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.
“It’s just like watching the corn grow,” says Craig Kruckeberg, talking about generating 20 percent revenue growth each year for the last six at his family-owned company, Spray Control Systems Inc. “It’s kind of boring here. There’s nothing happening. Well, it is happening, but I’ve been watching it for 22 years.”
And so this business owner, one of the most colorful speakers I’ve had the pleasure to interview, perfectly expresses a seldom discussed truth about operating a business.
You have to keep doing it, year after year. It can be like watching the corn grow, and as any farm kid will tell you, that’s dull.Business owners don’t often admit it. They talk about all the crises they’ve handled, or the customers they’ve landed, or the plants they’ve opened.
But unlike big-company CEOs who seem to jump to a new company just when things get repetitive, small-company CEOs need to stay put. They own the place, after all.
The better part of Kruckeberg’s story is that he says he’s been rejuvenated. He entered this year’s Upsize Growth Challenge, was selected as one of three winners, and was named overall champion at the wrap-up event in June.
Sales are up 46 percent so far this year, compared to last year. He’s made several big moves at his company, from seeking a patent to hosting an unveiling in Las Vegas. He says many of his actions were spurred by the knowledge that he had to report his progress as part of the Upsize contest.
“Now we’re not chugging along. I’m focusing on growth. I’ve actually quit developing land,” Kruckeberg says, a sideline that diverted him from running the business in recent months.
He’s even abandoning his dedication to high profit margins, in favor of generating faster growth.
“I’m not going to have the net profit that I’ve had, because I’m going to start spending it on growth. That’s the hardest part on me is to say my net profit is going to tank.”
But he figures it’s time to rededicate himself to the company and reach the next level. “We’ve never taken a lot out of the company. My father taught me that, so that’s how we got here. It’s a great launching pad to grow from.”
Kruckeberg recommends the feeling of being excited again about his business, and the new ideas gained from talking with outside advisers. “Every small business should sit with experts. Spend the thousand dollars, or whatever it takes. It opened up some doors, and opened my eyes.”
It turns out corn is more fun to watch when it starts growing faster.
— Beth Eweneditor and co-founderUpsize Minnesota612.920.0701, ext. 11
