In this segment of Dirty Secrets of Small Business, Jack Mencini and Adam Sonnhalter, co-hosts and co-owners of Maximum Value (MVP) discuss one of their client’s success stories dealing with transformation.
How do you transform your business after 20 years? MVP’s client’s industry was going through dramatic changes from the last two decades of being in business. Over the last several years, things were getting tough and if you go through this it is like going through a total restart.
Their client had a dilemma of needing to change to keep current with what was happening in the publishing industry. He asked the question: How do I take my past success and make the necessary changes for the future? There is no guarantee that the business you start today will remain the same as when you began.
Only 1 in 3 businesses go from the first generation to the second generation and change is critical for success with a new product or service or new emphasis.
It took 5 years for the owners to re-invest and re-invent to see themselves as a content company rather than a publishing company and develop a profit plan to make the necessary changes. After 5 years, this business is now on the road to be handed over to the next generation because tough decisions were made and the owner was able to work through it with outside influences like business coaches: Maximum Value Partners.
As business coaches, MVP maintains that the same rules of business apply in all cases to different products and services. Re-inventing and re-investing through a mindful strategy and a profit plan will bring a good outcome for the company and generations to come.
For more details on getting satisfaction and scheduling transformation for your business, tune to the podcasts on iTunes or here.
If you have a success story or a question you would like to share, email or call (firstname.lastname@example.org or 877-849-0670). You can also call into during the show each week at noon (EST) – 1:00 pm on WINT 1330 AM, call 440-946-9468 to ask your question to the Maximum Value Partners’ coaches!