Will Sampson talks about how important owner energy is to life of a business. He continues his conversation with Kathy and Tony Everett, owners of Millwork on 31st in Charlotte, North Carolina. They went from a successful career in automotive parts manufacturing to buying an architectural millwork firm. They’ve updated the company with automation and lean manufacturing, but what really makes them stand out is their approach to employees.
This episode of the Woodworking Network Podcast was sponsored by the Executive Briefing Conference, being held September 8-10, 2021, at The Broadmoor in Colorado Springs, CO.
Woodworking Network is a home for professional woodworkers, presenting technology, supplies, education, inspiration, and community, from small business entrepreneurs to corporate managers at large automated plants.
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Intro music courtesy of Anthony Monson.
Intro:
Welcome to this episode of the Woodworking Network Podcast. Join us as we explore the business of woodworking big and small and what it takes to succeed. I’m Will Sampson.
This episode is sponsored by the Executive Briefing Conference. Today, we’ll resume our conversation with Kathy and Tony Everett, owners of Millwork on 31st in Charlotte, North Carolina, but first I want to talk about:
What energizes your business
Every business has a life cycle related the owner’s energy. When the owner first launches the business, he or she likely has tremendous energy and drive to tackle all of the typical startup challenges. In fact, new owners hardly have time to notice how much energy they put into “their baby” the new enterprise because every day brings new challenges and crises that must be dealt with to keep the company afloat.
After some period of time, the business should stabilize. Less of the daily challenges will be crises and more will present themselves as opportunities. Or maybe the maturing owner just learns more and develops the vision to see it that way. Instead of viewing everything as a hurdle to overcome, the owner directs energy into exploring new ways to build the business, new ways to turn what once were hurdles into steppingstones.
As more time passes, though, an owner’s energy can wain and throw the business into a cycle of complacency. It’s too easy to fall into a rut, just coasting from one project to the next without really advancing the company or what it does, without building staff skills and capabilities, without exploring new markets. This is a dangerous time for a business. With already lower energy, the owner might not have what it takes to rise to a new challenge or capitalize on potential profitable opportunities.
So, how do you get that energy back?
There’s no magic elixir, and frankly some business owners will never recapture the energy and drive that got them started in the first place. They’ll wind down their activities and wind down the business. Likely they won’t even invest energy in a solid exit strategy or a search for someone to take over the business. What they spent so much energy building up will wind up on the auction block as bargains for bidders.
But not always. I once had a business opportunity at a small firm that was run by a woman in her 60s. She had created the business from nothing, but she was tired and thinking about turning it over to her son. He and I worked well together, and it looked like we could run things on our own. The owner decided to take a lengthy train trip across the country, leaving us in charge as a dry run. Everyone agreed that the company ran just fine while she was gone.
But a funny thing happened. Being away from the business for so long reminded the owner how much she loved it. Instead of speeding her retirement, it energized her to jump right back in. I soon moved on because I didn’t see much of an immediate future for me, but I admired her for recovering the energy to drive her business again.
What powers the energy you have to run your business?