21 Hats Podcast
21 Hats
The 21 Hats Podcast presents an authentic weekly conversation with small business owners who are remarkably willing to share what’s working for them and what isn’t. Unlike many business podcasts, which tend to talk to highly successful entrepreneurs whose struggles are in the past, the 21 Hats Podcast features a rotating cast of business owners who are still very much in the trenches fighting the good fight. Every week, our regulars gather to talk about the kinds of important issues many owners won’t even discuss behind closed doors: whether their businesses are as profitable as they should be, whether they are willing to give up some control to an investor in order to grow faster, why they had to lay off employees, how they wound up with way too much inventory, why they don’t have a succession plan, and even why they are concerned about their own mental health. Visit 21hats.com to hear all of our podcast episodes, read episode transcripts, and learn more. The show is produced by Jess Thoubboron, founder of Blank Word.
Episodes
Mentioned books
Nov 16, 2021 • 44min
It’s Bonus Season. Are You Feeling Generous?
This week, in episode 85, Paul Downs, Jay Goltz, and Laura Zander talk about the bonuses they plan to pay this year—and how their bonus plans and philosophies have evolved over time: Are the payments a reward for company performance? Are they a reward for personal performance? Are they supposed to motivate? Or are they just a thank you? Then the owners talk management, a discussion inspired by last week’s episode with Dana White about navigating the space between being a pushover and being a jerk. Plus: Are 360 reviews good management or are they kind of creepy?
Nov 15, 2021 • 21min
Dashboard: Robots Aren’t Just for Big Boys Anymore
This week, Loren Feldman and Gene Marks talk about why robot sales are setting records and how even small businesses are taking advantage of the opportunity. They also talk about the inflation spike and why electric vehicles will help—at least over the long-term. Plus: the government takes action on ransomware, and a fresh approach to paid time off.
Nov 9, 2021 • 50min
“I Can Do It. I Promise You, I Can Do It”
This week, in episode 84, Dana White takes us along for the ride, sharing the remarkable opportunities and the daunting challenges she’s confronting simultaneously. In a one-on-one conversation, we catch Dana at an emotional moment. After a triumphant trip to Germany, where she expects to open salons on multiple military bases, she’s just returned to Detroit—only to learn that the team she’s counting on is showing serious cracks. Even as she’s signing contracts with the military, getting ready to roll out her franchising plan, and courting newfound investor interest in funding the development of her salon management software, those cracks have shaken Dana and left her questioning her approach as a CEO. Ultimately, she talks about those moments many entrepreneurs experience in the cold of night, when things aren’t going well, and they realize this is all on them. In those moments, Dana confesses, “I’m scared. And I feel alone.”
Nov 8, 2021 • 18min
Dashboard: A Social Media Strategy for Business Owners
This week, Loren Feldman and Gene Marks talk about an entrepreneur who may have cracked the code on TikTok by simply telling the story of her business the way she would tell it to a friend—although Gene’s not really buying it. They also talk about the Biden administration’s vaccine mandate now that the rules have been released, some options for businesses trying to figure out health insurance, and whether—as the Wall Street Journal reported—entrepreneurs really are happier than other people.
Nov 2, 2021 • 44min
Paying the Volcano God
This week, in episode 83, Paul Downs tells Jay Goltz and Laura Zander why he’s come to view Google as the Volcano God. He’s not sure what it will take to keep the Volcano God happy, but he’s obsessed with doing everything he can, because the consequences of failing would be so great. We also talk about Paul’s content marketing strategy, the pricing lessons that emerged from our recent attempt to monetize 21 Hats, and why Laura—even in the midst of the labor shortage—now has a waiting list of people hoping to work at her yarn manufacturer in Texas.
Nov 1, 2021 • 12min
Dashboard: What’s in the Build Back Better Bill for Small Businesses?
This week, Loren Feldman talks to John Arensmeyer, founder and CEO of Small Business Majority, an advocacy group for entrepreneurs about the seemingly endless negotiations in the senate over what could be the Biden administration’s most important piece of legislation. What’s in the bill that would help business owners? Is there anything that would hurt? Is there anything not in the current version that should be? And will this ever end?
Oct 26, 2021 • 45min
I Track Everything You Could Possibly Measure
Several weeks ago, we had a great conversation about how Jay Goltz, Diana Lee, and Dana White track their financials. It was so good that, this week, in episode 82, we decided to put similar questions to Paul Downs and Laura Zander. “It's funny, I was listening to that episode,” Laura says, “and Diana said she's a freak about the numbers. I'm like, ‘God, does that make me a superfreak?’” Laura walks us through how her labor costs can affect what types of yarn she carries, Paul suggests a quick-and-easy ratio that can signal when a business is in trouble, and Jay explains how an hourly performance indicator that he began tracking 30 years ago transformed his business. Plus: Laura tells us how she got a bank loan that’s almost three times the size of the one she couldn’t get last year.
Oct 25, 2021 • 19min
Dashboard: How Much Can You Fake It Before You Make It?
Every Monday, Loren Feldman and Gene Marks discuss what they learned the previous week that can prepare us for the coming week. We’ve all heard the expression “Fake it until you make it.” But how much faking can a business get away with before it makes it? Plus, Gene has common sense suggestions that can help business owners cope with both the supply chain mess and the labor shortage. And we also talk about where owners can turn when they feel they need a sounding board, and it doesn’t feel right to talk with employees, friends, or significant others.
Oct 19, 2021 • 48min
Holy Crap! This Is All My Dreams Come True
This week, in episode 81, we have a celebration. As many of you will recall, when we started this podcast, Karen Clark Cole was coming off months of failed negotiations with a potential investor in Blink, the business she co-founded. Those months she spent focused on the investor took a toll on both Blink and on Karen, who subsequently took a mental health sabbatical. But, as Karen tells Jay Goltz and William Vanderbloemen, she came back, refocused, and has just sold Blink for $94 million in cash. As you might imagine, we had some questions for Karen, including: Will she stay? How many employees knew what was going on? Was there a bidding war? Is there an earnout? What was it like to wake up one morning knowing that she had taken all of her financial risk off the table? And is she ready to report to a boss?
Oct 18, 2021 • 17min
Dashboard: The Case for Facebook
Every Monday, Loren Feldman and Gene Marks discuss issues confronting business owners. This week, Gene makes the case for Facebook being good – at least for small businesses. We also talk about how even now—amidst all of the supply-chain snafus—businesses should be thinking about going global. Plus: is the Great Resignation headed for The Great Boomerang? And is it really time to take TikTok seriously?
