Afleveringen
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Pete Scherer is the CEO and a third-generational leader in the family business, Scherer bros. Lumber Co. Out of nearly 300 employees, there are currently four family members that work and lead within the company. In this episode, Pete explains how he leads and keeps the interests of the company aligned when he hears multiple visions and thoughts from different members of the family.
Key Takeaways:
[1:30] A little bit about Pete and his company, Scherer bros. Lumber Co.
[3:10] How does Pete structure the business?
[6:30] What trade-offs did previous generations have to make in order to make this company work?
[8:25] As Peteâs son currently works for the company, how does Pete bring children into the business?
[10:20] If you want to make a career out of the family business, the rules for family members become a lot tighter.
[13:00] The business is not obligated to keep you on if youâre not a good fit.
[16:20] Nepotism is always assumed. Whether it is or not. How does Pete work through this?
[19:40] How does the fourth generation address Pete? Do they ever use the word âDadâ or âUncleâ?
[23:55] How are the boards of directors formed in Peteâs company?
[27:45] How do shareholders vote for new board members?
[32:50] Pete is constantly being humbled in the business. Pet projects and passion projects that werenât able to be profitable have to get cut.
Mentioned in This Episode:
Dynastylc.com
Email Todd: [email protected]
Schererbros.com
Pete on LinkedIn
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Liz Wiseman is CEO of The Wiseman Group and teaches leadership to executives around the world. She is the author of three best-selling management books: Multipliers, The Multiplier Effect, and Rookie Smarts. She is out with her newest book, Impact Players, where she analyzes what makes someone truly stand out as a team leader. In this episode, she shares the five signs of an impact player, how they think differently, and how they have the ability to elevate everyoneâs collective mood.
Key Takeaways:
[2:10] A little bit about Liz and her company.
[3:20] Why are some leaders able to unlock their employeeâs potential and other people seem to struggle?
[5:10] We are products of our environment. You can make a difference, but your environment can shape how you make that difference.
[7:10] Liz wanted to look at people who were doing a great job vs. an extraordinary job and understand what they were doing differently.
[8:00] There are five characteristics/situations that create an impact player.
[11:20] How do we make this workload easier for everyone? This is a question impact players often ask.
[17:45] Liz shares a little bit about her background in Silicon Valley and some of the key lessons sheâs learned.
[21:10] Through Lizâs research, she made a list of credibility killers and credibility builders from what managers want in an employee.
[27:45] What should you do if youâve made a mistake? Admit it!
[32:05] Managers donât really want to manage people. They want people to come up with solutions.
[35:55] Working hard is not the same as creating impact. Liz dives into this further.
[39:30] Liz offers advice on how to write more effective emails that get people responding!
[40:25] Before you start working hard on something, make sure you first understand the assignment.
Mentioned in This Episode:
Dynastylc.com
Email Todd: [email protected]
Thewisemangroup.com
Impact Players: How to Take the Lead, Play Bigger, and Multiply Your Impact, by Liz Wiseman
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Zijn er afleveringen die ontbreken?
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Tom Fallenstein is the CEO and Founder of Fun.com and allowed one of his C-suite members to explore other career opportunities while still on the job. Tom takes a different perspective when it comes to letting his staff explore their dreams and interests. In this episode, youâll learn why it might be a good thing for members of your team to have a split focus, and some of the benefits it might bring to you and your company.
Key Takeaways:
[2:10] A little bit about Tom and his company Fun.com.
[4:15] Tom allowed one of his own executives to branch out and start his own company while âon the jobâ. Tom shares his thought process behind this decision.
[6:50] Weâre entrepreneurs, weâre going to have an itch to do new things. Instead of limiting it, it should be rewarded.
[7:20] The good thing about letting your executives wander is that they bring back a new set of knowledge and skill sets that theyâre learning at other companies.
[8:20] Is Tom ever worried that his executivesâ attention is going to be spent elsewhere?
[10:45] Honesty and communication is key in any leadership role youâre in.
[12:10] Tom has an executive assistant that has stated a side hustle, also.
[14:00] Tom gets enjoyment out of helping others succeed and win.
[14:40] Has Tom had conversations about boundaries with his more entrepreneurial staff?
