Owner To Owner Podcast

@Natasha Hawker  founder of @Employee Matters discusses the importance of employees in small businesses, and the impact they have on business performance. Natasha emphasizes the need for exceptional HR practices and the role they play in driving business growth and sustainability. She also discusses the current employment relations landscape and the importance of compliance. Natasha provides insights into the red flags that small business owners should be aware of and the benefits of outsourcing HR services. She concludes by discussing the significance of employee ownership and the role it plays in business success and potential sale. The conversation explores;the importance of investing in personal and professional development for both business owners and employeesthe need for business owners to have a growth mindset and actively seek opportunities to learn and improvethe benefits of employee ownership and how it can increase engagement and motivationthe significance of creating a compelling employee value proposition and fostering a transparent and inclusive work environmentthe use of advisory boards and networking with other business owners is also recommended as a way to gain valuable insights and support.Natasha made it very clear how your employees have such a significant impact on the performance and success of small businesses. This short video beautifully categorises the 4 types of employees and provides a framework for business owners to better manage their #employeeassets. https://share.vidyard.com/watch/qVFVgq3EKyYakjSjQkGCEN?vyetoken=fa04c069-8443-4adb-b9b9-c9ca0dae4ae4&portalId=20625731TakeawaysExceptional HR practices are crucial for business growth and sustainability.  For more information on better managing the 7 main HR risks you should read this ebook from Employee Matters (https://app.hubspot.com/documents/20625731/view/791072601?accessId=a9b9bb)Small business owners should be aware of red flags such as pay secrecy and compliance with employment relations legislation.Outsourcing HR services can provide expertise and support for small businesses without a full-time HR resource.Employee ownership can contribute to business success and potential sale. Investing in personal and professional development is crucial for business owners to improve their skills and knowledge.Employee ownership can increase engagement and motivation among employees.Creating a compelling employee value proposition and fostering transparency and inclusivity are important for attracting and retaining high-quality employees.Advisory boards and networking with other business owners can provide valuable insights and support.@kerrcapital@michaelkerr  Thanks for listening.  Visit the Owner To Owner Podcast website to subscribe, listen back, or check out any resources or information mentioned on the show.Search @ownertoownerpodcast on your favourite podcast player to subscribe and listen to the episodes.Reach out to Michael Kerr via the website if you need personal assistance or advice for your small business.michael.kerr@kerrcapital.com.auwww.ownertoownerpodcast.com.au 

@Ken Matthews, founder of @Matthew Steer, shares the long but successful journey from growing to selling a mid-tier financial services firm. He talks about the importance of scaling, the three stages of growth and the challenges of transitioning from a sales-driven mode to an operational mode. "Stepping back and becoming a CEO is a significant step and not an easy one for any entrepreneur."Ken and I talk a lot about the process of selling, and what he sees as the most critical for getting a successful result;the  value of finding the right buyer.the need for consistency and a shared vision when entering into joint ownership modelthe importance of strategic planning and financial analysisusing an #advisoryboardsknowing their retirement numberconstantly work on improving the value of their business, andthe importance of having a strong support network, including mentors and advisory boards.Ken has dealt with many business owners over many years. The triggers for them seeking his services can range from;recognising that their current strategies are no longer working and realising they need to become more sophisticated in their operationsconcerns about succession planning, tounexpected approaches from potential buyers.Key Takeaways;Scaling is crucial in the financial services sector to attract and retain talent and provide a broader range of services to clients.Transitioning from a sales-driven mode to an operational mode requires letting go and delegating responsibilities to focus on running the business.When selling a business, it is important to find a buyer who aligns with the company's culture and vision.Joint ownership models can provide opportunities for growth and innovation, but it requires compatibility and consistency between partners.Advising small business owners involves conducting a deep dive into their financials, creating a strategic plan, and implementing corporate governance to drive growth. Business owners often seek help when their current strategies are no longer effective and they need to become more sophisticated in their operations.Triggers for seeking advisory services can include concerns about succession planning and unexpected approaches from potential buyers.It is important for business owners to know their retirement number and constantly work on improving the value of their business.Having a strong support network, including mentors and advisory boards, can provide valuable guidance and help navigate the emotional roller coaster of selling a business.