Intentional Growth

Today I’m talking with Mike Sowers about his emotional journey as an entrepreneur. From starting, building, systematizing, and selling his first company, to reinventing himself, Mike shares his story in an authentic and real way. Hear about the whole process without the rose-colored glasses. What you will learn: Mike’s full journey as an entrepreneur How Mike systematized, grew, and sold his first company The importance of knowing what your strengths are (in leadership/business) The investment, timeframe, and the process of building a systemization Business and parenting (and lessons Mike learned from his mother) How Mike reinvented himself and how he found his calling in life How introspection and business work together Getting from “Someday I will…” to following your passion while working with your business The real emotional toll of possibly selling your business The reason behind creating a platform like the CREative Commercial Real Estate Show The importance of doing good by people Why Mike is going to the ARKONA Boot Camp Takeaway: Understand what you’re dealing with so you can learn how to process these different things financially and emotionally before you sell your company.  Links and Resources: Mike Sowers: Mike@commercialinvestorsgroup.com Commercial Investors Group Facebook Page  CREative Commercial Real Estate Show The Commercial Investors Group Simon Sinek’s “The Infinite Game” Northstar Real Estate Conference ARKONA Boot Camp  About Mike: Mike believes he was called to humbly and gratefully find pathways to creatively unlock potential in people, places, and ideas. He is the Managing Partner and CEO of Commercial Investors Group and hosts the "This Old Building" TV Show and the "CREative Commercial Real Estate" Podcast! His firm, Commercial Investors Group, is a full service commercial real estate developer that also does brokerage, construction, property management, and education. The firm specializes in repositioning value-add projects in the industrial, office, and mixed-use spaces, sometimes using historic tax credits. Mike did the first commercial real estate crowdfund in MN in Nov 2018. Mike is also a speaker on real estate, entrepreneurship, and finance topics and is currently writing a book on commercial real estate. His hobbies are traveling the world with his wife Lisa, playing guitar at Passion church, volleyball, kiteboarding, Backcountry snowmobiling, taking seminars, and boating.

Today I’m talking about ESOPs (or Employee Stock Ownership Plans) with Dave Diehl, CFA. Dave is the CEO of Prairie Capital Advisors (one of the leading ESOP specialists in the country), based out of Chicago. Prairie Captial is unique because of their range of expertise, which covers both ESOPs as well as selling to a private equity firm. They really have the best interest of the client in mind. Dave talks about the basics of ESOPs in layman’s terms so everyone can understand the benefits of this type of exit process. What you will learn: Dave’s background A brief history of ESOPs How is an ESOP an exit process? What does the process of an ESOP entail? How an ESOP gets valued What your roles and responsibilities are when working with a trustee How you get your money (percentage upfront vs. what percentage comes over time) All the tax benefits which come with the ESOP process How ESOPs impact the culture of your business What are the pros of an ESOP? What are the cons of an ESOP? Takeaway: Are you a viable candidate for an ESOP? There are a lot of pros that come with selling to your employees. Links and Resources: Prairie Capital Advisors David Diehl, CFA  ARKONA Boot Camp  About Dave: Dave Diehl is the Chief Executive Officer of Prairie Capital Advisors. Dave provides closely-held businesses with a complete understanding of the best available options for their ownership transition needs. He expertly executes projects for mergers and acquisitions (M&A), management buyouts (MBO), Employee Stock Ownership Plans (ESOPs), estate planning and other corporate finance purposes. Dave serves as a trusted advisor to a diverse range of clients nationwide delivering highly strategic consultation. With extensive end-to-end management experience and a focus on his clients’ success, Dave helps ensure an exceptional ownership transition experience. Dave is a CFA Charterholder and is on the board of directors of two companies – a manufacturer of plastic parts and a financial consulting firm. He is also a frequent speaker in forums around the country on topics including ownership transition, valuation, capital management, and business sale. He is also a past chair of the Advisory Committee on Valuation with the ESOP Association.