[15:30] What mistakes should other leaders be aware of and should avoid making?
[17:20] How does Tom handle the conversation around Intellectual Property?
[19:50] How does an employee get the conversation started in a healthy way to their employer?
Mentioned in This Episode:
Dynastylc.com
Email Todd: [email protected]
Mackenziedoheny.com
Email Mackenzie: [email protected]
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Mackenzie Doheny is an Executive Assistant (EA) with over 20 years of experience working with C-Suite executives, presidents, and founders in the non-profit, private, and public spaces. In addition, she has over 10 years of experience hiring, training, and managing administrative assistants â both to work on her team and to support other executives. In this episode, Mackenzie explains why every executive needs a little bit of virtual support from their EA.
Key Takeaways:
[1:50] A little bit about Mackenzie and her services.
[3:15] When should leaders get an executive assistant?
[4:50] How did Mackenzie get into this space?
[8:50] Mackenzie has seen it all. Some executives are so overwhelmed that things are just slipping through the cracks.
[11:00] How should an EA handle an executiveâs inbox?
[13:00] The EA should take the initiative when it comes to taking control of the leaderâs calendar and schedule.
[17:55] When executives are able to get out of the weeds of their inbox and calendar, so much of their brain space opens up.
[21:35] What are some of the biggest mistakes that leaders make with their EA?
[24:00] Donât have an EA? Take an inventory of what happened in the last 7â10 days.
Mentioned in This Episode:
Dynastylc.com
Email Todd: [email protected]
Mackenziedoheny.com
Email Mackenzie: [email protected]
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Stefan Du Toit is the CEO of Paradise Yacht Management, the leading Caribbean term charter management company, strategically based in the Virgin Islands. When COVID-19 hit, many CEOs were faced with a tough decision and had to completely restructure their organization. In this episode, Stefan shares how he thought through this dilemma and why he chose to lead his company from afar when things went into lockdown. He offers what he learned from this experience and some of the best ways to execute this method.
Key Takeaways:
[1:50] A little bit about Stefan and his business.
[9:30] How did Stefan get involved in the yacht business?
[13:05] COVID-19 had a big influence on having this role be remote.
[13:50] Itâs very important to have a vision and be aligned with it.
[15:35] This business has to be a trust-based organization. Stefan explains why.
[17:25] Stefan has tried to create a culture where people can confess or admit their mistakes. This is a big benefit.
[20:15] How does Stefan structure his meetings throughout the organization?
[27:15] You have to take the ego out when youâre a leader. In a lot of situations, you need to get out of the way.
[28:15] Stefan was able to calculate supply chain issues and costs ended up going down because of this pivot.
[32:45] A company can only absorb so much change at a time. If you overload it, everything can fall apart.
[37:50] How can you influence culture and make it part of everyoneâs ethos?
[43:15] Stefan offers his highlights on what makes a good leader.
[44:00] What kind of mistakes has Stefan learned over the years?
Mentioned in This Episode:
Dynastylc.com
Email Todd: [email protected]
Paradiseyachtmanagement.com
Stefan on LinkedIn
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Jennifer Zick is the Founder and CEO of Authentic Brand, a community of Fractional CMOs who help growing businesses Overcome Random Acts of Marketingâą and confidently take the next right step to build revenue. In this episode, Jennifer shares how a fractional CMO can help revitalize your business when youâre in the middle of the growth stages. She offers a seven-part framework to help break out of any marketing funk you might have.
Key Takeaways:
[2:20] A little bit about Jennifer and her business.
[2:50] For a startup, what are the core executive roles in the very beginning?
[5:10] When does it make sense to hire a fractional CMO?
[9:50] There are seven key steps to reaching authentic marketing growth.
[15:00] How does Jennifer stress-test a companyâs ambitious marketing goal?
[18:00] After setting clear goals, itâs about setting clear priorities.
[22:15] What do you do when a more dominant and aggressive competitor steps in and is stealing all of your business?
[27:40] How do Jennifer and her team think about marketing strategy?
[29:55] What is a lead? Itâs important you define it clearly.
[34:20] You should be thinking about your organization like a baseball team.
[38:40] You need to track all of your marketing outlets!
