key people in assisting with the growth; and Making the decision to sell what you’ve worked so hard to build. Jeremy always has an interesting way of expressing things and we think you’ll enjoy hearing his story and will definitely have some good laughs. People, Companies and Resources We Mentioned in the Show Crash Champions acquires Ohio Collision Group (https://crashchampions.com/news/crash-champions-continues-growth-in-greater-cleveland-metro-area-with-two-new-acquisitions) Kent State (https://www.kent.edu) Bob Evans (https://www.bobevans.com) Winking Lizard Tavern (https://www.winkinglizard.com) Margin Authority (https://margin-authority.com) Chris Farley as Matt Foley on Saturday Night Live (https://en.wikipedia.org/wiki/Matt_Foley)

    2h 4m

  4. 19/10/2023

    Is It Good For The Boss To Be Around?

    In This Episode With all the battles going on to get workers back in the office, we started to think of the good old days when folks would complain that the boss is never around or the opposite, they never leave!  But our question today is bigger than that.  Is it good for the boss to be around?  What kind of message does it deliver if the boss is around too much or not enough? One of the things we discuss with all of our clients is that most people have no idea what the boss does.  The “work” of the boss often looks very different from the “work” of much of the rest of the team.  So why doesn’t she ever leave us alone?  Or how come he’s never here?  These are some of the questions employees will ask when they don’t understand what the boss is doing. As a boss yourself, do you ever consider your power?  Do you realize people respond differently when you’re in the room?  If so, then you should have some purpose when you’re in the office or around the shop.  Beware that the eyes are always on you. During the show today we shared several ideas for things to do and consider when you’re hanging around your company: Inform: let people know what’s going on.  The “why” is a big deal in terms of why you do the things you do.  A good way to instill this in your organization is to have regular meetings so your team can constantly be informed and report on the most important items of your business. Assist: one of your main jobs as the leader of your company is to remove roadblocks for your team.  You should never tire of asking the question, “How can I help you or make your job easier?” Credit: be sure to shower praise publicly (and privately) on those who are doing the right things.  Reinforce for people the types of behaviors and results you’re looking for. Blame: when things don’t go right, be the first one to take the blame.  Even if it wasn’t your fault, it’s still your company so the buck should ultimately stop with you.  There are lots of things to be doing whether you’re in the office or not so be sure to be purposeful about it.  In today’s ever changing and more virtual world you’ll want to be sure to be “present” as well.  Even though it might look a little different virtually. People, Companies and Resources We Mentioned in the Show Loch Ness Monster (https://en.wikipedia.org/wiki/Loch_Ness_Monster)

    34 min

  5. 12/10/2023

    How Do I Put My Stamp On The Company

    In This Episode One of the great things about buying vs. starting a company is that when you buy a business you have some history and some things established.  Things like customers, vendors, and employees.  When starting out you have to build everything from scratch.  As you might imagine, when you’re building something from scratch it’s easy to put your stamp on the company.  But how do you do that with a company you just bought?  What if it’s one your family started?  How do you honor what they’ve built but still put your own stamp on the company? This is something we have a lot of experience with both personally as well as with coaching our clients.  Depending on the situation, you might need to put your stamp on the company faster.  For instance, if the company you’ve purchased is more of a turnaround scenario where the business has been struggling to make money or has been losing money, you’ll want to make changes quicker.  But if the company is running well and profitable, you’ll likely want to move more slowly to make changes as you won’t want to upset the current flow of business. During the show today we shared several ideas for things to do and consider when looking to put your stamp on the company: People: one of the first things you’ll want to assess is your people.  Who is going to be key for helping you run and grow this business and who might get in the way.   Also, are there any voids in the business that need to be filled?  If so, are those things you’re going to do or do you want to bring in someone new or offer those duties to one of your current people?  A great way to start putting your stamp on something is how you work with and through your team. Routines: what systems are currently in place to run the business you just bought?  Some of these systems or routines might be documented while likely many others are just happening because people have been there for a while.  One of the things you can do early on is start to change some of the routines.  It could be the frequency of regular meetings or it could be a change in the work schedule (e.g. going to 4 days per week vs. 5 days).  Look around at things that can be improved from a systems standpoint. Presenting: this is one that is often overlooked.  How often does your team get together so they can stay informed about the most important things going on in your business?  We suggest doing this at least monthly because a lot can change and time goes by quickly.  Just you Presenting what’s going on in the business will help to quell any fears the employees have about a new owner.  It will also give you the chance to see how your team performs and interacts.  Early on you’ll want to talk to your team about the Vision you have for the business and why you purchased it.  Give them a chance to get excited with you! 1-on-1s: set up time to meet 1-on-1 with everyone on your team.  Ask them questions about their past and what they’re hoping to do in the future.  Get to know them.  Share some of your story with them too so they can understand you and why you bought this business.  People will also talk differently 1-on-1 vs. in the group where others are watching. Fire Someone: this could be a customer, vendor, or employee.  Chances are there are some bad customers, vendors, or employees.  The quicker you can figure out who those bad ones are and purge your organization of them the better off you’re going to be.  How you define “bad” is a matter of opinion but think about folks who are abusive to your staff which maybe the prior owner put up with in the name of doing business with those folks.  What a bunch of nonsense.  You’ll gain your team’s loyalty quickly if you help purge their days of people who don’t appreciate them. There are lots of other things we discussed during the show today and if you’re in the situation of having recently purchased your business we

