Maximizing Your Valuation with Jim Barnish – Episode 51

Data Leadership Lessons
Data Leadership Lessons
Maximizing Your Valuation with Jim Barnish - Episode 51
/

Watch this episode on YouTube: https://youtu.be/mk7g-JMlK3w

This week we have an entrepreneur’s crash-course in maximizing the valuation of an early stage company. Our guest is Jim Barnish, who co-founded Orchid Black to help growth stage companies who are already in the black, grow fast. Join us for a fun and interesting conversation!

  • Your own professional podcast, as easy as a video call and an email – https://algmin.com
  • Save 20% on your first order at the DATAVERSITY Training Center with promo code “AlgminDL” – https://training.dataversity.net/?utm_source=algmindl_res
  • Data Leadership Lessons home – https://dataleadershiplessons.com

About Jim Barnish:
Jim Barnish, who has spent the last two decades as serial entrepreneur, operator, investor and M&A expert. Jim now runs Orchid Black, a boutique growth services firm complete with former CEOs, CXOs and strategy consultants. All are accomplished entrepreneurs and operators with an investor mindset and a history of growth and exits.

Like an orchid, a company’s maximum value emerges from cultivating growth. Orchid Black’s business model not only accelerates this value, but aligns their own compensation with their partner-clients’ success.

  • https://twitter.com/ordblk
  • https://www.facebook.com/ord.blk
  • https://www.orchid.black/
  • https://www.linkedin.com/company/orchidblack

Episode Transcript

1
00:00:05,000 –> 00:00:09,000
anthony_algmin: Welcome to the Data Leadership Lessons Podcast. I’m your host, Anthony J.

2
00:00:09,250 –> 00:00:12,750
anthony_algmin: Algmin. Data is everywhere in our businesses and it takes leadership to make

3
00:00:12,916 –> 00:00:16,125
anthony_algmin: the most of it. We bring you the people stories and lessons to help you

4
00:00:16,291 –> 00:00:20,208
anthony_algmin: become a data leader. Our show is produced by Algmin Business Media, where we

5
00:00:20,291 –> 00:00:23,791
anthony_algmin: make having your own podcast as easy as joining a video call and sending an

6
00:00:23,791 –> 00:00:28,125
anthony_algmin: email. At Algmin Business Media the stage is yours. Learn more at Algmin.com

7
00:00:28,208 –> 00:00:31,875
anthony_algmin: Today on Data Leadership lessons we welcome Jim Barnish, Jim has spent

8
00:00:31,875 –> 00:00:32,458
anthony_algmin: Today on Data Leadership lessons we welcome Jim Barnish, Jim has spent

9
00:00:32,625 –> 00:00:37,166
anthony_algmin: the last two decades as a serial entrepreneur, operator, investor, and M a

10
00:00:37,333 –> 00:00:41,500
anthony_algmin: expert. He now runs Orchid Black, a boutique growth services firm complete

11
00:00:41,875 –> 00:00:46,000
anthony_algmin: with former C, E os C, Exxos and strategy consultants. ▁jim. Welcome to the

12
00:00:46,000 –> 00:00:46,666
anthony_algmin: show.

13
00:00:46,666 –> 00:00:49,708
jim_barnish: Thanks, Anthony, super excited to talk, Dayta and leadership.

14
00:00:51,416 –> 00:00:55,666
anthony_algmin: Awesome So and we had a great call on our out of pro sessions. I can’t wait

15
00:00:55,791 –> 00:00:58,458
anthony_algmin: to have this conversation with you day, So why don’t we start like we do

16
00:00:58,541 –> 00:01:01,791
anthony_algmin: with all of our first time guests? Just take a moment. give the audience a

17
00:01:01,791 –> 00:01:04,916
anthony_algmin: little bit of your background. Tell the story of your career and kind of

18
00:01:05,000 –> 00:01:07,333
anthony_algmin: what led you up to doing what you do. Now

19
00:01:07,625 –> 00:01:11,416
jim_barnish: Yeah, absolutely was you. As you mentioned, the last two decades have been full

20
00:01:11,541 –> 00:01:14,458
jim_barnish: of a bunch of different roles. Um, Throughout

21
00:01:15,500 –> 00:01:16,666
jim_barnish: all those years I

22
00:01:17,875 –> 00:01:23,416
jim_barnish: working in and on businesses. Um, ▁ultimately had an incredible amount of hard

23
00:01:23,625 –> 00:01:28,833
jim_barnish: work failure, Uh, family squabbles, data, leadership, all sorts of failure, Uh,

24
00:01:29,000 –> 00:01:34,041
jim_barnish: failed acquisitions, failed growth, You name it, Um. But no matter the role

25
00:01:34,208 –> 00:01:38,458
jim_barnish: that I had all of the gross stage technology companies, which is where I

26
00:01:38,583 –> 00:01:43,166
jim_barnish: focused, all seemed to struggle with the same things, the same obstacles

27
00:01:43,416 –> 00:01:48,375
jim_barnish: towards growth and value creation. Um. and they all seem to hit similar

28
00:01:48,750 –> 00:01:52,583
jim_barnish: inflection points around growth. and so ▁ultimately Um.