[41:50] Donât guess at how to build a marketing team.
[45:00] Jennifer would love to get in touch! Reach out to her on LinkedIn!
Mentioned in This Episode:
Dynastylc.com
Email Todd: [email protected]
Authenticbrand.com
Jennifer on LinkedIn
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Lior Geft is the CEO at Mabbly, a full-service digital marketing agency that helps a wide range of businesses scale and grow. Because of Liorâs background as a recruiter, Lior wanted not only the best out of his people, but to create sustainable processes around the work that they did so that they could be kept accountable and grow. In this episode, we find out what Liorâs interview process is to vet and find talent, how they measure employee success, and so much more!
Key Takeaways:
[1:20] How do you minimize turnover and create accountability with your team?
[3:05] A little bit about Lior and how he got his start.
[5:00] Lior has a five-step process to vet whether a potential candidate is good.
[7:30] Do you have a clear picture of what the needs are in the business? If so, out of that long list, what is your potential employee going to be accountable for?
[9:45] Who will be onboarding this person? Although itâs important to hold their hand through the first 90 days, that doesnât mean that a new person is set up for success.
[10:40] If you have somebody whoâs invested in this new candidateâs success in the beginning, the onboarding and training process is a lot easier and more manageable for the new hire.
[13:40] When you develop a list of responsibilities, it can often feel like that list just keeps growing and growing for that person who is training the new hire. You set both the trainer and the trainee up for failure.
[18:45] How do you find the right candidate?
[23:10] Lior reveals one of his favorite interview questions.
[27:05] What does Lior do when there are concerns over a new hire?
[32:40] Itâs important to set the tone with the new candidate that you are excited that theyâre joining the company.
[36:30] When you welcome overachievers that care about what they do, they crave feedback.
[37:25] Lior has cultivated a culture of giving praise.
[40:30] What are some of the biggest mistakes Lior has done himself/sees others doing?
[43:50] Remember that this is not a perfect process.
Mentioned in This Episode:
Dynastylc.com
Email Todd: [email protected]
Mabbly.com
Lior on LinkedIn
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David Garcia is the CEO and Founder of ScoutLogic, a pre-employment background screening company. David is also the Senior Advisor for Norwest Venture Partners, where he helps provide his expertise on sales, marketing, operations strategy, and more. David offers insight in this weekâs episode on what venture capital firms are looking for when theyâre about to make an offer, or acquisition, on a company. He also offers advice on what Founders should be doing if theyâre looking to exit out of their company.
Key Takeaways:
[1:40] What do you do when youâre getting ready to put your company on the market? And more important, what do buyers look for?
[3:35] What types of companies does Norwest Venture Partners prefer to acquire?
[4:55] David has not seen hiring slow down at all at his background screening company.
[8:00] Youâd be surprised to know that management and finance donât always have a clear picture of their own finances.
[11:00] What is the number one thing that destroys your credibility as a company when a venture capital firm is looking to buy?
[15:00] The last thing you want is for your customers to hear it from someone else that youâre being acquired.
[18:55] What are some of the best ways to tell your companyâs story to an investor?
[21:55] For a lot of investors, itâs more than the dollar and cents amount. They want to see how the leadership works, and how the customers respond to your company.
[22:10] When does it make sense for a founder to think about their own role in the company?
[25:55] What do you do if staff have equity in the company?
[26:35] What are the most likely jobs that could be put at risk?
[30:10] David shares his thoughts on who your outside advisory team should be in this process.
[34:45] What are some of the most common mistakes business owners make?
[37:55] No matter what, you want a clean story for your business so that you can get the maximum profits out of this.
Mentioned in This Episode:
Dynastylc.com
Email Todd: [email protected]
Scoutlogicscreening.com
Nvp.com
David on LinkedIn
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Dr. Zach Schaefer is the Founder and CEO of Spark The Discussion. He is also a Speaker, Author, Professor, and Consultant. Spark specializes in diagnosing, designing, and deploying a variety of workplace programs focused on solving internal talent challenges from hire to retire. Dr. Zach shares that the problems youâre dealing with in business are only a symptom to a bigger problem, and thatâs a behavioral problem. When you can facilitate a conversation of healthy conflict and solve the behavioral problem, things run a lot smoother in the company!
