EP24: Family Business. It's Pretty Ugly. It's Pretty Beautiful. It's All In The Mirror You Look Into
Now playing — Shop Soup Podcast
About this episode
Welcome to another episode of ShopSoup. This week we cover just some commentary on operating a family business and how one might exit away from…
Key takeaways
- —Having a clear exit strategy is crucial for business owners.
- —Mentorship and teaching are key to empowering team members.
- —Family businesses face unique challenges but can be rewarding.
- —Continuous learning from others in the industry is essential.
- —Understanding your business's mission and purpose guides decision-making.
Frequently asked
- What should I consider when planning my exit strategy?
- It's important to know your options, whether it's selling, passing it on to family, or seeking private equity. Consider what aligns with your business goals and legacy.
- How can I effectively mentor my team?
- Provide clear roles and responsibilities, and ensure they have the resources needed to succeed. Regularly communicate and support their growth.
- What are the benefits of attending automotive conferences?
- Conferences offer opportunities to learn from industry leaders, network with peers, and stay updated on trends and best practices.
▸Full transcript
Hey, well, good morning from Houston, Texas, here at the Tectonic event, uh, being held for everybody that wants to be here. It's probably here, uh, or it's getting here today. Starts today, goes to, uh, Saturday, um, and it's sponsored of course by Techmetric. So I'm looking forward to seeing everybody. The facility is amazing. What a venue. Hats off to Sunil and the team at Techmetric.
This is a really first-class hotel. Everything is here, including that wonderful lazy river ride in the state of Texas. I got to get myself in there. But hey, I wanted to just go over a couple of things. You know, the topic about leaving and being able to go away. And get involved with automotive conferences and getting to learn and see people and, you know, just be part of the industry again.
Um, you know, I, I can say that I'm thankful that I do have a family business, and family businesses aren't always not that easy. They're very difficult. And when you get to the point where you have other members in the business and they're doing their thing and you've groomed them and you've taught them and you've put them in positions to win, it allows the owner, um, to go away and— or to continue the path of building that legacy, that model, that business that you want to carry on.
Now, you have to have the mindset for it, there's no question. And I— and You know, I had been watching a couple of other podcasts and listening to them on my travels down here to Houston. And, you know, it kind of falls back into this question of, you know, what would I do as an owner— excuse me— if I didn't have family, or I didn't have key people, or if I didn't plan accordingly to what I want my future to be.
And I think that's a really big important thing, is that before you go in, um, you need to know how you're going to get out. So one of the things that, you know, was always important to me was, you know, my dad started it, I fell in love with it, I've checked off all the boxes. It still does. This industry offers so many opportunities to not just serve but to profit, to make money, to be part of communities, to do everything that I feel is important, not just for the wealth and health of you, but your family, the people you serve.
It just fulfills me. And maybe it does for most of you as well. Even though there's the strife and there's the headache and there's the stress, but you know, a lot of times, that blows over within 24 hours or less when you get time to reflect and say to yourself, well, what right moves do I make? You know, was I too anxious on this end?
Did I go too fast here? Did I go too slow here? These are all things that you need to evaluate, or at least that's, that's how I approach it. Um, sure, when I was younger, there was times when I would jump on something that would you know, be more intuitive. And I did, sort of say, by the gut. Um, and it usually led to some stupid things going on.
There's no question about it. I would waste money. And, you know, those habits, they haven't gone away 100%, but in— as I've gotten older and more responsible for everybody else's well-being, I certainly have pared back my anxiousness or my desire to jump into things. And I've learned how to say no more than I've learned to say yes. And I listen more than I speak, so that I can learn as well, you know, as observe.
But all that, I think, is irrelevant if you do not have the goal in mind when you start your business on how you want to exit your business. And there's the thing of, well, do I continue? Do I sell? Do I give it away? Do I go to private equity? What, what do I do? Um, and that's why it's always good to continuously learn about what paths are out there and Listen to those that either have traveled that path, who are offering that path, who can consult on that path, whether it's your coach or a coach or a consultant or another shop owner, colleague, small business owner from any— I want to say any make
or model, but from any trade or anything like that. Remember, small business is a small business. You know, it doesn't matter if you're not a publicly held company, you're pretty much like a small business in a sense. I, I, that's my thinking. So the more you learn from people who have been there, done that, the better you can sit back and go, hey, you know what, maybe that's not a bad path to take.
