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.
Monica Little started her design firm in Minneapolis at age 24 — idealistic, a peace activist and fresh out of the Minneapolis College of Art & Design. This year Little & Co. celebrates 25 years in business, with clients from Target Corp. to the Mill City Museum. She tells how it took most of that time to really get her company right.
How did I get here, to 25 years? Having a clear understanding of who we are and what we do. It took me a while to get this, not only what my values are but to work at making it one whole thing, not the company separate.
I had two partners at the beginning, and we started in 1979, 10 months after graduating from MCAD. In those days they didn’t do much to help you professionally. I was being offered jobs as a keyliner — remember those? Or a receptionist. It was different for women then. Logically I should have gone to New York or San Francisco, the design hotbeds. But I didn’t want to leave. I realized a lot of design work was being done at ad agencies, and not done well or cost effectively.
I felt really confident about starting the company. Then there was very little capital expenditure needed to start. You had a T-square, a telephone, some business cards.
I’m not a big risk-taker. I don’t do something until I make sure it will work. I felt it was more of a safe option to say, I’m going to be in charge of my own destiny, rather than turn over the reins to some other employer. I thought, if I’m going to be responsible for creating my own world, I need to be clear about that and communicate it.
What I feel like I’ve spent a lot of energy on, particularly in the last 10 years, is honing that message about my values.
No. 1 is integrity, and what integrity looks like to me is you make promises and you keep promises. There’s no difference in that no matter what part of your life you’re operating in. As 24-year-olds we said that we’ll pay our bills on time, that we’ll live within our means.
No. 2 is direct, honest and open communication. That’s a hard one, especially for women. Someone said to me about a year ago: Are you being nice, or are you being a chicken?
No. 3 would be the magic of creativity and ingenuity. In this business there is a wonderful coming together of the mind — the analytical. Then there’s the emotional — the heart. Then there’s the gut — I know it in my bones. People are really hungry for that to come together.
Another value would be, and it’s kind of the essence of how we are, valuing the individual contribution and teamwork at the same time.
No. 5 is profit, certainly, and profit for a reason. It’s what keeps us going. We also reward people internally, and we give back to the community, and we invest it back into the company. We have a lot of traditions and parties that help people be recharged.
We have our annual Christmas lunch. Everyone draws a name around Thanksgiving time, and it’s a secret. You make something for this person, and it’s presented at the lunch.
I’m known for losing things, so someone designed a product called Don’t Be a Loser. It had strips of Velcro to put all over your body. The great thing is, you have to find out something about the person to do this.
I think out loud. I talk to a lot of people. I’m good at seeing patterns, how this connects to that. I got clearer and clearer about what it takes to make good things happen. I feel like I was solving the same problems all the time. We were finally able to get so clear about hiring that we have all the right people in place.
I’m just one of those nose-to-the-grindstone people. Back in the days of the slaves I think I could have been one of those to help build the pyramids. There was no doubt that we’d make it in some form, but now I think this is amazing. I mean, we’re a tiny company, but sometimes I think, holy buckets. When I realize we have 25 people who depend on me, and their families, it makes me sweat.
I’ve never sought outside financing or a buyer. This business was started with three people putting in $4,000 each. For the first year, I worked as a waitress at night, and we’d take out something like a dollar an hour in salary. What success looks like to me is more whole. It’s not about a number. If I’m doing what I like and have enough, beyond that I’m kind of happy.
It’s back to not being that much of a risk taker. My husband won’t downhill ski with me anymore, because he wants to go faster and faster. I’m always trying to go slower to enjoy the ride.
I went through a period of time where it was sort of my midlife crisis. It was like walking on the high wire and being very anxious, yet without any passion. I had to go inside myself to get through that. I’m a big-time extrovert. My energy comes from other people. I had to spend some time on introspection, to say, I loved this once, I know I can get back there.
We’re in this really sweet place and we have a lot of growth opportunities. It’s strange to be in this economy talking about growth. No one else is.
It’s the long run. It’s truly, truly, truly the journey that counts. Being an entrepreneur is not enough to build a whole life on. You better be clear that it’s feeding all parts of your life, or you’re going to give up way too much for it.
— Interview by Beth Ewen
The use of fractional executives — those hired by companies on contract to work a fraction of the hours at less cost than full-time hires — has been on the rise for years. That accelerated during the COVID-19 pandemic. John Arms, co-founder of Voyageur U, helped establish the organization to help educate free agents on what it takes to make it as a fractional executive. He’s now put that knowledge into print, recently releasing the book “Consult Your Way to a Full-Time Job.” Arms joined Upsize Minnesota Editor Andrew Tellijohn to talk about how the book can help potential fractional executives carve their new paths.
Branding expert Kate DiLeo wrote a book about how branding agencies need to do less storytelling and more listening to better meet their clients’ needs.
