Jul 21 2022
Awesome Acquisitions - Nick Leja - Leaders Who Scale - Episode # 020
Acquiring a new business can be a complicated process, but when done right, it can also be extremely rewarding in many ways! Nick Leja is an outstanding entrepreneur and owns locations of European Wax Center, Plato's Closet, Disc Replay, MY SALON Suite, and Superior Fence & Rail. Tune in to hear about what EOS can actually do for your business, how to build trust with employees, and what goes into successfully acquiring a new business.
Takeaways:
One of the biggest parts of running a successful business is the team. You need to get the right people in the right positions and give them the right incentives.Avoid working with the mindset of checking boxes. Instead, try to streamline your company’s processes to the point where you as the owner don’t have to do anything.When acquiring a new business, first focus on the team. Meet with as many of them as possible to build trust and remove pain points. Next, zero in on improving the processes of the company.When you incentivize your managers in a way that allows them to treat the business almost as if they are the owner, it’s easier for you to step back from the business and remove yourself from the day-to-day.Exiting their business is a very emotional process for the seller because of everything they have put into building it up over their lifetime. They want to leave their company in good hands with a buyer that can be a steward for the company and continue its legacy.Even when running multiple companies, you can use the EOS system, with its weekly meetings and rocks, to help the teams within each business get aligned and focused on their goals.Develop a stockpile of great employees that are growing and becoming overqualified for their current work so that you can elevate them when new opportunities arise.
Quote of the Show:
“At the end of the day, a business is a business and managing people is managing people” - Nick Leja
Links:
LinkedIn: https://www.linkedin.com/in/nick-leja/ Nick’s website: https://nickleja.com/ European Wax Center website: https://waxcenter.com/ Plato’s Closet website: https://www.platoscloset.com/home Disc Replay website: https://www.discreplay.com/ My Salon Suite website: https://www.mysalonsuite.com/ Superior Fence and Rail website: https://www.superiorfenceandrail.com/
Shout Outs:
Traction by Gino WickmanNinety.io - EOS SoftwareNotion - Project Management SoftwareRay Dalio - Investor, Author, Speaker, and Thought-leader
Who Moved My Cheese? By Spencer Johnson
The Five Dysfunctions of a Team by Patrick Lencioni
Predictable Success by Les McKeown
Ways to Tune In:
Amazon Music: https://music.amazon.com/podcasts/337eea2a-f8ab-4b4f-8a36-fe4143b5913b
Apple Podcast: https://podcasts.apple.com/us/podcast/leaders-who-scale/id1609131634
Spotify: https://open.spotify.com/show/5PFtdxDlXcnaojG8jJk74T
Google Podcast: https://podcasts.google.com/feed/aHR0cHM6Ly93d3cubGVhZGVyc3dob3NjYWxlLmNvbS9mZWVkLnhtbA
YouTube: https://youtu.be/XZ7XFkZa6yw
Leaders Who Scale is sponsored by Siegel Solutions, providing world class accounting, advisory and QuickBooks and Acumatica Cloud ERP Services. Learn more at https://siegelsolutions.com/
Leaders Who Scale is produced by Ringmaster, on a mission to create connections through B2B podcasts. Learn more at https://ringmaster.com/