@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

Olga Koskie from Tax Assure updates us on the ATO's plan to recover outstanding tax debts owed by Australian businesses.

Post covid19 the ATO is now actively chasing $52B in outstanding business tax debt.

"The ATO has had a huge public shift and an internal shift that they're back to an active collection mode."

If you're carrying ATO debt (that's been around longer than the last few months) and have treated them as a financier over recent years you're likely now in the firing line to be chased down

The consequences of not actively managing this debt down, in conjunction with the ATO, are dramatic e.g. Director Penalty Notices, garnishing of bank accounts, statutory demands, and even bankruptcy.

In this episode Olga talks about;

• the importance of taking proactive action
• the next steps you need to take
• who you can engage to help
• the and seeking help to address the debt
• the need for business owners to understand their cash flow and work with specialists to develop tailored payment plans that are sustainable and match their financial situation
• Olga also encourages business owners to be kind to themselves and not feel ashamed or embarrassed about their debt.

"If you don't do anything, they won't put you on a payment plan. They will initiate recovery action against you."

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

@James Meldrum, co-founder of @Whole Kids, shares the journey of starting and growing a purpose-driven business in the organic food industry.

He talks about how he and his co-founder wife Monica tackled the many challenges they faced over 18 years and up until entering Voluntary Administration late in 2023.

"We lost about a third of our revenue overnight because we were servicing the airlines with kids meals and special meals."

Like a lot of startups the business was initially self-funded with some contributions from family and friends. Later they tapped into bank lending and debtor finance to support their growth. Eventually, they conducted a successful crowdfunding campaign to bring in more investors.

The discussion spans;

• 3 potential sales of the business - the emotional highs and distraction they bring to founders
• dealing with the pressures of growth
• the impact of external events like COVID-19, and
• the importance of personal well-being. James shares his insights on the need for founders to prioritize their own mental health and find a balance between business growth and personal values
• James' plans to help other founders and startups through his consultancy

Overall, the conversation highlights the highs and lows of entrepreneurship and the lessons learned along the way.

Key takeaways

• Why starting a purpose-driven business in a niche market requires perseverance but also a strong alignment of personal values with the business mission
• The extra challenges female co-founders need to deal with
• Focus on finding investors who understand and appreciate the business's purpose and values
• Potential acquisition discussions can be complex and require careful consideration of cultural fit and alignment of values
• Handing over a business to a good home can provide an opportunity for founders to take a step back, capitalize on their hard work, and focus on personal and family priorities
• How dealing with the pressure to constantly grow can adds complexity and stress to a business
• Focus on a growth rate that is sustainable and aligned with personal values
• External events like COVID-19 can have a significant impact on a business, and being financially strong and structurally sound can help weather the storm
• Founders should prioritize their own mental health and well-being, and seek support from trusted friends or advisors who can provide a listening ear and guidance
• Businesses can make a positive impact and thrive by aligning their purpose and values with their operations, and focusing on both profit and impact.
• Sharing experiences and lessons learned can be valuable for other founders and startups, and providing support and guidance can help them navigate the challenges of entrepreneurship

"Even if you're looking at employing someone or bringing on someone as an investor, if you think you can sit next to this person on a plane for three hours and have great in-depth conversations, then they're the right person to bring in."

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