    37 min

  6. 05/10/2023

    I Did It My Way, Phil Billick of Valley Ridge Farms

    In This Episode Today we were joined on the show by business owner Phil Billick of Valley Ridge Farms.  Phil was one of MVP’s earliest coaching clients with a prior company he started and he is also Jack’s nephew!  During the show today Phil shared his story of not only starting, growing, and then eventually selling one business, but also how he’s been involved in starting several more including his 800 acre farm in southeast Ohio. We covered a lot during our chat but some of the highlights include: Partners in business, the good the bad and the ugly; What do you do when you “retire”; and What’s it like to partner with your spouse. Phil also shared some crazy stories about some colorful characters he’s met throughout his career as well as an unbelievable story about moving their house up a massive hill.  We think you’ll really enjoy listening to his story! People, Companies and Resources We Mentioned in the Show Valley Ridge Farms (https://www.facebook.com/valleyridgefarmsltd/) Air Compliance Testing (https://pitchbook.com/profiles/company/63400-60#overview) Cleveland State (https://www.csuohio.edu) Wharton School of Business (https://www.wharton.upenn.edu)

    1h 30m

  7. 28/09/2023

    How Do I Decide If I Should Stay Or Go After Selling My Business?

    In This Episode The good news is you’ve gotten that offer you can’t refuse and you are going to sell your company.  Now the question is what do you do next?  Do you stay on with your company after the acquisition?  Do you ride off into the sunset?  Do you start another company?  So many choices and so little time. We’ve been blessed in our coaching business to have taken several clients through the process of growing, running, and eventually selling their businesses.  While each situation is unique, there are several questions you’ll want to answer when deciding what to do next including the possibility of staying on with the new owner. So here are some things to consider if you’re trying to decide if you should stay on board with your company after selling to a third party: Employee vs. Boss: whether you’ve been running your business for five years or five decades, you can most likely appreciate that it’s very different being the boss vs. being an employee.  Our guess is you’ve done pretty well as a boss since you’ve been able to grow and sell your business.  But how are you as an employee?  Maybe you don’t remember what it was like to work for someone else.  Maybe you’ve never worked for someone else.  In any case, it’s going to be a big deal because you’ll now have to be answering to someone else.  Maybe you view this as a relief that you won’t have to make all the decisions any more or bear all the financial responsibility.  Be careful what you wish for. Take Time: do you have enough money to walk away and not work anymore?  This might seem like an easy question to answer, but it often comes down to more than the money.  Give yourself permission to take some time off.  To figure out what you want to do next.  During the show today Jack talked about how he is a twice failed retiree.  What you tend to find is that even when you aren’t working to make a living and put food on your table, it’s still really fun and satisfying to run, grow, and operate a business.  So what if you took all the knowledge you now have and use it to do something new?  Most people never take a significant amount of time off.  How about a sabbatical for the business owner?  They don’t just have to be for professors! Other Options: if you’re like many small business owners we know, chances are you don’t have too many hobbies or other interests outside of your business.  “So what,” you say, “now I’ll have time to pursue those other interests!”  Well yeah, maybe.  Don’t be so fast to put aside business as an interest.  Most people don’t realize how fun, exhilarating, and rewarding business ownership can be.  Too many folks think about work as being a job.  You know better.  Maybe there is another business or two you could help.  Perhaps become an investor or a partner in another business or two and bring your knowledge and expertise. Significant Other: what’s your significant other think?  This could be your spouse, life partner, best friend, whatever.  If you’re currently living with someone, how do they feel about the possibility of you being around more often.  Of you not having anything in particular to do.  Of getting in their way.  It can be a bit of a pain dealing with someone who doesn’t have to work any more.  The people closest to you should tell you how things really are and provide a good sounding board for you. As discussed on the show today, we’ve counseled several people through this process and we’ve been through just about every situation you can imagine.  Many of our clients chose to stay with the company that bought them.  The reasons for doing this include curiosity, loyalty, and fear.  The curiosity piece of what’s it like working for someone else/a bigger company/etc.?  The loyalty piece comes from not wanting to abandon your team and walk away once the deal closes.  Many of your employees have been loyal

