As Peter Lohmann brought up in his newsletter, it is important to get on the floor of your business. Just like doing door to door sales will improve your sales prowess, spending time with your team doing their processes will help improve your understanding of the business and improve relationships with them. I spent the past 7 months working as a factory technician at Hadrian and learned so much more quickly at the ground level.
Working from the outside, you have a different perspective than those working in day to day operations. They are closer to projects and you’ll find things to reprioritize. But, you will also get to see why bottlenecks happen in the areas that people may or may not be asking for resources.
Make sure you have distinct time to record what you notice on the floor. Whether you just acquired a business or have been leading a team for several years, it is a quick win to focus your attention on a problem you noticed on the floor. If something is blocking your team and they have to consistently work around it, work on it.
Sometimes it isn’t even systems or processes. It can be simple as moving the printer people walk back and forth to closer to the team. Leading by example will inspire similar actions in others. If they can’t do it, they will make suggestions.
If you have the time, spend the first two weeks onboarding with new hires. Look at what they are presented with, how processes are taught, and more. Interview new hires often about how to improve the onboarding. You’ll identify gaps in tribal knowledge and documentation.
Thanks to Everest Brady for his help, writing, and research in assembling this week’s newsletter.
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This Week on Think Like an Owner
This episode is the second in our CEO series with early career search CEOs in their companies. We are joined by Adam Ilowite and Michael Upex, CEO and President of Axero Solutions, respectively. Axero is a digital workspace platform for internal communication, collaboration, and knowledge sharing that was acquired by Adam and Michael in July 2021.
We discuss the timing of making changes in the business, creating a budget from scratch, talent planning, and managing an incredibly steep learning curve, among various other operations topics.
This episode’s sponsored Q&A features Hood and Strong, partner Jerry Zhou answers, “Should a buyer get a quality of earnings report even if the books are clean and pretty straightforward?” Hood & Strong is a CPA firm with a long history of working with search funds and private equity firms on diligence, assurance, tax services, and more. To learn more about how Hood & Strong can help your search, acquisition, and beyond, please email one of their partners, Jerry Zhou, at [email protected].
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Think Like an Owner is sponsored by:
Ravix Group – Ravix Group isa fraction CFO, outsourced accounting, and HR consulting firm serving small and large businesses alike. Whether you or someone you know is getting started, searching to buy a business, or building out an organization, Ravix will help on the journey. To learn more about Ravix Group, head to their website and tell them Think Like An Owner sent you.
Hood & Strong, LLP – Hood & Strong is a CPA firm with a long history of working with search funds and private equity firms on diligence, assurance, tax services, and more. To learn more about how Hood & Strong can help your search, acquisition, and beyond, please email one of their partners Jerry Zhou at [email protected].
Oberle Risk Strategies– Oberle is the leading specialty insurance brokerage catering to search funds and the broader ETA community, providing complimentary due diligence assessments of the target company’s commercial insurance and Employee benefits programs. If you are under LOI, please reach out to learn more about how Oberle can help with insurance due diligence at oberle-risk.com. Or reach out to the CEO, August Felker, directly at [email protected].