29
00:01:53,625 –> 00:01:58,541
jim_barnish: There there was this commonality Um, and this, Uh, this, this drive that that

30
00:01:58,583 –> 00:02:02,583
jim_barnish: was always kind of instilled in me around gross stage companies and how to

31
00:02:02,750 –> 00:02:08,833
jim_barnish: really improve a methodology around helping them succeed. Um. So as I kind of

32
00:02:08,916 –> 00:02:13,625
jim_barnish: navigated my way through about forty five, uh, investments or byside

33
00:02:14,125 –> 00:02:20,583
jim_barnish: transactions, few exits, a bunch of value, Um, and a lot of failures again. Uh,

34
00:02:21,250 –> 00:02:25,791
jim_barnish: it really kind of instilled in me as I worked the last decade or so with my co

35
00:02:25,958 –> 00:02:31,250
jim_barnish: founder now at Orchid Block Orchid Black Stephen Horrowitz, Um, that there had

36
00:02:31,333 –> 00:02:35,416
jim_barnish: to be a better way to get to these successes versus just having to live through

37
00:02:35,500 –> 00:02:38,541
jim_barnish: all the failure right. There’s there had to be some stories and some

38
00:02:38,583 –> 00:02:42,916
jim_barnish: methodologies and some data driven focused initiatives that could help

39
00:02:43,166 –> 00:02:47,875
jim_barnish: companies succeed in a more meaningful and data driven way, And and ▁ultimately

40
00:02:48,125 –> 00:02:53,000
jim_barnish: become worth so much more. Uh, in the process, and so you know, really spent a

41
00:02:53,000 –> 00:02:57,333
jim_barnish: lot of time with Stephen. Uh, dialling in on the data from the companies we had

42
00:02:57,416 –> 00:03:00,750
jim_barnish: worked with from other companies To see you know what were the commonalities of

43
00:03:00,833 –> 00:03:05,625
jim_barnish: making these companies worth so much more. Um, and we’ve developed a

44
00:03:05,625 –> 00:03:09,625
jim_barnish: methodology. our clients kind of call it miracle growth for tech companies if

45
00:03:09,625 –> 00:03:14,041
jim_barnish: you will. Uh. but we just call it plain cracking the code on value creation and

46
00:03:14,125 –> 00:03:18,041
jim_barnish: growth, Um. Where at the end of the day we’re looking to help founders and

47
00:03:18,208 –> 00:03:22,750
jim_barnish: companies Um, succeed without having to experience all the failure along the

48
00:03:22,833 –> 00:03:23,875
jim_barnish: way. And uh,

49
00:03:24,916 –> 00:03:28,833
jim_barnish: that’s that’s really. Uh. What we’re doing today at Orched Black is working

50
00:03:29,083 –> 00:03:33,333
jim_barnish: with companies technology companies specifically in their gross stage to

51
00:03:33,500 –> 00:03:37,875
jim_barnish: navigate those obstacles and execute alongside of them And we’re having a

52
00:03:37,875 –> 00:03:38,875
jim_barnish: blast,

53
00:03:39,708 –> 00:03:41,875
anthony_algmin: that’s possible you were speaking my language cause. I’

54
00:03:43,250 –> 00:03:47,333
anthony_algmin: use the data and find patterns about what it’s been successful. You’ve had

55
00:03:47,500 –> 00:03:50,375
anthony_algmin: all of these opportunities to go through it. You’re looking at it. You’re

56
00:03:50,458 –> 00:03:53,333
anthony_algmin: trying to figure out what what separates that? I could think of so many

57
00:03:53,583 –> 00:03:59,083
anthony_algmin: different contexts in which that kind of analysis has led to great results.

58
00:03:59,250 –> 00:04:05,875
anthony_algmin: And so it, I mean, it seems like something that would, obviously, um, you

59
00:04:06,291 –> 00:04:10,458
anthony_algmin: help. How difficult was that to find like? was it staring you in the face or

60
00:04:10,541 –> 00:04:13,791
anthony_algmin: was that something we were like? Wow, we did not expect this.

61
00:04:14,208 –> 00:04:19,166
jim_barnish: you know, as as most things that are um, super comprehensive yet need to be

62
00:04:19,333 –> 00:04:23,500
jim_barnish: simplified are um. There were some things that were staring us in the face. Uh.

63
00:04:23,708 –> 00:04:29,083
jim_barnish: but most things, Uh, just took time to analyze and form commonalities around.

64
00:04:29,500 –> 00:04:35,333
jim_barnish: and ▁ultimately uh. leverage in the context of whatever use case we were, we

65
00:04:35,416 –> 00:04:39,708
jim_barnish: were driving with the company, Um. but at the at the core of it we knew that

66
00:04:39,875 –> 00:04:44,666
jim_barnish: there needed to be an objective lens to view a company’s full potential, Um.

67
00:04:45,000 –> 00:04:48,291
jim_barnish: and that there was nothing in the market that looked at a company in in its

68
00:04:48,375 –> 00:04:53,541
jim_barnish: gross stage from a three sixty perspective, Um. But that challenge was really,

69
00:04:54,125 –> 00:04:57,875
jim_barnish: uh, really our challenges. Uh, at the end of the day was to create something

70
00:04:58,666 –> 00:05:03,541
jim_barnish: uh, comprehensive yet simple. and uh, these you know, founders and and gross

71
00:05:03,625 –> 00:05:07,958
jim_barnish: stage companies cannot pay for a million dollars for an army of Mackenzie or

72
00:05:08,041 –> 00:05:12,208
jim_barnish: Big three or big four consultants right. They also can’t wait months or years

73
00:05:12,458 –> 00:05:16,041
jim_barnish: to get to the answer. And so we need to find a way to be able to get to that

74
00:05:16,208 –> 00:05:21,166
jim_barnish: answer within a few weeks. Um. and and ▁ultimately, something that was as cost

75
00:05:21,541 –> 00:05:25,708
jim_barnish: effective as possible. Um. and the answer ended up ▁lying into something that

76
00:05:25,708 –> 00:05:29,416
jim_barnish: I’m sure you. you’ll love the the description around which is a value creation