    41 min

  8. 21/09/2023

    When Is The Best Time To Find And Pursue New Opportunities?

    In This Episode How many times have you uttered the phrase, “I don’t have time!”?  If you’re like most of us, it’s likely been hundreds or even thousands of time…just this year!  Way too many small business owners utter that same phrase when we talk with them about exploring new opportunities. Are you one of them?  Then tune in for today’s show where we help give you some ideas for how to find and make the time to pursue some of these opportunities.  Thomas Edison summed it up well, “Opportunity is missed by most people because it is dressed in overalls and looks like work.”  As a small business owner we know you aren’t afraid of work, so let’s be sure you don’t miss too many good opportunities. So here are some tips for how to know when it’s time to jump in to help: Stay Open: your mindset is key with anything in life.  Being open means you have to listen when people bring you ideas or you make time to investigate things you think are worth looking into.  But if you tell yourself you don’t have the time or interest in anything new then chances are pretty good that you’ll miss it. Vision: so where do you want to be in 5-10 years?  Too many people are frustrated where they are today yet so many of those folks have no idea where they’d like to go.  It doesn’t matter if we are talking about business, personal relationships, or anything else in life, if you don’t know where you want to go chances are pretty good you’re going to be frustrated and won’t be able to spot many opportunities.  There’s a reason our 1st of 7 Keys to Success is Vision, we need to know where we are going.  If you know where you want to go you’re able to take small steps every day/week/month to get there. Talk About It: one of the best ways to figure out if something is an opportunity or not is to talk to someone about it.  This does a couple of things: i) it helps you process the idea by talking it through, and ii) you’ll see if it energizes and excites you.  Most things can quickly be thrown into the opportunity or distraction pile based on a few short discussions with some trusted people.  Being this sounding board is a big role we play for our small business owner clients. Sooner Than You Think: one of our most successful coaching clients once said that when he got comfortable then that’s when he’d get nervous and get himself uncomfortable.  He knew otherwise he’d get passed by the competition or would stop growing and improving.  One of the harsh realities of business ownership is that markets change.  And change isn’t always a bad thing, especially when you can spot opportunities.  Are your customers changing their purchasing behavior?  Is there some new competitor who keeps showing up?  Talk with anyone who has been in business for a decade or more and you can be certain the path they have taken hasn’t been one that was planned out in detail on day one. So have you been missing some opportunities?  Still not sure?  Take a listen to our show from today and test out some of these approaches listed above to find out. People, Companies and Resources We Mentioned in the Show MVP’s 7 Keys to Success (https://maximumvp.com/7-keys-to-success/) Metallica (https://www.metallica.com) JPMorgan Chase (https://www.jpmorganchase.com)

    43 min
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About

The Dirty Secrets of Small Business Podcast is here to give you the tools, knowledge and power to achieve success whether you're starting a new small business or already have one. Each episode we will discuss: Common Myths of Small Business Ownership, Dirty Secret of the Week, How Come? (What's on Jack's Mind), Small Business Success Stories (MVP Clients) - within 7 Keys, Current Events/Regulations Impacting Small Business and Un-politically Correct Thought.

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