Owner's Corner by SYM Financial

Luke Schroeder is the Owner of Starting Strength Cincinnati. After graduating with a Bachelor’s degree in Management from Purdue University, Luke worked in leadership positions across several industries, including aerospace and manufacturing. These positions include serving as the Plant Manager of Red Spot Paint, the Manufacturing Manager of Zimmer Biomet, the Senior Operations Manager of NuVasive, and the Director of Operations at Bullen Ultrasonics. Luke joins us today to discuss what it takes for a company to successfully navigate uncertainty. He shares his background and his journey to becoming the owner of Starting Strength Cincinnati. He reveals what made him leave the corporate world to own a business and enumerates the advantages of working with a franchise to launch a business. Luke also highlights the role of communication in any company and underscores what his previous work experiences taught him about running his own business.   “The leaders who were bold enough to stand up and define what the company was facing, articulate a vision for how to get through it, and lead from the front were the leaders that got us through uncertainty.” - Luke Schroeder   This week on The Owner’s Corner: Luke’s background and his journey as a business ownerHow he discovered his passion for operations, solving problems, and driving efficiencyHow it felt to leave a stable career to start a business and what it took to launch Luke’s fitness centerThe advantages of working with a franchiseHis advice to people who are considering launching a businessWhat led Luke to utilize a franchise opportunity to start his businessHow Luke worked with the SPA program to secure capital for his businessThe importance of cultivating relationships with employees as a leaderWhat Luke’s previous jobs taught him about work ethic and leadership amid uncertaintyThe impact of COVID-19 on the aerospace industryThe characteristics that help companies successfully navigate times of uncertaintyThe three characteristics Luke looks for in an employee   Resources Mentioned: Book: Starting Strength: Basic Barbell Training by Mark RippetoeBook: Extreme Ownership: How U.S. Navy SEALs Lead and Win by Jocko WillinkBook: 12 Rules for Life: An Antidote to Chaos by Jordan PetersonBook: The Five Dysfunctions of a Team: A Leadership Role by Patrick Lencioni   Our Favorite Quotes: “What makes a lot of business owners successful is their passion behind what they’re doing, and turning that passion into a business.” - Seth Whicker“When times are the toughest, our people look at us and how we’re responding, and they respond accordingly—they’re guided by your every move as a leader.” - Seth Whicker“We all emulate the leaders who inspired us.” - Luke Schroeder   Connect with Luke Schroeder: Starting Strength CincinnatiStarting Strength Cincinnati on Instagram Starting Strength Cincinnati on FacebookStarting Strength Cincinnati on TwitterLuke Schroeder on LinkedIn   About SYM Financial and The Owner’s Corner Podcast The Owner’s Corner is a show for business owners. In each episode, host and financial planner Seth Whicker sits down with business owners and the professionals that serve them to talk about what it takes to build a business. Our guests come from many industries and walks of life to share their biggest wins, mistakes made along the way, and their thinking about the all-important exit planning.   Email Seth at swhicker@sym.com with questions, comments, and to schedule a one-on-one conversation.    Follow Seth on LinkedIn Follow SYM Financial on Facebook   Subscribe here: Apple Podcasts  Spotify Google Podcasts TuneIn  Amazon Music / Audible    And, if you enjoy the show, please leave a review on iTunes to help others discover the podcast. Disclosure: The information contained in this message (including any attachments) is confidential and may be privileged. It is intended only for the recipient(s) named above. If you are not the intended recipient, you are hereby notified that any review, dissemination, distribution or copying of this message is strictly prohibited. If you have received this communication in error, please notify SYM Financial Advisors (“SYM”) immediately and destroy the material in its entirety. All communications requiring immediate attention or action, such as trade requests or other time sensitive matters should not be sent to SYM via email. Internet communications cannot be guaranteed to be secure or error-free as information may arrive later than intended, be intercepted, be corrupted, or contain viruses. This material is not an offer or solicitation to buy or sell any product. The opinions expressed herein are those of SYM and are subject to change without notice. To the extent that performance information is contained in this email, past performance is not indicative of future results. SYM is an independent registered investment adviser. More information about SYM including our investment strategies, fees and objectives can be found in our Form ADV Part 2, which is available upon request.