Key Takeaways:
[1:55] Properly structured conflict is a business personâs most useful tool.
[3:20] World class organizations figure out how to create healthy conflict, but not stay in it.
[5:00] Emotional volatility can be a real issue among CEOs.
[6:20] Although one of Dr. Zachâs clients was seeing a healthy amount of growth within the company, the workplace culture was horrible. People were miserable.
[8:10] High-driven CEOs can also have a âswing for the fencesâ kind of personality where they take calculated risks, but also have a hard time letting go of control.
[10:15] CEOs who donât want to let go of control need to remind themselves what theyâre working towards.
[11:45] Dr. Zach noticed that when thereâs a conflict, 3 out of 4 times, itâs not a business issue. Itâs a behavioral issue.
[12:55] Trying to understand âwhat happenedâ or who made the mistake is the easiest part. Itâs what comes after that isnât; emotions and identity.
[14:15] When does it make sense for Dr. Zach to help in and facilitate healthy conflict?
[19:35] Whatâs Dr. Zachâs work style and process when working with executives?
[25:25] Dr. Zach doesnât do virtual consultations. He believes itâs important to be in the room together.
[31:00] After a dialogue has been opened, how does Dr. Zach help his clients continue to do the necessary âpeople workâ without him?
[33:15] Itâs not about what a CEO canât do, itâs about what they have to stop doing.
[36:15] Dr. Zach shares the concept of âMeeting Stewâ and âConflict Chiliâ.
[39:40] Dr. Zach recommends you do âtrust rankingsâ on your leadership team to get a gauge on what everyone is feeling.
Mentioned in This Episode:
Dynastylc.com
Email Todd: [email protected]
Sparkthediscussion.com
Dr. Zach on LinkedIn
Call Dr. Zach: 618-558-2428
Difficult Conversations: How to Discuss What Matters Most by Douglas Stone
What Got You Here Won't Get You There: How Successful People Become Even More Successful by Marshall Goldsmith
Triggers: Sparking positive change and making it last Kindle Edition by Marshall Goldsmith
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Marc Reifenrath is the CEO and Co-Founder at Spinutech, a National Digital Agency focusing on digital marketing, web design, and web development with five locations. Marc has been able to not only retain his talent, but heâs generated a 0% turnover rate in the last 10 years. He shares in this episode the importance of core values and culture to maintain a strong company even when itâs being acquired/merged.
Key Takeaways:
[:55] Weâre often trying to look for the best people, but right now many employers are looking for people period.
[2:15] People are your biggest asset. Marc has made it 10 years with no turn over.
[4:45] Great talent isnât always looking. They tend to be pretty happy where they already are.
[5:20] Marc shares how he entices great talent to come work for him.
[8:00] Marcâs company has scaled drastically since the merger. Finding A-level talent is a conscious effort.
[10:15] Because Marc works with well-known brands that have large demands, the team has to adapt quickly and grow with those challenges.
[10:40] What metrics does Marc and his team track?
[11:25] Marc wants his team taking PTO every 90 days.
[12:25] Why did Marc decide to merge his company and what were some of his wins in that process?
[14:45] What are Marcâs core values?
[19:55] Marc breaks down why these core values are so important to the company.
[20:40] Your worst clients will try to fire your best clients.
[22:10] Marc makes sure that the new hire is a culture fit first and foremost.
[25:50] Marc shares his advice on how to retain good talent.
SpinUtech.com
Mentioned in This Episode:
Dynastylc.com
Email Todd: [email protected]
Spinutech.com
Marc on LinkedIn
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Michael Sahota is a Speaker, Trainer, and Consultant on Evolutionary Leadership. He is the founder and CEO of SHIFT314 Inc., a boutique training and consulting organization that specializes in the organizational, cultural, and leadership shifts needed to unlock success. In this episode, Michael focuses on how to lead during times of intense change and how to maintain a healthy culture as more workforces get disrupted by COVID-19.
Key Takeaways:
[:55] Covid has hit a lot of businesses hard, which has made it difficult to maintain a healthy company culture.
[1:30] A little bit about Michael and his work.