@kerrcapital@familybusinessaustralia  Thanks for listening.  Visit the Owner To Owner Podcast website to subscribe, listen back, or check out any resources or information mentioned on the show.Search @ownertoownerpodcast on your favourite podcast player to subscribe and listen to the episodes.Reach out to Michael Kerr via the website if you need personal assistance or advice for your small business.michael.kerr@kerrcapital.com.auwww.ownertoownerpodcast.com.au 

@Darren Clark is the founder at @Dazlab where he and the team work with  founders, business owners, creatives, technology people, and investors to get digital products off the ground and to market. Darren started because he knew there was a better way to build digital products for people with great business ideas who needed help to build their vision. And he brought significant personal business experience, and some battle scars to starting Dazlab;co-founded a digital creative agency, called Webling, where we won many, many local and international awards over a decade.founded real estate startup (Kohab)  in the USAIn this episode Darrenshares his experiences as a multiple business founder, and the impact of exiting or near-exiting businessesdiscusses the importance of building custom software to create revenue and assets for small businessesreflects on the lessons learned from selling a business and the process of starting a new ventureemphasises the need for efficiency and specialization in business operations, and the importance of considering an exit planhighlights the value of external advice and emotional support during the sale process and the importance of building relationships with potential acquirersdiscusses the value of automating business processes and how it can make a business more efficient and profitableshares case studies and highlights the importance of playing to your strengths and seeking professional help when neededrecommends @Startups for the Rest of Us podcast@kerrcapital Thanks for listening.  Visit the Owner To Owner Podcast website to subscribe, listen back, or check out any resources or information mentioned on the show.Search @ownertoownerpodcast on your favourite podcast player to subscribe and listen to the episodes.Reach out to Michael Kerr via the website if you need personal assistance or advice for your small business.michael.kerr@kerrcapital.com.auwww.ownertoownerpodcast.com.au 

Host @Michael Kerr and @Martin Cattach , founder of Finance for Business, discuss the stranglehold the big four banks on small business lending, and explore alternative options for financing. Martin outlines alternative #financing options, especially the diverse and fast growing range of #fintechlenders for #smallbusinessesWe cover;The role of #workingcapital in business growthThe entanglement trap that owners often find themselves inThe importance of understanding your financial positionHow to get more value from your accounting software package and bank account dataPlanning ahead to avoid cash flow problemsThe role of fintech lenders in providing quick and flexible funding solutionsMartin shares examples of clients he has worked with and the positive impact alternative financing has had on their businesses.\@kerrcapital@finforbiz Thanks for listening.  Visit the Owner To Owner Podcast website to subscribe, listen back, or check out any resources or information mentioned on the show.Search @ownertoownerpodcast on your favourite podcast player to subscribe and listen to the episodes.Reach out to Michael Kerr via the website if you need personal assistance or advice for your small business.michael.kerr@kerrcapital.com.auwww.ownertoownerpodcast.com.au 

@MarkRubbo from @readingsbooks shares his personal take on buying and building this iconic business. We cover a lot of ground including;How the opportunity to buy Readings came aboutLaving the music industry (Professor Longhair) for book retailingThe linkage of Marks business ambitions with the impact on;the Australian book industrythe broader literary community (writers, publishers)the local communityMark's ambition and opportunistic mindset to expanding Readings into multiple other locations, and the establishment of an online presenceThe importance of community engagement, author events and creating a vibrant bookstoreThe physical bookshops as a unique experience, with the opportunity for discoveryWhy Government support for bookshops is crucial in preserving the cultural value they bring to communitiesTransitioning out of the CEO role and ensuring a smooth succession