While Political Correctness probably came from a good place and was well intentioned, but it has become a cancer to our society. And that negative impact has been felt when it comes to business too.

When everyone is so busy being offended, how can you have a real discussion and debate about anything? How can people learn and make progress if they aren’t able to hash out their ideas and differences? As an owner, how do you get the real scoop on how people are doing and feeling about how things are going if they are bound by the shackles of Political Correctness?

If as an owner or employee you have to watch every word you say for fear of offending someone or being accused of being mean, chances are you’ll opt for not saying something that should be said. And then things are likely to fester from what was a very small issue into a much bigger issue.

How can you properly correct or coach someone in your organization if their skin is so thin that it can’t handle anything perceived to be close to criticism? You can only soften things so far before the message gets lost. What’s a business owner to do? We share some ideas in today’s show on How To Eradicate Political Correctness.

People, Companies and Resources We Mentioned in the Show

• Detroit Firefighter fired for brining watermelon to work (http://www.snopes.com/detroit-firefighter-watermelon-fired/)
• Jerry Jones saying he’ll bench any players not standing for National Anthem and quoted NFL game operations manual policy

Photo by Thomas’ Pics

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Everyone knows someone (or many someones) who have started a company. But very few actually understand what it takes to start a company. In today’s show we tackle several of the myths that are out there about starting a company and how to do it in a practical way.

Do you need a big pile of cash? Or a business plan? Lots of employees? What’s it really take to start? We advise our clients and those looking to start a company to keep it simple. You will want the basics of a business plan that are rooted in the 7 Keys to Success, but don’t go crazy with 30 or 40 pages of stuff. Put that time and energy into getting the business off the ground.

One of the biggest keys is getting your product or service out there for people to try it out. Can you give it away at first? If not, you need to continue to tweak it. If you can give it away, work on getting your first paying customers.

Don’t make the mistake early on of making the business support your needs in terms of taking a “paycheck”, but instead keep as much cash in the business as you can so it can be reinvested to improve your business. If it’s good, it will eventually support all your financial needs and then some!

People, Companies and Resources We Mentioned in the Show

• MVP 3 Circles
• MVP 7 Keys to Success
• Business valuation firm Spardata
• Department of Forgings in the Commerce Department of the Federal Government.

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In This Episode

The recent controversy around the question of “to kneel or not to kneel” got us to thinking about how business owners lead in times of controversy. Jack and I spent some time talking about how a couple of different folks were leading in the NFL “kneeling” controversy: President Trump vs. NFL Commissioner/Owners/Coaches. Needless to say, there are lots of examples of poor leadership on display when it came to this topic.

It’s never simple, but starts with questions about who are the constituents you’re trying to serve, what are your responsibilities, your personal behavior style, and what do you hold as values of what are appropriate ways to act at work. Like any situation that causes controversy, there isn’t one simple answer.

In today’s politically correct society, it’s nearly impossible to step forward and truly express your opinion or feeling on an issue without fear of wrath from others. Most people don’t enjoy upsetting others or being the target of anger. How do you lead your company? Take a listen to today’s show to get some ideas and insights for how you can approach some future controversies in your business.

People, Companies and Resources We Mentioned in the Show

National Football League
LeBron James
Dan Gilbert
Donald Trump

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In This Episode

We were fortunate enough to have one of our former clients join us for today’s show, Lisa Holly who is the President & CEO of Berea Moving & Storage Co. She shared several of her stories, starting with how she and her brother took over ownership after the untimely death of her mother.

Early on it was a struggle as the business hadn’t been making money for years and was in some pretty significant debt, but Lisa didn’t want to let it go. So she pulled herself up by her bootstraps and got to work on the business with the help of MVP.

A couple of the biggest things Lisa learned from MVP included the fact that just about anything is negotiable, which comes in handy when you’re in debt with everyone from Uncle Sam to your landlord to your CPA. She also started to master forecasting her cash flow, which helped to bring lots of calmness and energy.

