Success and Generational Wealth
Success and Generational Wealth
What does it take to truly succeed as an entrepreneur?
To succeed in business, you must be hungry and aggressive. Many aspiring business owners want success but also desire an early finish to their workday. When I was younger, I admittedly sacrificed family time more than I'm proud of. However, I committed to putting in extra effort. After family time in the evenings, I would work on estimates, handle billing, and complete necessary tasks. This commitment is essential when you're the one ensuring everything runs smoothly. Now, with capable managers in place, I have more flexibility. But remember, for young entrepreneurs, it often means working weekends and long hours. It took me a decade to reach a point where I could balance work and actively participate in my children's activities.
How can business owners structure their time to prioritize both business growth and family commitments?
I have three children, all involved in sports. I call my wife daily just to ask, "Where are we tonight? Where are we tomorrow?"
Early on, my focus was all on the business, and I just tried to be home for supper. Now, it’s completely different. At least six days a week, we have somewhere to be, often in multiple places at once. My daughter plays competitive softball and volleyball. My oldest plays some baseball, and my youngest, who’s eight, is in fall football and baseball.
I make sure I'm involved in everything they do. I was my daughter’s softball coach until recently, but I stepped down to focus more on her as an individual rather than the team.
Fortunately, my business has reached a point where I can manage it in a fraction of the time, often from home. A year and a half ago, we hired a CEO for our development company, so I no longer handle letters of intent, purchase agreements, or site plans. In fact, I’m missing a customer meeting right now—but she’s got it handled.
Now, I manage everything from a 30,000-foot view. The only thing I still dive into is building relationships with new customers. That’s where I focus my time—cultivating those key connections while overseeing the big picture to focus on my family.
What role does delegation play in a successful business growth strategy?
I believe the turning point for scaling a business is when you begin to receive more work than you can handle alone. Early in my career, I scrambled to secure every job possible to pay the bills. However, once I reached a point where the workload exceeded my capacity, I made my first hire, followed by another. It was a gradual and challenging process. Fortunately, I had key individuals throughout my career who I could delegate tasks to. Although not everyone is still with me, many have remained good friends and were instrumental in my business growth. This allowed me to focus on other critical tasks, like customer service, while others managed operational duties, such as operating machinery or managing the office. Each step contributed to steady business growth.
How do entrepreneurs manage multiple business ventures simultaneously?
As long as the new venture doesn't detract from my business, I consider it viable. For example, when I purchased my first rental property, it was financially self-sustaining from the start. This success continued with my second and third properties. Despite opinions like those from Dave Ramsey, who argues that rental properties don't pay for themselves, my experience shows that with proper management, they indeed can.
What financial strategies help manage business workloads?
It's crucial to be calculated in every decision you make. Financially, every decision must make sense. Therefore, never take on more work than you can handle.
*This interview has been edited and condensed for clarity.*
