@bill withers is founder of @the Adapt Way and author of 'Succession Thinking'.

In this conversation, Michael and Bill discuss the challenges and strategies for building resilient businesses, emphasizing the importance of shifting from a short-term profit mindset to a long-term vision.

Bill shares his journey from a challenging upbringing in #Kununurra to becoming a successful entrepreneur and business leader. The conversation delves into key themes;

• the importance of stewardship in small and medium enterprises (SMEs),
• the lessons learned from selling his business Acquire,
• the vision behind his current venture, ADAPT, which aims to support SME owners in building resilient businesses,
• the need for leadership development within SMEs, and
• the significance of creating a supportive community for business owners.

They explore the need for;

1. Role clarity,
2. Trust in business culture, and
3. The legislative changes required to support small and medium enterprises (SMEs).

Bill highlights the significance of decision-making infrastructure and the need to rethink capital distribution to empower SMEs.

The discussion culminates in the idea that business owners should focus on creating options and flexibility rather than viewing selling as the only exit strategy.

Takeaways;

• Stewardship is crucial for the success of SMEs.
• Business owners often feel overwhelmed and isolated.
• Leadership development is essential for SME growth.
• The sale of a business should be approached strategically.
• Bill's upbringing influenced his passion for supporting SMEs.
• ADAPT aims to create a supportive community for business owners.
• The distribution of wealth and power is vital for a healthy economy.
• Business owners need to clarify their roles for better outcomes.
• Building capabilities is key to successful business ownership. It's a binary thing; working hard doesn't guarantee success.
• Return on vision is often more important than return on investment.
• Building a resilient business requires new practices and habits.
• Role clarity is essential for effective decision-making.
• Trust is the key to optimizing business culture.
• SMEs need different legislation than large corporations.
• Capital distribution must be rethought to support SMEs.
• Culture is built on trust and authenticity.
• Business owners should focus on choices, not just selling.
• Maximizing the probability of achieving business goals is crucial.

@kerrcapital

@Michael Kerr

Thanks for listening. Visit the Owner To Owner Podcast website to subscribe, listen back, or check out any resources or information mentioned on the show.

Search @ownertoownerpodcast on your favourite podcast player to subscribe and listen to the episodes.

Reach out to Michael Kerr via the website if you need personal assistance or advice for your small business.

michael.kerr@kerrcapital.com.au

www.ownertoownerpodcast.com.au

@jaryd krause is an Online Business M&A Advisor with deep experience growing 7 & 8 Figure Online Businesses. In this discussion we talk about the huge potential for offline business owners to leverage online assets for grow, and also how to take advantage of the opportunities.

Jaryd shares his personal back story. From starting as a plumbing apprentice to becoming a leading M&A advisor in Online Businesses.

The conversation covers how traditional businesses can;

• leverage online platforms
• resolve major business challenges, including lead generation
• create new revenue streams
• save time and resources with a smart acquisition

We also talk about;

• Why marketplaces like @Flippa are valuable resources for buying online businesses
• the evolution of business models and the opportunities being created as a consequence
• the critical aspects of assessing online business opportunities
• learning from past mistakes, and strategies for small business growth
• the significance of mentorship and the need for small businesses to innovate and share best practices for success
• assessing financials and traffic sources when buying online businesses

Chapters

00:00Introduction to Online Business Acquisition

02:59Jared's Journey from Plumbing to Online Business

06:09The Synergy of Online and Offline Businesses

08:56Acquisition Strategies for Business Growth

11:46Leveraging Online Assets for Offline Success

15:06Exploring Marketplaces for Online Business Acquisition

18:01Understanding Business Valuation and Multiples

21:10Navigating the Online Business Landscape

23:51The Future of Business: Online and Offline Integration

26:42Diversifying Business Models

32:06Assessing Online Business Opportunities

36:03Learning from Mistakes in Acquisitions

40:12Strategies for Small Business Growth

44:05Empowering Small Businesses for Success

Thanks for listening. Visit the Owner To Owner Podcast website to subscribe, listen back, or check out any resources or information mentioned on the show.

Search @ownertoownerpodcast on your favourite podcast player to subscribe and listen to the episodes.

