Being the owner of a single small business is challenging in itself. Owning multiple, successful businesses that you remotely manage and eventually selling them is something to be proud of. Today we’re joined by a longtime friend and business colleague, Joseph Stewart, former owner the Mac Outlet in Colorado and Felt Pool and Billiards.
Listen in to this episode of the Small Business Show to find out how Joseph managed both companies from another state and how being a remote business owner forced him to develop better systems and processes for success. You’ll learn about the importance of the work you do each day by asking yourself: Is this $10 per hour work or $1000 per hour work?
Your hosts Shannon Jean and Dave Hamilton learn how Joseph used the cash flow from his businesses to purchase the building they were operating in and how being a landlord eventually led him to start his second company at the same location.
Join us for another Small Business Show for all this and much more. Then head over to the Small Business Support Group to join the discussion!
- 00:00:00 Small Business Show #214 for Wednesday, March 13, 2019
- 00:01:06 Joseph Stewart Former BadAss and Owner at Felt and Mac Outlet
- 00:02:27 Tenant Turns into a Business Acquisition
- 00:05:32 Real estate as an investment
- 00:08:24 Read the Four-Hour Workweek move to San Diego
- 00:11:40 Finding the Sweet Spot of Micro-Managing
- 00:13:12 Find a manager that can see your vision
- 00:14:25 Make sure the customer’s have exceptional experiences
- 00:15:55 SPONSOR: TextExpander.com/podcast gets you 20% off your first year
- 00:17:37 SPONSOR: Abby Connect. Get $95 off your first bill at AbbyConnect.com/sbs 00:19:29 Structuring your trust scenarios
- 00:20:20 Never forget about FileMaker!
- 00:21:01 Know your Fundamentals
- 00:22:15 Recognizing change
- 00:25:31 Distance is an opportunity
- 00:28:00 DIY Business Selling
- 00:30:15 Now what?
- 00:32:15 Keep your eye on the ball during the sales process
- 00:34:05 Mistake: Don’t be a cheapskate with your employees
- 00:37:48 Track 15 minute increments, and apply an hourly rate to each
- 00:39:30 Pretend you’re going to be an absentee owner
- 00:40:51 SBS 214 Outtro