77
00:05:29,625 –> 00:05:34,541
jim_barnish: assessment, a data driven assessment of any technology company in its gross

78
00:05:34,583 –> 00:05:36,541
jim_barnish: stage that we find. And although we

79
00:05:36,666 –> 00:05:42,041
jim_barnish: look at thousands of data points right, Um, although we focus on a number of

80
00:05:42,125 –> 00:05:46,375
jim_barnish: pain points that connect to those um, ▁ultimately, there are a number of

81
00:05:46,458 –> 00:05:51,416
jim_barnish: commonalities that allow us to pinpoint the primary Um. opportunities for value

82
00:05:51,791 –> 00:05:56,291
jim_barnish: creation in a data driven way and then work backwards from there to really

83
00:05:56,833 –> 00:06:01,958
jim_barnish: spend a lot of time getting sorry, Not spend a lot of time, Really, spend a lot

84
00:06:02,041 –> 00:06:03,333
jim_barnish: of energy and focus

85
00:06:04,458 –> 00:06:09,083
jim_barnish: getting founders and companies to focus on doing the right things at the right

86
00:06:09,333 –> 00:06:13,958
jim_barnish: time based on where they’re at Um. And so that’s kind of become our. What right

87
00:06:14,208 –> 00:06:18,375
jim_barnish: are? Uh, Our V, C. A. Our value creation assessment has become are what to

88
00:06:18,458 –> 00:06:22,833
jim_barnish: diagnose companies, And then our team has become the How with the play bookook

89
00:06:22,916 –> 00:06:27,083
jim_barnish: that we’ve developed and our team of experienced operators who will not only

90
00:06:27,541 –> 00:06:31,708
jim_barnish: you know, give you the recommendations, but also help companies execute against

91
00:06:31,791 –> 00:06:35,666
jim_barnish: them. because ▁ultimately, everyone needs to be hands on in an early stage

92
00:06:35,666 –> 00:06:36,666
jim_barnish: business.

93
00:06:37,166 –> 00:06:38,166
anthony_algmin: Well, that’s true.

94
00:06:38,166 –> 00:06:39,166
jim_barnish: Yeah,

95
00:06:40,458 –> 00:06:42,833
anthony_algmin: So there are so many questions that I have.

96
00:06:42,875 –> 00:06:43,875
jim_barnish: shoot them.

97
00:06:45,958 –> 00:06:48,916
anthony_algmin: the the first Okay. So the first question was one that. I just want a level

98
00:06:49,083 –> 00:06:52,833
anthony_algmin: set for the audience Out there is when you talk about growth stage

99
00:06:53,250 –> 00:06:57,166
anthony_algmin: companies, What exactly do you mean by growth stage companies? What? what

100
00:06:57,333 –> 00:06:59,000
anthony_algmin: constitutes a growth stage company?

101
00:06:59,000 –> 00:07:03,083
jim_barnish: The way that we constitute a Gros stage company is a company that has at least

102
00:07:03,333 –> 00:07:08,375
jim_barnish: three million dollars in revenue, so they’ve shown some focus around product

103
00:07:08,583 –> 00:07:12,291
jim_barnish: market fit, or that they’ve They’ve been able to drive some foundational

104
00:07:12,375 –> 00:07:16,375
jim_barnish: revenue into the business. Um, Three million is a number that we picked based

105
00:07:16,458 –> 00:07:20,125
jim_barnish: off of. you know what makes the most sense for our methodology and our team to

106
00:07:20,125 –> 00:07:23,625
jim_barnish: work in, But ▁ultimately gross stages. when you’re in that stage where you

107
00:07:23,791 –> 00:07:28,208
jim_barnish: validated some foundational revenue points, you’ve gotten the point to. uh. You

108
00:07:28,208 –> 00:07:33,416
jim_barnish: know what we would call product market fit and you’re now focused on driving

109
00:07:33,625 –> 00:07:37,791
jim_barnish: efficiencies into the business that are helping it. Take you know, getting it

110
00:07:37,791 –> 00:07:43,166
jim_barnish: to the next level. Essentially Um. and so Um. You know, our, our method is

111
00:07:43,333 –> 00:07:46,750
jim_barnish: working with companies, be that are starting between three million and fifty

112
00:07:47,083 –> 00:07:50,458
jim_barnish: million, so not too late stage, not to early stage, Um,

113
00:07:50,916 –> 00:07:57,250
jim_barnish: and companies that Um are typically struggling to take the business to the next

114
00:07:57,500 –> 00:08:00,458
jim_barnish: level beyond that initial Uh. product market fit.

115
00:08:01,875 –> 00:08:04,541
anthony_algmin: right. So in in the analysis that you’re

116
00:08:04,666 –> 00:08:10,625
anthony_algmin: doing, is it largely a financial analysis? or how do you fold? In kind of

117
00:08:10,625 –> 00:08:11,625
anthony_algmin: that,

118
00:08:12,208 –> 00:08:16,291
anthony_algmin: the magic side of what the organization actually is doing and what their

119
00:08:16,458 –> 00:08:19,708
anthony_algmin: potential is? because I imagine that’s not always evident from financial

120
00:08:19,916 –> 00:08:20,916
anthony_algmin: analysis,

121
00:08:20,916 –> 00:08:24,125
jim_barnish: Yeah, yeah, it’s uh. It’s absolutely not always evident from financial

122
00:08:24,541 –> 00:08:30,125
jim_barnish: analysis, although financial analysis is a big part of it. Um, And you know you

123
00:08:30,291 –> 00:08:34,666
jim_barnish: see before I get to your question, you’ll see as you as you analyze the Gross

