When You Are Starting a Business Surround Yourself With Great People
PART 1 – Tuesday, December 4th, Dave Franzetta, co-author of Changing Places, talked with talk radio host, Michael Dresser, on the Michael Dresser Show, broadcast on CRN Digital Talk Radio. This is Part 1 of a 5-part edited version of the radio interview.
MICHAEL: David Franzetta is our guest today to talk about his book, Changing Places: Making A Success Of Succession Planning For Entrepreneurs and Family Business Owners. David is theChief Advisor at Designed Outcomes, which specializes in resolving business problems, especially in the area of transition/succession planning for small businesses. David, welcome to the show.
DAVE: Thanks, Michael, it’s a pleasure to be here.
MICHAEL: I hope I don’t have to repeat the title of your book 10 times in a row, fast. I’d be in big trouble.
DAVE: Yes, we could have picked a shorter title for the book; it’s quite mouthful.
MICHAEL: But I love it. What it all comes down to, David, especially in this world where it’s not so much a troubling economy but a confusing economy–businesses are struggling to stay open. But there is also the other side of that. Some people will be left out of major companies, when big companies outsource, and these people are starting up their own businesses, and families also are beginning businesses– that’s really what we’re talking about. The big question that I see is, what is the one thing that business owners should be doing up front to ensure success?
DAVE: For most businesses, the biggest issue that they run into when they are getting started is they simply don’t have access to enough cash, right up front, to keep things going long enough to get a foothold into whatever industry or market they’re trying to break into. They’re running things on a shoestring, and so much so that just getting into the game is a problem for them.
MICHAEL: Sure, what it really comes down to is getting a hold of cash. Now, there is tons cash out there, no question about that, but investors are holding onto it more than they did 5 or 10 years ago. Obviously if you just say to somebody, “I want some money,” it’s not going to work. But what about creating the business plan, the projections, and letting bankers and potential investors know what kind of people are working in the business, and the expertise that you have to handle the different facets of the business– does this make the difference?
DAVE: Yes, Michael, you hit the it straight on. For small businesses, what’s really important is who, exactly, are the people working in the business? In most cases, investors are looking to place a bet on people. People who are likely to come across the finish line– win, place or show– so they can cash in on their bet. They’re making a bet on the right people. So, when you start a business, you want to be in an industry or a market where you have a very good chance of succeeding. And then you want to surround yourself with people who fill in whatever gaps you might have in your own skill set. That is critically important.
To be continued…stay tuned for Part 2 in the next post.
Dave Franzetta and Moss Jackson pen new action planning guide, Changing Places, for small business owners facing the conflict of generational leadership change.
Check it out: “Changing Places: Making a Success of Succession Planning for Entrepreneurs and Family Business Owners”(published by AuthorHouse). Feedback please to: email@example.com
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