After her husband passed away in his early 30s, Sandy Hansen-Wolff had two choices: close down shop or take over and run the one-million-dollar-in-revenue business. Sandy, a former insurance agent, chose to take over the business with her A+ team and continue her husband's legacy.
In this episode, Sandy talks about how she took over the business with little operations knowledge to scale it to eight million dollars in yearly revenue. She shares how it was a “we,” not “I,” effort because of the great employees she had who knew the business inside and out, how partnerships were her secret to scale when she couldn’t hire salespeople, and what personal drivers were at the helm when she sold. This is a great entrepreneurial story about starting with uncertainty and ending in success when tragedy hits.
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Sandy began her speaking and consulting career after she was thrust into entrepreneurship in 2003 when her young husband of one year died of leukemia. She was determined to keep the business going despite industry pressures as well as challenges with the near-bankrupt business.
Sandy turned around that multi-million dollar company from near bankruptcy to a successful sale and exit.
Now Sandy uses these key insights as the platform for her work with high-level business leaders and entrepreneurs so that they too are empowered to move from struggling to successful and profitable.
08:05 - “It’s hard to sell a company that isn’t financially sound.” - Sandy Hansen-Wolff
14:24 - “Even though it’s a small company, how do we cross-train? And how do we document even the simplest procedures?” - Sandy Hansen-Wolff
14:34 - “My main goal is that these employees–these dedicated employees–would never have that happen to them again, if something were to happen to the owner now, which is a great business model to have.” - Sandy Hansen-Wolff
16:36 - “When you don’t have a lot to lose, you can try.” - Sandy Hansen-Wolff
24:24 - “The joy about not knowing the history is that you can think about everything so differently.” - Sandy Hansen-Wolff
47:13 - “How do you stay relevant as a small company against big players? You do that through people.” - Sandy Hansen-Wolff
49:04 - “What vision do I have when this gets better? What is it going to look like when this gets better?” - Sandy Hansen-Wolff
60:18 - “Going back to the roots of, ‘Your business should always be for sale, Sandy,’ I said, ‘I’m always willing to entertain a conversation.’” - Sandy Hansen-Wolff
The 5 Intentional Growth™ Principles (5 Videos to Help Clarify Your Vision)
My guest today is Bill Casey. Bill is the Vice Chair of the Transaction Advisory Services department of EY (Ernst & Young Global Limited.) He has been an employee of EY for 35 years and has seen many market changes come and go. Bill has an MBA and a background in audit, a solid career choice he believes for anybody wanting to get into the financial sector. During today’s show, we discuss the 2018 M&A Firepower Report. Bill shares some of the trends emerging in this year’s report. We speculate what that could mean for the economy and how American tax reforms are affecting the trends. Bill also gives some foolproof advice for business owners thinking about selling in 2018. We cover the traits that are making companies attractive to buyers and how a seller can make their company more enticing in this current climate. You will learn about: Bill’s financial industry background. The M&A Report basic overview. How markets are blending their services to better serve the consumer. The benefits of embracing technology in business. How to create good synergy to attract a buyer. The role data analytics is playing in business planning. How to prepare for a seller’s exit. The reasons sellers are selling to private equity firms. The 3 factors to consider during a sell, other than the price. Know what you want to accomplish with your sale. Why cash deals are becoming more common. How to build a great team to run your company. The main thing a seller should focus on when selling. How to align your team regarding the future of the company. Strategies a seller and a buyer can use to achieve ...
Mike Paton joins me today to talk about how EOS® (the entrepreneurial operating system) and Traction can help you accelerate your business. Mike is the “visionary” of EOS Worldwide. He is a consultant to the massive client base looking to EOS® to identify the problems and strengths of their businesses. He shares what his job entails and how someone like him can help a struggling business. As an adopter of EOS® in my own business, I highly recommend this operating system for small businesses. It is a great tool. Mike and I explain the two-year process that businesses go through to get their business into a healthier state. EOS is not a quick process, but it is totally worth the time and resources invested in it. You will learn about: Mike’s book with EOS Worldwide’s founder called Get a Grip. Mike’s business background. What is EOS? How to use EOS in your business? The 6 components of the EOS process. The importance of working with the “big picture” in mind. Common results Mike sees with his clients. Why EOS works. How to clarify roles within the company. What is the integrator role in a company? What is the visionary role in a company? Finding and maintaining passion in the business. How EOS works for family businesses. Why EOS is a great option for businesses. We’ve talked in the past about making things easier in your business by using all the tools you have available to you. Today we’re talking specifically about EOS, or Entrepreneurial Operating System, as a way to free up some of your time and help you run your business more efficiently. ...
David Mann is an expert storyteller. He helps companies identify who their customer is and how to communicate with that customer. So many businesses make the mistake of making their marketing and sales pitch about themselves. David proves that a potential client wants to know how you can help them and advance their business. We talk about how to craft your company’s story so that you have a clear vision of the company’s future. If you don’t know how you help the client, how can you help them? This approach also helps with potential exit strategies and finding strategic partners who will carry the business into its new phase without you. David’s technique sounds simple but it is a complex way of thinking that leads to some heavy conversations. If you are struggling to find your audience, David Mann can offer some clarity. What you will learn: David’s background in theatre. Why storytelling is effective. How products use storytelling to make a sale. Why it is hard to translate that method to a service provider. The two things your potential customer cares about. What is a story? How do you fit into the customer’s story? What makes a story good or bad? How to make the customer your main character. The importance of the first impression. How business exits and mergers change your company’s story. The benefits of a live presentation. How to structure the ideal presentation. Are you selling an experience? How your story influences the potential buyers you approach. The questions to ask yourself when creating your company’s story. The importance of an outside perspective during the process. Takeaway: Bottom ...