The Most Meaningful Lesson that I've Learned Over the Past 12 Months

The Most Meaningful Lesson that I've Learned Over the Past 12 Months

This episode is brought to you by ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Oberle Risk Strategies⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠: Insurance Broker and Insurance Due Diligence Provider for Search Funds and Other Small-to-Medium-Sized Businesses⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ [https://oberle-risk.com/in-the-trenches/]     * This episode is brought to you by ⁠⁠⁠⁠⁠⁠⁠Kilpatrick, a leading global law firm with a dedicated search fund team that works with searchers from inception, to acquisition, to exit⁠⁠⁠⁠⁠⁠⁠ [https://ktslaw.com/Services/BusinessFinance/Entrepreneurship-Through-Acquisition-Search-Funds]. * This episode is brought to you by⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Boulay, the industry standard for Quality of Earnings, tax, and audit services, serving search fund entrepreneurs for 20+ years⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ [https://boulaygroup.com/services/search-funds/] * ⁠⁠⁠⁠⁠⁠⁠⁠Click Here to Subscribe to the In The Trenches YouTube Channel⁠⁠⁠⁠⁠⁠⁠⁠ [https://www.youtube.com/@InTheTrenchesSMBPodcast] * Regular listeners of the show will know that I often conclude with the same question: “What is the most meaningful lesson that you have learned over the past 12 months, across any domain of your life?”. I’ve received so many interesting answers to this question that I decided to compile them into a single episode, that features the answers of 15 of our previous guests. One of my favorite quotes is “we need to be reminded more than we need to be taught”, which suggests that many of our most meaningful lessons are ones that we already know at some level, but often need to experience to fully appreciate their importance. What I loved most about today’s episode is not just how simple and fundamental the answers were, but also how they spanned so many different domains of life: Business, personal, family, and spiritual, just to name a few.

A Peek Behind the Curtain: What Small Business Ownership *Really* Looks Like

This episode is brought to you by⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Boulay, the industry standard for Quality of Earnings, tax, and audit services, serving search fund entrepreneurs for 20+ years⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ [https://boulaygroup.com/services/search-funds/] * This episode is brought to you by ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Oberle Risk Strategies⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠: Insurance Broker and Insurance Due Diligence Provider for Search Funds and Other Small-to-Medium-Sized Businesses⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ [https://oberle-risk.com/in-the-trenches/]     * This episode is brought to you by ⁠⁠⁠⁠⁠⁠Kilpatrick, a leading global law firm with a dedicated search fund team that works with searchers from inception, to acquisition, to exit⁠⁠⁠⁠⁠⁠ [https://ktslaw.com/Services/BusinessFinance/Entrepreneurship-Through-Acquisition-Search-Funds]. ⁠⁠⁠⁠⁠⁠⁠Click Here to Subscribe to the In The Trenches YouTube Channel⁠⁠⁠⁠⁠⁠⁠ [https://www.youtube.com/@InTheTrenchesSMBPodcast] * Since the first blog post that I wrote in April of 2021, I have been rather public with my opinion that nobody knows what it’s like to be an entrepreneur or CEO unless you’ve been one. Personally, and professionally, we face both challenges and opportunities that few others can relate to. Though many understand the rewards of company leadership (things like compensation, decision making authority, and independence) few understand the sometimes-arduous journey that’s required to both get there, and to stay there. This is why it can feel genuinely lonely at the top: In spite of their best efforts, our spouses, direct reports, and friends simply don’t understand what it’s really like. More accurately, they can’t be expected to. The point of today’s episode is to give the uninitiated a peak behind the curtains, and to provide but one example of what leadership really looks like at the ground level. My guest today, Rishi Sahel, is a great example of a CEO who has withstood more than his share of punches to the gut: As you’ll hear in our discussion today, these punches included (but were not limited to) an acquisition of a manufacturing company in the middle of Covid when lockdown orders were in full effect, a post-covid supply chain crisis, Post-covid runaway inflation, a Lost warehouse, an attempt to buy their primary manufacturing facility from out underneath them, wire fraud, tariffs impacting a global supply chain and global customer base, and one unforgettable presentation to members of a local city council – all of which is about a million miles away from the comfortable confines of Bain, where Rishi spent many years prior to pursuing his dream of acquiring a small business. As you’ll hear, despite all of these challenges, the company that he has built has enjoyed incredible growth and success. But hopefully better understanding the details of his journey will give you pause the next time you’re tempted to get too enamoured with what seems to be an unambiguously positive headline. In presenting Rishi’s story to you, I don’t at all mean to suggest that leadership is all downside and no upside. Quite the contrary, in fact. Instead, I’m providing you with this dose of reality only because I assume you’re much more familiar with the upsides of entrepreneurship and leadership, and much less familiar with the price that you’re likely to have to pay in order to receive those benefits.

