Catholic Founders #33 The First Podcast Appearance of Serial Entrepreneur, Chris Farls
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Welcome back, everyone! If you’re a fan of entrepreneurship through acquisition, today’s guest should really excite you because after starting his career in the military, he became a serial entrepreneur. In total, he has bought and sold 4 companies, most of which were turnaround businesses. He has also started a company from scratch and sold it. This is also his first-ever podcast appearance!
Read on for more info!
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Today’s Topic & Guest:
* Chris Farls | The Vocation Project (Substack) | The Vocation Project (Website)
* Because this is Chris’ first podcast appearance, we covered his career journey from the military to getting started as a business turnaround person and the lessons learned in that arena. Chris’ faith has always been important to him, though, so we also got to hear how he integrated his faith into how he ran his businesses. There are some incredible nuggets of advice in here on how to treat your employees well.Perhaps most interesting to our community are his thoughts on how to engage your community through your employees.
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Core Lesson:
You can invest in your community properly and uphold the dignity of your workers by getting to know your employees well.
One of Chris’ biggest focus areas with his employees was ensuring he knew them. Knew what they liked to do. Knew what their kids were up to. Knew that they liked to bowl on Thursday nights, etc. By knowing them, he not only upheld their dignity in his own eyes (because they were not just a number). This also provided him a window into what matters to his employees and, by extension, what matters in the local community.
For any of you with local employees, take note as this is a very impactful thing you can do.
God Bless & Happy Building!
~Silas Mähner
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Key Episode References:
Select Quotes:
* “The formula for negotiating a good deal is taking the time to ask and listen to what the seller is looking for in the deal.” — Chris Farls
* “I think confidence is gained through action and activity. I don’t think you can sit and read a book and then talk yourself into it.” — Chris Farls
* “I think the bigger problem a lot of times is, people know what the right thing to do is, but doing it’s hard.” — Chris Farls
* “You know, you have a certain circle of influence where you can make an impact and that’s where you need to act.” — Chris Farls
* “You want to create an environment where they can flourish... you want to give them opportunities to flourish and grow and have input into their work. So there’s a human dignity element to that as well.” — Chris Farls
* “What do you feel good about looking backwards? I think I’ve had that validated a little bit because when I mentor and talk to young aspiring entrepreneurs, I talk to them about these intangible rewards that you get.” — Chris Farls
* “If you’re doing it right, you end up with many more employees at the end than you did when you started.” — Chris Farls
* “Decide how you want to live it and live it that way and have the courage and fortitude and perseverance.” — Chris Farls
Key Moments: (outline)
* 00:00 Introduction to the Catholic Founders Podcast and Chris Farls’ background
* 02:07 His early entrepreneurial journey and the influence of his upbringing and family
* 04:34 The importance of confidence, mentorship, and taking action in building a career
* 06:51 His transition from military to corporate life and then into running a small business
* 10:09 How an MBA and strategic networking helped launch his entrepreneurial career
* 13:30 The model of acquiring old economy businesses and their financial structures
* 16:38 His experience turning around a railroad services business and achieving a quick exit
* 18:12 Key strategies for business turnaround, focusing on competitive strategy and understanding owner personalities
* 21:18 The multifaceted responsibilities of a business leader, including employees, partners, and community
* 25:36 Navigating ethical conflicts and making difficult decisions in business
* 28:01 The role of a business owner in community engagement and supporting employees’ interests
* 32:25 His approach to upholding employee dignity and fostering a flourishing work environment
* 35:08 The evolution of his perspective on business, from financial gain to humanitarian reasons
* 38:56 Stories of providing employment opportunities to individuals with challenging backgrounds
* 43:32 The power of actions over words and the positive impact of ethical business practices
* 44:58 Balancing efficiency and ethical considerations when acquiring and restructuring businesses
* 49:06 Ensuring that new buyers respect employees and align with company values during a sale
* 52:58 The impact of financial success on his personal outlook and transition to mentoring
* 55:29 Developing a strong sense of identity and purpose, aligning career with faith
* 57:50 How entrepreneurship shaped his relationship with God and led to a focus on serving others
* 1:00:31 The importance of intentional living and integrating spiritual habits into daily life
* 1:04:30 Introduction to The Vocation Project, an initiative to help people find meaning and purpose in their work
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