My $7 Million Loss
My $7 Million Loss
What can business owners do to build company culture?
Whether you have one or two guys or a hundred, pour into your people. Pre-valley of darkness, I was in my office, head down. Now, I’m outside the office, engaging with the team. I hold feedback sessions on job sites, asking what’s going well and what we can improve. It’s about listening and giving people the freedom to share. The process of just listening is huge. I no longer have an office. I move around, talk to the team, and gather insights that help shape our company’s future. It's about building strong relationships with your team.
What role does prior industry experience play in making a successful transition to business ownership?
I had been in this industry before starting my own company, working for another company for seven years. When I left, I wanted to build something on my own, focusing on a specific company culture. We officially started in 2007 but really began operating in 2008 after I bought the assets of a company called Petticoat Contracting. This company had been around for 18 or 19 years and had a solid business foundation. I knew the previous owner, a woman who had served in industry leadership roles, for many years. She had fallen ill and was looking for an exit strategy, which coincided with my decision to leave my previous job. It wasn’t something we planned, but it came together at the right time.
How can physical health issues arise from business-related stress?
It was overwhelming stress. I examined every dollar we could cut or liquidate. One example was a key man insurance plan through the business, which would provide for the company if something happened to me. It had been in place for a long time, but I was cutting every expense possible. I considered canceling it but decided to keep a minimal level because I was experiencing chest pains and worried about my physical health. Looking back, I realize that the stress was manifesting physically, but at the time, I thought I was having heart problems. I felt I needed to keep the life insurance to protect the business if something happened to me.
*This interview has been edited and condensed for clarity.*
