Key takeaways:

[00:09:51] Have a vision for the future of the business and your involvement in it, and then map it out in writing. Revisit the plan often to avoid frustration and hold yourself accountable, Faulhaber says.

[00:12:03] Give yourself and your team plenty of time for the transition. You can't expect things to happen overnight, and some team members will be more comfortable with change than others. Maintaining a presence and regular check-ins can help smooth the transition.

[00:14:21] Be serious about your role as a mentor. Faulhaber points out that the stakes are especially high when your mentee is taking over at the helm of the business you built from the ground up. 

Key Takeaways:

[00:07:35] Know your target demographic in detail. Altea Active specifically targets university-educated customers, who are statistically more likely to prioritize health and consider fitness “an unconditional spend,” Nolan says.

[00:18:03] Building a team is serious business. Altea Active’s hiring process is rigorous—sometimes involving as many as four interviews, depending on the position—and so is onboarding.

[00:20:52] As the company grows, be open to adapting your service offerings, but don’t give up your core values. Altea Active customizes its services and facilities to local customer preferences, but its core offering remains the same: “the service and execution of a premium fitness product.”

[00:29:30] Look after yourself. Nolan emphasizes that you can’t build a team of high performers if you’re a physical and emotional wreck. Take time to stay in shape, enjoy life and give your employees a model upon which to base their own journeys.

Key Takeaways:

[00:23:25] Be resilient, but flexible. When conditions change, entrepreneurs need to be prepared to rethink their businesses. Too many dismiss long-term trends as minor roadblocks or cyclical dips—so pay attention to the signs, Stevenson urges.

[00:24:35] Be smart about passion projects. Starting a second business isn’t for everybody, and some entrepreneurs get sucked in to thinking they can turn a personal passion into a successful venture. Stevenson says that passion for a business idea is necessary, but not sufficient—the fundamentals have to be there, too, for a startup to succeed.

[00:26:20] Join a community—or a few communities. Entrepreneur groups and even informal get-togethers of four or five people with similar challenges can be a vital way to share ideas, problems and advice, Stevenson says. Don’t be afraid to get involved and reach out. 

Key Takeaways:

[00:13:07] Transitioning from a corporate job to entrepreneurship can be challenging, but running your own business can be much more fulfilling. Munim Sheikh recalls working long days and grappling with the uncertainty of his future when he started up Al Safa Foods, yet he found the experience much more fulfilling than his former desk job.

[00:16:36] Don’t undervalue execution.​​ Too many businesses prioritize developing strategy over flawlessly executing on that strategy. But Munim Sheikh believes that execution—based on painstaking attention to detail and the commitment to completing tasks well—is the key to success.

[00:24:58] Leaders must know their own limitations. Every leader probably excels at something, but no leader excels at everything. To Munim Sheikh, it’s more important for leaders to recognize their weaknesses than their strengths—and to be willing to build a team that fills the gaps. 

[00:29:58] Perseverance matters. In every entrepreneur’s life, there will be times when they don’t seem to be making much headway as challenges pile up on every side. Munim Sheik’s advice: stick with it. Over the long run, hard work and perseverance will pay off. 

Key takeaways:

[00:10:00] Galvin believes there’s no substitute for marketing. Whether it’s business cards, lawn signs or search engine marketing, marketing is key for a small and growing business. That said, it’s also important to cast a wide net and talk about your business to former colleagues, friends and family because you never know where your next business lead is going to come from. 

[00:25:00] Any one person in a business can only do so much – it’s your team that’s going to define your destiny. You spend so many hours of the day working with your team, so hire people you like! Don't hire someone that you wouldn't hang out with on the weekend.

[00:36:24] It’s important to understand accountingand your company’s cash flow. Galvin says you can’t overlook this aspect of the business. Be good enough to manage your cash flow well yourself, or hire a highly qualified, trustworthy person who can handle that role so you can focus on growth and taking care of the business.

[01:03:00] Be open to advice. Find people you trust because they may steer you and your business in a direction you hadn't even considered.

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[00:09:00] When’s the best time to sell a business? It’s not when things are bad. A business owner should ideally sell when the business is at its peak to get the best value for their company. 

[00:15:30] Trust is the most important aspect of choosing the right buyer for your business. As a seller, ask yourself if their plans make sense – even if their valuation adds up – and make sure to do your own research as well. As Bozman says, it’s imperative to come to the table with some competitive insights and a true sense of what your business is worth before you make that final decision. At the same time, it also never hurts to trust your own instincts.

