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CONTACT: 1. Tom Gegax
URL: gegax.com
Tel: 612-823-5355 Email: Click
here Book: The
Big Book for Small Business
2. Tires Plus URL:
http://www.tiresplus.com/ Tel: 800-754-6519 Email: Click
here
We invite your
COMMENTS OR QUESTIONS.
We learned so
much, but let us reinforce a few ideas: 1. Growth can come from
within. 2. Even if 16 banks tell you "No," don't give up. 3. There are
many opportunities to build a business within those industries that need to be
"cleaned up." 4. It's better for two partners to divide and conquer than to
step on each other's toes. 5. Hire people with nice parents. 6. School is
always in session and you are always welcome to learn even more.
To go
in-depth: Study the eleven key points in the case study guide (top right
box). We extend a special thanks to Carolyne Fox for her substantial
contributions and insights with this guide
» WATCH THE
SHOW ONLINE
And, drill
down into these help pages to learn more about systems.
» GET A
COACH AND BECOME A MENTOR: Though the key points of the case study
guide (links above) are a great tool to learn a little about self-coaching,
there are many professional organizations for coaches that will help you find a
coach in your neighborhood. 1.
Get some help, perhaps a little
coaching! 2. Find a local coach!
» OVERVIEW: That's this page! Also
known as the
Profile, it is always about doing
something. We say, "Take constructive action. Create more value in our world.
Make a difference."
» WATCH TV
ABOUT VALUE CREATION: Turn off TV about people exploiting people. It
brings us all down. To find SmallBusinessSchool, check your local
PBS-member station. If you don't find us there,
drop
us a note and we will get it on your local government station for economic
development. You can also check the rebroadcast of PBS-member station signals
on DirecTV and Dish Network.
» CASES BY
BUSINESS TYPE. Click on the heading to find all the business types and
then click on your type of business to check out those case studies. This
episode contributes insights into
Retail,
DistributionBusiness Services /
Continuing Education
»
MORE ABOUT RETAIL. And, you could also
look at our other stories about
retail and the your specific retail group
within the
National Retail Association.
»
BUY A BOOK: If after studying this
episode of the show, you want more, consider buying one of Tom's books. Also,
this case study guide, as well as hundreds of others, appear in the top-selling
business textbooks in colleges and universities throughout the USA through
Thomson Learning,
South-Western.
Check for continuing education classes with your
local university,
Small Business Development Center,
Chamber of Commerce, and
Economic Development Commissions.
» TRADE ASSOCIATIONS & PUBLICATIONS.
You can always learn more from the your specific trade association. If you
don't know your association, type in your "business type" + association into a
search engine and you will discover at least one: 1.
International Franchise Association 2.
Tire Industry Association 3.
Other tire-related associations
» THE SELECTION PROCESS: Businesses are
recommended to us every day and here are a few of the pointers to Tom and Don:
1.
Minnesota Business Hall of Fame 2.
Inc 500 (magazine) 3.
Ernst & Young Entrepreneur
of the Year 4.
U.S. Tire Dealer of the Year by
Modern Tire Dealers (magazine) 5. Tom
serves or has served on the board of American Cancer Society, American Heart
Association, Center for Ethical Business Cultures, Center for Science in the
Public Interest, Students in Free Enterprise (SIFE), Waterkeeper Alliance and
Wisdom Business Network.
»
REVIEW
STEP 7: SUSTAINABILITY. Very few founders of
companies grow a business past 10 or 20 employees. Even fewer businesseses get
transfered from the founders to a next generation of leadership.
Over 9
million of our small businesses have fewer than five employees. There are fewer
than 8000 businesses with over 500 employess and fewer than 4000 businesses
with over 5000 employees.
For Tom and Don to build what we see today is
amazing; they truly beating the odds.
Franchising worked well for them.
If you think you might want to franchise your business, you may want to look at
these other episodes of the show about
franchisors.
