This is what most conference calls are like…
Get your employees to all read the book “Meetings Suck” – and you won’t have to endure another one like that video either…
Archives for 2016
College Pro Painters
25 years ago in Dec 1985 I was admitted to what I now know was my real world MBA. And the guy in the picture Grieg Clark started it all in 1971.
Almost 40 years later, College Pro Painters is still, in my opinion, the single biggest reason I am where I am today in business.
That December I was awarded the Sudbury franchise of College Pro Painters. And I was scared to death. I remember my father telling me, go ahead, sign the 62 page franchise agreement. Worst case scenario is you’ll go bankrupt, but what do you have to lose at 21. You’ll learn a ton. And wow, he underestimated what I learned. And what I made.
I ran my franchise for 3 summers. Over the three summers with College Pro Painters, I earned approximately $60,000 in profit. I paid 100% of my own way through University. And at 23 years old I invested the remaining money I had in my first house. Yes, I was debt free, owned a house, and had paid my entire way through school.
In addition to making great money, and being able to take university girls to the top restaurants in Ottawa on dates, I learned a ton. I had 12 full time employees at 21 years old. I ran sales, marketing, advertising, operations, production, hiring, etc. I learned how to interview, lead people, and even deal with lawyers. I ran my own accounting system. I literally learned how to run a business, and not from Professors who I quickly learned were all theory, I learned from brilliant leaders like Steve Rogers, James Jones, Mary Mowbray, Kevin Carter, Ron Martin, Paul Hayman, Don Darby and the list goes on. It’s funny really. I can’t tell you the name of a single professor I had, nor what I learned in University.
I’m so lucky I had what it took to get awarded a franchise, and to succeed at running it: early signs of Leadership, Attainment, Tenacity, Introspection, Precision etc. However, what I really had were the systems of an awesome company, and the passion and skills of those people who taught me. Everything I learned 25 years ago, I still use in building companies and coaching CEOs today.
Funny, my brother and sister both ran franchises with College Pro too. And we all own and run our own companies today. Sure glad I didn’t go get that high paying $15/Hr job at GM.
Fix Things As You Go. Just Grow Faster…
So often I hear of employees trying to have things “perfect” before they launch something.
Reality is, more often than not, it’ll never be perfect.
Momentum creates momentum. And most entrepreneurs are OK with fixing things as they go.
Push your team to go faster, when you do, you’ll see things that need to be fixed, but don’t slow down to fix them. Momentum creates momentum. Perfection just slows you down.
Mind Blowing Door Openers
Two years ago I was speaking at the 20th anniversary of Entrepreneurs Organization (EO) in Las Vegas. It is not unusual for people to come up after I present to say hello, ask questions, or ask for my contact info. Not a big deal and it usually doesn’t result in much more than a couple second interactions. And ya, this time was different.
A young EO guy I’d never met before named John Ruhlin engaged me in conversation and asked if it was me who was coming to Cleveland to speak at their EO Chapter the following week. He also asked what my plans were the night before. I answered yes that in fact I was going to be coming to his city and that I would more than likely be taking advantage of the dollar being weak and shopping at my favorite store, Brooks Brothers.
We made plans to grab dinner and see a Cavs basketball game after I was done shopping. Someone offering to grab dinner and a sporting event is a nice gesture in business, but not a big deal or out of the ordinary, right??
Well, as it would turn out, coming in that day was a traveler’s nightmare. I had multiple delays and had to beg my way onto a flight that was pulling away from the jet way. I had to text John and let him know that I was coming in 5 hours later than expected and that I understood if he wanted to cancel. He casually reassured me that it was no problem, that he was waiting at the bar in my hotel and that I should get checked in, take my bags upstairs and come down refreshed for a great night. I thought, even though I didn’t get to go shopping I can still enjoy a great meal and take in a little Lebron James. All in all not a bad way to spend an evening in Cleveland. That is what I was expecting…
I got to the hotel and when I went to walk into my room, my jaw dropped. Spread out folded and hanging across my entire room were dozens of suit jackets, pants, shirts, and sweaters…and not just any dress clothes, they were Brooks Brothers dress clothes. My entire room looked like I had walked into a Brooks Brothers retail store. And it was all in my size.
Then it hit me like a ton of bricks. John, the EO guy had casually asked me what size I wore in an email that week because he said he wanted to send me his company T-shirt.
