Owner To Owner Podcast

@Geo George from @Mayfly Ventures discusses the innovative approach of his venture studio, focusing on investing in both new and existing businesses. He emphasizes the importance of navigating uncertainty in the startup world and how AI can serve as a transformative tool for businesses. The conversation also highlights the value of 'boring businesses' and how they can be revitalized through technology and strategic partnerships. Geo shares insights on successful ventures in hospitality and MedTech, and offers practical advice for small businesses looking to leverage AI for growth."We're aiming to do things 2% better, but thousands of times."TakeawaysMayfly Ventures focuses on the intersection of strategy, creativity, and technology.The venture studio model increases the chances of success for new startups.Navigating uncertainty is a key aspect of the startup mindset.AI can enhance business processes and drive efficiency.Boring businesses often hold significant value and potential for growth.Successful ventures often stem from deep domain expertise and understanding of customer needs.The integration of AI into business processes is crucial for staying competitive.Small businesses can leverage AI for customer service and marketing.Documentation and understanding of business processes can lead to meaningful improvements.Investors are increasingly interested in businesses that can demonstrate execution capability."Boring businesses are great businesses."Chapters00:00 - Introduction to Mayfly Ventures and GA George02:50 - The Venture Studio Model: Investing in New and Existing Businesses06:01 - Navigating Uncertainty: The Startup Mindset08:50 - The Role of AI in Business Transformation11:53 - Boring Businesses: The Hidden Gems of Investment15:02 - Case Studies: Successful Ventures in Hospitality and MedTech18:11 - Practical Steps for Small Businesses to Leverage AI21:09 - Conclusion: Embracing Change and Innovation@michael kerr@kerr capital   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 

@tamara simon discusses the challenges owners face, the value of financial awareness, and the necessity of breaking the cycle of overwork to achieve a more profitable and enjoyable business. Tamara shares insights from her book, 'The Five Little Business Pigs', which outlines strategies for building a successful business. The discussion highlights the importance of reflection and understanding one's business dynamics to foster growth and sustainability. In this conversation, Tamara and @Michael Kerr cover;the importance of clarity in rolesthe necessity of #businesscoachingthe need for strong foundational systemsthe impact of leadership behavior on staff morale and productivity.Some takeaways;Success in business is often a jagged line, not a straight path.Many small business owners have expensive hobbies instead of profitable businesses.There is a system in everything; it's about finding it.Owners should aim to work in their sweet spot 80% of the time.Time management is crucial for small business owners.Turnover is not the only measure of success; profitability matters more.It's important to consciously choose the price of your commitments.Most businesses have room for improvement. Every business should have a coach.Understanding your numbers is crucial for success.Business systems are essential for clarity and productivity.Behavioral change in leadership is key to business success.Small business owners should embrace their role with pride.Reflection on business viability is necessary for growth.Coaching provides a sounding board for business frustrations.Strong foundations are built on clear roles and responsibilities.Employee engagement is vital for a thriving business.The journey of business ownership requires bravery and commitment.@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 @Ronan Leonard  a certified innovation professional and business mentor discuss Ronan's journey from an accidental entrepreneur to mentor in the small business space. The conversation delves into the; how to overcome the daily challenges faced by small business ownersneed for innovation and adaptation in a rapidly changing marketnavigating stagnation in businesssignificance of allocating time and resources for innovation, and the various business models that can be exploredvalue of networking and learning from peers to drive business growth. In this conversation, Michael and Ronan explore various strategies for business growth;AI toolsEffective delegationMarketing and innovation Ronan shares insights from his 100-day startup challenge ( https://www.linkedin.com/newsletters/start-up-to-profit-in-100-days-7231519804916912128/ ) TakeawaysInformation is abundant, but context is often lacking.Business owners often need an external perspective to see new possibilities.Taking a step back can lead to greater long-term success.Understanding different business models is crucial for growth.Networking with peers can provide valuable insights and solutions.Allocating time for innovation is essential for sustainability.The market evolves, and businesses must adapt to stay relevant.Intrinsic motivation drives small business owners to push through challenges. There are various ways to bring expertise into a business without hiring full-time employees.Insourcing allows businesses to utilize external resources intelligently.AI has the potential to disrupt job markets significantly.Business owners should explore AI tools to enhance productivity.Delegating tasks can free up time for business owners to focus on their strengths.Real-world applications of insourcing can lead to significant cost savings.Creating content efficiently can be achieved through effective team collaboration.Marketing and innovation are crucial for business growth.Community engagement and mentorship can enhance business success.Learning from mistakes is essential for business development.@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 

