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.
Beth Ewen,
Upsize:
be***@*******ag.com
dev.divistack.com
Award-winning owners
share advice with
NAWBO audience
by Beth Ewen
Many business owners received awards this spring from NAWBO Minnesota, the National Association of Women Business Owners, Minnesota chapter. Each was asked a few questions, and each supplied revealing answers that were printed in the program. Here are excerpts:
From Robin Carpenter,
Evantage Consulting,
Woman Business Owner of the Year.
Q: What inspired you to start your business?
A: After 15 rewarding years of large corporate and government experience, and as the result of corporate restructuring, I had the opportunity to make a decision to continue down the same path, or do something very different. I had some ideas that I thought would be much easier to implement in a startup or my own company.
Q: What is your dream job?
A: My current job in a better economy and with offices in Phoenix, Cabo or San Diego!
Q: Which three characteristics best describe you?
A: Impatient (I continue to work on that.)
I take a long-term view of things.
I have a sense of humor.
Q: What do you believe are the keys to success?
A: What?! There are keys!!
Having a plan, evaluating performance against it and knowing when to change the plan.
Developing authentic customer relationships.
Being very transparent with employees about the business ups and downs, particularly in this environment.
Q: What piece of advice could you give other business owners?
A: Cash flow is everything.
Customer relationships: always focus on what is best for your customer even when it doesn’t make short-term economic sense for you. You will never regret it.
From Barbara Rosenzweig,
Dental People, Emerging Woman
Business Owner of the Year.
Q: Who are your role models and/or mentors?
A: Iam very lucky to have my husband, Barry, an incredible entrepreneur whois a mentor to me. He has advised and guided me objectively right fromthe start. Jennifer Brigham, owner of Brigham Staffing, has been anincredible friend and mentor as well. She has been so giving of hertime and knowledge and truly cares about helping women succeed.
Q: What do you believe are the keys to success?
A: Agenuine enthusiasm in growing your business while empowering youremployees to be the best they can be. Customer service and satisfactionis the key.
Q: What piece of advice could you give other business owners?
A: It is never too late to follow your dreams. Listen and learn.
From Heather Manley,
On-Demand Group, Young Woman Business Owner of the Year:
Q: What motivates you today?
A: Networkingwith other successful women business owners is a great motivator andknowledge source. I see endless opportunities within my company andthat keeps me pumping the brand constantly.
Q: What do you believe are the keys to success?
A: Tobe passionate about what you are doing. Also, you can’t be easilyfazed. Don’t let the hurdles or failures get you down. There willalways be tough times but the key is to learn from them in order tomake your organization stronger for the future.
Q: What piece of advice could you give other business owners?
A: Network,network, network. Get involved in your community, networking groups foryour industry and maximize your current relationships. There are somany resources out there to help you succeed. Don’t be afraid to askfor help or advice.
From Jeri Meola,
Satisfaction Management Systems,
Lifetime Achievement Award:
Q: What inspired you to start your business?
A: Fate:right place, right time, right product, right business partner. Nothaving all the answers up front forced us to think through exactly howwe wanted the business to operate.
Q: Who are your role models and/or mentors?
A: Myfamily is my role model. My grandmother owned an arcade. My mom owned abridal shop for 20 years. My brother owns his own HVAC business. Bothmy sisters retired from the military after 20-plus years of service.Even though my dad is no longer with us, not a day goes by without measking him for advice.
Q: What was your first job?
A: Mowing neighborhood lawns.
Q: What is your dream job?
A: Barbra Streisand roadie.
Q: What do you believe are the keys to success?
A: I always look at the road in front of me and say: Failure is not an option. Be flexible, discard what doesn’t work, persevere.
From Elise Hernandez,
Ideal Systems Solutions Inc., Established Woman Awards
Q: What inspired you to start your business?
A: Iwas in a successful sales career and decided to utilize my MBAdissertation that I spent so much time researching to launch my owncompany. My dissertation was based on the launch of a technologycompany, which is now Ideal System Solutions Inc.
Q: What motivates you today?
A: Mychildren. I want to give them the best life possible while teachingthem that success in anything they do is achieved by hard work anddetermination.
Q: Who are your role models?
A: Mymother, Claudia Ferrer, has been my greatest role model. She struggledraising four children, went back to school to receive her nursingdegree becoming independent of the welfare system, enlisted in the AirNational Guard serving in Desert Storm and Desert Shield and retired asa major in 2004.
Q: What advice could you give other business owners?
A: Doyour research and strategically plan every aspect of how your businesswill be operated. Once that plan is formulated, do not be afraid tomake changes to accommodate growth or the unforeseen.
As asmall-business owner, you must continually find ways to maintain andimprove profitability. This may be one of your largest challenges dueto the current state of the economy and limitations that have beenplaced on purchasing and budgets.
Cannabis-based products have been increasingly available in Minnesota over the last six years. The opportunities in that space became even more prominent last year when the state legislature voted to become the 23rd state to legalize adult recreational use of marijuana for Minnesotans over 21.
When Super Bowl LII was played at U.S. Bank Stadium in February 2018, Alex Tittle didn’t play a down on the field, but he had more than three-years of impact on the experience.
Unemployment in Minnesota sits below 3 percent. Labor market participation is high. Airport traffic counts across the country are approaching and even surpassing pre-pandemic levels, so consumers are still spending money. Consumer confidence, reportedly spurred by the strong labor market, also seems at least cautiously on the rise.