to maintain the unique flavor of ReadingsThe challenges and rewards of running an independent bookstoreThe impact of Borders Books when it opened directly opposite in Lygon St in the early 2000'sThe impact of online retailers like AmazonHis experiences of succession planning, and advice for other small bookshop owners - to ensure the continuity of their business and to pass on their legacy.He also talks about his current projects;The Book Sellers podcast - https://podcasts.apple.com/gb/podcast/the-booksellers-podcast/id1683259417#Indigenousarts#literaryprizes@beyondblueAnd finally what it's really like to 'move on', and hand over day to day managementQUOTES:"Sometimes founders rightfully wrongly put everything they've got into it and other people get to benefit from it.""I hope Readings has been a sort of community focused business." Thanks for listening.  Visit the Owner To Owner Podcast website to subscribe, listen back, or check out any resources or information mentioned on the show.Search @ownertoownerpodcast on your favourite podcast player to subscribe and listen to the episodes.Reach out to Michael Kerr via the website if you need personal assistance or advice for your small business.michael.kerr@kerrcapital.com.auwww.ownertoownerpodcast.com.au 

@Earl Eddings  has started, sold and acquired multiple businesses. Along the way he's had high profile roles including as Chair of Cricket Australia, and served as Non Executive Director, Advisory Board member, Adviser and Mentor to other business owners and businesses. He's had wins. He's also learned a lot from experiences where things didn't go to plan. These experiences were however formative and continue to shape how he continues to approach his work,  the support he provides to other business leaders and business owners.   In our discussion we cover;Earl's background and his journey as a business owner, including his first owned business and its saleTurning around businesses and the importance of planning for an exitThe key factors to consider when selling a business, such as having a clean balance sheet and strong systemsThe significance of trust, open communication and integrity in mergers and acquisitions, as well as the importance of proper due diligenceThe importance of expert advice and representationManaging expectations to avoid unrealistic valuationsPlanning for an exit and the starting point, and the future visionWays to increase the value of the businessThe importance of identifying potential buyers and scanning the market is highlightedMitigating risks and ensuring sustainability Working with the buyer and transitioningThe use of non-binding indicative offers and deal negotiationsWhy to avoid lengthy exclusivity periods is emphasizedThe vital importance of personal aspirations and family considerationsThe role of  non-executive directors and advisory boardsWhy seeking guidance and building networks is encouraged as a way to navigate the complexities of selling a businessSome of the key takeaways;When starting a business, it's important to have an exit plan in mind and be prepared for a potential sale.#Culturalfit and alignment of strategic intent are crucial considerations in mergers and acquisitions.Plan for an exit by starting with a clear vision of the future.Identify potential buyers and scan the market to find the right fit.Consider personal aspirations and family dynamics when planning for an exit.Engage non-executive directors and #advisoryboards for guidance and support.Build networks and seek guidance from experienced professionals.@kerrcapital @michaelkerr Thanks for listening.  Visit the Owner To Owner Podcast website to subscribe, listen back, or check out any resources or information mentioned on the show.Search @ownertoownerpodcast on your favourite podcast player to subscribe and listen to the episodes.Reach out to Michael Kerr via the website if you need personal assistance or advice for your small business.michael.kerr@kerrcapital.com.auwww.ownertoownerpodcast.com.au 

@Pete Seligman talks about and #eta (Entrepreneur through Acquisition) and #searchfunds and their impact on small business owners. He's an investor and co-owner of multiple businesses. Pete explains the concept of search funds and how they provide a vehicle for investors to back #acquisitionentrepreneurs. We talk about;the importance of finding the right fit between the entrepreneur and the businesscurrent market challenges and opportunitieshow business owners should handle an approach from  a search fund or investorsthe role of #earnouts in business sales and how they can bridge the gap between buyer and sellerthe common misunderstandings in relation to earnouts, and the potential benefits they can offercreative deal making and risk sharing to improve the prospects for getting a successful transactionwhy business owners need to augment their existing advisors with subject matter experts for a sale processthe importance for owners to reflect on their mission and have honest conversations with co-owners to align their goalsTakeawaysSearch funds provide a pathway for entrepreneurs