Today I’m talking with Daniel L. Grimsrud from the law offices of Best & Flanagan LLP. Dan and I talk about what the role of a mergers and acquisitions (M&A) attorney, how due diligence can help you keep the value you want, the importance of finding an exit strategy early, and how to hire and work with a team of advisors.  What you will learn: Dan’s background What does a Mergers and Acquisitions (M&A) Attorney do? What does an M&A Attorney NOT do? How does that compare to the “big box” lawyer firms? What does the due diligence process look like? What do M&A Attorneys look for? What to look for (and look out for) when finding an attorney for you Why look for an exit plan early? Takeaway: Due diligence can be difficult and tedious but is worth the time and effort.  Links and Resources: Best & Flanagan Dan Grimsrud   Growth and Exit Bootcamp ARKONA Boot Camp Promo Code: LAB10 for 10% off, (good until September 9th)  About Dan: Dan started in accounting but decided to law school knowing he wanted to help people buy and sell their own businesses. He serves as an advisor to privately held companies and tax-exempt organizations of all shapes and sizes, providing thoughtful and practical advice on a variety of issues including structure and governance, contract and regulatory matters, tax, and transition planning and mergers and acquisitions. In addition, Dan works with members of the firm’s litigation and dispute resolution team to identify and implement practical solutions to governance and management disputes. He specializes in:  Completion of dozens of M&A transactions representing buyers, sellers and other constituents in transactions involving amounts ranging from a few hundred thousand to several hundred million dollars. Planning and execution of a variety of corporate reorganizations, including tax-free spinoffs, combinations, and conversions involving multiple entities and owners. Resolution of shareholder disputes, including several litigated matters. Design and implementation of various strategic initiatives to improve tax, operational and governance efficiency and facilitate transition planning. Securing federal, state and local approval for client transactions and initiatives. Negotiating with taxing authorities to resolve income and sales tax disputes.

Today I’m talking with Chris Ronzio. He is an author, a coach, a speaker, an investor, and an entrepreneur. He is the founder and CEO of a tool for growing businesses, called Trainual, as well as a business consulting agency, called Organize Chaos. What you will learn: How Chris fell in love with entrepreneurship  How to effectively and smoothly sell a business Finding a hidden value of your business The importance of “There has to be a better way” How Chris builds a business Why a playbook is important The first steps in order to adopt a playbook Takeaways: You need to capture the things you and your employees have learned in your business. The asset in your business is your knowledge of the business. Links and Resources: Chris Ronzio LinkedIn Trainual Trainual Worksheet Organize Chaos 100 Hacks to Improve Your Business Design Pickle ARKONA Boot Camp  About Chris: Chris Ronzio started his first business when he was 14, and throughout his entrepreneurial journey, he developed a passion for technology, efficiency, and making business easier. Chris spent a decade building a national video production company that would net over $3 million and sold that business before turning 25, at which point he started a consulting agency called Organize Chaos. After working directly with hundreds of entrepreneurs, Chris and his team created a software tool to help organize small and growing businesses. He is also an investor, part-owner, and/or on the board of 5 other companies, an Inc Magazine columnist, and the author of “100 Hacks To Improve Your Business.” As a speaker, Chris combines his experience as a life-long diabetic, a serial entrepreneur, startup leader, and athlete to share unique lessons and actionable insights that resonate with all types of professional audiences.

Duane Smith is the CEO of True North Companies (a business which aims to help entrepreneurs strategically). In this episode, I talked with calm, cool, and collected Duane about how businesses can thrive as long as they have the five key elements of success. We also talked about his “tuition payments”, the theories behind his structural entrepreneur platform, and what the five key elements are and how you can improve on them.  What you will learn: The importance of creating and following your vision statement The difference between ownership and leadership What is a perpetual legacy transition plan? The 5 key elements of success What is Duane’s structural entrepreneur platform? The importance of building the environment which can attract and build performance How you build transparency in a company The importance of growth, your business culture, client experience and operation, finance & accounting Takeaways: Try to determine what you want and why. What are the targets and strategies you are trying to execute? How do you consistently execute those things in the day-to-day functions of the business while also building a culture which wraps around all that?  Links and Resources: Duane Smith True North Companies EntreFest ARKONA Boot Camp About Duane: Duane Smith started off in the insurance business and life was great until interest rates skyrocketed and he suddenly needed to foreclose on the people he went to church with. That’s when he knew he needed a change. He is a jack-of-all-trades, having worked with insurance, risk management, mergers & acquisitions, succession planning, and volunteering for the Chamber of Commerce, and development committees. When working with their clients, Duane morphs into a professional partner. In this position, he is able to work closely with their clients in order to assist in strategic succession planning, mergers, and acquisitions. His experience and intuition allows him to construct personalized packages for each client, in order to meet their needs. He can also work as a consultant in order to guide organizations to success.

