Adam Goldberg, owner of Seracon, a Montreal-based candle manufacturer and former costume jewelry entrepreneur, shares his fascinating journey of reinvigorating a struggling business. He discusses the crucial lesson of never going into business with friends and reflects on his mistakes, like over-hiring and trying to be an absentee owner. Goldberg also emphasizes the significance of employee engagement and recounts how he introduced unique maple syrup candles to help carve out their brand story, showcasing the blend of heritage and innovation in his approach.
Adam Goldberg's transition from corporate roles to small business ownership highlighted the importance of establishing trust and collaboration within teams.
Facing an initial 50% drop in sales, Adam learned the critical necessity of understanding the market and product in a distressed business.
By leveraging a culturally resonant maple syrup brand, Adam aims to differentiate his products and expand his offerings in the candle market.
Deep dives
Adam Goldberg’s Entrepreneurial Journey
Adam Goldberg has a rich entrepreneurial background, having successfully managed two multi-million dollar businesses over a 30-year career. He started working in his family's big box retail business at a young age and learned the ropes while processing the complexities of family dynamics within a business. After selling his stake in the family business and dabbling in various ventures, including wholesaling costume jewelry, Adam faced a crossroads in his mid-50s, where he attempted retirement but found it unfulfilling. This led him to pursue buying a struggling candle manufacturer in Montreal, setting the stage for his next entrepreneurial challenge.
Challenge of Turnaround
Upon acquiring the candle manufacturing business, Adam encountered significant hurdles, including an immediate 50% drop in sales as major clients exited. His previous experience did not fully prepare him for the specific challenges of a small, struggling business, especially one with dated systems and high employee morale tied to the previous owner. Adam faced an uphill battle as he needed to revamp the company while desperately chasing down sales. Despite having investment capital, the reality of managing a distressed business proved to be more challenging than he had anticipated.
Reevaluating Business Strategies
In the wake of his initial struggles, Adam learned crucial lessons about the need to focus on sales and build relationships in his new industry. He overestimated his ability to delegate and underestimated the importance of understanding the product and market fully. By cutting unnecessary overhead, including letting go of employees who were not aligned with the new vision, he began to stabilize operations. He also acknowledged the importance of establishing trust with his remaining employees and fostering a collaborative atmosphere for rebuilding the business.
Turning to Licensing for Growth
As Adam reevaluated his product offerings, he discovered the potential for licensing an iconic maple syrup image to create a strong brand identity. The image, deeply ingrained in Quebec culture, offered an opportunity to differentiate his products in a saturated candle market. With the support of a new partner who brought creative ideas and industry expertise, Adam began to pivot the business towards offering not just candles but a broader range of merchandise using the licensed imagery. This strategic branding move aimed to capitalize on nostalgic and emotional connections Canadians have with the maple syrup theme.
Challenges and Perspectives on Small Business Ownership
Adam's experience highlights the emotional complexities of small business ownership, particularly the human connections with employees in a tight-knit environment. This experience starkly contrasts with his previous corporate roles, where decisions often felt impersonal. He found fulfillment in fostering relationships with his team, understanding their personal stakes in the success of the business. Yet, he grapples with the balance of being deeply invested while also maintaining a sustainable lifestyle, aiming to be present without becoming overwhelmed.
Positive Outlook and Future Goals
With initial struggles behind him, Adam feels optimistic about the potential growth of his business, setting ambitious goals to double revenue in the next fiscal year. His belief in the power of the maple syrup brand, coupled with the relationships he's built with clients and customers, gives him confidence that the new direction will bear fruit. He plans to leverage his established retail connections to expand product offerings while ensuring that both the candle and general merchandise lines are mutually beneficial. The upcoming year promises to be a transformative period for Adam and his business as they navigate the challenges of a dynamic market.