»
START
PLANNING YOUR STEP 8: EXIT AT THE TOP. Are you just a little
jealous of Tom and Don? We are! They really hit a Grand Slam (with the bases
loaded at the top of the ninth) for the World Series of Small
Businesses-Grown-up- And-Then- Bought-By- A-Publicly-Traded-Business! Look at
these other succession strategies as well: 1. Sell to a publicly-traded
business:
The
Art Institute of San Diego and
International Wine Accessories. 2. Sell to
your employees:
ESOP
stories. 3. Sell to another business:
It is
never easy. 4. Other businesses: People who have
bought to
expand or
sold to
become liquid.
» OTHER
REFERENCES. We encourage everybody to learn from people within a
specific business type. Please select your
business type and study those episodes of the
show. These are about
retail: 1.
Joan
and Bill Keller, LeTravel Store 2.
Bill
Sugars, Mickey Finn's Brew Pub 3.
Carol
Schroeder, Orange Tree Imports
» FIRST PRINCIPLES: Starting a business is
the road to economic independence for most of us average people. Read a little
more to see why
incorporating a business keeps the passion of
the American revolution alive!
»
JOIN, JOIN, JOIN: Your professional associations in your industry
are your key to continuing education, market research, collaborations,
strategic partnerships, capital and so much more ... often you'll find that you
enjoy like-minded people and many will become friends for life.
»
SUPPORT
PUBLIC TELEVISION: Become a member of your local station. If you
are already, great. If not and your business is doing well, consider joining
the Producers' Club ($1000). Too much? Get a twenty employees, customers and/or
suppliers to join en masse with you at $50 per person.
Just get
on the inside of your local station and
learn how
to become a producer.
Tome and Don's
story is a good story unto itself, yet today we're looking into the question
about tipping points.
»
Tipping Points: Perhaps Malcolm Gladwell's book,
The Tipping Point: How Little Things Can Make a Big Difference,
popularized the concept, but as children most of us tried to balance a cup of
water on its edge -- at the tipping point. And, most of us got quite wet in the
process! Yet, there is a point when all our efforts suddenly add up and
everything coalesces and much bigger things happen.
The web is a new
tipping point for all of us to see ourselves in new ways and see our little
globe for what it is.
|
»
The "We,
Inc." Businesses: Virtually all the businesses that we profile on this
show empower their employees. Here are four that are truly remarkable and
rather typical of all: 1.
On Target Supplies and Logisitcs. Meet
Albert Black and learn how his employees became 25% savers, how everyone has
bottom line responsibility, how the books are open, and how everyone learns to
read corporate financials and their own personal financials. 2.
Omnex Accounting & Tax Services. Meet
Ahmad Chebbani. He has counseled over 4000 new immigrants to America to help
them set up inclusive and open businesses. 3.
Auntie Anne's Pretzels, Inc. Meet Anne
Beiler and a business that was founded on love and giving. 4.
Indus, Inc.. Meet Shiv Krishnam and
his business that was founded on mentoring. |
A QUESTION ABOUT
TIPPING POINTS: Because of the transparency of the internet, have we
reached a tipping point where ethics, goodness, values and creativity will come
back front and center as the focus of business?
We do not know the
answer but we hope so. In this episode of the show, we learn from a master
entrepreneur about the meaning and value of life. Tom Gegax is pulling and
pushing us up the ladder. When they sold their business, he became an author.
His latest book, The Big Book of Small Business, is more like The
Book in that he wants each of us to succeed beyond our wildest
expectations.
Today, we are
constantly learning, and today we are learning more rapidly than ever. We have
so ratcheted up all the equations, we just may be reaching a tipping point.
First, we are all
becoming increasingly impatient with the mindlessness of Hollywood. We are
watching less mindless television. And it seems that we are looking at our own
lives in new ways. Many of us Baby Boomers are looking at retirement and
saying, "No, I'm going to do what I've been dreaming about all my life and I'm
going to do it before I die or die doing it!"
Your time of
wisdom. Implicit in this story is one's exit strategy and truly planning
the most important phase of your life: the final chapters. We establish our
legacy and begin giving back. Some of us will actively begin preparing the next
generation to take over. As Hattie says at the end of the show, "Retirement is
obsolete -- a bad idea because you are no longer busy giving to life, but busy
getting ready to die." |