124
00:08:34,833 –> 00:08:39,000
jim_barnish: stage company landscape where you know a lot of different stakeholders play

125
00:08:39,166 –> 00:08:43,500
jim_barnish: private equity venture capital, right, General consultants, a lot of different

126
00:08:43,791 –> 00:08:48,125
jim_barnish: folks. ▁ultimately, there’s a lot of commonalities on focusing on the financial

127
00:08:48,541 –> 00:08:52,833
jim_barnish: aspect, right what we’ were’ unable to find in the marketplace, And why we

128
00:08:53,000 –> 00:08:56,583
jim_barnish: really knew we just needed to start Orrchid Black. Was there is nothing that

129
00:08:56,666 –> 00:08:59,625
jim_barnish: looked at it from a three sixty view, Right? So

130
00:09:00,041 –> 00:09:04,375
jim_barnish: there’s as you’re building a business, you create a strategy, right, you hire

131
00:09:04,583 –> 00:09:09,000
jim_barnish: talent to that strategy. that talent develops a product or service. Right that

132
00:09:09,166 –> 00:09:13,083
jim_barnish: product or service drives revenue. And then there’s operations that are so

133
00:09:13,500 –> 00:09:17,250
jim_barnish: supporting the company. Well, Financial analysis is really focused on only the

134
00:09:17,333 –> 00:09:21,166
jim_barnish: bottom too, operations and revenue right. there’s there’s. you have your

135
00:09:21,250 –> 00:09:25,166
jim_barnish: financial statements right. You have your general focus around growth and in

136
00:09:25,625 –> 00:09:29,708
jim_barnish: growth plan for from a metric driven perspective where you’re focused and your

137
00:09:29,791 –> 00:09:33,791
jim_barnish: quality of revenue things like that. But what about all the other elements in

138
00:09:33,875 –> 00:09:37,416
jim_barnish: the company that are driving value that are driving value creation, and most

139
00:09:37,625 –> 00:09:42,375
jim_barnish: importantly that are driving either alignment or misssalignment around a plant?

140
00:09:42,750 –> 00:09:47,791
jim_barnish: Um, And that’s where we focus. We focus on strategy, talent, product, revenue

141
00:09:47,958 –> 00:09:52,541
jim_barnish: and operations, right, not not just operations and revenue, and by doing that,

142
00:09:52,666 –> 00:09:56,833
jim_barnish: we’re able to really look at the transferable value that a company can have,

143
00:09:57,333 –> 00:10:01,083
jim_barnish: whether it’s going to be transferable to an acquirer or just transferable. As

144
00:10:01,083 –> 00:10:05,000
jim_barnish: we’re looking at it from a market perspective of where the biggest opportunity

145
00:10:05,166 –> 00:10:09,625
jim_barnish: for these companies to grow is. And so that’s really what the fundamental basis

146
00:10:09,791 –> 00:10:13,958
jim_barnish: around it is is. It’s a three sixty angle because talent is just as por and

147
00:10:14,208 –> 00:10:17,500
jim_barnish: just as important as strategy, just just as important as revenue. different

148
00:10:17,625 –> 00:10:18,583
jim_barnish: different elements

149
00:10:18,583 –> 00:10:22,583
jim_barnish: and different focuses at different stages of a business. Of course, but all are

150
00:10:22,916 –> 00:10:27,083
jim_barnish: very important towards understanding where the company should be positioned and

151
00:10:27,250 –> 00:10:31,250
jim_barnish: also what the company needs to do going forward from an alignment and then a

152
00:10:31,333 –> 00:10:35,333
jim_barnish: growth perspective. And so that’s really the difference is, it’s well beyond

153
00:10:35,500 –> 00:10:39,250
jim_barnish: just financial analysis. it’s looking at. You know everything in the business

154
00:10:39,625 –> 00:10:43,708
jim_barnish: that’s driving. where the financial analysis is at that. That’s what gets us

155
00:10:43,875 –> 00:10:47,250
jim_barnish: just really amped up around driving growth within businesses. If you can’t

156
00:10:47,250 –> 00:10:48,250
jim_barnish: tell.

157
00:10:48,916 –> 00:10:49,916
anthony_algmin: Yeah, no,

158
00:10:50,666 –> 00:10:53,958
anthony_algmin: I. I. it. I. I love your passion for this. I can tell that it. it’s

159
00:10:54,125 –> 00:10:57,583
anthony_algmin: something that you know you’re You’re very into it. I, I can totally

160
00:10:57,791 –> 00:11:02,833
anthony_algmin: appreciate and and relate to. Um. Yeah, so for for the data management

161
00:11:03,083 –> 00:11:07,250
anthony_algmin: people out there, I have to ask you. So the, the, you know you’re talking

162
00:11:07,416 –> 00:11:11,875
anthony_algmin: about companies that start at at three million dollars in revenue, or you

163
00:11:11,875 –> 00:11:14,916
anthony_algmin: know what have you? and? and to be fair, I’ve worked with three billion

164
00:11:15,083 –> 00:11:19,416
anthony_algmin: dollar revenue companies that had far more of their business on spreadsheets

165
00:11:19,583 –> 00:11:23,791
anthony_algmin: than they should have had. Um, I know that a lot of small mid markett

166
00:11:23,958 –> 00:11:28,750
anthony_algmin: organizations have not necessarily the most robust, Uh, data capture and

167
00:11:28,833 –> 00:11:34,208
anthony_algmin: data management, Um, systems, or or processes internally, Um, how do you

168
00:11:35,333 –> 00:11:39,500
anthony_algmin: compile this information? Like how do you get and even figure out how to

169
00:11:39,666 –> 00:11:43,875
anthony_algmin: make some sort of apples to Apple’s comparison so you can plug in a

170
00:11:43,958 –> 00:11:45,416
anthony_algmin: methodology? I, It’s just

171
00:11:45,583 –> 00:11:49,416
anthony_algmin: like. in my mind, it feels like they’re all wildly different. What how do

172
00:11:49,416 –> 00:11:50,416
anthony_algmin: you do?