When Mike made it big, he lived the lifestyle and grew an ego the size of his business. But after the funds ran out, that’s when he learned his biggest lesson about entrepreneurship.  Today I talk to Mike (Motorbike) Michalowicz about his financial heartattack, the best way to get started, and the first step to building a valuable company. What You Will Learn: Who is Mike Michalowicz? What did Mike do after his financial heart attack? What is the root cause behind the way entrepreneurs view profit? How “putting your tennis shoes on top of the lid of the toilet” can help The five types of bank accounts every business should have How healthy is your business? The definition of TAPs The definition of CAPs Which expenses have a proven ROI The danger behind using OPM Using Occam’s Razor in entrepreneurship The best way to get started The correlation with valuations Takeaways: How do you create a cash machine, regardless of how big you or your business are? Mike talks about you how to take your first steps when you want to build a valuable company (to increase the cash flow), because after you’ve built your business into an ATM, that’s when you should think about an exit strategy. Resources:  Mike Michalozicz Facebook Fan Page Twitter Instagram Profit First  ARKONA Bootcamp

Sue Hawkes is the award-winning author of the book, Chasing Perfection: Shatter the Illusion; Minimize Self-Doubt & Maximize Success. In this episode, she about the basis and philosophies behind the book.  Chasing Perfection is a book about business leadership written by a woman, for women. However, imposter syndrome can happen to anyone. Sue brings her personal and professional experience to her book and this episode in order to tackle the topics of imposter syndrome, founder’s syndrome, vulnerability, and the concept of saying no. What You Will Learn: Who is Sue Hawkes? The story about “Chasing Perfection”  The difference between men and women when it comes to leadership What is imposter syndrome? The role of vulnerability in strength How being vulnerable can help you bond but can reinforce your confidence What to do when “Fake it til you make it” turns into burnout Why it is important to have honest “truthteller” people in your life Peer Learning Founder’s syndrome Insistent, incremental improvement How to use actionable practices to conquer imposter syndrome Know when you should say no  The end result of discipline and focus  How to funnel entrepreneur momentum and energy The importance of volunteering for your professional career and your personal well-being Which group dynamics are more vulnerable, authentic, and honest The breaking point of imposter syndrome Takeaways: Are you saying yes to too much? We are all genetically wired to go full speed but, in order to stay sane, it is important to delegate, slowly implement elements of self-care, and find someone you can trust and confide in.  Links And Resources: Sue Hawkes.com: https://www.suehawkes.com/ LinkedIn: https://www.linkedin.com/in/suehawkes/ Twitter: https://twitter.com/SueHawkesYESS “Chasing Perfection” on Amazon: https://www.amazon.com/Chasing-Perfection-Illusion-Minimize-Self-Doubt-ebook/dp/B076WS6KT7 Say Yess: https://www.sayyess.com/ Intentional Greatness Podcast: https://www.sayyess.com/podcast/ ARKONA Bootcamp: https://arkona.io/ About Sue: Sue is a bestselling author, a certified EOS (entrepreneurial operating system) Implementer, WPO Chapter Chair, award-winning leader, Certified Business Coach, a seminar leader, and the CEO of YESS!. She has 30 years of experience in business and is the coaches coach. She designs and delivers dynamic programs intended to transform clients (and their businesses).  She has contributed to various publications including Inc, Entrepreneur, Forbes, the New York Daily News, Fast Company, Fortune, HR.com, Ladders, and Thrive Global. Sue has won various accolades including the Governer’s Council Dream Keeper Award, 2018 Enterprising Woman of the Year, the Regional US Small Business Administration Women in Business Champion of the Year, NAWBO Minnesota’s Achieve! Vision Award, the Exemplary Woman of the Community Award, the Women Who Lead by Minnesota Business, and the Women Venture’s Unsung Hero Award.

