Monthly Archives: February 2017

How do you get Millennials to work together?



The MVP coaches discuss how to get Millennials to work better in a team environment.The workforce for everyone is a completely different landscape than it was 20 or even 10 years ago due to technology and the behaviors/work ethic of the Millennials. Jack Mencini and Adam Sonnhalter, business coaches with Maximum Value Partners (MVP) www.maximumvp.com and cohosts of Dirty Secrets of Small Business discuss the nuances of how small businesses can work more effectively with this generation who make up a good portion of the 2017 workforce.

In this week’s show, they discuss the topic of How do I communicate with Millennials and how do I get these individuals to work effectively with everyone?

It is evident from the MVP coaches talking to their clients that Millennials and the challenges they represent are abundant in the workforce. “It is rare that when we talk to the owner of the company,” said Adam, “that they are talking about them (Millennials) in glowing terms. It’s more that the conversations are not that positive and often laced with frustration from the small business owner.”

This topic came to the forefront last week for Adam when attending a weekly Rotary meeting where Lisa Hutson, Director of the Small Business Development Center at Lorain County Community College gave a great talk about diverse generations in the workforce. Her presentation cited several interesting stats from the Center for Generational Kinetics including giving an overview that Millennials are 17-35 years old and born within the years from 1982 – 2000. They are also known as Generation Y. This group is very creative! The oldest Millennials are now 35 years old and are reaching the prime of their careers. Hutson mentioned that these Millennials are “adulting” later.

In their minds, they become adults at 30 vs. the more traditional definition of 18 or 21 years old. Millennials don’t seem to think it is a big deal to go to school and come back and live with mom and dad.

Jack and Adam discuss a common mis-perception that most people think that Millennials are tech savvy. The truth is that they are more technology dependent rather than tech savvy. They are always on their devices, but they don’t necessarily understand how the technology works.
How Millennials communicate is very different as well. In addition, this group in the work force is asking for more feedback than say Baby Boomers or Gen Xers born from 1965-1981. Millennials want more than the yearly performance review. They seek feedback and confirmation on a continuous basis… be it monthly and even weekly from their supervisors and colleagues.

Another huge factor with Millennials revolves around work schedules and expectations from their older bosses and colleagues. The objective should be with everyone in the workforce is productivity and not demanding that every employee be physically in the office in a routine that is 9-5 no matter what. The question should be asked: Can the work be accomplished effectively if the worker wants a flexible schedule and wants to work from home? Should it matter that they may be working through the middle of the night so that they can attend their kids’ volleyball game in the afternoon? If the work gets down and it is completed on time and in good order, who really cares if they were physically in the office?

To hear more about how to work effectively with Millennials and have them be accountable, access the February 20 podcast and all the Dirty Secrets of Small Business podcasts on iTunes or at http://maximumvp.com/dirty-secrets-small-business-radio-show-podcast/
Do you have any How Questions of your own to email to Jack and Adam? Do it by sending your questions to radio@maximumvp.com or submit a question on their web site at http://maximumvp.com/how/.

If you have a success story or a question you would like to share, email or call (radio@maximumvp.com or 877-849-0670). You can also call in during the show each week at noon (EST) – 1:00 pm on WINT 1330 AM, call 440-946-9468 to ask your question to the Maximum Value Partners’ coaches!

Access all the Dirty Secrets of Small Business podcasts on iTunes or at http://maximumvp.com/dirty-secrets-small-business-radio-show-podcast/

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How do you fire a client and when is it the right time?



The Maximum Value Partner team recording Dirty Secrets of Small Business PodcastOn this week’s Dirty Secrets of Small Business, Jack Mencini and Adam Sonnhalter, cohosts and also business owners of Maximum Value Partners, www.maximumvp.com discuss the topics: When was the last time you fired a client and how do you know when it is time to fire a client?

“We have dealt with countless situations with our MVP clients who have clients of their own who have become challenging and needed to be fired. It’s the old ‘addition by subtraction’ thing with these customers. Once the owner realizes how much stress these bad customers are putting on the them, their employees, and the overall organization, they realize they will be better off without them,” commented Adam.

