Owner To Owner Podcast

Host @Michael Kerr [https://www.linkedin.com/in/michaeljkerr-small-business-adviser/] speaks with @Honor Northam [https://www.linkedin.com/in/honor-northam-1360401b3/] about her journey in business ownership and her advocacy for employee ownership. They discuss the challenges and benefits of transitioning to employee ownership trusts (EOTs), the impact of small businesses on local communities, and the cultural barriers that hinder the adoption of employee ownership in Australia.  Honor shares her experiences with her bakery, @Honorbread, [https://www.honorbread.com/] and how with limited formal business qualifications she has successfully run multiple businesses. The discussion covers; * the upside of employees having a real stake in the companies they work for * #employeeownership as a way to reward those who contribute to a business's success. * how transitioning to an employee ownership trust can be financially beneficial for business owners * why #communityimpact is a significant consideration for small business owners when thinking about #exitplanning * how small businesses play a crucial role in supporting local communities * why understanding #EOTs is essential for business transitions. * why cultural perceptions of ownership can hinder the adoption of employee ownership models. * why regular business valuations are important for planning transitions * how the future of employee ownership in Australia is promising but requires more advocacy and understanding. Chapters 00:00 Introduction to Employee Ownership 02:47 Honor's Business Journey and Employee Ownership Experience 05:59 Challenges and Misconceptions in Employee Ownership 09:09 Financial Benefits of Employee Ownership 11:56 Transitioning Businesses to Employee Ownership 15:01 Community Impact and Responsibility 18:01 Supporting Local Youth and Employment 20:52 The Complexity of Business Succession 24:09 Opportunities in Employee Ownership 26:09 Exploring Employee Ownership Trusts (EOTs) 29:20 Challenges of Employee Buy-In 32:30 Cultural Perceptions of Employee Ownership 37:43 Valuing Business Equity and Its Implications   Thanks for listening.  Visit the Owner To Owner Podcast website to subscribe, listen back, or check out any resources or information mentioned on the show. Search @ownertoownerpodcast on your favourite podcast player to subscribe and listen to the episodes. Reach out to Michael Kerr via the website if you need personal assistance or advice for your small business. michael.kerr@kerrcapital.com.au [michael.kerr@kerrcapital.com.au] www.ownertoownerpodcast.com.au [www.ownertoowner.com.au]

@Rosy McEvedy [https://www.linkedin.com/in/rosy-mcevedy-459a65182/] founder of @IV League Drips [http://www.ivleaguedrips.com], shares her entrepreneurial journey. 1. Rosy founded the business in 2018 and has grown it to nearly 200 licensees. 2. She faced two major setbacks in her entrepreneurial journey. 3. The first setback was a partnership that ended poorly due to lack of compatibility. 4. Rosy's background in pharmacy and nursing influenced her business direction. Rosy shares her personal take on the; * Importance of #resilience * Complexities of #businesspartnerships [businesspartnerships] * Value of self-awareness in business * Need for thorough research and understanding when entering partnerships and the significance of hiring the right people to fill gaps in a business. The conversation covers Rosy's innovative licensing model in the health industry, aiming to make preventative health services accessible across Australia.  Takeaways * She highlights the importance of hiring over partnerships for business growth. * Rosy's resilience and determination have been key to her success. Every business owner faces moments of doubt. * Support from friends and mentors is crucial. * Learning from setbacks builds resilience. * Purpose should drive business decisions. * A strong network can lead to opportunities. * Financial health is vital for business growth. * Mentorship can provide invaluable guidance. * The importance of a purpose-driven approach. * Building a sustainable business model is key. * Networking can open doors to new opportunities. rosy@ivleaguedrips.com  [rosy@ivleaguedrips.com] @michael kerr  [https://www.linkedin.com/in/michaeljkerr-small-business-adviser/] @kerrcapital [www.kerrcapital.com.au ]   Chapters 00:00 Introduction to IV League Drips 02:23 Rosy's Journey and Business Background 10:00 First Major Setback: The Partnership 24:40 Second Setback: Financial Distress and Lessons Learned 28:03 Overcoming Financial Setbacks 34:00 The Importance of Support Systems 38:57 Purpose-Driven Business 50:56 Mentorship and Guidance for Growth Thanks for listening.  Visit the Owner To Owner Podcast website to subscribe, listen back, or check out any resources or information mentioned on the show. Search @ownertoownerpodcast on your favourite podcast player to subscribe and listen to the episodes. Reach out to Michael Kerr via the website if you need personal assistance or advice for your small business. michael.kerr@kerrcapital.com.au [michael.kerr@kerrcapital.com.au] www.ownertoownerpodcast.com.au [www.ownertoowner.com.au]