173
00:11:50,541 –> 00:11:53,958
jim_barnish: let me just walk you through a use case. That that might really make it really

174
00:11:54,125 –> 00:11:59,416
jim_barnish: make it evident. So Um, we were called in to a software company by a founder

175
00:11:59,541 –> 00:12:04,291
jim_barnish: who had Boots trarapped for about a decade and built Uh, an amazing business

176
00:12:04,583 –> 00:12:07,625
jim_barnish: quite frankly, but was starting to flat line. Uh, he wanted to

177
00:12:07,708 –> 00:12:11,416
jim_barnish: exit within the next year or so and spend his time doing other things like

178
00:12:11,541 –> 00:12:15,500
jim_barnish: advising other startus and enjoying life more than he had traditionally on the

179
00:12:15,541 –> 00:12:20,541
jim_barnish: personal side. Um, a number of things, but ▁ultimately because he had very low

180
00:12:20,750 –> 00:12:25,250
jim_barnish: new logo growth, very low growth across the board. Actually, Um, the valuation

181
00:12:25,416 –> 00:12:29,875
jim_barnish: that he got offered in the market was nowhere near what he expected. Um, he had

182
00:12:30,125 –> 00:12:35,625
jim_barnish: tried. Uh, you know, his usual ideas to generate sales. Um, but things just

183
00:12:35,708 –> 00:12:41,000
jim_barnish: weren’t working like they used to, And so his next twelve monthth forecast, as

184
00:12:41,083 –> 00:12:46,375
jim_barnish: he looked at it, Um was only making think matters worse, right. Um, If he was

185
00:12:46,541 –> 00:12:50,375
jim_barnish: not growing and he was spending more money to try to grow, ▁ultimately, you

186
00:12:50,375 –> 00:12:54,583
jim_barnish: know his growth was lower and his profitability was lower as well, And so, Um,

187
00:12:54,833 –> 00:12:58,916
jim_barnish: you know he was recommended by one of his advisers to bring in Orchid Black to

188
00:12:59,000 –> 00:13:03,500
jim_barnish: help Um. We ran our our value creation assessment process on the company in a

189
00:13:03,500 –> 00:13:09,166
jim_barnish: couple of weeks, and um, ▁ultimately, uh. that that process was super important

190
00:13:09,541 –> 00:13:14,583
jim_barnish: and fundamental towards uncovering a number of things. Um. We did a customer

191
00:13:14,666 –> 00:13:17,958
jim_barnish: analys That helped him really understand who his customer was, because it had

192
00:13:18,041 –> 00:13:21,500
jim_barnish: evolved since the last time that he had done one. Um. There was a lot of

193
00:13:21,541 –> 00:13:26,458
jim_barnish: things, a lot of areas of opportunity, like pricing and and areas of of growth,

194
00:13:26,750 –> 00:13:30,291
jim_barnish: tangentible market growth. Even that were that we were able to take advantage

195
00:13:30,458 –> 00:13:34,541
jim_barnish: of simply by finding an un understanding who. this customer base had become.

196
00:13:34,750 –> 00:13:39,416
jim_barnish: Uh, in common attributes within that customer base. Um. he had not really taken

197
00:13:39,541 –> 00:13:42,666
jim_barnish: a look at market opportunities. Aside from the one that he was serving, there

198
00:13:42,750 –> 00:13:46,041
jim_barnish: were tangential market opportunities that we could take advantage of as well.

199
00:13:46,541 –> 00:13:52,291
jim_barnish: Um. And so you know, between these items, Um, and Um, you know his his

200
00:13:52,666 –> 00:13:55,875
jim_barnish: excitement. If you will, Um, coming out of that v, C. A process.

201
00:13:56,916 –> 00:14:00,666
jim_barnish: Our team was kind of dropped in almost as a sw. a t. team of growth. If you

202
00:14:00,750 –> 00:14:05,625
jim_barnish: will, Um. for the next seven months, and over that seven month period of time,

203
00:14:05,708 –> 00:14:09,416
jim_barnish: we actually increased the value of that business by fifty five percent. That

204
00:14:09,541 –> 00:14:13,083
jim_barnish: didn’t mean growing the business by fifty five percent, but the valuation of

205
00:14:13,166 –> 00:14:17,625
jim_barnish: that business was increased by fifty five percent. Because we number one grew

206
00:14:17,791 –> 00:14:21,875
jim_barnish: the business. We number two focused on areas of the opportunity that we werere

207
00:14:21,958 –> 00:14:26,916
jim_barnish: beyond just revenue growth. and number three because we had all this D at our

208
00:14:27,000 –> 00:14:31,500
jim_barnish: fingertips which we leverage in. You know the kind of some formulaic Ip that

209
00:14:31,541 –> 00:14:35,333
jim_barnish: we’ve developed right. It’s not just you know, throwing data out there and in

210
00:14:35,541 –> 00:14:39,791
jim_barnish: data entry, its, it’s leveraging best practices and an ip that’s been developed

211
00:14:39,958 –> 00:14:44,750
jim_barnish: over the years, Um, but ▁ultimately, you know, using these analysis, using this