But in any case, you— I mean, you need to know what you want to do before you do it. And I think that's the biggest thing. What's your business mission? What's your business's purpose? How do you treat people? Remember, you're going to attract the same type of person that you are. So, you know, that goes a long way in terms of how you're going to, you know, gather your client base and do all of that.
But family businesses in general, just like any other business, is difficult to navigate at times. There's arguments, there's fighting, there's what am I going to do? But I have to say that if you if you learn how to teach and mentor, um, it becomes easier. And if you— the one of the biggest things that I had to learn, and that it takes time to do that, not just learn but actually implement, is that you need to give everybody their place, give everybody their lane so that they can succeed.
It's putting them in a position to win. You might hear that a lot in sports where the coaches after the game will say, you know, I got to do a better job of putting him in a position to win. Well, yeah, you do. And that's what coaching and mentoring is all about. Put them— give them, um, their most highest percentage of success utilizing the skills that they have.
And as they're in that setup, you know, make sure that you are willing to, uh, continue teaching them and giving them all of the resources they need to be exceptional, uh, That way, you know, you can rest assured that you're, you're not— you're growing, you're growing the team, you're growing your, your success successors, um, in a way. And I think that's— I think we've been pretty good at that, you know.
I've been trying to get, uh, my two, my two kids— I say kids, but, um, uh, my son and son-in-law to do a show. And, you know, we got a title, uh, form that's called Two Bucks and a Bull. All right, so my son-in-law's name is Bullens, and of course you've got Scott Buckley and Greg Buckley. So it's Two Bucks and a Bull.
I have to try to get him to do that because that's a hell of a title, and we could really talk about some stories just to bring insight into what a family business does. Um, but again, it comes down to what's your purpose, what's your mission when you start. I know that when I got in here, when I got into the business at 8 years old, and what I did, um, it was magical then, it's still magical now.
And I know that's hard to, to take sometimes, even with all the BS that we go through day in and day out. It's still rewarding to walk into the shop or shops and talk to a client, um, you know, say hello, solve a problem. And it's not that I'm working on the cars anymore. Of course I'm not. You know, I'm, I'm not that— I'm not in the Bay, you know, like I had been years ago.
Um, but I have to learn how to convey the joy I would have. Don't get me wrong here, I know that a lot of you, especially who are still working in the Bay, will say bullshit. You know, it's not fun anymore and all that stuff. But, um, and I convey— and, and I felt the same, that, you know, uh, geez, one of the, the most ugliest job I've— I think I ever did was a set of heads on a Ford Granada with a 302, um, tight as can be.
It was, it was the Lincoln Mercury version of the Granada, the grenades. But, uh, that was probably the ugliest job that I had ever done, uh, back when I was truly just doing, you know, mechanical work. Um, but it never took away from what I felt was my ability to make a client happy and get them on the road and feel good about it.
And then as I grew through it, you know, I said, you know, this, this is for me, this is for me. And then having a family and then realizing that there's potential. And at the beginning, my kids weren't involved. They weren't, you know, uh, it took, it took a while. But I can say this with all honesty because I would discuss this with my wife.
I said to her, I go, my son will be joining the business by the time he's 35. I made that statement and I held to that. And she thought I was crazy. She said, how can you predict what he's going to do and all this? Now my daughter was on a path for you know, teaching and, uh, you know, doing other things.
But then she diverted into sales for an extremely large world international, um, business titling company. You know, when you go, you set up corporations, uh, under her, under the company, and she excels at it. And she does very well, uh, financially. Great job, great position. And my son-in-law was going from sales jobs to other electrician, and then he wanted to be a police officer.
Uh, all of them just didn't pan out. And so I offered him a position because I said, this kid's got talent. He's, uh, bright. He is sharp. Um, a little, a little wiry in a sense, is, you know, the temper was there, you know, you know, all this stuff. Uh, but I knew the potential, you know, and, and my son-in-law has been with me longer than my son actually in the business.
But I still held to the time that my son would be 35. Well, as it turns out, as life would have it, it was earlier than 35 because he got disgusted with his career path, which is software, computer science, programming. He got tired of it. And this is a kid who went to, uh, 4 or 5 years— 4 years of, of college for computer science, interned at Apple in Cupertino, went through the whole route, really knows his stuff.
