Being your own boss sounds glamorous, but what every business owner will tell you is that it takes more: more information, more planning, and more work. Getting insights from those who have not only been there but are continuing to drive success can be invaluable.
First Financial Bank has been honored to work with many people who have acquired, built, and grown a variety of businesses. We spoke to several recently who have been gracious enough to share their insights into what has helped them to succeed. There were several themes and recommendations that emerged from those conversations. We’ve provided their tips, advice, and ideas below from those conversations:
Do Your Homework
Throughout our many conversations, regardless of the type of business they owned, we heard how doing your homework was important before committing to a purchase – or in understanding the landscape for growth and expansion once the business was underway:
“I went to a couple of barns in Alabama and Tennessee. I called a lot of people that had been in the business awhile. Learned a lot on my own too. The integrator’s people come in and they have seen many different farms and can give pointers on what they’ve seen that works. Talk to others who are doing the same thing as you. Ask a lot of questions. You can’t ask enough questions.” – Scott Mincey, Poultry Farm Owner (expanding into row crops).
“You have to do a lot of research to determine whether to buy a business or not. Luckily, the woman who started the business 13+ years ago was someone we already knew well. We could ask the weird and hard questions you can’t really ask the person you are buying the business from. The information she provided was key in helping us make the decision. We also talked internally at home for hours, plus had lots of discussions with lots of people, including our CPA and bankers.” – Beth Porter, Owner of Eggshells Kitchen Co. (soon to open their second location!)
“I plan on duplicating what we are doing now but with more ranches. We are focused on understanding government ranch programs and expanding our knowledge about how to manage large herds of cattle.” – Jaymes “Jay” Holcomb, Rancher and Owner of multiple businesses, including three successful auto dealerships.
Your People are Important
“Be sure to pay attention to your customers and your numbers. You don’t want to lose any of your customers or your good staff. It’s really rewarding – do it!” – Stephen Pisarich, PharmD, and owner of TD Pharmacy. Continue Reading >>