@Michael Kerr [https://www.linkedin.com/in/michaeljkerr-small-business-adviser/] and @Jon Manning [https://www.linkedin.com/in/jon-manning-pricingprophets/] on why #pricing is the biggest lever for improving profitability. They discuss using pricing strategies as a highly effective way to increase small business profitability. They explore the #psychology behind pricing, the common hesitations business owners face when considering price increases, and the importance of effectively communicating these changes to customers.  They cover innovative pricing tactics, the significance of choice architecture in proposals, and the necessity of establishing a systematic pricing cadence. Key takeouts; * the need for businesses to understand their value proposition * how and when to reassess pricing models to ensure sustainability and growth * why business owners need to engage in meaningful discussions with their customers about value and pricing * the importance of understanding the different 'business unit' within a business when considering price changes * the psychological aspects of pricing that affect customer perceptions * how reframing pricing discussions as value conversations can help Chapters 00:00 Introduction to Pricing Strategies 09:37 The Psychology of Pricing and Business Owner Hesitation 18:34 Communicating Price Changes Effectively 23:07 Understanding Customer Value and Pricing Conversations 31:08 Reassessing Pricing Models for Profitability 37:41 Understanding Pricing Complexity 40:00 Innovative Pricing Tactics 47:12 The Power of Choice Architecture 55:48 The Psychology of Pricing 01:01:39 Establishing a Pricing Cadence 01:10:26 Government and Pricing Dynamics @kerrcapital [www.kerrcapital.com.au] @pricing prophets  [https://pricingprophets.com/]   Thanks for listening.  Visit the Owner To Owner Podcast website to subscribe, listen back, or check out any resources or information mentioned on the show. Search @ownertoownerpodcast on your favourite podcast player to subscribe and listen to the episodes. Reach out to Michael Kerr via the website if you need personal assistance or advice for your small business. michael.kerr@kerrcapital.com.au [michael.kerr@kerrcapital.com.au] www.ownertoownerpodcast.com.au [www.ownertoowner.com.au]

