Intellectual Property and Trademarks and Patents, o my! Sean Solberg is a protector of ideas and as a patent attorney at Fredrikson & Byron, you know this extended episode is loaded with strategic value. Ben, Sean, and BEN BOT discuss patentability and building to go big, even when you’re small. We also encourage business owners to be bold by looking for what exists, versus hoping it doesn’t.
Russ Goerend is a bold and generous leader who designs community-driven experiences for high school students exploring what’s next within the Waukee APEX work-based learning program. This is a powerful episode for educators, students, and parents! Inspired by Stop Stealing Dreams, Connect Dots, and How to get into a famous college with Seth Godin, together we ask, what is school for? This is a simple, but important question that has so many answers!
As we embark on 2024, how might we continue to blur lines between the classroom and community? What are more side doors we can open today, that accelerate those ready to build tomorrow? Enjoy!
The entrepreneurial lifestyle resists definition.
Business owners paint with strokes of curiosity, determination, and innovation. When people build with creative ambition, experience is valuable, but the symphony of desire and attitude plays an equally important role. It takes heart to start and resilience to keep building. Executing early moves, managing focus, collecting feedback, building a team, and maintaining sales is such an art form.
The best part about an entrepreneurial lifestyle is that it’s accessible to everyone. This can be seen as students explore projects that look like work to others, but feel like play to them. It’s intrapreneurs fueling positive change in existing companies. It’s startup founders achieving product-market fit with new ideas and others who build on existing momentum by acquiring an established business.
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This caffeinated contribution was written by Sheldon Ohringer. Sheldon has led large sales teams, is an active investor, a board member, and is now building Cocoon Growth to help others buy their first business.
Starting a business is one way to explore the entrepreneurial lifestyle, but buying an existing business is also an interesting way to write your own story. While there may be a cost for the head start, acquiring an existing business presents an interesting side door to the entrepreneurial lifestyle.
As you consider a business to buy, avoid future headaches by understanding industry requirements such as licenses, permits, zoning, and environmental requirements. As you work with existing ownership to determine a purchase price, a valuation based on capitalized earnings, excess earnings, cash flow, and tangible assets are all methods to guide fair negotiations. In the end, the right price is one that delights the seller and has the buyer excited.
As details come together, partner with legal and accounting experts who focus on mergers and acquisitions to document the transaction. A letter of intent, confidentiality agreement, contracts, leasing documents, financial statements, tax returns, and sales agreements are all important documents to talk with your M&A team about. Many transactions include a vesting schedule as well, so stay in-tune with these details to avoid unwanted surprises.
There are a variety of strategic ways to acquire a business, but once the transition takes place, new owners are given keys to a kingdom that hails an established team, customer base, and operating procedures. As we see in the Exit section of the Results chapter in YDNTB, there will be challenges during these transitory times, but in the end, virtuous leaders listen to keep the culture balanced. All the good that comes with a business is important to maintain, but an honest audit of negative aspects are important too. Intentional candor with areas to improve allows new owners to build on past success, while charting a renewed vision for lasting prosperity.
Cross-checking helps determine distance, maneuver around obstacles, and identify missing objects. Alongside the math, a triangulated team diversifies real skills and increases dependability.
With more distinct perspectives, entrepreneurs add synergy that accelerates forward movement and increases confidence when the same problem is attacked from multiple angles. This nimbleness can be leveraged as co-founders also create an invigorating culture that makes each person feel significant. With back-to-back episodes of You Don’t Need This Podcast featuring my two co-founders in FliteBrite, what a wonderful chance to reflect on talented friends who build as one.
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“One’s company, two’s a crowd,
and three’s a party.” -Andy Warhol
If you’re on the prowl for co-founders, consider the value of triangular patterns. Connectors become connected, so show up and be quick to make interesting introductions. Even when the first degree of contact lacks obvious opportunity, remember it’s often the second and third degree of connectivity that delivers more precision. Over time, generosity within an entrepreneurial ecosystem will expand and tighten engaged networks. Instead of forcefully recruiting co-founders, the open-ended activity of a serendipitist will have us colliding with friends we simply haven’t met yet.
When it’s time to build, bonds that formed naturally will support lasting collaboration with people you already respect. That said, established trust is not an excuse to get complacent. From start to finish, be honest and transparent. Every story ends, so invite difficult discussions early and often. Agree on terms, leave space for change, structure the business, maintain an operating agreement to ensure clarity with less tension, and lead by nurturing the power of triangulation.
Lone wolves can move mountains and rare resources are required with more human capital brewed in, but the expanded capacity and ongoing resilience makes this odyssey worthwhile. When long-term players play long-term games together, the chemical reaction is an affinity toward work that feels like play. Cheers!
The right decision is often the one you make.
When questions linger, they get heavier over time. When I talk about writing a book with aspiring authors, I share how a sense of paralysis occurs. Whether it’s from the writing or publishing process, this mental jam is not from a lack of options, but instead, so many. While it’s important to understand options, the key to momentum is to simply make each decision.
This is not as easy as it sounds. No matter how big or small the decision might be, the fear of getting it wrong stands in the way. Fortunately, while life or death decisions do occur, most of the time, a wrong decision only requires extra resources to make it right. Bad decisions add up, but if it’s just one decision that’s part of a longer sequence, even slight missteps can still move us closer to where we want to be.
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What decision is holding you back?
The decision I’m wrestling with, is if I should continue with my weekly writings. I’m so thankful for the reading room that is Roasted Reflections. It’s been a privilege and a blessing, but I’ve made sacrifices to ship this art every week for almost three years. I hinted at this in Recursion, but with the end of 2023 in sight, it’s time to decide if/how I should continue with this ambitious cadence.
Perhaps I’ve written what needs to be said, at least for now? Would these jolts of energy be missed if they were gone? Writing helps us understand our thoughts, so it’s nice to know if I do turn down the volume, the Roasted Reflections library isn’t going anywhere. I could still occasionally add fresh writings and we’ll stay connected with new episodes of You Don’t Need This Podcast brewing every week. What could I do with the extra bandwidth? Hmm…
I think it’s time. I’ll make this decision here and now.
The next four months (17 weeks) will be sequenced to say farewell to my weekly writings at the end of 2023. I’m so thankful for this remarkable ride we’ve shared together. Every writing will continue to be pure human, thoughtfully crafted, and brewed to keep us building. This will be an emotional process, but we are one my friends. People like us, do things like this, so cheers to all that is next.