February 27th Coaching Tip: Do Due Diligence.
Today, I met a leader who has the opportunity to buy a business. As I asked him questions, he indicated that it’s a smaller business and about 1.5 hours away. The one employee isn’t very happy and feels overworked and the current owner is ready to check out and be done. As I listened, the leader then pivoted into the true details: what is he buying? what is in the business? what can he eliminate with minimum effort? how old are the assets and clients? how much potential is in the current business? what can he grow quickly to produce a higher gross margin? does he have other team members that can take care of this small business, so that the leader can be free to deal with bigger clients and deals? By the end of the conversation, he had a gameplan. He realized that he needed to drive to visit this small business owner in three days and start digging into what he is potentially buying.
When you’re buying a business, many larger companies take at least 100 days to complete the due diligence, and that’s after signing an LOI (letter of intent). Make sure that you do your due diligence.
February 28th Coaching Tip: Need Ya!
Coached a leader today with a highly talented team of 20 people. This leader had alot going on, like a lot! For example, his wife was on the west coast with her mom because of her mother’s transition to hospice. The leader was now taking care of three kids, and he needed to travel for business to Florida. Then, his middle child was admitted into the ER, so he had to ask his 14-year-old son to take care of their youngest child overnight and also get them both to school on a Friday. I was proud of him, as we figured out a way to get him more help over the next three weeks. He called his mother, and said, “Mom, I need ya!” He then made a plan to talk to key members of his team and his executive assistant to also tell them, “I need ya.” It will be two to three weeks of asking others to help and they will step up. Don’t be afraid to say “Need Ya” when you truly have a lot going on and need help.
March 1st Coaching Tip: Help Out!
Just the opposite of the post above (Need Ya) is the offer to quickly help out. By asking some simple questions or reading an invite/email/text, you can really figure out how to help out quickly. Today we are having a block party, and my neighbors are helping arrange it. While on my walk today, they asked me if we are going; I said yes. Then I came back to our house, re-read the block party invite, and noticed that they were requesting neighbors to bring paper plates, napkins, and silverware an hour early. This made it simple for me: open up the cabinets, see what I have that is still packaged up. I will now bring napkins, paper plates and some plasticware. A popular quote is, “look for the helpers, look who is helping.” Don’t overcomplicate things; ask a question or read something quickly, and you can figure out how to “Help Out”.