@Marama Carmichael [https://www.linkedin.com/in/maramacarmichael/] shares her pathway  that started in science and now sees her as founder and CEO of @Oracle Tree [https://oracletree.com/], a full-stack digital marketing agency. She discusses the pivotal moments that led her to start Oracle Tree, emphasizing the importance of empowering business owners and better understanding their needs.  Marama highlights the challenges many business owners face, including the tendency to create 'Frankenstein' businesses that are reactive rather than strategic.  She advocates for financial literacy, mentorship, and the need for external perspectives in business.  The conversation also touches on her book, 'Fixing Frankenstein,' which aims to help business owners take charge of their operations and make informed decisions. * Marama's journey reflects the importance of adaptability in business. * Empowering business owners is at the core of Oracle Tree's mission. * Asking 'why' can lead to deeper insights for business owners. * Many business owners create reactive 'Frankenstein' businesses. * Financial literacy is crucial for business resilience. * Mentorship can provide valuable external perspectives. * Strategic marketing spending is essential for growth. * Curiosity can drive innovation and improvement in business. * Understanding client needs is key to effective marketing. * Creating a supportive business environment fosters success. @michael kerr [https://www.linkedin.com/in/michaeljkerr-small-business-adviser/] @kerr capital [www.kerrcapital.com.au ]   00:00Introduction to Marama Carmichael and Oracle Tree 02:29Marama's Journey: From Natural Therapies to Digital Marketing 05:12Empowering Business Owners: The Philosophy Behind Oracle Tree 07:45Understanding Client Needs: The Importance of Asking 'Why?' 10:28The Challenges of Business Ownership: Navigating Flux and Reactivity 13:24Creating a Sustainable Business: The Role of Strategy 16:18Choosing the Right Clients: Culture Fit and Business Success 19:01The Importance of Self-Reflection for Business Owners 21:48Oracle Tree's Services: A Comprehensive Approach to Marketing 28:05Strategic Financial Management in Business 30:23The Importance of Mentorship and Guidance 32:49Understanding Business Structure and Roles 37:21The Need for Holistic Business Perspectives 39:03The Value of External Insights and Mentorship 43:48Curiosity and Continuous Learning in Business 47:27Key Priorities for Small Business Resilience Thanks for listening.  Visit the Owner To Owner Podcast website to subscribe, listen back, or check out any resources or information mentioned on the show. Search @ownertoownerpodcast on your favourite podcast player to subscribe and listen to the episodes. Reach out to Michael Kerr via the website if you need personal assistance or advice for your small business. michael.kerr@kerrcapital.com.au [michael.kerr@kerrcapital.com.au] www.ownertoownerpodcast.com.au [www.ownertoowner.com.au]

@bill withers [https://www.linkedin.com/in/bill-withers/] is founder of @the Adapt Way [https://theadaptway.com/] and author of 'Succession Thinking [https://www.successionthinking.com/]'.  In this conversation, Michael and Bill discuss the challenges and strategies for building resilient businesses, emphasizing the importance of shifting from a short-term profit mindset to a long-term vision.  Bill shares his journey from a challenging upbringing in #Kununurra [kununurra] to becoming a successful entrepreneur and business leader. The conversation delves into key themes; * the importance of stewardship in small and medium enterprises (SMEs),  * the lessons learned from selling his business Acquire,  * the vision behind his current venture, ADAPT, which aims to support SME owners in building resilient businesses, * the need for leadership development within SMEs, and  * the significance of creating a supportive community for business owners.  They explore the need for; 1. Role clarity,  2. Trust in business culture, and  3. The legislative changes required to support small and medium enterprises (SMEs).  Bill highlights the significance of decision-making infrastructure and the need to rethink capital distribution to empower SMEs.  The discussion culminates in the idea that business owners should focus on creating options and flexibility rather than viewing selling as the only exit strategy. Takeaways; * Stewardship is crucial for the success of SMEs. * Business owners often feel overwhelmed and isolated. * Leadership development is essential for SME growth. * The sale of a business should be approached strategically. * Bill's upbringing influenced his passion for supporting SMEs. * ADAPT aims to create a supportive community for business owners. * The distribution of wealth and power is vital for a healthy economy. * Business owners need to clarify their roles for better outcomes. * Building capabilities is key to successful business ownership. It's a binary thing; working hard doesn't guarantee success. * Return on vision is often more important than return on investment. * Building a resilient business requires new practices and habits. * Role clarity is essential for effective decision-making. * Trust is the key to optimizing business culture. * SMEs need different legislation than large corporations. * Capital distribution must be rethought to support SMEs. * Culture is built on trust and authenticity. * Business owners should focus on choices, not just selling. * Maximizing the probability of achieving business goals is crucial. @kerrcapital [www.kerrcapital.com.au] @Michael Kerr [https://www.linkedin.com/in/michaeljkerr-small-business-adviser/]   Thanks for listening.  Visit the Owner To Owner Podcast website to subscribe, listen back, or check out any resources or information mentioned on the show. Search @ownertoownerpodcast on your favourite podcast player to subscribe and listen to the episodes. Reach out to Michael Kerr via the website if you need personal assistance or advice for your small business. michael.kerr@kerrcapital.com.au [michael.kerr@kerrcapital.com.au] www.ownertoownerpodcast.com.au [www.ownertoowner.com.au]