When it comes to running a business, it’s important to understand that the advice you receive and actions you mimic depend heavily on the context of your situation. This means that there is no one-size-fits-all solution to every problem, and that the best course of action can vary greatly depending on the specifics of your business and its goals. How you act in business is a reflection of your history and mindset.
One of the best ways to navigate this complex landscape is to seek out advice from those who have done it before. This could mean reaching out to consultants, industry leaders, or even other entrepreneurs who have faced similar challenges. By speaking with people who have been there and done that, you can gain valuable insights and learn from their experiences.
The key though is to provide your context and ask specific questions. Do not ask to pick people’s brain.
To get to the point of asking specific questions, you must take action. Do what you can to take your business or a certain subject as far as you can figure out, then ask questions when you hit walls. Whether it’s implementing a new strategy or making a difficult decision, taking action is essential for moving your business forward.
If you find yourself facing a roadblock or needing tactical advice, don’t hesitate to ask questions. This could mean reaching out to your network for support, or seeking out additional resources to help you find the information you need. The Twitter community and other small business owners are able to help. Whether you’re looking for advice on a specific problem or just want to learn more about a certain aspect of business, asking questions can be a valuable way to grow and develop as an entrepreneur.
At The Operator, we are working to assemble the best resources on topics to support operators. But there are also subject matter experts or doers that we have the opportunity to learn from online, podcasts, and at events.
In the world of property management, Peter Lohmann has a wealth of experience in the field. Whether you’re looking for advice on managing a large portfolio of properties or just want to learn more about the industry, Peter is a great resource to turn to.
If you’re looking to build a holding company, Thomas Ince and Mike Botkin are two experts who have extensive experience in the field. With a deep understanding of the challenges and opportunities of building a successful platform, they can provide valuable guidance and insights that can help you achieve your goals. I have recently been thinking through how they add debt after getting to know the business.
For those in need of funding, Lisa Forrest is an expert on SBA loans. With a wealth of knowledge about the application process and the best strategies for securing funding, Lisa can help you get the financing you need to acquire or grow your business.
When it comes to fractional CFO work, Connor Abene is an expert to turn to. With a deep understanding of the financial aspects of running a business, Connor can provide the support and guidance you need to make informed decisions and achieve your financial goals.
Finally, for those looking to improve their business systems, Josh Schultz is an expert to turn to. With a background in business operations and a deep understanding of the latest integrations, Josh can be a great sounding board for streamlining your processes, improve your workflow, and increase efficiency.
Not an exhaustive list of people to talk to, but it is pretty amazing how many people we can learn from. Once you hit road blocks and have specific questions, that is the time to ask. Before then, contribute your thoughts and take action.
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 a rerun with past guest Ross Brendel, a co-founder and the managing partner of Westerly Group alongside cofounder Rich Littlehale. Westerly Group invests in acquisition entrepreneurs with committed, permanent capital to pursue a specific industry thesis over an indefinite time horizon. They are investors in several of our podcast guests such as Justin Vogt and Ed Redden, Eric Factor, and Austin King, among others.
We wanted to bring this episode back to your attention as permanent capital and longer time horizons are becoming more talked about today and we think it’s important to discuss the nuances of this approach, as Ross does in this episode.
In this conversation, Ross shares Westerly’s permanent capital thesis and model, whether buying a business has become harder or easier, how to think about a purchase price with a longer-term view, and the nuanced advantages of committed capital in pursuing acquisitions.
This episode’s sponsored Q&A features Ravix Group, where CEO Timi Okah joins to answer the question, “How do you work with your clients?” Ravix Group isa fraction CFO, outsourced accounting, and HR consulting firm serving small and large businesses alike. To learn more about Ravix Group, head to their website and tell them Think Like An Owner sent you.
This Week in SMB Twitter
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].
