In This Episode Today we were joined on the show by business owner Jeremy Orsky of Ohio Collision Group. Jeremy […]
One of the great things about buying vs. starting a company is that when you buy a business you have some history and some things established. Things like customers, vendors, and employees. When starting out you have to build everything from scratch. As you might imagine, when you’re building something from scratch it’s easy to put your stamp on the company. But how do you do that with a company you just bought? What if it’s one your family started? How do you honor what they’ve built but still put your own stamp on the company?
Have you ever not liked going to work because of the people you work with? Perhaps there is tension at work between you and a colleague where you just can’t get along on a regular basis. Maybe you disagree on the direction of the company or it could simply be you don’t like how they do certain things. What do you do when this person is related to you? What do you do if this person you can’t work with any more is your brother?
One of the areas we specialize in for our business coaching is helping family businesses transition to the next generation. One of the biggest gating items for a transition of any business, is the current owner deciding when it’s time to hang things up and move on to the next phase of their life. Sometimes the current owner is the last person to realize it’s time for them to move on. Why is this the case and how can that process be accelerated?
Today we were joined on the show by business owners John and Terri Sonnhalter. Oh yeah, they also happen to be Adam’s parents! They shared with us their 40+ year journey of working together in a business as spouses. We heard from John a few years ago when he appeared on our show back in January 2020 (see below for a link to that show). But this time, Terri got a chance to share her side of the story!
Does the idea of working with your spouse excite or scare you? This thought of, “maybe my spouse/significant other can help with this,” is one that goes through most business owners minds at some point. It’s a perfectly natural question, especially in today’s world where it is getting tougher and tougher to find good people.
For those unfamiliar with the term “third rail” we’ve including a link below talking about it’s definition in politics. The metaphor comes from the high-voltage third rail in some electric railway systems. Touching that third rail often results in electrocution so most folks don’t live to tell about it.