Randy Strebig is the Founder and Owner of Strebig Construction, a construction firm in Fort Wayne, Indiana. When Randy founded the company in 1980, he focused the firm’s efforts on residential modeling, roofing, and concrete flatwork. Over the last 40 years, Strebig Construction has been expanding and evolving into a dominant force in commercial, industrial, and design/build projects. Randy and the Strebig Construction team are dedicated to taking a customer’s idea from inception to reality using creative imagination and value-based packages that deliver results.  Randy joins us today to discuss the foundations that make a successful construction company. He shares how his childhood shaped his work ethic and creativity and discusses the importance of trade schools. He explains how Covid-19 impacted Strebig Construction and outlines how he avoided laying off his team amid the pandemic. He also highlights the value of employing business advisors and consultants and underscores why business owners need to keep an eye on market trends.   “Serve with your heart and exceed peoples’ expectations.” - Randy Strebig   This week on The Owner’s Corner: Randy’s background and how he gravitated to the construction industryHow his family life as a child inspired his creativity and work ethicLearning the construction trade from vocational school and the first jobs Randy gotThe importance of vetting clients and ensuring they fit your business modelThe biggest challenges Randy has faced as a business ownerThe value of watching market trends and how Randy overcame his first economic downturnHow the Covid-19 pandemic impacted Strebig ConstructionRandy’s advice on succession planning and exit strategiesThe importance of having advisors and consultants for your businessThe value of technical education and programsWhy traditional college education and trade education can go hand-in-hand   Our Favorite Quotes: “Many get into business because they had a passion that led them to that business. They weren’t doing it to taste money, but because they loved it.” - Seth Whicker“Business owners’ time and energy get so wrapped around in their business that their personal lives get neglected, but business and personal life are not independent of each other.” - Seth Whicker“In the face of adversity, keep making decisions. Don’t wait and stall for something to take effect—you need to be the effector every day.” - Randy Strebig   Connect with Randy Strebig: Strebig ConstructionStrebig Construction on FacebookEmail: info@strebigconstruction.com   About SYM Financial and The Owner’s Corner Podcast The Owner’s Corner is a show for business owners. In each episode, host and financial planner Seth Whicker sits down with business owners and the professionals that serve them to talk about what it takes to build a business. Our guests come from many industries and walks of life to share their biggest wins, mistakes made along the way, and their thinking about the all-important exit planning.   Email Seth at swhicker@sym.com with questions, comments, and to schedule a one-on-one conversation.    Follow Seth on LinkedIn Follow SYM Financial on Facebook   Subscribe here: Apple Podcasts  Spotify Google Podcasts TuneIn  Amazon Music / Audible    And, if you enjoy the show, please leave a review on iTunes to help others discover the podcast. Disclosure: The information contained in this message (including any attachments) is confidential and may be privileged. It is intended only for the recipient(s) named above. If you are not the intended recipient, you are hereby notified that any review, dissemination, distribution or copying of this message is strictly prohibited. If you have received this communication in error, please notify SYM Financial Advisors (“SYM”) immediately and destroy the material in its entirety. All communications requiring immediate attention or action, such as trade requests or other time sensitive matters should not be sent to SYM via email. Internet communications cannot be guaranteed to be secure or error-free as information may arrive later than intended, be intercepted, be corrupted, or contain viruses. This material is not an offer or solicitation to buy or sell any product. The opinions expressed herein are those of SYM and are subject to change without notice. To the extent that performance information is contained in this email, past performance is not indicative of future results. SYM is an independent registered investment adviser. More information about SYM including our investment strategies, fees and objectives can be found in our Form ADV Part 2, which is available upon request.