Reach out to Michael Kerr via the website if you need personal assistance or advice for your small business.

michael.kerr@kerrcapital.com.au

www.ownertoownerpodcast.com.au

@gabe enslin from @the adapt way and @michael kerr discuss the importance of building resilience in small and medium businesses. They explore Gabe's diverse background, the Adapt mission, and the critical role of business owners in shaping their companies' futures.

The conversation covers;

• the need for owners to clarify what they want from their business and then align their business strategies accordingly
• the importance of resilience, culture, and role clarity

Gabe shares case studies of successful business transformations, emphasizing the need for a high-performance culture and effective ownership frameworks. They explore the vision for the future of ADAPT, along with policy recommendations to support SMEs.

The discussion highlights the significance of understanding employee needs and fostering an engaging work environment to drive business success.

Some key takeaways;

1. Many owners desire time back rather than just growth.
2. Understanding the owner's vision is key to business success.
3. Clarity of purpose can transform business strategies.
4. Resilient businesses are more valuable than those set up solely for sale.
5. The impact of a business extends beyond financial metrics.
6. Owners often want to contribute positively to their communities.
7. Effective communication of desires is essential for business alignment. Having clear conversations about what you want is crucial.
8. Building a resilient infrastructure enables sustainable growth.
9. Cultural metrics can improve even during rapid growth.
10. Role clarity is essential for high-performing teams.
11. Engaged employees lead to better business performance.
12. Creating a high-quality entry for new hires is vital.
13. Understanding employee aspirations enhances retention.
14. Partnerships can alleviate the loneliness of business ownership.

"It has to start with the owner"

"What do you want?"

"I want time back"

Chapters

00:00Introduction to the Owner to Owner Podcast

01:46Gabe Enslin's Journey and Background

12:51Understanding the ADAPT Way

16:12The Importance of Owner's Vision

20:01Identifying Owner's True Desires

22:49Aligning Business Strategy with Owner's Goals

30:22Building Resilient vs. Sellable Businesses

33:10Navigating Business Transformation

34:29Case Studies of Success

36:56Building Resilience in Business

38:07The Importance of Culture

40:33Role Clarity and Employee Engagement

42:28Creating a High-Performance Culture

44:33Stewardship and Ownership Dynamics

46:42Designing Ownership Frameworks

49:39The Journey of Business Partnerships

54:29Vision for the Future of ADAPT

55:31Recommended Reads for Business Owners

57:02Policy Recommendations for SMEs

Thanks for listening. Visit the Owner To Owner Podcast website to subscribe, listen back, or check out any resources or information mentioned on the show.

Search @ownertoownerpodcast on your favourite podcast player to subscribe and listen to the episodes.

Reach out to Michael Kerr via the website if you need personal assistance or advice for your small business.

michael.kerr@kerrcapital.com.au

www.ownertoownerpodcast.com.au

In this episode of Small Business Banter, @Michael Kerr and @Mark Fletcher discuss the evolution and future of independent retailers, particularly news agencies. Mark shares insights from his experience with News Express and Tower Systems, emphasizing the importance of adapting to change, leveraging technology, and understanding market dynamics. The conversation highlights the critical role of independent retailers in communities and the need for them to embrace innovation to thrive in a competitive landscape. In this conversation, Michael and Mark Fletcher discuss the journey of transitioning a long-standing business, the importance of local businesses in building sustainable communities, and the complexities involved in selling a business.

Mark shares his experiences with various acquisition processes, the significance of maintaining business performance during transitions, and the emotional challenges of business ownership.

They also touch on the need for government support for small businesses and the potential benefits of politicians gaining firsthand experience in small business operations.

Takeaways;

• Independent retailers are crucial for community engagement.
• Evolving product offerings is essential for survival.
• Technology can significantly enhance retail operations.
• Retailers must adapt to changing consumer preferences.
• Online presence is vital for modern retail success.
• Data-driven decisions can improve profitability.
• Successful retailers embrace change and innovation.
• Community-focused businesses can thrive despite challenges.
• Understanding market trends is key to growth.
• Retailers should leverage insights from their point of sale systems. Building sustainable communities relies on thriving local businesses.
• Navigating the complexities of business transitions requires careful planning.
• Timing is crucial when considering the sale of a business.
• Maintaining business performance during a sale is essential for value.
• Defining roles post-acquisition can help ease the transition.
• Business ownership can be a lonely journey, requiring support systems.
• Preparing for a business sale should be an ongoing process.
• Legislating for small business awareness can change political perspectives.
• Reforming government procurement can better support small businesses.
• Small businesses play a vital role in providing employment and community stability.