[00:27:24] Being in business for over 25 years is like a roller coaster. It won’t always be smooth sailing. You're going to have highs and lows, and both may happen when you least expect them. Just remind yourself that you’re in it for the long haul.  

[00:44:51] In Bozman’s eyes, his biggest achievement in business isn’t the profits and the company’s successes (although those are important), but from the personal connections he’s formed over the years. He’s proud of the positive and fruitful relationships he’s built with customers, employees, the community and CWB.

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Here’s a sample of the insights you’ll take away from this episode: 

• 3:06: Build with your community. If you need to get quick feedback on the quality of a product you want to take to market, consider the low-cost approach of tapping into your friends, family and neighbours. When John and Brett wanted feedback on their beers, they held tasting parties that included free beer. The only caveat was that attendees had to leave an honest review on everything they tried. 
• 6:34: Be prepared to have open and tough conversations about your expectations for your business. The duo speak to the importance of coming to the table with your partners ready to discuss how much time and money everyone is truly able to invest. 
• 12:57: Are your operations sized to meet the opportunity of your addressable market? Odd Company quickly realized that their production facility could only pour enough beer to serve loyal taproom customers, while further inefficiencies limited their output. To reach more customers, you may have to consider expansion, which comes with greater financial commitments. A new location should consider the ease of access for potential new customers. 
• 16:47: Attractive rates are one part of choosing a financial partner. Consider the expertise and support they can provide on the back end. 
• 19:49: Remain flexible, collaborative and confident. Plans don’t always work out, but if you have faith in the product you’re selling, adversity is much easier to overcome.

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Here’s a sample of the insights you’ll take away from this episode: 

• 4:42: Matthew speaks to what he looked for when assessing the decision to join Sharp Trucking at a difficult moment in the company’s history. Whether you’re thinking about bringing someone into your leadership team or sizing up a new opportunity yourself, Matthew and Mahfuz discuss why world view, business philosophy and human chemistry are essential criteria to consider. 
• 8:15: As the leadership transition took place at Sharp, Matthew started by reinforcing the supportive infrastructure for the parts of the business that drive profit. Good systems and good people ensured Sharp Trucking kept their business rolling, which created time for deeper work on parts of the business that opened growth potential. 
• 10:31: Humility breeds trust and calculated risk-taking. Matthew joined a business with an already strong track record of performance and a talented team. Taking the time to understand where things are running smoothly, connecting your leaders, and then getting out of the way for the work to be done can mitigate a lot of risk in opportunities ahead for any business.
• Unpredictable and challenging events demand adaptability. They can also open the door for new ways of doing things. A trucking accident involving one of Sharp’s employees inspired Matthew and his team to come up with an entirely new way of operating, delivering results he couldn’t have first expected, including reduced insurance claims, improved employee retention and greater stability overall for the business. 

Here’s a sample of the insights you’ll take away from this episode: 

• 1:47: Lindsay and Robert already had a successful model in the framing business, but recognized it wasn’t what they wanted to do with the rest of their lives. They discuss when they knew they were ready to take a step in a new direction, how they saw a gap in the market, and why they focused on building and designing homes to the specifications of what clients were asking for. 
• 8:41: What’s the best way to manage rapid growth in a short timespan? Lindsay and Robert focused on quality control and coming to grips with what they do and don’t do well – as well as what they absolutely can’t. They explain their approach to developing much-needed policies and processes, hiring new people with specific skillsets and the importance of investing in employees that were aligned their vision, even leaving behind those who weren’t on board. 
• 14:07: Authenticity matters in business, so trust your instincts. Lindsay and Robert knew that family would be a central part of their business, even if it meant explaining layout and design concepts to toddlers – or bringing them to a meeting with their lawyers. They also learned the importance of experimenting with social media to grow their brand and communicate the value they bring to their clients. 
• 16:17: Know your strengths when working with a partner, and stay in your lanes. Taking the time to understand each other’s skillsets, personality and weaknesses will only benefit your business. Robert and Lindsay reflect on coming to terms with the fact that one person might be a bigger contributor one year while the other might take on a larger load the next year. 
• 23:40: Businesses grow different today than they did 30 years ago, and a significant social media following can do wonders for a brand and business development. Getting an account hacked and losing that connection to your audience can be equally impactful. Regardless of such unfortunate circumstances, business owners who are true to themselves - both internally and externally – create unbreakable brands.