Escaping The Greed Trap
Escaping The Greed Trap
How can business owners effectively define and communicate their company vision?
Initially, our company's vision wasn’t clearly defined. It took years to articulate what was at the heart of our foundation. Our vision is to create and encourage opportunities for individuals to achieve their greatest potential. What drives me is seeing people who, like myself, were not expected to succeed, become successful. We have witnessed this transformation repeatedly. I come from a background where I was not expected to amount to much, but I never listened to the naysayers. Instead, I focused on taking one step at a time, day by day, month by month, year by year. Before I knew it, I found myself on top of a mountain.
What are the benefits of aligning your business with a client in a growth phase?
The best decision we made was to focus on our sole commercial customer, TGI Fridays, who had followed us from our original company. They were in a growth phase, and we hitched our wagon to their horses, which fueled our growth. This momentum ultimately led us to pivot entirely from residential to commercial services. In the first few years, we phased out residential projects and concentrated solely on commercial opportunities.
What should business owners consider before expanding their services?
Around the third or fourth year, we decided to start an electrical division after being awarded an addition at one of our locations. We saw this as an opportunity to integrate electrical services in-house and anticipated significant financial gains, creating a new department. However, the primary motivator was greed, similar to the initial drive for starting the company, though the original motive wasn't greed. Unfortunately, due to this flawed motivation, we lost money right away and had to shut down the division after just two months.
Why is trust in your team critical for sustainable business success?
I don't make many decisions anymore. My role is to allow other people to make decisions while I provide answers and information based on my experience or intuition. I am very intentional about delegating decision-making to others. Our leadership team, which includes four other members besides myself, runs the company, and they are doing an excellent job.
Why should business owners join roundtable groups?
I have been a part of a business roundtable since 2012, which I joined after being invited by a member of my community. When I first attended, I immediately knew it was exactly what I had been looking for. It’s a place where business owners come together in a safe environment to share and vent. It makes you realize you’re not the only one feeling isolated; you're in a room full of people who all feel the same way. Indeed, it's true that it's lonely at the top.
*This interview has been edited and condensed for clarity.*