212
00:14:45,000 –> 00:14:49,875
jim_barnish: v C, a process we were able to help him win big, which is which is why

213
00:14:49,958 –> 00:14:53,333
jim_barnish: founders. you know. One of the reasons that founders aside from the mission go

214
00:14:53,416 –> 00:14:56,916
jim_barnish: out to start businesses in the first place is to win big and create legacy and

215
00:14:57,000 –> 00:15:01,333
jim_barnish: do really fun things and create meaningful things for lots of people. Um, and

216
00:15:01,541 –> 00:15:07,083
jim_barnish: so, um, ▁ultimately, you know, the the, The, The intake process of that you of

217
00:15:07,083 –> 00:15:08,291
jim_barnish: of that V, C, A was

218
00:15:10,041 –> 00:15:14,916
jim_barnish: similar in some ways to do diligence, but expanded beyond typical due diligence

219
00:15:15,166 –> 00:15:19,791
jim_barnish: That made it much more operational and and measurement driven than a typical

220
00:15:19,958 –> 00:15:22,583
jim_barnish: due diligence process would be. And so it was

221
00:15:22,833 –> 00:15:26,833
jim_barnish: Um. You know it’s it’s just a really exciting. Uh. it’s really exciting seeing

222
00:15:27,000 –> 00:15:30,833
jim_barnish: some of these founders. Their’s their eyes open to their own businesses. Um.

223
00:15:31,250 –> 00:15:35,166
jim_barnish: the same way that you know, you get excited when anyone’s learning something

224
00:15:35,333 –> 00:15:38,666
jim_barnish: new, and you get excited about the opportunity that that that’s uncovered

225
00:15:38,750 –> 00:15:42,750
jim_barnish: through learning. Um. And so you know, ▁ul, ▁ultimately, That’s that’s just

226
00:15:42,833 –> 00:15:44,833
jim_barnish: what gets me aped up to wake up in the morning.

227
00:15:46,625 –> 00:15:51,666
anthony_algmin: Thats that’s awesome. Do Ges always work for the Grove firm themselves, or

228
00:15:51,791 –> 00:15:55,708
anthony_algmin: do you sometimes work for acquiring firms that are looking for, you know,

229
00:15:56,291 –> 00:15:59,166
anthony_algmin: the, the, the diamonds and the rough of these organizations that just need

230
00:15:59,416 –> 00:16:03,791
anthony_algmin: to capitalize on it, and and you know, evolve their business a bit, but

231
00:16:03,875 –> 00:16:05,500
anthony_algmin: there’ there’s opportunity there, too.

232
00:16:05,500 –> 00:16:10,541
jim_barnish: Yeah, once in a while we’ll we’ll um, work for a private equity firm or venture

233
00:16:10,666 –> 00:16:15,708
jim_barnish: capital firm, Um, or or an acquiring firm that’s looking to analyze potential

234
00:16:15,958 –> 00:16:20,458
jim_barnish: investment opportunities. Um. but that those are typical, you know, cash for

235
00:16:20,541 –> 00:16:22,916
jim_barnish: service fee engagements. That that’s not what

236
00:16:23,083 –> 00:16:26,041
jim_barnish: we, Why we do what we do right. Our business model

237
00:16:26,458 –> 00:16:31,333
jim_barnish: hinges on our ability to increase value within these companies. And so you know

238
00:16:31,416 –> 00:16:36,041
jim_barnish: what we love to do, and and why we do things direct in almost every aspect of

239
00:16:36,125 –> 00:16:40,625
jim_barnish: what we do is we put our money where our mouth is around. value creation. We

240
00:16:40,625 –> 00:16:41,625
jim_barnish: will take the

241
00:16:41,625 –> 00:16:46,833
jim_barnish: majority of our fees as something that’s aligned in aligning our incentives to

242
00:16:46,833 –> 00:16:50,916
jim_barnish: the company’s performance right, Typically equity or you, some sort of coverage

243
00:16:51,166 –> 00:16:55,625
jim_barnish: to have um, A A, A, A, standing in the business or percentage of sales Right,

244
00:16:55,875 –> 00:16:59,250
jim_barnish: something that’s Li aligned with what we’re driving from a growth perspective,

245
00:16:59,875 –> 00:17:03,333
jim_barnish: Um. And and that we found that the best way to do that is just to do things

246
00:17:03,541 –> 00:17:07,875
jim_barnish: direct, have as as minimal outside influences as possible, because it is such a

247
00:17:08,041 –> 00:17:13,083
jim_barnish: sensitive engagement and such a s. sensitive relationship, if you will, and Um.

248
00:17:13,500 –> 00:17:17,541
jim_barnish: really putting the founders uh priorities in the middle of it rather than other

249
00:17:17,541 –> 00:17:18,541
jim_barnish: firms.

250
00:17:19,500 –> 00:17:23,000
anthony_algmin: Yeah, I mean when you’re dealing with, you know financial transactions,

251
00:17:23,166 –> 00:17:25,958
anthony_algmin: that’s always going to be an emotional thing anyway, but on top of this,

252
00:17:26,041 –> 00:17:28,833
anthony_algmin: you’re dealing with people’s lifes, work and their legacy. Um, when you

253
00:17:28,916 –> 00:17:34,291
anthony_algmin: intertwinine all of that, it is as emotional and as as sensitive as it

254
00:17:34,541 –> 00:17:37,500
anthony_algmin: gets. and and on top of that you have the different people that are already

255
00:17:37,666 –> 00:17:40,750
anthony_algmin: working at the organization and the var, stakeholders and the customers. And

256
00:17:40,750 –> 00:17:46,041
anthony_algmin: and all that it is, it is under the best of circumstances, a uh, tricky, uh,

257
00:17:46,208 –> 00:17:50,625
anthony_algmin: road to to travel. And and so that is? Um, You know. that’s that, certainly

258
00:17:50,750 –> 00:17:54,666
anthony_algmin: something that that you have to manage. But what’s what’s interesting to me?