He’d just pulled off this amazing, mind-altering experience of service (what he calls “strategic appreciation”) and we weren’t even at dinner yet. I took as many pictures on my phone as I could, texted them to my wife, and realized I needed to call John DiJulius to change the example I gave him for his book on the best customer service I had ever experienced.
When I walked into the bar, John looked up with a grin and said, “You enjoyed your Brooks Brothers store?”
Over dinner and the game John explained how using ultra high-end gifts helps him land meetings with CEOs or keep top client relationships amazing.
One of John’s companies, Ruhlin Promotion Group, specialized in doing crazy things like sending a $500 Cutco knife set in 5 consecutive packages to a CEO asking them to “carve out time” for a meeting.
After the Brooks Brothers experience and yes the awesome Cutco knives he sent me engraved with my company BackPocket COO logo, I will meet John Ruhlin anytime, anyplace, and refer him to anybody because I can only hope more and more people get to experience the Ruhlin Promotion Group treatment first hand.
Meetings Suck…
Actually, meetings don’t suck. We suck at running meetings…
We’d never send our kids off to little league without teaching them the basics, like throwing & catching a ball, and how to at least swing the bat.
Why then, do companies send their employees into meetings – to attend them, to plan them, or to run them, without some training on how to run killer meetings.
This book – Meetings Suck – finally teaches all employees and managers how to run awesome meetings that don’t suck…
I’d love an honest review from you on Amazon after you read it too.
Let’s stop the problem – by learning how to fix them once and for all.
Quick Guide: How to Sell Your Company for the Highest Price – Part 1
If you want to increase the value of your privately held company, it’s not just about profits. While profitability is critical, there are other factors that can elevate your company’s valuation when it comes time to sell. Three years ago, I introduced a CEO to an awesome M&A firm. They helped package his company for sale and found a strategic buyer who paid $50 million more than he ever imagined selling for. Nail these tips now and your company will be positioned to sell for a higher price.
Well-Organized Accounting: Don’t put off getting your accounting in order. Be ready at all times so that you can respond quickly when information is requested. Buyers will see your company as well organized and will be more likely to pay a higher price when they don’t anticipate unforeseen surprises.
Awesome Employees : Tout your company’s talent as an asset! Employees with strong skills add value, particularly when it comes to the sales team, or other key roles that drive revenue, efficiency or innovation within the company. Loyalty is also a distinguishing characteristic to promote – buyers want to know that key employees will stay for the long term.
Office Culture that Feels Amazing: Enlist the help of a designer to “stage” your office so that the physical space looks great and feels like an incredible work place. Freshly painted walls, organized shelves and attractive wall art all add to your company’s image.
Strong Branding & Name Recognition: The stronger your company’s brand recognition, the better. Rollout a stellar PR strategy 12-18 months prior to the start of the sale process to help show that your company is in a growth mode. Refresh website content and other communication materials so that they’re relevant and in alignment with the message you are promoting to buyers.
Recurring & Diversified Revenue: All revenue is not equal. Buyers will – and do – pay a premium for booked reoccurring revenue. This means ongoing contracts with customers and a track record of predictable growth. Diversified revenue is also a must. Broaden your revenue base so that no more than 10-15% is based on one single customer.
The Company Runs Without YOU: Businesses that rely less on the owner go for a higher selling price. Take steps now to increase your company’s independence and ability to remain productive during an ownership transition.
Share an Inspiring Vivid Vision: When you have a clear vision, ideally a Vivid Vision document, it will excite and inspire the buyer about the company’s future and abundant potential. This also helps with demonstrating the alignment between you and your employees.
Trustworthy & Fantastic M&A Firm – M&A Firms are a dime a dozen. However, finding one that can create a multiple-bid buyer market for you is what drives up your company’s selling price. Over the past eight years, I’ve finally found a few that I introduce companies to all the time.
Email me if you’d like an introduction to help you sell your company – Cameron@CameronHerold.com.
The Secret Behind Steve Jobs’s Vision
Tech entrepreneurs like Mark Zuckerberg, Steve Jobs, and Elon Musk seem to magically use their vision to attract and retain world-class talent, become media darlings, and establish meteoric valuations. So why does their vision work like magic while most people’s vision collects dust?
Read More at Inc.
Hire People Like This…
Seriously. This kid realized the goal – and didn’t get all bogged down in process. Simple blog post – hire people who are street smart, and not always focused on perfection.
Should We Teach Kids to Monetize Their Passions?
Instead, I’m considering a different approach—one that encourages my kids to learn how to monetize what they love to do.
Read more at Fast Company