Sound Bites

• "Retailers need to embrace change."
• "I love your pathway out of school."
• "Make every day a payday."
• "Small businesses give people a start."

Chapters

00:00The Evolution of Independent Retailers

15:10Adapting to Change in Retail

29:59Leveraging Technology for Growth

28:52Navigating the Complexities of Business Transition

32:36The Importance of Timing in Business Sales

34:48Maintaining Business Performance During Transition

39:31Defining Roles Post-Acquisition

42:08The Loneliness of Business Ownership

44:25Preparing for a Successful Business Sale

48:22Legislating for Small Business Awareness

50:27Reforming Government Procurement for Small Business Support

@kerrcapital

@ownertoownerpodcast.com.au

Thanks for listening. Visit the Owner To Owner Podcast website to subscribe, listen back, or check out any resources or information mentioned on the show.

Search @ownertoownerpodcast on your favourite podcast player to subscribe and listen to the episodes.

Reach out to Michael Kerr via the website if you need personal assistance or advice for your small business.

michael.kerr@kerrcapital.com.au

www.ownertoownerpodcast.com.au

@Geo George from @Mayfly Ventures discusses the innovative approach of his venture studio, focusing on investing in both new and existing businesses. He emphasizes the importance of navigating uncertainty in the startup world and how AI can serve as a transformative tool for businesses.

The conversation also highlights the value of 'boring businesses' and how they can be revitalized through technology and strategic partnerships. Geo shares insights on successful ventures in hospitality and MedTech, and offers practical advice for small businesses looking to leverage AI for growth.

"We're aiming to do things 2% better, but thousands of times."

Takeaways

• Mayfly Ventures focuses on the intersection of strategy, creativity, and technology.
• The venture studio model increases the chances of success for new startups.
• Navigating uncertainty is a key aspect of the startup mindset.
• AI can enhance business processes and drive efficiency.
• Boring businesses often hold significant value and potential for growth.
• Successful ventures often stem from deep domain expertise and understanding of customer needs.
• The integration of AI into business processes is crucial for staying competitive.
• Small businesses can leverage AI for customer service and marketing.
• Documentation and understanding of business processes can lead to meaningful improvements.
• Investors are increasingly interested in businesses that can demonstrate execution capability.

"Boring businesses are great businesses."

Chapters

00:00 - Introduction to Mayfly Ventures and GA George

02:50 - The Venture Studio Model: Investing in New and Existing Businesses

06:01 - Navigating Uncertainty: The Startup Mindset

08:50 - The Role of AI in Business Transformation

11:53 - Boring Businesses: The Hidden Gems of Investment

15:02 - Case Studies: Successful Ventures in Hospitality and MedTech
18:11 - Practical Steps for Small Businesses to Leverage AI

21:09 - Conclusion: Embracing Change and Innovation

@michael kerr

@kerr capital

Thanks for listening. Visit the Owner To Owner Podcast website to subscribe, listen back, or check out any resources or information mentioned on the show.

Search @ownertoownerpodcast on your favourite podcast player to subscribe and listen to the episodes.

Reach out to Michael Kerr via the website if you need personal assistance or advice for your small business.

michael.kerr@kerrcapital.com.au

www.ownertoownerpodcast.com.au

@tamara simon discusses the challenges owners face, the value of financial awareness, and the necessity of breaking the cycle of overwork to achieve a more profitable and enjoyable business. Tamara shares insights from her book, 'The Five Little Business Pigs', which outlines strategies for building a successful business.

The discussion highlights the importance of reflection and understanding one's business dynamics to foster growth and sustainability. In this conversation, Tamara and @Michael Kerr cover;

• the importance of clarity in roles
• the necessity of #businesscoaching
• the need for strong foundational systems
• the impact of leadership behavior on staff morale and productivity.

Some takeaways;

• Success in business is often a jagged line, not a straight path.
• Many small business owners have expensive hobbies instead of profitable businesses.
• There is a system in everything; it's about finding it.
• Owners should aim to work in their sweet spot 80% of the time.
• Time management is crucial for small business owners.
• Turnover is not the only measure of success; profitability matters more.
• It's important to consciously choose the price of your commitments.
• Most businesses have room for improvement. Every business should have a coach.
• Understanding your numbers is crucial for success.
• Business systems are essential for clarity and productivity.
• Behavioral change in leadership is key to business success.
• Small business owners should embrace their role with pride.
• Reflection on business viability is necessary for growth.
• Coaching provides a sounding board for business frustrations.
• Strong foundations are built on clear roles and responsibilities.
• Employee engagement is vital for a thriving business.
• The journey of business ownership requires bravery and commitment.