259
00:17:55,166 –> 00:17:58,208
anthony_algmin: And and one of the things that I’ve been thinking a lot about lately is this

260
00:17:58,291 –> 00:17:59,500
anthony_algmin: notion of alignment of

261
00:17:59,583 –> 00:18:03,083
anthony_algmin: incentives? And and that’s something where I think a lot of consulting out

262
00:18:03,166 –> 00:18:07,708
anthony_algmin: there tends to have you know built in conflicts of interest, let alone you

263
00:18:07,708 –> 00:18:11,416
anthony_algmin: know misssaligned incentives. But what I like about your business model is

264
00:18:11,500 –> 00:18:14,458
anthony_algmin: that you do have that alignment of incentives where like, if you are

265
00:18:14,625 –> 00:18:17,583
anthony_algmin: successful in helping this organization do things you’re going to benefit

266
00:18:17,958 –> 00:18:21,666
anthony_algmin: the client organization’s go to benefit, and the acquiring firm is going to

267
00:18:21,708 –> 00:18:25,958
anthony_algmin: actually have a better risk understanding of what they’re getting themselves

268
00:18:26,291 –> 00:18:31,000
anthony_algmin: into. Um, and so that to me, that’s when business is at it’s finest, when

269
00:18:31,166 –> 00:18:35,750
anthony_algmin: when really everybody stands to benefit who’s involved in that transaction.

270
00:18:35,750 –> 00:18:36,750
jim_barnish: yeah,

271
00:18:36,750 –> 00:18:39,416
anthony_algmin: and that I think is is the right way of going about this, And that’s

272
00:18:39,583 –> 00:18:42,208
anthony_algmin: something where you know for folks out there that aren’t really necessarily

273
00:18:42,375 –> 00:18:45,666
anthony_algmin: in the space, but are thinking about these kinds of things. Think about. how

274
00:18:45,791 –> 00:18:49,666
anthony_algmin: can you in your business and whoever your customers are, How can you align

275
00:18:49,791 –> 00:18:52,625
anthony_algmin: those incentives in a way where you’re growing that pie, as opposed to

276
00:18:52,625 –> 00:18:56,208
anthony_algmin: trying to divy up that pie. And and get the better of your client like that

277
00:18:56,375 –> 00:19:00,833
anthony_algmin: to me is just no way to live, so I appreciate your guys’. Uh, um, approach

278
00:19:01,083 –> 00:19:05,166
anthony_algmin: to this because I do think like to your point earlier. Yeah, these

279
00:19:05,333 –> 00:19:09,500
anthony_algmin: organizations can’t hire the Mackenzie of the world to advise them, and you

280
00:19:09,500 –> 00:19:12,541
anthony_algmin: know they don’t have the armies of lawyers most likely, And like it’s it’s

281
00:19:12,625 –> 00:19:17,791
anthony_algmin: just they need help and they need skills that. like your organization has

282
00:19:17,958 –> 00:19:22,041
anthony_algmin: built from many transactions there, this might be the one transaction they

283
00:19:22,208 –> 00:19:26,458
anthony_algmin: do. so it’s it’s It’s definitely an an interesting avenue to think about.

284
00:19:26,750 –> 00:19:30,833
anthony_algmin: Even if we, you know, many of us may never need this, or or you know, may

285
00:19:31,000 –> 00:19:33,083
anthony_algmin: need this once in in our careers. right.

286
00:19:33,708 –> 00:19:35,583
anthony_algmin: So one question that I have is

287
00:19:36,750 –> 00:19:40,666
anthony_algmin: does the nature of what the leadership of the organization is looking to do,

288
00:19:41,333 –> 00:19:44,833
anthony_algmin: Um, whether it’s to you know, exit, or whether they’re just trying to get

289
00:19:45,000 –> 00:19:49,000
anthony_algmin: additional funding or if they’re trying to just get avalluation for other

290
00:19:49,166 –> 00:19:52,375
anthony_algmin: purposes like that, Some, sometimes that’s useful, just enough itself. Even

291
00:19:52,458 –> 00:19:56,750
anthony_algmin: if you don’t do a transaction, does that change your recommendations, or as

292
00:19:57,000 –> 00:20:00,041
anthony_algmin: what makes it good for one? What makes it good for another?

293
00:20:00,208 –> 00:20:04,666
jim_barnish: it absolutely changes our recommendations. Um. Most of the businesses that we

294
00:20:04,833 –> 00:20:08,666
jim_barnish: engage with are looking to exit within the next three years. Most of the

295
00:20:08,666 –> 00:20:12,666
jim_barnish: founders that we’re that we’re engaging with Um. And so there’s typically an

296
00:20:12,750 –> 00:20:17,250
jim_barnish: exit on the horizon, whether that’s in in six or seven months, like the example

297
00:20:17,500 –> 00:20:19,000
jim_barnish: that I gave, or in

298
00:20:19,166 –> 00:20:24,583
jim_barnish: three years. Um, Either way, Um, that’s a major difference. And and so you

299
00:20:24,583 –> 00:20:28,041
jim_barnish: know, thinking on the six to seven month side right, It’s more about clean up

300
00:20:28,375 –> 00:20:32,458
jim_barnish: fundamentals getting, making sure that the business is not discounted for any

301
00:20:32,750 –> 00:20:36,916
jim_barnish: major problems in the business. Making sure to elevate. and, and and really

302
00:20:37,250 –> 00:20:42,125
jim_barnish: position the company for exit Um. On the threeer side It’s it’s time it.

