Jay Sachetti joined Jeff O’Brien, partner at Husch Blackwell and Dyanne Ross-Hanson, president of Exit Planning Strategies talked about the market for mergers and acquisitions, exit planning opportunities for companies that don’t end up for sale and how companies can maximize their eventual sale price during an early October panel at the first Upsize on Tap event at Summit Brewing Co. in St. Paul.
When the state Legislature passed a law requiring employers to provide paid leave and safe time for employees, Justin Bieganek started hearing differing details from friends, colleagues and peers.
Frustration was the leading sentiment expressed by last year’s three Upsize Growth Challenge winners when I reached them by phone in late June. So I was surprised to learn how much they had accomplished.
“I wish I could tell you we were going gangbusters,” all three said in one way or another.
Jim Borofka of P.M. Bedroom Gallery said he wasn’t setting any sales records. David Miller of Floorworx Distribution Services said revenue was nothing to brag about. Lynn Richardson of GateKeeper Systems said he’d won some solid contracts but the delay of the projects’ start was pushing revenue gains into next year.
But then they kept talking, and I learned about remarkable progress at their companies.
Shortly after presenting his company’s story at an Upsize event in June 2004, Borofka opened a $3.5-million bedroom furniture store in Woodbury and will close a less-attractive leased store soon. The company now owns two stores in the Twin Cities, and plans to open a third when cash flow permits.
Miller added a business partner with a strong marketing background to Floorworx, and completed the letter of intent with a manufacturer to develop his fast-drying floor-coating technology. A new marketing campaign, developed by the new partner, will roll out this fall promoting the new product.
Richardson has enough contracts in hand so that revenue will double at GateKeeper as soon as the projects begin. He’s turned his attention to the profitability of his company’s contracts, paying close attention to bidding and software design.
So why the frustration, even the near-apologies that they couldn’t report more? Perhaps like a lot of small-business owners they’re worn down by the day-to-day. They can’t see how much they’ve accomplished, because the gains took so much out of them to achieve.
Perhaps like many owners they compare their progress to the goals they’ve set for themselves, and focus on how far they have left to go. Or they hear about other companies’ successes and think their own will never measure up.
To them and all business owners making any progress at all, I say celebrate. Take a moment to recognize three good things that are happening at your company, and let the dozen bad things rest for a bit. Seek out three people who’ve helped your company this past year, and tell them good job.
Take your best friend to lunch, the one who always listens when you complain. Say one positive thing about your company, then talk about anything but business the rest of the time.
It’s tough to run a business, big or small, in any industry. If all you can say is that you stayed open for one more year, think about it a little more. You’ll start realizing the small steps that make possible such a remarkable feat.
— Beth Ewen
Editor and co-founder
Upsize Minnesota
be***@*******ag.com
