The EntreLeadership Podcast

We Lost our $3.5 Million Business

May 6, 2024

Business owners share their struggles of betrayal, rebuilding trust, and handling setbacks. Discussions on confidence in communication, turbulent business partnerships, family conflicts, and managing problematic team members. Insights on financial planning for excess cash in a fabrication shop.

49:00

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Episode notes

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Quick takeaways

Rebuilding trust after business betrayal is crucial for future success.

Addressing imbalanced partnerships may require drastic measures like buyouts or restructuring.

Tough decisions must be made to address poor employee performance affecting team morale.

Managing surplus funds involves strategic financial decisions like debt repayment and operational needs.

Deep dives

Dealing with Business Setbacks and Starting Over

After facing a challenging business situation where minority state partners caused significant harm to the company and its revenue, Grace and her husband made the difficult decision to dissolve the business and start over. Despite the emotional trauma and setbacks, they are determined to move forward and rebuild trust in a new venture.

Introduction

2min

Starting Over After Setbacks

7min

Navigating Confidence, Non-Verbal Cues, and Overcoming Setbacks

5min

Navigating Turbulent Waters: Pitfalls of Business Partnerships

12min

Family Business Conflict Resolution

8min

Navigating Challenges with a Struggling Recruiter

6min

Team Dynamics and Event Announcement

2min

Financial Planning for a Fabrication Shop

5min

Today we’ll hear about:

Business owners need to start over after their partner stole their clients
A business partner wants to continue getting paid, but hasn’t worked in 4 years
A business owner struggling to fire his top team member for not following policy
A business owner that has no idea what to do with an extra $500k in savings

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