[3:00] Michael wanted to answer the question, âHow do you inspire people to do good work?â
[3:40] What does a âtraditionalâ manager really do, and what role does a leader play?
[5:30] Many organizations are happy to float on the âstatus quoâ line.
[8:15] We need to think about culture differently.
[8:30] How do leaders instill good values in our people and our organization?
[11:50] How do you tell the truth? And what do you do when you work with people who donât want the truth?
[12:45] There are four pieces to Michaelâs Evolutionary Leadership framework.
[16:20] Not happy with your organizationâs performance? It starts with you.
[19:10] Itâs important when embarking on this work, for managers to shift their mindset.
[22:10] Everyone knows itâs about relationships, but how does a leader get better at that? What do they need to focus on?
[25:00] Managers are so focused on the âto-dosâ instead of focusing on the optimization.
[28:00] How do you build leaders around you?
Mentioned in This Episode:
Dynastylc.com
Email Todd: [email protected]
Shift314.com
Michael on LinkedIn
Leading Beyond Change: A Practical Guide to Evolving Business Agility, by Michael Sahota and Audree Tara Sahota
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Steve Burks is the CEO of Burks Search, a member of the Sanford Rose Associates, and has a Ph.D. in Chemistry. He comes from a career in the specialty chemicals and coatings industry, where he served in both technical and sales/marketing positions. He was also involved in the launch of three ground-floor start-up businesses during his career. In this episode, he helps us understand and resolve the challenge of the great resignation. He shares some best practices in how to look for and retain number twos in the business.
Key Takeaways:
[2:25] Steve talks a little bit about his business, Burks Search.
[3:30] Steve looked into the trend lines and started an informal market survey to understand the reasons why number twos leave their companies.
[4:35] Steven shares what kind of challenges CEOs are having today. Heâs identified six key issues.
[5:20] How can CEOs figure out if number twos align with the company vision and see if their relationship would work?
[7:00] Steve shares that the major issue when hiring a number two is if the CEO is ready to let go.
[10:05] Are there no good people out there? Steve challenges the hiring process in making the right fit.
[11:00] Todd asks Steve what decision-making means in his pre-boarding process.
[12:20] Itâs best to clearly define who can make the decision. Steve expands on this further and shares some examples.
[14:45] Steve also shares some example scenarios where financial issues arise and how they can be managed before the hiring is made.
[16:35] Itâs best to put somebody into a role that theyâre going to feel challenged and will be successful at.
[17:35] How do we identify if someone fits with the company culture?
[18:20] The number two needs to be a good social fit for the CEO. Steve explains why.
[20:30] Steve also talks about senior-level family members and how they can be a challenge to the number twos.
[23:00] Steve shares why itâs important to look at the strengths and weaknesses of the whole executive team when identifying a number two.
[25:10] Itâs also important for the number two to understand the strengths and weaknesses of this team because they will report to him/her.
[27:00] Steve talks about the importance of building trust between the CEO and the number two earlier on. He shares how this impacts a number twoâs retention.
[30:50] The CEOâs transparency can have a tremendous impact on the growth of the company. Steve explains how.
Mentioned in This Episode:
Melissaâs next Business Performance Series event on March 23, 2022, from 9â10:30 a.m.
Dynastylc.com
Email Todd: [email protected]
Burkssearch.com
Steve on LinkedIn
Email Steve: [email protected]
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Melissa Johnson is the co-founder of Entrepreneurs Bancshares, Inc., a bank geared specifically to entrepreneurs. She used to work with Highland Bank as the Senior Vice President bringing with her years of banking experience. Today, Melissa debunks some of the myths of a trusted adviser, offers advice on what clients should expect from a good banking relationship, and the difference between a community business bank model and a commercial one.
Key Takeaways:
[1:35] A little bit about Melissa and the new bank she is launching.
[2:40] Melissa shares a bit of her background and the journey through her career.
[3:25] Why are there not a lot of banks that have a community business bank model?
[4:30] Melissa shares what itâs like opening a brand new bank.
[5:21] In the world of commercial banking, what are the three things you can expect from a good bank?
[6:50] Aside from money, what benefits would entrepreneurs receive from a bank like theirs?
[8:30] What is forbearance? Melissa explains.