Lisa continues to work by the “MVP Bible” which is how she refers to MVP’s 7 Keys to Success and has a poster on the door in her office so it’s always in front of her. She’s had lots of ups and downs over the first decade of owning the business, but she now feels much more confident with how to deal with just about any situation that presents itself, much of that due to what she learned in her 4 years with MVP.

Hear stories about her nicknames for us (Peanut Butter & Jelly) as well as the degree she earned from the “School of Adam and Jack”.

People, Companies and Resources We Mentioned in the Show

Lisa Holly and Berea Moving & Storage Co.

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In This Episode

If you’ve been in business for a few years you’ve probably had someone tell you that you should work “on” your business instead of “in” it.  Heck, you may have even uttered that very phrase yourself.  What does it mean to work “on” your business.  More importantly, how do you do it?

In this episode, Jack and I share our insights for some simple ways to work “on” your business.  It starts with you getting out of the Product or Service of your business.  If you’re busy day-to-day with fulfilling customer needs by delivering your Product or Service, you are working “in” the business.

Start by carving out 1 hour per week to work “on” your business where you won’t be disturbed.  If that means getting out of the office or plant, then do it!  Take that hour to work on some project that will help move your business forward.  Maybe it’s pulling together a list of all the things you’re doing in the business so you can delegate some of those tasks out to someone else.

The key here is for you to spend some time “planning” your business vs. “reacting” to your business.  Whenever you’re planning you are working “on” the business and whenever you’re reacting you’re working “in” the business.

People, Companies and Resources We Mentioned in the Show

E-Myth Revisited by Michael Gerber is where the phrase of working “on” your business vs. “in” your business originated.

Join Us Next Time

Join us next week when we will be joined by long-time Maximum Value Partners client, Lisa Holly who is the President & CEO of Berea Moving & Storage (http://bereamoving.com). Lisa has a very inspiring story that will make you laugh and cry, you won’t want to miss it!

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One of the most important, yet least understood things in business is how to properly set the selling price for your product or service.  A big reason for this is many folks don’t truly understand their costs.  Still others get confused between “margins” and “markups”.  And still others simply go with a rule of thumb or industry standards.

If you’re struggling with making as much profit in your business as you’d like, chances are the improper setting of your selling price is a big reason why.  During this show, co-hosts Jack Mencini and Adam Sonnhalter of business coaching firm Maximum Value Partners give great insights for how to properly set your selling price.”

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On this week’s show, Dirty Secrets of Small Business, Jack Mencini and Adam Sonnhalter, founders and co-owners of their own small business, Maximum Value Partners (MVP) address a how question that an avid listener, Jason in New York, emailed them with:  How do I know if its is time to leave my day job?

According to Adam, Jason was in a really good situation to even start thinking about leaving his day job to start his own business.  “When I talked to Jason, I found out that he was 30-years-old, planning to get married, no debt, had a good steady job and was moonlighting in a business he hoped to start himself, one day,” said Adam. “He also already had his own equipment and a truck.”

“The other part of his background, which he felt was a negative, was the he did not graduate from college.

“I told him that college was over-rated and our experience shows that of those people starting a business, one-third have some college education, one-third have graduated from college and one-third never went to college and went on to start a successful small business.”

Another curious statistic the small business coaches shared is that it is very easy to get a loan for college, but extremely difficult to get one to start a new business…  “Which is bureaucratic and ridiculous,“ said Jack.

Many individuals just like Jason, are nervous to take the leap to start their own business because they think about failure and ultimately “living under a bridge in a cardboard box.” 

If you have been successful “working for the man” or rather, working for a corporation and then start your own business and it doesn’t work out, there is no reason not to believe that you couldn’t go back to doing a job. Sometimes you have to get out of your own way to go on your own. Just do it!

For more tips and insights on starting your own business and the option of acquiring an established business to make it your own with little or no money down, listen to the August 30 episode of Dirty Secrets of Small Business. Jack and Adam also cover the concept of how to engage with people/other business owners to research the business you want to start plus how to go about taking the leap to get your business up and running.

For more insights contact Jack and Adam directly at radio@maximumvp.com or 877-849-0670.

