In the vast sea of commerce, small businesses exist as vessels navigating uncharted waters. Their destinations, a distant shimmering mirage, are defined by long-term ambitions. Their journey, however, is fraught with the harsh realities of immediate needs, the stormy squalls that threaten to capsize. One might consider this a grim journey, but I tell you, there exists a beacon of hope - a concept known as 'strategic patience'.

Strategic patience is the understanding that each wave navigated, each squall weathered, is but a stepping stone on the path to the desired haven. It is a steadfast refusal to let the tumultuous tides of immediate needs compromise the compass pointing to our ultimate goals. Like a seasoned sailor, we handle the tasks at hand without losing sight of the shimmering horizon.

Yet, what good is a ship if its crew isn't faithful to the voyage? How can a vessel navigate treacherous seas without shared toil and common purpose? This is where the notion of ensuring your key stakeholders have 'skin in the game' sails into our narrative.

'Skin in the game' is not a mere business terminology. It is a commitment, a bond forged in the crucible of shared struggle. It means thinking like an owner. When stakeholders have a vested interest, a stake in the company's future, they too feel the thrill of the wind in the sails and the dread of an approaching storm. Their fortunes rise and fall with the ship, driving them to toil tirelessly towards the shared destination.

Such an arrangement can be seen in the form of ownership stakes, bonus pools or profit-sharing agreements. This collective stake draws the crew together, binding them in a pact where the success of the vessel is their success. In this shared struggle, everyone strives towards the long-term prosperity of the venture.

So, as we traverse the expanse of the seascape, let's navigate the immediate tempests with an unwavering gaze on the distant shore. Let's ensure our crew, our stakeholders, are as tied to the fate of our ship as we are. In the fusion of strategic patience and stakeholder investment, we find our course steadied, our journey enriched, and our destination ever within our grasp.

As Steinbeck once penned, "And now that you don't have to be perfect, you can be good." In our imperfect navigation of the business seas, we find the essence of goodness in shared struggle, patient strategy, and a compass that points unwaveringly towards our long-term goals.

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

This Week on Think Like an Owner

Our guest today is Ben Tagoe, CEO of Objective Management Group who through a partner network provides sales assessments to sales teams and individual salespeople. Founded over 30 years ago, they have assessed millions of salespeople and 10s of thousands of companies across hundreds of industries. They are a fascinating business that I’m excited to talk about today.

We talk about the various ways they evaluate and coach sales teams, the power of active listening and tools to improve, trends he’s noticed at the best-performing sales teams, operating a company with a small headcount relative to its impact, and his past role as Chief of Staff at OnDeck and the various flavors of the Chief of Staff role he’s observed. Enjoy!

One of the most impactful things our CEO guests have talked about for their companies is upgrading their finance team. Ravix Group, led my CEO and former podcast guest Timi Okah, is the expert you need to build a scalable finance function. They handle everything from fractional CFO work, HR consulting, and outsourced accounting. Ravix can even help your company prepare for an IPO if that's an ambition of yours.

Timi himself came onto the podcast for today's Q&A, answering the question, “So there’s a lot of companies right now focused on managing costs and conserving cash and making sure their cash planning will ensure they survive the next couple of years, what kind of advice do you offer clients right now in regards to costs and cash management?” To get in touch with Timi and Ravix, go to their website and let them know that Think Like an Owner sent you.

Read

Listen

This Week in SMB Twitter

Think Like an Owner is sponsored by:

Ravix Group - Ravix Group is a fraction CFO, outsourced accounting, and HR consulting firm serving small and large businesses alike. Whether you or someone you know is getting started, searching to buy a business, or building out an organization, Ravix will help on the journey. To learn more about Ravix Group, head to their website and tell them Think Like An Owner sent you.

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].

Interested in sponsoring? Reply to this email and let’s chat.