The Operator Weekly: On Feedback

Feedback is the best way to bring about iteration for a person and a business.

When an employee, whether they are a manager or entry level, makes a suggestion to improve your business based on reason, act on it swifter than another project. That signals to them that their opinions matter. They will continue to make suggestions. Whether they are actually necessary to the business or a distraction, it is better to have someone invested in something.

In turn, make sure you are providing positive and constructive criticism on a regular and random basis. Places I’ve worked at haven’t provided either until a quarterly meeting. It’s important to reinforce the good things and redirect from the bad early. Feedback shows that you care enough to notice, to improve them.

Having conversations without taking offense is important. The very best leaders create a culture of positive feedback.

How do you make sure feedback is given and received well?

Thanks to Everest Brady for his help, writing, and research in assembling this week’s newsletter.

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Balancing urgent versus non urgent is something we consider everyday.  Guesswork Investing continues to hit the bullseye with this piece about working on the business, not always in it.

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This Week on Think Like an Owner

Our guest on this episode is A.J. Wasserstein. Early in his career, A.J. founded Archives One, a physical records management business he operated as CEO for 17 years before selling to Iron Mountain. He then acquired One Source Water, which was eventually sold to Water Logic in 2016. He then began teaching at Yale School of Management where he has written ad nauseam about nearly every topic within growing and running small companies and search funds. His writings are my go-to resource for many questions and business concepts I want to learn more about, and we are quick to recommend them to others.

A.J. and Alex talk about being a professor and how to get involved if you’d like to teach, why students do not pursue entrepreneurship through acquisition and work-life integration as CEO, a topic A.J. has written and thought very deeply about, among other topics. Please enjoy this fantastic conversation with AJ Wasserstein.

This episode Q&A features August Felker, from Oberle Risk Strategies, and answers the question, "In light of the hurricane in Florida, how is that affecting the insurance world?" Oberle is the leading specialty insurance brokerage catering to search funds and the broader ETA community, providing complimentary due diligence assessments of the target company’s commercial insurance and Employee benefits programs. If you are under LOI, please reach out to learn more about how Oberle can help with insurance due diligence at oberle-risk.com. Or reach out to the CEO, August Felker, directly at [email protected].

Our guest on this episode is Brandon Kuchta, the former CEO of Analytical Technologies Group, which provides repair, maintenance, and contract services for lab instruments. We say former because he sold ATG last October, and today's episode is going to cover all things selling a company from determining the right timing, what is typical in a process, and communication across stakeholders. We also talk about life after the sale, including Brandon's consulting period with the new owners and how operators can relax and give themselves a well-deserved and often much-needed break. Enjoy.

This episode Q&A features Alexis Grant, founder of They Got Acquired, a media business covering small company exits.  The question for the episode is, "what advice would you give to someone looking to sell their company?"  Subscribe to their newsletter on their website and check out their industry M&A reports with stories, valuations, and more.

This Week in SMB Twitter

Think Like an Owner is sponsored by:

Live Oak Bank – Live Oak Bank is a seasoned SMB lender providing SBA and conventional financing for search funds, independent sponsors, private equity firms, and individuals looking to acquire lower middle market companies. If you are in the process of acquiring a company or thinking about starting a search, contact Lisa Forrest or Heather Endresen directly to start a conversation or go to www.liveoakbank.com/think.

Hood & Strong, LLP – Hood & Strong is a CPA firm with a long history of working with search funds and private equity firms on diligence, assurance, tax services, and more. To learn more about how Hood & Strong can help your search, acquisition, and beyond, please email one of their partners Jerry Zhou at [email protected]. 

Oberle Risk Strategies– Oberle is the leading specialty insurance brokerage catering to search funds and the broader ETA community, providing complimentary due diligence assessments of the target company’s commercial insurance and Employee benefits programs. If you are under LOI, please reach out to learn more about how Oberle can help with insurance due diligence at oberle-risk.com. Or reach out to the CEO, August Felker, directly at [email protected].

Oakbourne Advisors – Oakbourne is an independent retirement plan consulting firm that helps small companies design and implement great retirement plans for their teams.  Whether you already have a 401(k) in place or are looking to start one for your team, please reach out to learn more about how Oakbourne can set your people up for success in retirement at oakbourne.com/think.

More Staffing – More Staffing is a recruiting firm to help find the most talented and experienced professionals in the Philippines to level-up your business. To learn more about More Staffing, check out their website at morenow.co and get in touch to see how they can help level-up your business with a great team.

They Got Acquired - They Got Acquired is a media business covering small company exits.  Subscribe to their newsletter on their website and check out their industry M&A reports with stories, valuations, and more.

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