$2B Company Founder on Youth, Inexperience, and Why You're More Ready Than You Think

This episode is brought to you by ⁠⁠⁠⁠Kilpatrick, a leading global law firm with a dedicated search fund team that works with searchers from inception, to acquisition, to exit⁠⁠⁠⁠ [https://ktslaw.com/Services/BusinessFinance/Entrepreneurship-Through-Acquisition-Search-Funds]. * This episode is brought to you by⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Boulay, the industry standard for Quality of Earnings, tax, and audit services, serving search fund entrepreneurs for 20+ years⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ [https://boulaygroup.com/services/search-funds/] * This episode is brought to you by ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Oberle Risk Strategies⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠: Insurance Broker and Insurance Due Diligence Provider for Search Funds and Other Small-to-Medium-Sized Businesses⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ [https://oberle-risk.com/in-the-trenches/]     * ⁠⁠⁠⁠⁠⁠Click Here to Subscribe to the In The Trenches YouTube Channel⁠⁠⁠⁠⁠⁠ [https://www.youtube.com/@InTheTrenchesSMBPodcast] * My guest today is Ronnen Harary, the Co-Founder and Chairman of Spin Master Toys, the fourth-largest toy company in the world behind only Lego, Mattel, and Hasbro. Alongside his business partners, Ronnen co-founded Spin Master in 1994 and eventually transformed it from a three-person startup into a publicly traded company with a market capitalization of ~$2B, generating ~$2.3B in annual revenue. In our conversation today, we talk about the four major themes that stuck out to me from Ronnen’s career: 1. Youth, inexperience and how that frames how we ought to think about taking risk in our lives and careers 2. Tail events: The impact of a small number of outcomes that generate a disproportionate share of results 3. Relationships between business partners: How he thinks about what makes for a great partnership (and what makes for a bad one) 4. Once you've accomplished your wildest dreams, what happens to your relationship with risk and ambition?

When Both Sides Are Right: Navigating the Trade-Offs That Define Leadership

This episode is brought to you by⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Boulay, the industry standard for Quality of Earnings, tax, and audit services, serving search fund entrepreneurs for 20+ years⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ [https://boulaygroup.com/services/search-funds/] * This episode is brought to you by ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Oberle Risk Strategies⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠: Insurance Broker and Insurance Due Diligence Provider for Search Funds and Other Small-to-Medium-Sized Businesses⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ [https://oberle-risk.com/in-the-trenches/]     * This episode is brought to you by ⁠⁠Kilpatrick, a leading global law firm with a dedicated search fund team that works with searchers from inception, to acquisition, to exit⁠⁠ [https://ktslaw.com/Services/BusinessFinance/Entrepreneurship-Through-Acquisition-Search-Funds]. * ⁠⁠⁠⁠⁠Click Here to Subscribe to the In The Trenches YouTube Channel⁠⁠⁠⁠⁠ [https://www.youtube.com/@InTheTrenchesSMBPodcast] * Link to a related blog post: How to Know When it’s Time to Stop [https://mineolasearchpartners.com/2022/08/18/how-i-made-my-decision-to-step-down-as-ceo/] * One of the most challenging aspects of leadership is navigating the seemingly endless collection of tensions and trade-offs that exist within any organization. These situations are difficult precisely because they rarely involve a choice between something that is clearly right and something that is clearly wrong. More often, leaders find themselves choosing between two priorities that are both important, both defensible, and both worthy of attention. In these situations, not only must leaders determine where to allocate resources, but they must also manage the internal tensions that frequently emerge when different people, teams, or departments become closely aligned with one side of the trade-off or the other. Throughout my tenure as a CEO, I repeatedly encountered situations like these. This week, we explore seven specific examples of these leadership trade-offs, and why I believe they are among the most difficult decisions that leaders are asked to make.

The Wisdom of Failure: Growing from our Personal and Professional Setbacks

This episode is brought to you by ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Oberle Risk Strategies⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠: Insurance Broker and Insurance Due Diligence Provider for Search Funds and Other Small-to-Medium-Sized Businesses⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ [https://oberle-risk.com/in-the-trenches/]     * This episode is brought to you by ⁠Kilpatrick, a leading global law firm with a dedicated search fund team that works with searchers from inception, to acquisition, to exit⁠ [https://ktslaw.com/Services/BusinessFinance/Entrepreneurship-Through-Acquisition-Search-Funds]. * This episode is brought to you by⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Boulay, the industry standard for Quality of Earnings, tax, and audit services, serving search fund entrepreneurs for 20+ years⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ [https://boulaygroup.com/services/search-funds/] * ⁠⁠⁠⁠Click Here to Subscribe to the In The Trenches YouTube Channel⁠⁠⁠⁠ [https://www.youtube.com/@InTheTrenchesSMBPodcast] * Today’s episode is all about failure – I know that doesn’t sound like a particularly sunny way to begin an episode, but stick with me. My guest today, Dr. Larry Weinzimmer, argues that failure is not just an inevitability in business and leadership — it is often the primary source of meaningful growth and long-term success. Importantly, he argues that this is true at both a personal and organization level. In our conversation today we discuss how those who are achievement oriented often have a hard time digesting this reality, how bosses and Boards of Directors can create environments where failure is tolerated but not necessarily actively encouraged, the role that egos tend to play in organizational failures, what a good post-mortem and pre-mortem sounds like, what “learning” from a failure actually looks like at a highly tactical level, why success can breed over-confidence and blind spots (including how to spot common warning signs in advance), and how to balance the importance of persistence with the wisdom of knowing when it’s time to make a change.