Remote Small Business Management – Interview with Joseph Stewart – Small Business Show 214
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.
We then jump into a discussion about preparing your business to sell and whether you should be meeting with a business broker or handling things on your own. Joseph went the DIY route and all that prep work to develop stand-alone systems and processes for the businesses to succeed paid off.
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!
Chapters/Timestamps:
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 BizBuySell.com 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
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