to buy existing businesses instead of starting one.The fit between the entrepreneur and the business is crucial for success.Business owners should be open to conversations with search funds and investors, as it can lead to new opportunities.Co-investing and joint ventures can be options for owners who want to grow their business with additional capital and expertise.Owners should be prepared for potential exit opportunities and have a clear understanding of their role in the business. Earn outs can be a valuable tool in bridging the gap between buyer and seller in a business sale.Creative deal making and risk sharing are essential for a successful transaction.Owners should consider the potential benefits of earnouts and not reject the concept of deferred payment outright.Business owners may need to augment their advisors with additional expertise for a sale process.Reflecting on the owner's mission and having honest conversations with co-owners are crucial for aligning goals.@kerrcapital Thanks for listening.  Visit the Owner To Owner Podcast website to subscribe, listen back, or check out any resources or information mentioned on the show.Search @ownertoownerpodcast on your favourite podcast player to subscribe and listen to the episodes.Reach out to Michael Kerr via the website if you need personal assistance or advice for your small business.michael.kerr@kerrcapital.com.auwww.ownertoownerpodcast.com.au 

@Sandy Chong brings 39 years experience as a salon owner to her current role as CEO at @The Australian Hairdressing Council. She's the current @cosboa #smallbusinesschampion and has multiple other board and advisory roles that involve advocacy and improving effectiveness for industry bodies.Sandy sold her own salon during 2023 to focus on her CEO role. In that role she is actively involved in advocating for small businesses and shaping the future of the industry. Her extensive background as a business owner gives her valuable insights to guide those aspiring to venture into entrepreneurship and business ownership after completing their trade apprenticeships.In our discussion we talk about;the crucial role industry bodies play in supporting and advocating for small businessesthe importance of education and training in helping #apprentices become skilled professionals, and then business ownershow vital apprenticeships are for the growth and sustainability of industrieswhy small businesses, like hairdressing salons, have such a significant impact on the community and contribute to people's self-esteem and mental wellnessnurturing and developing homegrown talentnavigating the impact of Government Regulations on hairdressersaddressing #skillshortages and Workforce Sustainability in tradeswhat she learnt running a salon with up to 45 staff (all but 1 apprenticed by Sandy!) over 39 yearsshedding light on the unique challenges and opportunities within the hairdressing industryinspiring entrepreneurs in the trades industryI think hairdressers often give back and I think that's one thing that really stands out for me, is they have really incredible business structures. They're incredibly generous to their staff, but it's the community generosity. - Sandy ChongVisit the Australian Hairdressing Council website at www.ahc.org.au to learn more about the organization and its initiatives.Timestamped summary of this episode:00:00:12 - Introduction and Purpose of the Podcast Michael Ker introduces the Small Business Banter podcast and its relevance to business owners, especially those looking to sell or buy a new business. He emphasizes the stress, emotions, and challenges involved in these processes.00:01:21 - Sandy Chong's Background and Role Sandy Chong shares her extensive background as the CEO of the Australian Hairdressers Council and her experience as a past salon owner for 39 years. She highlights the importance of developing relationships with clients and the unique challenges of the hairdressing industry.00:07:20 - Career Opportunities in Hairdressing Discussion on the potential career opportunities in the hairdressing industry, including the potential for financial success, international work, and diverse roles beyond salon ownership. Emphasis on the importance of education and training for career growth.00:09:50 - Apprenticeship and Business Ownership Sandy Chong reflects on her commitment to apprenticing her staff and the importance of finding the right buyer for her salon. She discusses the need for a pathway to guide talented practitioners toward business ownership and the challenges of running a business.00:14:59 - Industry Support and Sustainability Sandy Chong emphasizes the role of industry associations in educating and supporting business owners, particularly in navigating complex issues such as industrial relations and HR. The importance of belonging to an association for access to industry-specific information and support is highlighted.00:16:25 - Migration Review and Industry Concerns Sandy discusses the release of the migration review and expresses concern for the hairdressing industry's exclusion due to