People don’t say thank you enough in the workplace. And if they do, it’s oftentimes “thanks” in passing.
Take a moment to say something different with your peers and employees. At Hadrian, we like to say, “Thank you X, I appreciate you.” That’s a cultural saying that isn’t by rule, it’s just become part of how we say thanks.
The same goes for responding to gratitude. A meaningful “you’re so welcome” adds emphasis to what you’ve done for the other person.
Try to build a culture of grace and thankfulness, internally and externally. Being thankful for a brief moment is recognition of the work someone has done. Appreciation can go further than pay, workload, and other factors in the workplace. A culture of gratitude is very important.
Timeliness is an expectation and is often a thankless effort. I am a big believer in vendors or coworkers delivering what they say they will on time. And if there is a chance of that changing, early communication rather than day of is the best way to convey the new timeline. Besides tactics like paying your important vendors on time, make sure to share your gratitude with them when it is warranted.
Aim to wow your customers, employees, stakeholders, and vendors with a mindset of thankfulness and you’ll see moods change.
Thanks to Everest Brady for his help, writing, and research in assembling this week’s newsletter.
The Business of Family with Mike Boyd interviews successful families and their advisors to find how they care for wealth across generations. You’ll find a variety of episodes in the backlog that may apply to your situation if you are in a family business or building one to last.
This Week on Think Like an Owner
Our guest on this episode is Luis Reyes, managing partner at Iberian Ventures in Spain. Luis worked in strategy consulting before acquiring small companies in Spain in a similar vein as the search fund model through Iberian. We kick off by talking about the buyout market in Spain and what makes it particularly attractive. For example, all private companies in Spain have to file their financials with the government. As a result, the full financial picture of any company in Spain can be found and sorted.
We also spend a great deal of time talking about one of their core investment theses, the fire protection market, and why it’s an ideal market for consolidation.
This episode Q&A featured Oakbourne Advisors, an independent retirement plan consulting firm that helps small companies design and implement great retirement plans for their teams. We are joined by Matt Ryba to discuss the most common issues CEOs run into with retirement plans. Whether you already have a 401(k) in place or are looking to start one for your team, please reach out to learn more about how Oakbourne can set your people up for success in retirement at oakbourne.com/think.
This Week in SMB Twitter
We went last year and we will be back again at SMBash! They recently announced the theme for 2023 and we couldn’t be more excited. We are doing another live podcast on stage this year.
SMBash is an annual meetup for Micro-PE, SMB & ETA searchers, owners, operators + investors! This year’s event is April 27th – 30th, in Austin, TX. Join us for three days of building friendships and partnerships within the ETA community. The event includes panel conversations, live podcast recordings, phenomenal meals, entertainment and more. Registration is open at www.smbash.com.
Think Like an Owner is sponsored by:
Live Oak Bank – Live Oak Bank is a seasoned SMB lender providing SBA and conventional financing for search funds, independent sponsors, private equity firms, and individuals looking to acquire lower middle market companies. If you are in the process of acquiring a company or thinking about starting a search, contact Lisa Forrest or Heather Endresen directly to start a conversation or go to www.liveoakbank.com/think.
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].
Oakbourne Advisors– Oakbourne is an independent retirement plan consulting firm that helps small companies design and implement great retirement plans for their teams. Whether you already have a 401(k) in place or are looking to start one for your team, please reach out to learn more about how Oakbourne can set your people up for success in retirement at oakbourne.com/think.
They Got Acquired – They Got Acquired is a media business covering small company exits. Subscribe to their newsletter on their website and check out their industry M&A reports with stories, valuations, and more.