I am so happy, uh, for the skill sets that he's involved with. But he came on board, um, because he just got tired of everything. And he came and he asked me, because you got room for me? I said, not really, because I said I just hired a tech. I said, the payroll budget, I said, it's a little tight, but Hey, this was an opportunity.
And I said, if you want to do it, we'll make it happen. And we did, and we have. And with the help of, you know, just, just being experienced and working with family businesses, uh, with my dad, uh, and, uh, my brother and sister, um, there was always rocky road times when roads were rocky, let's put it that way. And we would, you know, uh sling paint on the wall when we get into our arguments, discussions, conversations.
Let's put it that way, uh, heavily emotional conversations. We can leave it at that. But it was always, um, we would always turn our attention to the client as they walked into the door, and we still do today. Yes, we still argue. Yes, we still have very, very, uh, heavy conversations, deep conversations that are loud. It's just part of what happens in a passionate family business where we have goals to, to, uh, to go by and, um, goals to achieve.
Let's put it that way. So these things are important for you to understand. And yet for me as an owner, I still look at what are my options when I finally want to move beyond and out, and what are their goals as they progress, right? It's not just what I want, it's what the brand wants, what my business wants. Do we diversify into other types of business, whether it's real estate, whether it's, uh, software marketing, whatever?
We don't, we don't think that there isn't anything that we can't accomplish or get ourselves into. You know, the sky's the limit when it comes to what we want to do, whether it's we stay a 2-location or, hey, maybe, maybe life will bring us other locations. We don't know. But whatever it is, we want to be successful. And for me, I want that next generation to be successful so that they can pass all this on to the next generation.
So it brings you back to what are my options, how do I do this? And it's something that I always think about until when I don't have to think about it, which, you know, could be years away, it could be tomorrow, it could be whenever. Um, all these things come into focus as you get older and as you have a business that is more than 5 years old, 10 years old.
I mean, we're 60 years old. There's others— I'm sure there's others out there that are 100 years old. God bless them. My goodness, that is something that needs to be really highlighted because again, it's not easy having a family business. But you know what? I don't think I'd have it any other way. I've worked hard to put that— this family business together, as I know other Other families in different types of trades have done the same.
I know plenty of mechanical contractors, plumbers, business types, you know, roofers, all, all of them. They have put legacy businesses together in order to provide for their families, just not now but in the future. Um, and there's a lot to say about that. It was just not, you know, my dad wasn't that way. He, he pretty much ran the business without thinking what legacy could do or what he could build.
He would be proud of who we are and, and what we're doing today, no, no, no doubt about that, but I don't think that was his goal. So he had to start with that. Yes. Well, what, what can I do anyway? Um, yeah, uh, family businesses are, are difficult, but if you stay on top of it and do what you need to do with all the, all the principles in mind, you know, you can, you can get by.
But it's the one thing that I know that I did is I was not afraid to talk to people who have been there, done that, and could offer some really good advice on what to look for. Not that I always followed you know, their advice. Because like I said, you know, I'm— I'll admit, uh, I'll never stop being stupid. I just want to reduce the amount of time that I'm stupid, and that's on everything.
So, um, but overall, you know, it comes down to what do you want to do, you know, how do you want to exit, you know, keep it to the family. Does the family get together, go, hey, you know what, private equity doesn't sound too bad. You know, these are things that go through your mind. I'm being straight up and honest. So what you see in the next couple of episodes, I think it will be me trying to not just, you know, again, interviewing, you know, people who, uh, you know, great shop owners and all of that.
Got a couple of good ones coming up, by the way. Um, but more or less what, what I'm doing. So if I can share what I'm doing, maybe it helps you, maybe it doesn't. Anyway, it's all about curiosity and learning and getting yourself positioned so that my, my future is secure. And at the same time, I'm hoping to build a security net for the next generation or give them the best advice I can.
So anyway, oh well. Well, Greg here, um, another episode of Shop Soup. I hope you guys are enjoying everything. I, I certainly appreciate the support. You can subscribe on a YouTube channel. You can download the podcast and subscribe to that on Apple, Amazon, Spotify. Um, it's all over the place, I guess. And so we're building the best we can. Anyway, I just want to say thanks again for, um, hanging in there, okay?
And, uh, I'm here in Houston. I hope to see you here if you are in Houston. Hey, maybe we can get some recording time in. Whatever case might be, it's a beautiful venue. Thanks to Sunil and the team at Techmetric. We do appreciate it, uh, and we'll talk to you soon, okay? See ya.
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