@kerrcapital

Thanks for listening. Visit the Owner To Owner Podcast website to subscribe, listen back, or check out any resources or information mentioned on the show.

Search @ownertoownerpodcast on your favourite podcast player to subscribe and listen to the episodes.

Reach out to Michael Kerr via the website if you need personal assistance or advice for your small business.

michael.kerr@kerrcapital.com.au

www.ownertoownerpodcast.com.au

Host @Michael Kerr and @Ronan Leonard a certified innovation professional and business mentor discuss Ronan's journey from an accidental entrepreneur to mentor in the small business space. The conversation delves into the;

• how to overcome the daily challenges faced by small business owners
• need for innovation and adaptation in a rapidly changing market
• navigating stagnation in business
• significance of allocating time and resources for innovation, and the various business models that can be explored
• value of networking and learning from peers to drive business growth.

In this conversation, Michael and Ronan explore various strategies for business growth;

1. AI tools
2. Effective delegation
3. Marketing and innovation

Ronan shares insights from his 100-day startup challenge ( https://www.linkedin.com/newsletters/start-up-to-profit-in-100-days-7231519804916912128/ )

Takeaways

• Information is abundant, but context is often lacking.
• Business owners often need an external perspective to see new possibilities.
• Taking a step back can lead to greater long-term success.
• Understanding different business models is crucial for growth.
• Networking with peers can provide valuable insights and solutions.
• Allocating time for innovation is essential for sustainability.
• The market evolves, and businesses must adapt to stay relevant.
• Intrinsic motivation drives small business owners to push through challenges. There are various ways to bring expertise into a business without hiring full-time employees.
• Insourcing allows businesses to utilize external resources intelligently.
• AI has the potential to disrupt job markets significantly.
• Business owners should explore AI tools to enhance productivity.
• Delegating tasks can free up time for business owners to focus on their strengths.
• Real-world applications of insourcing can lead to significant cost savings.
• Creating content efficiently can be achieved through effective team collaboration.
• Marketing and innovation are crucial for business growth.
• Community engagement and mentorship can enhance business success.
• Learning from mistakes is essential for business development.

@kerrcapital

Thanks for listening. Visit the Owner To Owner Podcast website to subscribe, listen back, or check out any resources or information mentioned on the show.

Search @ownertoownerpodcast on your favourite podcast player to subscribe and listen to the episodes.

Reach out to Michael Kerr via the website if you need personal assistance or advice for your small business.

michael.kerr@kerrcapital.com.au

www.ownertoownerpodcast.com.au

@Claude Trimboli from @charlesandco talks about the complexities of business liquidation and restructuring. The discussion covers the critical importance of understanding cash flow, the role of early intervention in financial distress, and the emotional toll on business owners facing insolvency.

Claudio emphasizes the need for proactive measures, mental health awareness, and the collaborative approach necessary for navigating these challenging situations.

The discussion highlights the significance of having a solid grasp of financial numbers and the value of seeking help from trusted advisors.

Other important discussion topics include;

• the responsibilities of business owners
• proactive measures to avoid insolvency
• the importance of engaging with the #ATO
• the new #smallbusinessrestructuringregime that allows owners to maintain control while addressing their financial challenges
• the legal obligation not to trade while insolvent
• why understanding financial numbers is crucial for business health
• Cloud accounting tools to provide better financial insights
• why and how business owners should not be defined by their financial struggles
• prioritising mental health and physical well-being

@michaelkerr

@kerrcapital

https://treasury.gov.au/sites/default/files/2020-12/simplified-debt-restructuring-fact-sheet_0.pdf

Thanks for listening. Visit the Owner To Owner Podcast website to subscribe, listen back, or check out any resources or information mentioned on the show.

Search @ownertoownerpodcast on your favourite podcast player to subscribe and listen to the episodes.

Reach out to Michael Kerr via the website if you need personal assistance or advice for your small business.

michael.kerr@kerrcapital.com.au

www.ownertoownerpodcast.com.au