Think Like an Owner

My guest today, Joel Blake, has a fascinated story about how he became an owner of a manufacturing sales company called Marketing Technologies. Before acquiring, Joel first worked for the company as an employee before he and another partner took over the business from the two retiring owners. Joel calls this model entrepreneurship through apprenticeship and it’s a major topic of our discussion. Joel also, as you can imagine, has a deep appreciation for sales and we talk extensively about how to cultivate a sales mentality and develop the ability to connect with people you’re meeting with for the first time. We also talk about his transition to being an owner and working through that process with the previous owners, how owners can prepare their business for transition, what being an owner is like after being an employee, and what he’s learned from being a parent of two young children. I loved this episode. It’s been one of my favorite of the podcast so far and I hope you come away feeling the same. Enjoy. For the full transcript and more episodes of Think Like an Owner, visit alexbridgeman.com. I’m also the founder of The Operator’s Handbook, a print publication where small company operators share their insights and ideas for building more effective and profitable companies. Articles focus on process improvement, sales, hiring and training, managing culture, and all responsibilities within operating a small company. If you run a small business and are looking for new ways to grow and improve, subscribe today and join your peers in the endless pursuit of better at theoperatorshandbook.com.

I’ve done a few search fund focused episodes, for instance last week’s episode focused on life during a search. In this episode exploring search funds, Betsy Brandt joins me to talk her preparation in launching her search fund, Forest Park Capital. I wanted to hear more about how a search fund is planned, the benefits of an MBA program, how capital is raised, and so on. Betsy was kind enough to share her experience working in investment banking and operating at a private equity backed company, going through the search program at Harvard, starting and setting up her traditional search fund, and a few advantages of being a female searcher. This episode is a great review of the many questions asked when considering launching a search. If search is an option you’ve weighed at any point, you will enjoy hearing from Betsy. Enjoy. For show notes, episode transcript, and more, visit alexbridgeman.com. I’m also the founder of The Operator’s Handbook, a print publication where small company operators share their insights and ideas for building more effective and profitable companies. Articles focus on process improvement, sales, hiring and training, managing culture, and all responsibilities within operating a small company. If you run a small business and are looking for new ways to grow and improve, subscribe today and join your peers in the endless pursuit of better at theoperatorshandbook.com.

Jules Brenner, founder of Manufacturing Succession and an engineer with a startup background, shares insights into his journey as a self-funded searcher in the manufacturing sector. He discusses the challenges and strategies involved in owner outreach, emphasizing the importance of building trust with business owners. Jules reveals how his engineering skills impact his approach to acquisitions and highlights the necessity of maintaining multiple options during negotiations. Listeners will gain a unique perspective on balancing innovation and organization in manufacturing businesses.

Trish Higgins, the most downloaded guest on the podcast, returns for a second episode. They discuss her recent move to the operating side, how Chenmark has evolved over the years, and briefly touch on landscaping. Chenmark is recruiting future operators and has a weekly newsletter. They also explore the challenges and improvements of running Chenmark, elements of a successful landscaping deal, and the evolution of their playbook and software systems. The speaker discusses the challenges and priorities for the next five years, including building a talent pipeline.

I’m continuing to focus on specific themes within small company investing and this episode focuses on owner outreach during a search. My guests for this episode are JR De Agostini and Max Artz from Peterson Partners who ran their own search and are now running the search investment fund at Peterson. Our conversation covers how to craft your message to owners, filter through owners who aren’t actually interested in selling, build relationships, and a short detour near the end on the Pittsburgh Steelers and the Cleveland Browns.   I’m also the founder of The Operator’s Handbook, a print publication where small company operators share their insights and ideas for building more effective and profitable companies. Articles focus on process improvement, sales, hiring and training, managing culture, and all responsibilities within operating a small company. If you run a small business and are looking for new ways to grow and improve, subscribe today and join your peers in the endless pursuit of better at theoperatorshandbook.com. Links Mentioned Peterson Partners

I’ve wanted to record a few episodes that focus on specific themes, industries, and strategies around acquiring small companies and this episode is the first in a few to come. My guest today is an anonymous Twitter account named Defensive Capital who I’ve gotten to know over the past few months. True to the account’s name, he works in supply chain in the defense industry and our conversation focuses on opportunities for entrepreneurs and searchers in the industry. If you have any interest in the defense industry or manufacturing, you’re going to like this one. Enjoy.   I’m also the founder of The Operator’s Handbook, a print publication where small company operators share their insights and ideas for building more effective and profitable companies. Articles focus on process improvement, sales, hiring and training, managing culture, and all responsibilities within operating a small company. If you run a small business and are looking for new ways to grow and improve, subscribe today and join your peers in the endless pursuit of better at theoperatorshandbook.com.

