Today on PowerTips Unscripted, Thomas Croessman joins the show to discuss the need for small business owners to plan for their company’s transition in their estate plan. While your business might be humming along now, how will it perform if you’re not around? Unfortunately, most small businesses only survive the first generation because of estate planning and communication failures. Thomas explains Wills, Powers of Attorney, and Trusts, when those documents become effective. He also gives some practical tips to help the transition go smoothly.
Thomas Croessmann is the Managing Partner of Croessmann & Westberg, P.C., a construction law firm in the DC area. The firm is a full-service law firm for construction contractors.
As remodeling companies grow, owners face the challenges of deciding when leaders are needed, how to find them, and train them to be good leaders. In this episode of PowerTips Unscripted, Wayne Ottum discusses these challenges and provides tools and methodologies for facing these challenges head-on. In addition, he talks about how he helps owners create a business that works for them.
Wayne Ottum is a senior consultant at Remodelers Advantage. Wayne has over 30 years of experience, with 15 of those years specializing in the remodeling industry. He helps create clear and compelling paths for owners to meet their goals.
Today on PowerTips Unscripted, Mark and Victoria are joined by Michael Hodgin to discuss using the financial review to pivot to profitability. A complete understanding and review of your company’s financials is a practice that requires a disciplined effort. However, with this practice in place, an owner will be able to use the information from these reviews to pivot when and where necessary to be more profitable year over year.
Using his expertise as a former business owner and a business coach, Michael talks about how he examines a company’s financial statements, including what KPIs to review and whom to review the financials with.
Michael was an owner of a successful remodeling company for over 22 years. He has since left and is the owner of Maestro’s Toolbox, where he works with owners of design-build companies across the country to help them build better companies and, therefore, better lives.
In addition, Michael has been part of the roundtables as an owner, a facilitator for roundtables meetings, and part of the Remodelers Advantage Business Coaching team.
Are you worried about your business being the next victim of a cyberattack? Today on PowerTips Unscripted, Charles Hammett joins the show to give some advice on how to protect your business from cyberattacks. Charles breaks down some of the types of cyberattacks and how remodelers could be affected. He also talks about some of the benefits of having cybersecurity and the protection it brings to your business.
For over 25 years, Charles Hammett has managed IT and cyber security initiatives for several businesses throughout the US. He has worked closely at the federal level, building secure data centers and at the public level protecting businesses of all types.
Victoria, Mark, and Charles talk more about:
Are small businesses at risk?
How does this impact the remodeling industry?
How can you protect your business from cyberattacks?
On this episode of PowerTips Unscripted, Jody McLeod joins the show to answer legal questions, including whether companies are set up to withstand a legal challenge. Jody discusses the best way to ensure having a complete personnel file for each employee, including documentation of conversations and key facts, so that you can support yourself and your company during a legal trial. Jody also advises business owners to help them avoid lawsuits through a complete onboarding process and proper training for all managers.
Jody, an attorney, and former Fortune 500 legal executive is the Founder and Principal of McLeod Legal Solutions (MLS). MLS partners with business owners to protect their business during HR and employee relations disputes with direct access to litigators, employment lawyers, and legal executives from Fortune 500 companies. Jody specializes in employment law, litigation and litigation management, compliance, investigations, and training.
In this episode, Jeff Talmadge discusses how he and his team created a point system for his design staff to spread their workload. Each designer is assigned a predetermined number of points, weighted by criteria such as permitting, scope, and complexity of the job. The team tracks points weekly and has found that designers are less stressed, customers are given more accurate timelines, and production can plan their workload better.
Jeff Talmadge is the president of Talmadge Construction, a large, premium design-build firm based in Aptos, CA. Jeff and his team pride themselves on their commitment to customer service, quality workmanship, and a strong team culture.
Jeff’s five words of wisdom – patience, persistence, never give up.
Listen as Jeff, Victoria, and Mark discuss:
Increasing job satisfaction across the company by managing designer workloads
Improving customer service by managing expectations with accurate timelines
A personal vision statement charts your course — in life and in business. If you don’t have one, you might as well be lost at sea when you’re making decisions.
For Dave Bryan, his personal vision statement serves as his North Star, allowing him to plot his course through his life. “There are a million ways in any given day to get knocked off course,” he says. “Everything you do should be in support of your life, and having a personal vision statement can help you stay on the path and keep on track.”
In this meaningful episode, Dave talks to Victoria and Mark about the genesis of the idea for him, how he did it, and gives tips for how you can write your own. Most importantly, he shares his reasons why you should.
Dave president of Blackdog Builders, with offices in Salem and Amherst, NH. After starting his business in 1989, he’s built Blackdog into a strong, consistently profitable business, with several diversifications under its umbrella. Dave is an entrepreneur who is known for the discipline and care with which he runs his company. Dave is also one of our popular Roundtables facilitators, where he shares his story with the groups.
Being an entrepreneur can be lonely, with no one to keep you accountable. Planning your life and using a personal vision statement can help define your goals. Dave’s path to writing his own statement began with the recession in 2008. “It was brutal,” he says. But defining the goals and intentions for his life going forward was a turning point.
You’ll hear Dave’s personal vision statement and learn why he won’t share it in written form. But you have to do the work yourself for your own, he says. Dave covers how to develop your personal vision statement, and what it can do for your life and business, including:
The Great Recession gobbled up a whole slew of remodeling companies, but more of them fail during an economic expansion than during a contraction. Growth is great, but it’s risky, and knowing hownot to grow will put you ahead of the game.
In this hot market, there are so many opportunities, you can get ahead of yourself too quickly for the health of your company. And that’s where remodeling company owners get into trouble by growing the wrong way. There are potential downsides, and to avoid them, you have to keep you basic best practices — and customer satisfaction and net profits lie at the center, says Judith Miller.
In this episode, Judith joins Victoria and Mark to talk about the ways to grow your company the right way.
Judith recently retired but before that she been a facilitator for Remodelers Advantage Roundtables for more than 15 years. She’s a QuickBooks expert, the author of The Remodeler’s Ultimate Guide to QuickBooks, and has been a columnist for Remodeling magazine for more than 10 years. Judith isn’t just a financial guru, she’s a high-level strategist who understands that numbers prove your strategy.
When trying to grow, the biggest stumbling block is a lack of control, preparation, and not focusing on the best practices. Judith tells you what those best practices are, and how to grow the right way, while explaining the details, including:
The critical need for leadership
Why your financials have to be in order
The Top 5 things you need to do to build a strong, profitable company
The predictable stages of growth — and which is best to grow in
How large you can get
Why hiring a sales force is the riskiest transition
Reviewing employees in the remodeling world is, at best, a struggle.
It is often an employee’s opportunity to ask for a raise and an employer’s opportunity for frustration.
Tim Faller joins Mark and Victoria to talk about the necessary fundamental shift in the employee review process. Tim makes the transition from podcast host to guest to talk about his efforts towards reworking the employee review process in this episode.
Tim is a senior consultant here at Remodelers Advantage and known throughout the industry as the “Guru of Production.”
As a society, we spend nearly four hours daily on our smartphones, a 59% increase compared to just two years ago. The total amount of time each person spends in front of all media per day is 12 hours and 21 minutes, up 11% over two years, and the amount of time we spend socializing each day has dropped 18% compared to 2003.
So, if we extrapolate these trends, where will humanity be in just ten short years?
Guest Rob Krecak is on a mission to positively impact the lives of one billion people with his company, Humans First, which aims to show people how technology impacts their mental health, relationships, and productivity at work.
Victoria, Mark, and Rob talk more about:
How technology impacts us in ways we are unaware of