If you need to change the game of your business, increase its value, and create a culture where everyone is moving in the same direction, take a listen to this episode. Today, I talked with Jack Stack (author of “The Great Game of Business”). Jack did hard time. And by that he means, he dealt with hard decisions back in 1983 when he and 12 other managers were desperately trying to save the jobs of 112 people at International Harvester. Together, they were able to scrape together $100,000 and used it as a launch pad, in order to transform International Harvester into SRC Holdings Corporation, which is a thriving company with 100x the employees that International Harvester once had. With 1,600 engaged employees working to operate 14 business units across the country, they’re now managing over $600 million in sales. Listen to Jack’s story about how he helped save the jobs of hundreds of people, and created one of the most successful companies in remanufacturing. What you will learn: The story of SRC Holdings and its origin story How transparency can build a strong business What happens when you teach people the fundamentals of business How to convert a tremendous amount of debt into equity The importance of teaching employees instead of juggling cash Business is no different than a game of Monopoly There isn’t anyone teaching people how business works, when that’s really what they need.  How the great game of business works The importance of building the confidence of your employees You can’t have values without performance The importance of teaching people debt With information comes responsibility The power of delegation Retention will be the key to succeeding in the future Why it is important to talk to other entrepreneurs The importance of vulnerability in a company Takeaways: Why not play the right game? Are you struggling with the same things that other entrepreneurs are struggling with? Why not get everyone on board? Why is transparency so important? Links and Resources: Jack Stack and “The Great Game of Business”: https://www.greatgame.com/jack-stack Twitter: https://twitter.com/Gr8GameBusiness Instagram: https://www.instagram.com/thegreatgameofbusiness/ LinkedIn: https://www.linkedin.com/company/the-great-game-of-business/ About Jack: Jack is the President, Founder, and CEO of a remanufacturing company based out of Springfield, Missouri called SRC Holdings. It is a 100% employee-owned corporation with over 1,200 people employed under their name. He is also the pioneer of a leadership technique known as “open book management”, and is the author of two books: “A Stake in the Outcome” and it’s predecessor, “The Great Game of Business”. Both books are about his unique and eye-opening vision for leadership, which some business owners had deemed “unconventional”. He has been a contributor for The New York Times and Inc Magazine. He has also served as the world judge for the Ernest and Young Entrepreneur of the Year awards and designed the initial United Way Entrepreneurial Fund for the non-profit community. Fortune Magazine has called him one of the “top 10 minds in small business.” He’s also managed to balance his busy professional life with his family life, being the father of five children and the grandfather of six grandkids. Jack operates over 30 business units, some of which include joint ventures with Navistar, John Deere, and Case New Holland. Under Jack Stack, SRC Holdings Corporation has received international recognition. It was deemed one of the “Top 100 Companies to Work for in America.” It has also won the Business Enterprise Trust Award and the National Business Ethics Award.

If you are listening to this and wondering who could buy your business, or if you want to buy a business yourself, this episode is for you. In this episode, you’ll hear the story of Mike Wickam, a corporate refugee who spent a few decades turning around big divisions of companies like Verizon. He acquired a ton of knowledge about how to build teams and grow sales. But after years of this, he found he was losing his positivity and becoming cynical. Mike left and started his own consulting company – at least until one of his clients, a plumbing company, was in dire straits. Then he took out an SBA loan and collateralized everything to purchase this dying company and turn it around. He managed to succeed in saving and building up the business, then exiting in year five, just as he planned. Listen to Mike’s story about how he dropped out of the corporate world, started his own business, purchased a struggling business, turned it around, then exited, retired, and finally un-retired. What you will learn: Where Mike’s career started and how he ended up in the corporate world How to prune the people who aren’t on the team How Mike moved away from the corporate world What it was like not having the corporate infrastructure to enable big moves Why a distressed business appealed to Mike, and how to value one Why Mike took out a loan for a company that was losing money How Mike planned to make the company work KPIs Mike was looking at Where Mike’s ability to plan came from Mike’s triggering event The process of selling the company What retirement was like for Mike Life-after-business plans Takeaways: Do you have a plan for buying, selling, or retiring? If not, it’s time to start making one. Links and Resources: Mike's Email The Unforced Rhythms of Grace & Gratitude About Mike Mike Wickam is the Vice President of Gratus Capital, LLC. Mike leads Gratus Capitals’ operating companies, lending his support, guidance, and leadership. He received his B.A. in Communications from Bethel University and his MBA from California State University – San Marcos. The first 20 years of his career was spent in sales and general management positions with companies such as GTE, AT&T, Verizon, Cox Communications, and Verizon Information Services. In 2010, Mike founded SalesVenom Corp. to help small businesses grow their sales presence and position their companies for future exit options. Mike bought and operated one of his clients and successfully grew it and sold it and his consulting practice in 2017. He has served as an Associate Professor (Adjunct) teaching sales and marketing at Bethel University’s undergraduate program and has designed business courses for their CAPS/Graduate School program. In 2018 Mike successfully published his first book, The Unforced Rhythms of Grace & Gratitude, a series of short stories about the men and women that lived, challenged, and motivated him to become a first-generation college graduate and achieve success. Mike has lived and worked in Illinois, Florida, Minnesota, and California. Today he lives in the Twin Cities with his wife Molly, kids Blake and Savannah, and one really mean cat named Norm.