Over the last 30 years, Doug Conner has been buying and selling lower-to-middle-market businesses in the Midwest. During this time, he has also worked as the Managing Director at Periculum Capital Company and the Principal at BrightPath Capital and Cardinal Ventures. Doug holds a Bachelor’s degree in Economics and Mathematics from DePauw University and received his Master of Business Administration degree from Harvard Business School. Alex Shortle has spent the bulk of his career supporting growth stage and lower-to-middle-market companies through the various inflection points of the corporate cycle. He has executed merger and acquisition advisory, private placement, and turnaround engagements, and helped launch the venture capital firm, Meridian Capital, where he also served as the Principal. In 2019, Alex served as the Vice President of Periculum Capital Company before co-founding EO Advisors. Doug and Alex join me today to discuss what business owners should consider when selling their businesses. They outline the process of searching for an ideal business buyer and describe the perfect time for an owner to sell their company. They describe the current changes and trends in the mergers and acquisitions market. They also highlight the role of patience in selling a business amid uncertain times and underscore the value of hiring advisors and consultants when selling a company.   “Maximize your value, but that shouldn’t be the only consideration. You also want to optimize outcomes: find the ideal partner who will take care of your stakeholders and employees.” - Alex Shortle   “Put your foot on the accelerator and figure out how you can sell your business with momentum.” - Doug Connor   This week on The Owner’s Corner: Doug’s background and what led him to investment banking and private equityAlex’s background and his journey to entrepreneurship and the tech industryThe difference between investment banking and private equityThe advisory and consultant functions of an investment bankerThe process of looking for a business buyerWeighing business risk, thinking like a private equity owner, and the value of diversificationThe perfect time to initiate the process of selling a businessThe meaning of EBITDAThe types of businesses EO Advisors work withWhat it means to be a platform or add-on businessHow a private equity firm’s specialization can make a difference in acquiring a businessUtilizing investment bankers to find the right buyersChanges and trends in the M&A and private equity marketConsolidation strategies and being comfortable with partnershipThe Russian-Ukraine conflict, COVID-19 pandemic, and their impact on the M&A industryThe number one issue Doug and Alex see when business owners sell their companiesThe value of independent advisors and consultants and why many business owners don’t know how to assess talent gaps   Our Favorite Quotes: “Private equity opportunities are being presented to dentists, orthodontics, and oral surgeons, for whom the financing side can be overwhelming if they’ve not been through it.” - Seth Whicker“Investment bankers help someone sell or buy businesses; private equity firms buy companies, hold on to them, then flip them over for profit.” - Seth Whicker“Every company is different; every deal is different. Seeing the ups and downs of the market is an invaluable experience, and it’s important to have an advisor who can help you deal with those nuances.” - Alex Shortle   Connect with EO Advisors: EO AdvisorsEO Advisors on LinkedInEmail: partners@eoadv.com   Connect with Doug Conner: Doug Conner on LinkedInEmail: doug@eoadv.com   Connect with Alex Shortle: Alex Shortle on LinkedInEmail: alex@eoadv.com   About SYM Financial and The Owner’s Corner Podcast The Owner’s Corner is a show for business owners. In each episode, host and financial planner Seth Whicker sits down with business owners and the professionals that serve them to talk about what it takes to build a business. Our guests come from many industries and walks of life to share their biggest wins, mistakes made along the way, and their thinking about the all-important exit planning.   Email Seth at swhicker@sym.com with questions, comments, and to schedule a one-on-one conversation.    Follow Seth on LinkedIn Follow SYM Financial on Facebook   Subscribe here:   Apple Podcasts  Spotify Google Podcasts TuneIn  Amazon Music / Audible    And, if you enjoy the show, please leave a review on iTunes to help others discover the podcast. Disclosure: The information contained in this message (including any attachments) is confidential and may be privileged. It is intended only for the recipient(s) named above. If you are not the intended recipient, you are hereby notified that any review, dissemination, distribution or copying of this message is strictly prohibited. If you have received this communication in error, please notify SYM Financial Advisors (“SYM”) immediately and destroy the material in its entirety. All communications requiring immediate attention or action, such as trade requests or other time sensitive matters should not be sent to SYM via email. Internet communications cannot be guaranteed to be secure or error-free as information may arrive later than intended, be intercepted, be corrupted, or contain viruses. This material is not an offer or solicitation to buy or sell any product. The opinions expressed herein are those of SYM and are subject to change without notice. To the extent that performance information is contained in this email, past performance is not indicative of future results. SYM is an independent registered investment adviser. More information about SYM including our investment strategies, fees and objectives can be found in our Form ADV Part 2, which is available upon request.