[9:45] Melissa shares an example to explain what a trusted adviser is to her.
[11:30] What kinds of things does Melissa do to get to know her clientsâ business and help her become a better adviser?
[13:50] How does Melissa help her clients think about the long term?
[16:05] If Melissa was a business owner and she was looking for a bank, what would she do?
[18:40] Melissa shares the difference between regional banks and how they work.
[20:05] How long does it take a banker to know if a loan should push through? Melissa shares what can be expected from a good and experienced banker.
[22:34] How does Melissa deliver bad news to her clients if a loan doesnât push through?
[24:30] Melissa also talks about the objective behind gaining understanding if the bank is the right fit for the entrepreneur.
[26:55] Melissa matches her clientâs calendar as to where their acquisitions are headed. What is it like following through with them?
[28:10] Two of the biggest mistakes in banking fall under poor communication and poor planning. Melissa expounds further on how this can happen.
[29:45] Melissa also talks about what is a 1031 exchange.
[30:25] What would Melissa recommend to entrepreneurs to help them prepare to set up a new banking relationship?
[32:40] Melissa also talks about her seminars, the more recent one called Business Performance Series.
Mentioned in This Episode:
Dynastylc.com
Email Todd: [email protected]
Melissa on Linkedin
Email Melissa: [email protected]
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Nathan Dey was a first-time CEO for Navegate, a shipping and logistics company, which later got acquired under his guidance. Nathan shares his experiences of what it was like being a first-time CEO, some of the mistakes and challenges he was faced with, and how he adapted based on new market changes. He also offers advice and wisdom to young CEOs, in this weekâs episode!
Key Takeaways:
[1:45] What was it like being a CEO for the first time?
[8:15] When Nathan took over, he wasnât as familiar with the market conditions. He faced challenges after his first quarter.
[13:25] Nathan had a team member who had reached their peak in the organization. What did Nathan decide to do?
[15:20] Nathan realizes that he probably should have spent more time on hiring good people, and been quicker in firing the bad ones.
[18:45] Nathan shares some day-to-day challenges he and the team faced.
[22:00] Dive into your board members. If youâre not using their expertise, youâre missing out on a whole wealth of knowledge.
[26:25] Want to further your knowledge as a business leader? You need to have a coach.
[28:30] Nathan was vastly under-resourced to solve one of the companyâs biggest challenges. He shares how he transformed the business to meet that goal.
[33:40] Nathan ended up delivering a great return for his investors and for his dedicated team.
[35:20] As a new leader, really take 3-6three to six months to learn about the organization.
[36:40] Whatâs next for Nathan?
Mentioned in This Episode:
Dynastylc.com
Email Todd: [email protected]
Navegate.com
Nathan on LinkedIn
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Kathleen Crandall is an expert on personal branding, an engaging keynote speaker and workshop facilitator, a speaker coach and message development expert, and the Founder of Know My Impact. She is known for helping people understand, elevate, and leverage the impact of their image, their words, and the experience of knowing them or working with them. In todayâs episode, Todd talks to Kathy about how you can get the right people to find you for the right reasons and the right places.
Key Takeaways:
[2:15] A little bit about Kathyâs business and how she got there.
[4:50] Kathy shares how you can talk about yourself without having to say your job title.
[6:55] Todd shares his own experience with Kathy where she was able to help build his personal brand.
[7:15] Talking about LinkedIn, Todd asks Kathy how to build your profile correctly to attract the right audience.
[10:45] Kathy talks about the key pieces in LinkedIn and what they look for in our profiles.
[11:40] Headline is Number One. Kathy shares some tips on how to write a better one.
[13:40] Current and past roles, as well as the services you provide if you are a consultant or business owner, have a great impact on the search results in LinkedIn.
[15:10] Last but not least, Kathy also talks about the âAbout Meâ section of your profile and its importance.
[16:40] Kathy also talks about the top skills you have on your profile and how to view that when itâs converted to PDF.
[18:30] What is an applicant tracking system? Kathy also shares more insights about this.
[22:10] LinkedIn vs Monster vs. other online job search networks. Which tool is mostly used by recruiters?
[23:25] Quality over quantity. Kathy shares how you can best use virtual networks to get the right connections.