high sponsorship costs. She highlights the industry's need for sustainability and lower tismet.00:17:37 - Challenges and Solutions for the Industry Sandy addresses the skill shortage in the predominantly female hairdressing industry and emphasizes the importance of investing in apprenticeships and adapting to the changing preferences of younger workers. She also mentions the potential benefits of new jobs and skills councils.00:19:38 - Encouraging School-Based Apprenticeships Sandy discusses the potential of school-based apprenticeship programs and the benefits of group training organizations for higher completion rates. She also highlights the challenges faced by single operator salons and the financial barriers for young people entering the industry.00:21:41 - Financial Management and Small Business Challenges The conversation shifts to the financial challenges faced by small business owners, particularly in managing cash flow, profit and loss, and the complexities of industrial relations. Sandy emphasizes the need for education and support in understanding basic finances and business value.00:32:01 - The Value of Small Businesses in Communities Sandy and the host highlight the vital role of small businesses, including hairdressing, in supporting community well-being and mental health. They emphasize the personal and social aspects of the hairdressing experience, going beyond just a haircut.00:33:05 - Passion for Small Business and Cosboa Small Business Champion Award Sandy Chong discusses her deep passion for small business and receiving the Cosboa Small Business Champion Award in April. She highlights her role as an ambassador and her commitment to lobbying and advocacy work for small businesses.00:35:36 - Driving Force behind Small Business Ownership Sandy Chong shares her motivation for becoming a small business owner, emphasizing the inclusivity and culture of the hairdressing industry. She also discusses her desire to be a successful business person and contribute to the industry through education and training.00:37:01 - The Mindset of Small Business Owners The conversation delves into the mindset of small business owners, highlighting their humble beginnings, lack of strategic planning, and the drive to seize opportunities. The discussion also touches on the purpose, financial benefits, and challenges of small business ownership.00:40:38 - Small Business Heroes and Inspirational Figures Sandy Chong mentions several inspirational figures in the hairdressing industry, recognizing their ethical standards, charitable work, and community generosity. She emphasizes the impact of these individuals on the industry and their ability to inspire the next generation of small business owners.00:43:22 - Reaching Out to Sandy Chong Sandy Chong provides information on how to reach out to her as the CEO of the Australian Hairdressing Council and the current small business champion. She encourages individuals to visit the council's website and emphasizes her accessibility for inquiries and support. Thanks for listening.  Visit the Owner To Owner Podcast website to subscribe, listen back, or check out any resources or information mentioned on the show.Search @ownertoownerpodcast on your favourite podcast player to subscribe and listen to the episodes.Reach out to Michael Kerr via the website if you need personal assistance or advice for your small business.michael.kerr@kerrcapital.com.auwww.ownertoownerpodcast.com.au 

@JonathanRoberts  co-founded @OneRabbit with 2 partners 10 years ago.  He'd worked with those same partners for 17 years prior in a marketing and design business, which ultimately morphed into One Rabbit.  Along the way he's founded, owned and exited multiple other businesses. In this episode and based on that deep experience as an entrepreneur Jonathan shares high value insights on the challenges and rewards of making a strategic exit.  Specifically he talks about;how 3 partners exited their marketing firm with friendship Intactthe importance of recognizing when passion and energy wanehow assessing one's satisfaction and enthusiasm regularly can be pivotal in determining the right time for a changethe significance of exit planning, building systems into the business, diversifying income streams, and maximizing profitshis unconventional approach to exit planninghis success in transitioning to new ventures@ZeroWasteProject@fridgefriendthe value of finding new passion and purpose beyond the businessA must-listen for potential business sellers and entrepreneurs seeking to exit on their terms and with confidence."Enjoy it, stay there while you enjoy it, make it as profitable as you can. And then when you stop enjoying it, pull the trigger, move on." - Jonathan RobertsRESOURCES:Visit www.zerowasteproject.com.au to explore the Zero Waste Project and learn more about their products and initiativesSearch for www.fridgefriend.com.au to find the domestic product offered by Zero Waste Project and discover how it can help reduce food waste at homeConnect with Jonathan Roberts on LinkedIn for further insights and updates on his