Plan to listen each week on Wednesdays at 7:30 pm (EST) on WINT Radio 1330 and the new 101.5 FM, the coaches invite listeners to be a part of the show and feel free to call in (440-946-9468) or tweet your question to @MaximumVP or @JackmMVP or @AdamSonnhalter. Listeners can ask questions about their businesses and be part of the show.

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When you start a business, perhaps the very last thing on your mind is when it will be time to sell your business. To Jack Mencini and Adam Sonnhalter, hosts and business coaches who are small business owners themselves with Maximum Value Partners www.maximumvp.com and the hosts of Dirty Secrets of Small Business, there seems to come the “a ha moment” in every business owners’ life after many years of running the business when for a variety of reasons it just feels right to move on. Sometimes this epiphany comes with clarity and to others, it is filled with doubt even though their gut is telling them now is the time.

Jack and Adam know a thing or two about small business and when it is time for someone to consider taking the necessary steps to sell. They have run about two-dozen small businesses themselves. Over the last 15 years, they have coached hundreds of owners using their formula: The 7 Keys to Success http://maximumvp.com/7-keys-to-success/

Each week on Wednesdays at 7:30 pm (EST) on WINT Radio 1330 and the new 101.5 FM, the coaches invite listeners to be a part of the show and feel free to call in (440-946-9468). Listeners can ask questions about their businesses or even debate the examples Jack and Adam share on the trials and tribulations of their clients and the dirty secrets of small business.

On this week’s episode of Dirty Secrets of Small Business, the business coaches give an overview of How Do I Know It’s Time To Sell My Business? The podcast is available on iTunes or http://maximumvp.com/dirty-secrets-small-business-radio-show-podcast/

Jack and Adam share thoughts on the reasons why business owners make the decision to sell their businesses.  It could be:

1. Health reasons… I don’t have the energy anymore or it could be a more serious health issue
2. The realization that my kids don’t want to take over the business or that they do and they want me out
3. The Fed UP Syndrome… It has been a grind for 24/7 for too many years, which I was enjoying and it’s not fun anymore

Along with the topic of how to go about exiting from the business and either selling it to an outsider, selling it to the competition (Yes, this is a viable solution) or transitioning it to your son, daughter or another family member, there is the conundrum of really having the owner exit and break away.  Too many times, Jack and Adam have coached and consulted with the owner on selling the business only to find out that on the very first day when Junior took over, they find dad is stilling in his old office.

The business coaches give advice that when you have a plan to get out of the business, the plan also has to include that you physically get out of the business too!  This doesn’t mean that if you are a male business owner you become a one of the ROMEOs (retired old men eating out) that we see early in the morning at every breakfast place with donuts or bagels causing loud conversation with a half-dozen older gents arguing over insane and insignificant topics.  Have a plan to keep your body and your mind in gear and productive by volunteering in your community or even consulting at workshops for small businesses or getting into a new business.

If you are thinking of selling your business or transitioning it to a family member, give Jack and Adam a call (877-849-0670) and they will talk you through it because they know how to do it and neither one of them is remotely near to being a ROMEO!

For more info on small business challenges tune into past podcasts of Dirty Secrets of Small Business on iTunes or 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 or any war stories on listening to a suit rather than working with an effective small business coach?  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 contact Jack and Adam directly at radio@maximumvp.com or 877-849-0670.

Remember…You can also call in during the show each week when you are listening on Wednesdays at prime time 7:30pm (EST) on WINT 1330 AM and 101.5 FM. Dial  440-946-9468 to ask your question to the Maximum Value Partners’ coaches or tweet your question to @MaximumVP.

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In this day and age of constantly being in contact with everyone through smart phones and social media in both your personal life and business life, how can you ever achieve down time or what everyone is ruminating on: the need for work/life balance? In this week’s show on Dirty Secrets of Small Business, hosts and small business owners themselves, Jack Mencini and Adam Sonnhalter tackle not only the work/life how question, but also discuss the truth that many small business owners, who love their small business… don’t want to be disconnected from their work and don’t see the balance conundrum as an issue for them. It may be an issue for their significant others and their families…but not for the owner who has never found the switch to turn off thinking about his business and really doesn’t want to.