When one of MVP’s prospective clients was recently explaining a situation about a bad customer, her body language and tear-filled eyes were clearly saying that this client was causing her stress and a great deal of anxiety. MVP told her to end the misery and “hand over what you have done and walk away.”

“At this point you have lost money on this business relationship with no end in site so why do you keep working with them?” She countered with the fact that the client had ‘deeper pockets’ than her and she didn’t want to be sued. She also didn’t want this client talking badly about her and her firm if things didn’t end well. When MVP countered with the fact that it’s good for the soul to fight some of these battles even if it means getting sued plus she would have a very strong case to present to any judge or mediator. As far as the “talking badly” thing, if this client is truly a bozo then folks who are worth anything wouldn’t put much credence in him talking bad about her or her firm. Adam explained that ‘the pain in the butt clients’ are pains in the butt for everyone.

This is when the real reason came out for why she hadn’t yet fired this client, she didn’t know how. She described the client as somewhat of a bully and unreasonably demanding. She teared up again as she described how intimidated she was and said it was a woman thing of dealing with a man in business who felt he could bully her. So we role played several scenarios for how to terminate this client and make it a positive outcome for her. By the end of that discussion, she wanted Adam to join her for the conversation with this client!

To hear more about how and when to fire a client and many more insights on running a small business, access the February 13 podcast and all the Dirty Secrets of Small Business podcasts on iTunes or at http://maximumvp.com/dirty-secrets-small-business-radio-show-podcast/

Do you have any How Questions of your own to email to Jack and Adam? Do it by sending your questions to radio@maximumvp.com or submit a question on their web site at http://maximumvp.com/how/.

If you have a success story or a question you would like to share, email or call (radio@maximumvp.com or 877-849-0670). You can also call in during the show each week at noon (EST) – 1:00 pm on WINT 1330 AM, call 440-946-9468 to ask your question to the Maximum Value Partners’ coaches! Access all the Dirty Secrets of Small Business podcasts on iTunes or at http://maximumvp.com/dirty-secrets-small-business-radio-show-podcast/

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You need to be passionate to be a small business owner – This is a myth!



The idea of needing to be passionate to be a small business owner is really a misguided thought process. Can anyone get passionate about cleaning grease or printing? In this week’s episode of Dirty Secrets of Small Business, Jack Mencini and Adam Sonnhalter, co-hosts, examine the concept and ultimate myth that you need to be passionate to be a small business owner!

As small business owners themselves for Maximum Value Partners www.maximumvp.com, Jack and Adam have coached hundreds of small business owners over the last 15 plus years and have heard countless times that passion is a key ingredient for success.

According to Jack, “That is pure bunk.” It is only true to the degree that you are passionate about profit and making money and having a successful organization. You really don’t need to be passionate about the widget or the machinery that gets rid of mold that your business is providing to have it be a success

If you have a hobby or interest that you are passionate about it could turn out to be a detriment to your business success. You spend more time on the activity around your passion than the 7 Keys to Success for your business. http://maximumvp.com/7-keys-to-success.

“We often hear, ‘I love doing this… (which could be an offshoot of a hobby). I just don’t ‘love dealing with the challenges of the business, which distracts from the product or the thing I am passionate about’,” said Adam

Jack refers to the book E-Myth Revisited http://amzn.to/2ejEhkZ that shares the story of the woman who loves to make pies and starts a business making and selling pies. She really, really loves to bake pies and this is her passion. But the book talks about all the things she gets involved in and all these other things that suck her time into running the business and away from her joy of baking pies. The passion she once had for her avocation or hobby is not bringing her happiness or is no longer the joyful passion it once was.

It is a crock that you need to be passionate to be a business owner. You need to focus on profit not necessarily being passionate about the product.