[24:45] Kathy also talks about the SEO strategies that are applied in LinkedIn and how you can take advantage of them.
[27:30] What are the common mistakes Kathy has seen executives have made in their personal brands?
[29:40] Kathy also talks about an article she shared about Elon Musk and his philosophy about people and employees that made her look at him differently.
[30:30] Kathy wraps up by sharing key takeaways for the listeners to put them on the right path in their job search.
Mentioned in This Episode:
Dynastylc.com
Email Todd: [email protected]
Knowmyimpact.com
Kathy on LinkedIn
Email Kathy: [email protected]
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Lisa Forrest is the Co-Director of Sponsored and Search Fund Lending at Live Oak Bank. Business loans are a hot topic right now. Many business owners are thinking about leveraging debt to grow or acquire a business, but is this option right for you? In this episode, Lisa shares what you need to know about these two types of loans and when it makes sense for you to take leverage out based on your situation.
Key Takeaways:
[1:50] Whatâs the difference between an SBA loan, sponsored, and search fund?
[7:55] A little bit about Lisa and her background in financing.
[14:00] What types of people are applying for these kinds of loans?
[17:20] Lisa shares what you should look out for and risks to consider before you take out a loan.
[20:40] When you have a potential business buyer, what happens next?
[24:25] How much equity should an entrepreneur/business owner be thinking about?
[26:45] How does Lisa and her team help business owners with their loan?
[29:00] Lisa shares her wisdom and what some common mistakes are out there to avoid.
[30:50] Finding that perfect business is a grind. You need to get to as many transaction reviews as you can.
Mentioned in This Episode:
Dynastylc.com
Email Todd: [email protected]
https://www.liveoakbank.com/
Lisa on LinkedIn
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Sean Tyler Foley is a trained Safety Trainer and Auditor. Through his teachings and his 30+ years of experience as an actor, he learned how to package information in an engaging way. Today, he is the author of The Power to Speak Naked, and a keynote speaker. In this episode, Tyler breaks down what it takes to present your ideas on a public stage and shares effective communication strategies you can use today in your business.
Key Takeaways:
[1:50] A little bit about Tyler and how he got started in speaking.
[7:10] How did Tyler go from performer to safety auditor?
[9:00] To Tyler, jumping out a window is way scary than speaking on stage!
[13:35] Tyler shares what it was like to perform on a stage as a child.
[17:10] Grief is a universal feeling. Tyler lost his father at a young age and saw his mother sacrifice a lot for him and his siblings.
[24:25] Why are people so afraid of public speaking? Why donât they want to go back on stage after they do it the first time?
[26:00] You need positive reinforcement when it comes to speaking publicly. The best way to do that is to find a group you can practice with.
[29:10] Some of the best stories happen within 20-30 seconds. Just look at commercials! Tyler shares an example of what this looks like.
[33:35] Everyone wants to be Luke Skywalker when telling their story. Everyone wants to be a hero. The problem is, weâre not Luke. We are Obi-Wan Kenob, so we need to tell the story like him.
[35:40] Whatâs one thing someone can do today to tell their story in a better way?
Mentioned in This Episode:
Dynastylc.com
Email Todd: [email protected]
Seantylerfoley.com
Tyler on LinkedIn
The Power to Speak Naked: How to Speak with Confidence, Communicate Effectively, and Win Your Audience by Sean Tyler Foley
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Shannon Byrne Susko has over 20+ years experience building and leading high-growth technology companies in the financial services industry. She co-founded, served as CEO, and led the sale of the two companies less than six years apart, and she is the creator of the 3HAG. In this weekâs episode, Shannon talks about her latest book, Metronomics. Her custom system that helps teams scale and grow.
Key Takeaways:
[1:50] A little bit about Shannon and how she got started in her career.
[3:20] Shannon was looking for a system to help her get organized in her business.
[4:25] You have both hard-edge and soft-edge systems in your business. Shannon shares what these two worlds look like.
[9:10] Donât get your team hooked on the latest âflavor of the monthâ when it comes to internal team development and main company focus.
[11:15] How does Metronomics fit into other company frameworks like EOS or Scaling Up?
