The EntreLeadership Podcast

Leading Well Through Growing Pains of Business

Nov 13, 2023

Learn how to expand your business responsibly, the challenges of expanding into new territories, the emotional process of handing off a business, managing risk in real estate and business, and the importance of building relationships as a leader.

45:32

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Quick takeaways

When expanding a business, consider factors like cash, technology, and human resources to ensure smooth operations.

To successfully transition leadership, focus on succession planning, alignment, trust, gradual responsibility transfer, and mentoring.

Deep dives

Balancing Growth and Consolidation

As the owner of a skylight contracting business, Scott is contemplating opening an additional location in Florida. The decision arises from an opportunity presented by a major skylight manufacturer. Dave advises Scott to consider three key factors: cash, technology, and human resources. He encourages Scott to evaluate if he has enough cash to support the new location without straining his current operations. Scott should also assess if he can successfully staff and delegate responsibilities in the new location. Additionally, he should ensure that his technology and equipment are capable of handling the expansion.

Introduction

2min

Considerations for Opening an Office in Another State

5min

Thorough Planning and Preparation for Business Expansion

5min

Success as a Honeywell contractor and overcoming dyslexia

6min

Emotional Process of Handing Off a Business

3min

Managing Risk and Leveraging Equity in Real Estate

7min

Managing Equity and Minimizing Risk in Business

5min

Building Relationships and Being a Humble Leader

11min

Today we’ll hear about:

• How to expand your business without putting your current business in danger

• A caller who made $1.6 million using three simple principles

• What to do when you don’t like debt, but your industry is driven by financing

• How to remain connected with your team when you’re not in the trenches with them daily

Links mentioned in this episode:

• The EntreLeadership Podcast

• EntreLeadership Elite

• Have a question for The EntreLeadership Podcast? Leave a voicemail at 844.944.1070 or submit your question for a chance to be on the show with Dave Ramsey: https://www.entreleadership.com/ask

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