Acquiring Minds Hiring a General Manager & Buying Business #2
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Sep 21, 2023 Shane Ehrsam and Brandon Adams discuss hiring a GM, buying business #2, rewarding aspects of SMB life, and managing envy. Topics include benefits for employees, growing revenue post-COVID, reality of bumpy revenue in retail, owning a business bought as a stock sale, improving hiring for blue-collar roles, professionalizing a business, and the process of acquiring another business.
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Impactful Business Leadership
- Shane Ehrsam found being the leader of his own business highly rewarding personally and professionally.
- He enjoys positively impacting his employees' lives beyond just financial success.
Enhance Employee Benefits
- Introduce key employee benefits like 401k matching and health insurance to improve employee satisfaction.
- Align compensation and bonuses with simplicity and clarity to increase earnings and motivation.
Stable Margins from Parts and Service
- Parts and service revenue provide steadier margins and help cover fixed business expenses.
- Achieving consistent operational profit from parts and service allows sales profits to boost net earnings.