Dr. Al Grossnickle is the owner of Strategic Venture Partners LLC, a consulting company that helps entrepreneurs grow their businesses. For over a decade, Al worked as an Associate Professor of Business at Grace College, where he was also the Director of the William P. Gordon Institute. At the University of Saint Francis, Al served as the Assistant Professor of Entrepreneurship and Director of the Entrepreneurial Leadership Program. He had also served as the President, CEO, and Corporation Founder of Miller’s Health Systems for eight years before he embarked on his academic career in 2006. Al draws from his extensive experience in the academic and business worlds to guide his clients through today’s complex markets and the ever-changing world. Al joins me today to share his insights on weathering the complex business climate amidst the pandemic. He shares his career journey and explains how he uses his experiences to help other entrepreneurs grow their businesses. He shares his advice on mitigating turnover and attrition rates among Boomer employees and healthcare workers. He also highlights the importance of surrounding yourself with people smarter than you and underscores the power of keeping a sustainable competitive advantage.   “The dynamics of business are rapidly changing today. Listening and humility have become more important for CEOs.” - Al Grossnickle   This week on The Owner’s Corner: The challenges Al faced as a top executive of Miller’s Merry ManorHow Al’s experience as CEO informs his current role as a business consultantSupply chain issues and other challenges business owners are facing due to the pandemicHow a bonus structure may bridge the challenges that may come with raising employee wagesWhy business owners should consider outsourcing parts of their businessesAddressing labor turnovers in the healthcare industryThe impact of vaccine mandates on labor, logistics, and supply chainHow business owners are reacting to the rising cost of raw materialsHow to manage the attrition trend among Boomer employeesThe importance of creating a strong succession planThe value of surrounding yourself with the right professionalsSetting up a family business for the next generationAvoiding complacency and how hiring a business consultant can help your company grow   Our Favorite Quotes: “Running a business is a labor of love, but outsourcing can help you spend more time on parts of the business that are most productive.” - Seth Whicker“There is an economic incentive to getting the balance back between supply and demand. The key is knowing how long it takes to get there.” - Seth Whicker“The definition of business and profit is to maximize shareholder wealth; otherwise, companies will stop reinvesting.” - Al Grossnickle   Connect with Al Grossnickle: Strategic Venture PartnersEmail: Al@StrategicVenturePartners.netAl Grossnickle on LinkedIn     About SYM Financial and The Owner’s Corner Podcast The Owner’s Corner is a show for business owners. In each episode, host and financial planner Seth Whicker sits down with business owners and the professionals that serve them to talk about what it takes to build a business. Our guests come from many industries and walks of life to share their biggest wins, mistakes made along the way, and their thinking about the all-important exit planning.   Email Seth at swhicker@sym.com with questions, comments, and to schedule a one-on-one conversation.    Follow Seth on LinkedIn Follow SYM Financial on Facebook   Subscribe here: Apple Podcasts  Spotify Google Podcasts TuneIn  Amazon Music / Audible  Stitcher   And, if you enjoy the show, please leave a review on iTunes to help others discover the podcast.   Disclosure: The information contained in this message (including any attachments) is confidential and may be privileged. It is intended only for the recipient(s) named above. If you are not the intended recipient, you are hereby notified that any review, dissemination, distribution or copying of this message is strictly prohibited. If you have received this communication in error, please notify SYM Financial Advisors (“SYM”) immediately and destroy the material in its entirety. All communications requiring immediate attention or action, such as trade requests or other time sensitive matters should not be sent to SYM via email. Internet communications cannot be guaranteed to be secure or error-free as information may arrive later than intended, be intercepted, be corrupted, or contain viruses. This material is not an offer or solicitation to buy or sell any product. The opinions expressed herein are those of SYM and are subject to change without notice. To the extent that performance information is contained in this email, past performance is not indicative of future results. SYM is an independent registered investment adviser. More information about SYM including our investment strategies, fees and objectives can be found in our Form ADV Part 2, which is available upon request.