Adam gave the example of growing up in a family business where his dad ran a very successful advertising/public relations agency. “My dad was always available to take me to my sports practices and take part in family functions. What I didn’t realize until much later in life is that after my brother and I went to bed, my dad would probably be up until 2:00 am working on the business. His work/life balance didn’t suffer because he chose to utilize all of his time on his schedule (the things he chose to do) even if it meant burning the midnight oil.”

Jack also addresses the idea of what work/life balance means to the millennial workforce.  “To millennials and small business owners their concentration is on tracking productivity and not the normal 40-hour work week or the 9-5 job,” said Jack. “If more people would target what needs to be done and the concept that it really doesn’t matter in what time frame the project gets done or if you are able to get it accomplished sooner, then you will have the flexibility to define your own work/life balance. This will result with no compromise for reaching success and productivity.

Listen to this week’s show of Dirty Secrets of Small Business, as co-hosts Jack Mencini and Adam Sonnhalter, who are also owners of Maximum Value Partners, www.maximumvp.com discuss the topic of sucky job syndrome.

For more insights contact Jack and Adam directly at radio@maximumvp.com or 877-849-0670.

Plan to listen each week on Wednesdays at 7:30 pm (EST) on WINT Radio 1330 and the new 101.5 FM, the coaches invite listeners to be a part of the show and feel free to call in (440-946-9468) or tweet your question to @MaximumVP. Listeners can ask questions about their businesses or even debate the examples Jack and Adam share on the trials and tribulations of their clients and the dirty secrets of small business.

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One of the allures of running your own small business might be that you don’t have to worry about all the formal structure that exists in bigger companies.  Typically that starts with avoiding regular meetings at all costs.  I mean, as a small business owner, you are typically seeing and talking with all of your key team members multiple times a day.  Why muck it all up with a bunch of formal meetings?

In our 15 years of coaching owners of small companies, one of the top complaints we’ve heard revolves around communication.  Either too little of it, too much, too confusing, etc.  You might be surprised how a couple of simple, structured, and regular meetings can alleviate much of the communication complaining.  The key is doing it right.

We are big fans of keeping things simple and easy.  From a meeting standpoint, start with one meeting.  We typically recommend starting with either a daily touch or a weekly update meeting.  The daily meeting should be no more than 5-10 minutes and the weekly no more than an hour.  It’s key to start with one so you can get your rhythm down and build momentum.

Next, follow these simple steps:

• Have a set day & time: if Monday at 10am works for everyone for the weekly update, make sure it gets into everybody’s calendar and stick to it and don’t allow other things to trump that meeting. Also, start on time and finish on time.  Don’t let it drift!
• Create a set agenda: make the agenda items a handful of broad categories for what you’d like to discuss during the meeting and the specifics will change each time. And don’t let anything else be inserted into the meeting.
• Avoid problem solving: whether it be a daily touch or a weekly update meeting, the purpose is to make sure information is disseminated, not to solve problems. If you see people delving into problem solving mode, quickly bring them back up and ask them to problem solve offline.
• Don’t include bystanders: if someone is in the meeting, they should have something to present. Avoid the temptation of inviting everyone into the meeting.  You want folks to be active participants so don’t waste someone’s time by requiring them to be at a meeting where they aren’t participating.

Listen to this week’s show of Dirty Secrets of Small Business, as co-hosts Jack Mencini and Adam Sonnhalter, who are also owners of Maximum Value Partners, www.maximumvp.com discuss the merits and the upside of running a successful meeting and what it means for your business.

For more insights contact Jack and Adam directly at radio@maximumvp.com or 877-849-0670.

Plan to listen each week on Wednesdays at 7:30 pm (EST) on WINT Radio 1330 and the new 101.5 FM, the coaches invite listeners to be a part of the show and feel free to call in (440-946-9468) or tweet your question to @MaximumVP. Listeners can ask questions about their businesses or even debate the examples Jack and Adam share on the trials and tribulations of their clients and the dirty secrets of small business.

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