entrepreneurial journey and business ventures.Timestamped summary of this episode:00:00:06 - Introduction and Purpose of the Podcast Michael Kerr introduces the Small Business Banter podcast and discusses its focus on business owners at different stages of ownership, such as selling, being approached by potential buyers, or aspiring to buy a new business.00:01:13 - Guest Introduction and Business Background Jonathan Roberts shares his extensive background in sales and marketing, including founding and growing One Rabbit, a professional services marketing firm. The discussion touches on the unique approach taken by One Rabbit and its transition into a consulting firm.00:05:42 - The Transition to One Rabbit and Business Philosophy Jonathan explains the transformation of One Rabbit, emphasizing the decision to focus solely on professional service firms. The discussion also delves into the philosophy behind the name "One Rabbit" and the shift towards a no BS approach in marketing.00:09:27 - Knowing When to Wind Up a Business Jonathan discusses the natural progression towards winding up One Rabbit after 27 years, citing a loss of enthusiasm and a desire to pursue other business interests. The impact of COVID-19 and the exploration of potential alternatives, including selling the business, are also mentioned.00:16:55 - Navigating Business Partnerships and Personal Reflection The conversation touches on the dynamics of business partnerships, personal attachment to a business, and the gratitude for accomplishments over 27 years. Jonathan shares insights on communication within partnerships and the departure of co-founders.00:17:23 - The Importance of Conscious Business Decision-making Jonathan discusses the importance of conscious decision-making when it comes to exiting, not exiting, or selling a business. He emphasizes the need to have a plan and be aware of the options available.00:19:27 - The Trade-off in Exiting a Business Jonathan shares his experience of stepping away from his business after 27 years. He discusses the factors that led to the decision, including being passionate about other business opportunities and feeling less motivated in the current one.00:25:32 - Renewed Purpose in New Ventures Jonathan talks about his new business ventures related to reducing food waste and the positive impact it has. He highlights the renewed vigor and purpose he feels in his current endeavors, compared to his previous consulting business.00:28:51 - The Entrepreneurial Spirit and Continuous Growth Jonathan discusses his entrepreneurial spirit and the excitement of building new businesses. He emphasizes the importance of continuously investing time and energy into new ventures and the satisfaction it brings.00:31:23 - Maximizing Earnings and Exit Planning Jonathan advises business owners to maximize their earnings while in the business and invest in exit planning. He acknowledges the challenges of selling a business and the need for conscious decision-making throughout the process.00:34:27 - Building Business Systems Jonathan reflects on the need for more business systems in their knowledge-based business to diversify income streams and maximize profits. He emphasizes the importance of smart marketing and working with enjoyable clients.00:37:18 - Becoming an Expert Jonathan discusses the bravery required to say no to clients and the importance of becoming an expert in a specific niche to command higher fees and provide better service.00:38:05 - Exit and Succession Planning Jonathan shares his perspective on exit planning, emphasizing the importance of enjoying the business, making it profitable, and recognizing the right timing to move on.00:39:40 - Finding Jonathan Jonathan provides information about his website and encourages listeners to connect with him for further discussions or inquiries about his business.00:40:46 - Wrapping Up The host, Michael Kerr, concludes the episode, encourages listeners to subscribe, and offers personal assistance through the website. He also announces the release of new episodes every couple of weeks.  Thanks for listening.  Visit the Owner To Owner Podcast website to subscribe, listen back, or check out any resources or information mentioned on the show.Search @ownertoownerpodcast on your favourite podcast player to subscribe and listen to the episodes.Reach out to Michael Kerr via the website if you need personal assistance or advice for your small business.michael.kerr@kerrcapital.com.auwww.ownertoownerpodcast.com.au 

Shane Cheek, CEO of Continua Software and a seasoned expert in the B2B software industry, shares invaluable insights from his extensive career in buying, selling, and operating software businesses. He discusses strategies for selling to industry buyers and the rise of search fund buyers approaching business owners. Shane emphasizes the importance of preparing for negotiations, understanding your company's value, and building relationships with potential acquirers. He also highlights the crucial role of trusted advisors and the emotional complexities that accompany the selling process.