Mary Key is a successful woman entrepreneur who wants to encourage other women entrepreneurs to step up and throw their hats into the ring for leadership roles. Mary has a Ph.D. and has written four books. Today, she tells me about her latest book Seizing Success: A Woman's Guide to Transformational Leadership. She explains why she wrote the book and what she noticed during her research for it. We discuss how women change the dynamics of their companies and how this leadership difference is the future of CEOs. What you will learn: Who is Mary Key? Why women are the future of business leadership. Mary’s time with Inc. Magazine. The Key Women Leadership Forum Mary’s other books. The gender bias that holds women back. How women lead differently. Strengths women bring to leadership roles. How the corporate climate is changing. Stumbling blocks that affect women the most. The importance of being assertive. What are transformational leaders? An overview of Mary’s book Seizing Success. Takeaways: Is there a woman CEO you could hire? Be open-minded in your search and consider the value women provide in business. Links and Resources: GEXP Collaborative Key Associates Inc. Seizing Success: A Woman's Guide to Transformational Leadership by Mary Key Mary’s books Mary’s email About Mary Business thinking partner, trusted advisor, executive coach, speaker, and author, Dr. Mary Key heads Key Associates, Inc. (KA), an organizational transformation consulting firm committed to the development of leaders and organizations. Key has an outstanding track record of helping leaders and organizations grow and thrive. KA has helped clients produce breakthrough results and works with individuals, teams, and organizations in areas such as leadership and team assessment and development, strategic planning, hiring the right talent, conflict resolution and effective execution – all leading to improving your focus and productivity. KA has worked with Fortune 500 companies, Inc. 500 winners, various government agencies and not-for-profits. Among others, KA’s clients have included: Ericsson, Nokia, Nissan, Infiniti, Tenet Healthcare System, Baycare Health System, Baptist Health Care, Bausch & Lomb, Wyeth Nutrition, CitiFinancial Retail Services, Mission Healthcare System, Media General, Stanford University, Circuit City, G.D. Searle, Cooper Industries, Dorn Technology, Museum of Science & Industry, National Aquarium in Baltimore, Georgia-Pacific, Florida Steel, Lake Ontario Steel, Jack Morton Worldwide, Jagged Peak, Lore International, Metal Industries, Incarnate Word Health Systems, Prevent Blindness America, Vology Data Systems, VectorLearning, Tampa Bay Trane, Bayshore Solutions, myMatrixx, The American Rental Association, Tampa Port Authority, Morton Plant Mease Foundation, Peek plc., the Province of British Columbia, and various agencies in the states of Florida, Georgia, North Carolina, Texas and Virginia. KA has also consulted in Europe, Asia, and Latin America. Key has helped leaders and their companies achieve exponential growth through a system of Right Focus, Right People, and Right Execution. She was part of a national team that built Inc. Magazine’s Eagles CEO program where CEOs of fast-growing companies came together to focus on each other’s strategic business issues achieving remarkable results. Currently, KA offers peer forums for CEOs, Key Leaders, and Women in Leadership. In addition, Key has been part of the development team that designed the California Healthcare Leadership College. She is part of the teaching faculty for the Advanced Leadership Program at Stanford University for the Hospitals & Clinics program. Key has authored several books including CEO Road Rules: Right Focus, Right People, Right Execution and The Entrepreneurial Cat: 13 Ways to Transform Your Work Life. She received her Ph.D. from the University of Virginia and her BS from the University of Massachusetts. She was selected to be part of the Society of International Business Fellows (SIBF), Leadership Florida, the CEO Council of Tampa Bay and was a finalist for Executive Woman of the Year in Tampa Bay.