Dirty Secrets of Small Business

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?”

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.

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)

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 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?

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.

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.

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.

One of the things we talk about often when it comes to business partners is the timing of difficult discussions. This is especially important when those business partners are also life partners because you’re going to be seeing this person after work as well. The last thing you want to do is let things that happened at work impact what happens at home. But hey, we’re all human. And sometimes our emotions and best intentions can get in the way.

Today we were joined on the show by business owner Ben Ihde of Wild Birds Unlimited. Ben was a coaching client of MVP for several years and is a repeat guest on Dirty Secrets of Small Business (see link below for his February 14, 2019 appearance). During the show today Ben shared with us what’s been going on since we last heard from him.