John Barce is the Owner and Partner at Barrett McNagny LLP, one of the oldest law partnerships in Indiana. John is a premier business attorney who focuses his practice on business transactions, federal & state taxation, and estate & business planning. He completed his JD at the Indiana University School of Law, where he graduated with Latin honors. Since 2016, John has been recognized and listed in the Best Lawyers of America publication. He is also a member of the Indiana State Bar Association, as well as the Allen County Bar Association. John joins me today to discuss why business owners should have a solid succession plan as part of their business strategy. He shares the different legal entities a business can register as and explains what makes C-corporations different from S-corporations. He discusses what a “band-aid” approach to succession planning is and how it can lead to expensive business litigation. He also highlights why he approves of using valuation experts and shares his advice on making the succession, exit, and selling processes seamless.   “Succession planning is a process you wouldn’t want to wait on.” - John Barce   This week on The Owner’s Corner: John’s background and how his family inspired him to practice lawHis passion for business law and work in succession planning and corporate transactionsLegal matters that entrepreneurs should address before starting a businessThe different legal entities a business can register as and the income tax structures they come withWhy business partners should avoid the “band-aid” approach to business successionThe number one driver of expensive business litigationWhy business partners should create a succession or exit plan the moment they start their organizationWhat buy/sell agreements are and how they help facilitate successionsThe value of having a “company value” conversation between business powersThe difference between a C-corporation and an S-corporationHow to make selling a business a seamless process   Our Favorite Quotes: “Business partners have got to plan from the beginning how they’ll separate if they have to.” - John Barce“While you’re in that honeymoon phase of being excited, that’s a great time to address how you’ll get issues settled down the road.” - Seth Whicker“Don’t necessarily expect that you want to go and sell your business today and you’re going to walk away. They may want you to stick around for 2-5 years.” - Seth Whicker   Connect with John Barce: Barrett McNagnyEmail: jcb@barrettlaw.comBarrett Law on LinkedInJohn Barce on LinkedIn     About SYM Financial and The Owner’s Corner Podcast The Owner’s Corner is a show for business owners. In each episode, host and financial planner Seth Whicker sits down with business owners and the professionals that serve them to talk about what it takes to build a business. Our guests come from many industries and walks of life to share their biggest wins, mistakes made along the way, and their thinking about the all-important exit planning. Email Seth at swhicker@sym.com with questions, comments, and to schedule a one-on-one conversation.  Follow Seth on LinkedIn Follow SYM Financial on Facebook   Subscribe here: Apple Podcast  Spotify Google Podcasts Stitcher Audible    And, if you enjoy the show, please leave a review on iTunes to help others discover the podcast.   Disclosure: The information contained in this message (including any attachments) is confidential and may be privileged. It is intended only for the recipient(s) named above. If you are not the intended recipient, you are hereby notified that any review, dissemination, distribution or copying of this message is strictly prohibited. If you have received this communication in error, please notify SYM Financial Advisors (“SYM”) immediately and destroy the material in its entirety. All communications requiring immediate attention or action, such as trade requests or other time sensitive matters should not be sent to SYM via email. Internet communications cannot be guaranteed to be secure or error-free as information may arrive later than intended, be intercepted, be corrupted, or contain viruses. This material is not an offer or solicitation to buy or sell any product. The opinions expressed herein are those of SYM and are subject to change without notice. To the extent that performance information is contained in this email, past performance is not indicative of future results. SYM is an independent registered investment adviser. More information about SYM including our investment strategies, fees and objectives can be found in our Form ADV Part 2, which is available upon request.