[12:30] When it comes to entrepreneurship, you never truly graduate from the program; you just get better.
[18:10] Itâs important to have empathy for where you are at in your business.
[19:30] If youâre feeling stuck, donât worry. Every single leader has been where you are. They all get stuck.
[23:00] Does Metronomics work for smaller scale companies?
[26:55] How do you have an âopen playing fieldâ when trying to win at business?
[30:35] What kind of mistakes does Shannon see entrepreneurs and business leaders make?
[31:25] It took Shannon longer to get to where she wanted to go because she was stuck on âdoing it herselfâ.
[33:25] Shannon shares a little bit about the previous books she has written, and who theyâre for.
Mentioned in This Episode:
Dynastylc.com
Email Todd: [email protected]
Metronomeunited.com
Metronomics by Shannon Susko
Shannon on LinkedIn
Scaling Leadership by Robert J. Anderson and William A. Adams
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John Martinka, also known as the Escape Artist, helps business owners exit with style, grace, and more money. He is also the author of, Getting the Deal Done. As a business broker, he helps his clients find the best business deals that fit within their expertise. In this weekâs episode, John talks about his process and what he looks for in a business that he wishes to acquire.
Key Takeaways:
[1:35] A little bit about John and how he became a business broker.
[3:15] What types of clients does John like to work with?
[5:15] John works with a lot of folks who work in corporate America. What types of businesses are they interested in acquiring?
[6:15] Donât focus on the particular business industry, look for a business where you can use your skills.
[7:20] How does John find companies that want to sell?
[10:15] Want to sell? You have to get rid of owner dependencies.
[12:00] Not only is it important for Johnâs clients to be on board with a business purchase, but their spouse does too. It is a team effort, in the end.
[13:20] Remember, donât do things you know your employees can do. Delegation is key.
[17:40] Sellers often donât do their due diligence on their buyers. Itâs a two-way street!
[18:05] What questions should sellers be asking their buyers?
[21:10] Finding a business to buy is a lot like marketing; you always have to be looking for prospects/working at it.
[23:55] What should buyers consider before pulling the trigger?
[26:15] You might be an expert in XYZ, but everyone has blind spots. You need an outside perspective on whether this is a good investment deal. It doesnât matter how experienced you might be.
Mentioned in This Episode:
Dynastylc.com
Email Todd: [email protected]
Martinkaconsulting.com
John on LinkedIn
Getting the Deal Done: Tips & Strategies to Get Your Business Buy-Sell Deal DoneâSuccessfully, by John Martinka
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In this weekâs episode, we have a repeat guest, Mike Smerklo! He is the Co-founder and Managing Director of Next Coast Ventures and the author of the book, Mr. Monkey and Me, a survival guide for entrepreneurs and a must-read! Mike is back to talk about boards and how a young entrepreneur or a recently appointed CEO can take full advantage of the extensive experience at their fingertips.
Key Takeaways:
[2:25] Leading a board is intimidating, especially as a new entrepreneur and CEO.
[4:10] What is the âmushroom philosophyâ?
[8:25] As a new CEO, what should you do to get to know your existing board after a takeover?
[12:00] In the decades Mike has been in this field, he has never seen a board take a âformal voteâ on something. Thatâs what happens in the movies.
[15:45] If you want to avoid a mushroom cloud, ask questions and be proactive.
[18:45] What should a CEO expect from their board?
[20:40] At the end of the day, a boardâs job is to make sure the CEO is still a good and capable leader.
[23:20] You have a great team backing you; use them as a sounding board.
[26:25] When does it make sense to rotate a board member out?
[30:20] How do you respectfully disagree and/or be diplomatic with your board?
[32:45] Managing a board can seem like a big time commitment, but itâs part of the CEOâs job to make sure expectations and leadership alignment are in order.
[37:00] What are some of the common mistakes new CEOs make with their boards?
[37:40] Boil your slides down to whatâs working, whatâs not, and so what?
[40:55] Surround yourself with smart people who you might not always agree with to help you see your blindspots.
Mentioned in This Episode:
Dynastylc.com
Email Todd: [email protected]
Nextcoastventures.com
Mikesmerklo.com
Mike on LinkedIn
Mike on the Dynasty Leadership Podcast
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