@Claude Trimboli from @charlesandco talks about the complexities of business liquidation and restructuring. The discussion covers the critical importance of understanding cash flow, the role of early intervention in financial distress, and the emotional toll on business owners facing insolvency. Claudio emphasizes the need for proactive measures, mental health awareness, and the collaborative approach necessary for navigating these challenging situations. The discussion highlights the significance of having a solid grasp of financial numbers and the value of seeking help from trusted advisors.Other important discussion topics include;the responsibilities of business ownersproactive measures to avoid insolvencythe importance of engaging with the #ATOthe new #smallbusinessrestructuringregime  that allows owners to maintain control while addressing their financial challengesthe legal obligation not to trade while insolventwhy understanding financial numbers is crucial for business healthCloud accounting tools to provide better financial insightswhy and how business owners should not be defined by their financial strugglesprioritising mental health and physical well-being@michaelkerr@kerrcapital https://treasury.gov.au/sites/default/files/2020-12/simplified-debt-restructuring-fact-sheet_0.pdf 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 

Olga Koskie from Tax Assure updates us on the ATO's plan to recover outstanding tax  debts owed by Australian businesses.Post covid19 the ATO is now actively chasing $52B in outstanding business tax debt. "The ATO has had a huge public shift and an internal shift that they're back to an active collection mode."If you're carrying ATO debt (that's been around longer than the last few months) and have treated them as a financier over recent years you're likely now in the firing line to be chased down The consequences of not actively managing this debt down, in conjunction with the ATO, are dramatic e.g. Director Penalty Notices, garnishing of bank accounts, statutory demands, and even bankruptcy. In this episode Olga talks about;the importance of taking proactive actionthe next steps you need to takewho you can engage to helpthe  and seeking help to address the debtthe need for business owners to understand their cash flow and work with specialists to develop tailored payment plans that are sustainable and match their financial situationOlga also encourages business owners to be kind to themselves and not feel ashamed or embarrassed about their debt."If you don't do anything, they won't put you on a payment plan. They will initiate recovery action against you."Michael KerrKerr Capital 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 

@James Meldrum, co-founder of @Whole Kids, shares the journey of starting and growing a purpose-driven business in the organic food industry. He talks about how he and his co-founder wife Monica tackled the many challenges they faced over 18 years and up until entering Voluntary Administration late in 2023. "We lost about a third of our revenue overnight because we were servicing the airlines with kids meals and special meals."Like a lot of startups the business was initially self-funded with some contributions from family and friends. Later they tapped into bank lending and debtor finance to support their growth. Eventually, they conducted a successful crowdfunding campaign to bring in more investors. The discussion spans; 3 potential sales of the business - the emotional highs and distraction they bring to founders dealing with the pressures of growththe impact of external events like COVID-19, and the importance of personal well-being. James shares his insights on the need for founders to prioritize their own mental health and find a balance between business growth and personal valuesJames'  plans to help other founders and startups through his consultancyOverall, the conversation highlights the highs and lows of entrepreneurship and the lessons learned along the way.Key takeawaysWhy starting a purpose-driven business in a niche market requires perseverance but also a strong alignment of personal values with the business missionThe extra challenges female co-founders need to deal withFocus on finding investors who understand and appreciate the business's purpose and valuesPotential acquisition discussions can be complex and require careful consideration of cultural fit and alignment of valuesHanding over a business to a good home can provide an opportunity for founders to take a step back, capitalize on their hard work, and focus on personal and family prioritiesHow dealing with the pressure to constantly grow can adds complexity and stress to a businessFocus on a growth rate that is sustainable and aligned with personal valuesExternal events like COVID-19 can have a significant impact on a business, and being financially strong and structurally sound can help weather the stormFounders should prioritize their own mental health and well-being, and seek support from trusted friends or advisors who can provide a listening ear and guidanceBusinesses can make a positive impact and thrive by aligning their purpose and values with their operations, and focusing on both profit and impact.Sharing experiences and lessons learned can be valuable for other founders and startups, and providing support and guidance can help them navigate the challenges of entrepreneurship"Even if you're looking at employing someone or bringing on someone as an investor, if you think you can sit next to this person on a plane for three hours and have great in-depth conversations, then they're the right person to bring in."  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 

@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