My guest Ali Aydar has a fascinating background. Today he’s the CEO of Sporcle, an online trivia business, but earlier he worked in various venture backed companies playing the finite game and decided to play the infinite game at Sporcle instead. He is the first business owner on the podcast and we talk about operating a business through tough times, the advantages of having permanent capital in a business, and his choice in leaving the finite game.  Ali is a wealth of experience in operating companies and we’ve both been thinking about this episode for a while. If you like our discussion on finite and infinite games, Andy Ellis and I also talked about the concept extensively in an earlier podcast episode I will link to in the description.  Episodes of Think Like an Owner are available on iTunes, Spotify, Google Play, Stitcher, Breaker, and TuneIn. For show notes and links, visit the podcast page here.  I’m also the founder of The Operator’s Handbook, a print publication where small company operators share their insights and ideas for building more effective and profitable companies. Articles focus on process improvement, sales, hiring and training, managing culture, and all responsibilities within operating a small company. If you run a small business and are looking for new ways to grow and improve, subscribe today and join your peers in the endless pursuit of better at theoperatorshandbook.com.  

My guests today come from the recently created ESOP holding company called Empowered Ventures which today owns TVF, a textiles company in Indianapolis. Chris Fredericks is the President of TVF and Empowered Ventures and will be joined by Spencer Springer full time once Spencer’s MBA program with Northwestern is wrapped up. During this episode we talk about pros and cons operating an ESOP and using it to acquire companies, how they build an employee owned culture, and some of their plans for Empowered Ventures. Chris and I connected late last year and I knew it would turn into a podcast one day and I’m very glad it has. One other note, you might notice my closing questions happen 2/3rds of the way through the episode and not at the end. Our trains of thought just kept going and hope you enjoy the results.   Links TVF Empowered Ventures   I’m also the founder of The Operator’s Handbook, a print publication where small company operators share their insights and ideas for building more effective and profitable companies. Articles focus on process improvement, sales, hiring and training, managing culture, and all responsibilities within operating a small company. If you run a small business and are looking for new ways to grow and improve, subscribe today and join your peers in the endless pursuit of better at theoperatorshandbook.com.

My guest on this episode is a person who writes anonymously on Twitter under the pseudonym Clearing Fog. We connected a few months ago on Twitter and in this episode we talk about his career in investment banking and private equity, why he writes anonymously and his thoughts on writing publicly, and what he’s thinking about next. I don’t come across many people in traditional finance careers who have a blog and Twitter account and I thought it would be interesting to hear from someone who thinks a little differently. Please enjoy, I hope you like the episode as much as I did.   Links Letter to Younger Self Clearing Fog website Clearing Fog Twitter Nikhil Krishnan Taylor Pearson David Perell   I’m also the founder of The Operator’s Handbook, a print publication where small company operators share their insights and ideas for building more effective and profitable companies. Articles focus on process improvement, sales, hiring and training, managing culture, and all responsibilities within operating a small company. If you run a small business and are looking for new ways to grow and improve, subscribe today and join your peers in the endless pursuit of better at theoperatorshandbook.com.

My guest today is Greg Geronemus. Greg and his partner David Rosner founded a search fund named Footbridge Partners after their time at Harvard Business School and acquired a tour operating company called smarTours. Four years later they sold smarTours to a private equity firm and raised a fund to invest in other searchers. Greg and David take a more concentrated approach and aim to invest in 8-10 searchers, rather than dozens, to spend more time and energy with each individual searcher. Greg and I discuss their search fund days, investing in search funds, and how the model has evolved and may continue to change. I hope you enjoy the episode as much as I did.   Links Mentioned Footbridge Partners David Rosner smarTours Summit Park Ninth Street Capital 280 Group   I’m also the founder of The Operator’s Handbook, a print publication where small company operators share their insights and ideas for building more effective and profitable companies. Articles focus on process improvement, sales, hiring and training, managing culture, and all responsibilities within operating a small company. If you run a small business and are looking for new ways to grow and improve, subscribe today and join your peers in the endless pursuit of better at theoperatorshandbook.com.