The business part of it gets in the way… and is the essence of the E-Myth Revisited book in describing all the stuff that gets in the way of what someone describes as their passion. If the small business owner can make the business succeed that is not passion… that is making the business work strategically to be profitable.

If you are too passionate about the product or service and not laser focused on all the tactics of the business, the organization will suffer. Being passionate about a hobby and then trying to turn it into a business soon becomes like a job and the joy goes out of it.

To hear more about this topic and the How Question of the week, access the February 6 podcast and all the Dirty Secrets of Small Business podcasts on iTunes or at http://maximumvp.com/dirty-secrets-small-business-radio-show-podcast/

Do you have any How Questions of your own to email to Jack and Adam? Do it by sending your questions to radio@maximumvp.com or submit a question on their web site at http://maximumvp.com/how/.

If you have a success story or a question you would like to share, email or call (radio@maximumvp.com or 877-849-0670). You can also call in during the show each week at noon (EST) – 1:00 pm on WINT 1330 AM, call 440-946-9468 to ask your question to the Maximum Value Partners’ coaches! Access all the Dirty Secrets of Small Business podcasts on iTunes or at http://maximumvp.com/dirty-secrets-small-business-radio-show-podcast/

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How Do I Buy A Business?



buying a small business isn't scary if you know what to doMost people aren’t sure how to go about buying a business. Because of this they will either start a business of their own, or if they already own their own business they will look to add one customer at a time or launch a new product or service and grow it from the ground up. We contend buying a business is the best way to either become a first-time business owner or to grow your existing business more quickly or diversify your current business. We have coached dozens of clients on how to buy a business right.

As small business owners themselves, Jack Mencini and Adam Sonnhalter have coached hundreds of small business owners by being co-partners of Maximum Value Partners www.maximummvp.com. They celebrate a 15+year collaboration with a tremendous amount of experience when it comes to offering insights on buying businesses and helping small business owners on their road to success.
In this week’s segment of Dirty Secrets of Small Business, as cohosts, they share with their listeners real Intel on how to go after buying a business in an way that is efficient and cost effective.

If you are looking to be a business owner for the first time, how about approaching the owner of the business you work for currently? Many small private companies have no succession plan in place and you’d be surprised how many owners would welcome this type of inquiry from a good employee. I know what you’re thinking, “I can’t afford to buy this business!” Oh yeah, how do you know? Most companies aren’t purchased with a pile of cash at the consummation of the deal. In fact, most small private companies use what’s known as “seller financing” where the seller acts like the bank in the deal allowing the new owner to pay for the purchase over time with the profits of the business.

Learning how to go about researching and finding that company to buy is a talent that Jack and Adam coach their clients on in every situation. Jack says that it is not difficult to buy a company and if you have enough business savvy to buy a competitor or diversify your business operations by purchasing another small business in a somewhat related area of your current business.

When you buy a company, you are adding more customers and super charging your growth through this acquisition. Buying an existing company with a portfolio of customers rather than beating the bushes to look for new clients is a great strategy to help you successfully grow your business if you follow the advice of Maximum Value Partners.

In their years of coaching small businesses, Jack and Adam have a stellar record of providing insight, direction and good counsel which includes helping business owners prepare for the day that they shake hands with a business owner whose company they are acquiring to add to the growth and profitability of their own company.

If you are itching to buy a business to start your first journey of owning a company or you are on the path to increase your profitability by acquiring a company, listen to the entire podcast of Dirty Secrets of Small Business and the January 30th podcast. Access all the Dirty Secrets of Small Business podcasts on iTunes or at http://maximumvp.com/dirty-secrets-small-business-radio-show-podcast/

Do you have any How Questions of your own to email to Jack and Adam? Do it by sending your questions to radio@maximumvp.com or submit a question on their website at http://maximumvp.com/how/.

If you have a success story or a question you would like to share, email or call (radio@maximumvp.com or 877-849-0670). You can also call in during the show each week at noon (EST) – 1:00 pm on WINT 1330 AM, call 440-946-9468 to ask your question to the Maximum Value Partners’ coaches!

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