303
00:20:42,291 –> 00:20:46,916
jim_barnish: There’s a lot more ability to focus on growth first, Um, And you know areas of

304
00:20:46,916 –> 00:20:50,583
jim_barnish: long term growth alongside of that versus simply packaging something for an

305
00:20:50,750 –> 00:20:57,500
jim_barnish: exit. And so um, you know, regardless of growth, Uh, regardless of exit

306
00:20:57,708 –> 00:21:01,500
jim_barnish: timeline, If you just take out Orid black from the equation of what a business

307
00:21:01,791 –> 00:21:07,000
jim_barnish: is just generally looking to do, there is always a a number of option, a number

308
00:21:07,166 –> 00:21:12,208
jim_barnish: of options, right, Optionality. If you will, um, around what timeline? What

309
00:21:12,458 –> 00:21:17,625
jim_barnish: level of investment right? What what area of opportunity and risk is going to

310
00:21:17,708 –> 00:21:23,958
jim_barnish: be? Um. their data driven road map, if you will, towards success, And one path

311
00:21:24,208 –> 00:21:28,375
jim_barnish: is not typically the only path right. There’s the most costly path there iss

312
00:21:28,541 –> 00:21:31,875
jim_barnish: the long, longest timeline path, Right, and then there’s a number. There’s a

313
00:21:31,958 –> 00:21:36,208
jim_barnish: number of different things that that will drive that optionality. but it is

314
00:21:36,458 –> 00:21:41,541
jim_barnish: always. it always should be the founder’s interest in mind, rather than an

315
00:21:41,958 –> 00:21:45,625
jim_barnish: outside individual or an outside firm, which is why we are so focused on

316
00:21:46,125 –> 00:21:50,666
jim_barnish: founder goals, Founder, folk, founder initiative, Right and ▁ultimately,

317
00:21:51,000 –> 00:21:54,666
jim_barnish: setting the founder up for a successful outcome. On the other side of you know

318
00:21:54,833 –> 00:21:55,875
jim_barnish: an exit in our case,

319
00:21:56,958 –> 00:21:57,958
anthony_algmin: right,

320
00:21:58,625 –> 00:22:03,791
anthony_algmin: I’m curious and andcause You talked a little bit about Uh, how this um, how

321
00:22:03,875 –> 00:22:06,666
anthony_algmin: this corresponds are or compared to like due

322
00:22:06,833 –> 00:22:09,958
anthony_algmin: diligences. And and I’ve always had this thing in the back of my head is

323
00:22:10,041 –> 00:22:14,541
anthony_algmin: that I’ve I’ve seen how do diligence efforts work, and I’ve always felt like

324
00:22:14,625 –> 00:22:15,708
anthony_algmin: they. They overlook

325
00:22:16,750 –> 00:22:20,291
anthony_algmin: how well an organization works with data Like do they have reasonable

326
00:22:20,458 –> 00:22:24,125
anthony_algmin: processes like you. You can often get like technology infrastructure as part

327
00:22:24,208 –> 00:22:26,041
anthony_algmin: of that and like things that are a little bit more

328
00:22:26,208 –> 00:22:29,875
anthony_algmin: tangible, but something like, Do they have reasonable data quality in what

329
00:22:29,958 –> 00:22:34,375
anthony_algmin: they’re doing? I often see are not even articulated in in a due diligence.

330
00:22:34,666 –> 00:22:38,750
anthony_algmin: Do you do you get into any of that or do you factor in any of that or is it

331
00:22:38,916 –> 00:22:42,208
anthony_algmin: just too difficult? and the kind of time frames that you work with to be

332
00:22:42,291 –> 00:22:43,791
anthony_algmin: able to actually assess

333
00:22:43,791 –> 00:22:47,541
jim_barnish: oh, absolutely. it’s a. It’s a huge part of what we look at. Um. In fact, one

334
00:22:47,625 –> 00:22:52,208
jim_barnish: of the I, I reckon exactly what you’re what you’re mentioning, right, um, I,

335
00:22:52,458 –> 00:22:56,750
jim_barnish: uh, I spent about a year in the venture capital world prior to Orchid, Black,

336
00:22:57,000 –> 00:23:01,625
jim_barnish: and Um, a little bit different of a of problems set. But you know the main

337
00:23:01,875 –> 00:23:05,541
jim_barnish: problem I had was we were always looking for our next unicorn, our next billion

338
00:23:05,708 –> 00:23:07,166
jim_barnish: dollar company, our next hundred, Exx,

339
00:23:07,166 –> 00:23:08,166
jim_barnish: investment,

340
00:23:08,916 –> 00:23:14,458
jim_barnish: and and Um, That puts a stress on Uh, on a number of things. Number one, um,

341
00:23:14,750 –> 00:23:19,958
jim_barnish: it, it’s focuses so much on the upside on that hundred, ▁x upide that you

342
00:23:20,041 –> 00:23:24,583
jim_barnish: ignore things that are going to make it at Tenex versus a one. ▁x. Uh. Number

343
00:23:24,833 –> 00:23:31,500
jim_barnish: two, Um. it focuses on infusions of capital to accelerate growth prior to

344
00:23:31,625 –> 00:23:37,083
jim_barnish: validating that a company is ready for growth. Um. and that’s why ninety five,

345
00:23:37,416 –> 00:23:41,500
jim_barnish: ninety six, I think percent of technology companies that have raised capital

346
00:23:41,875 –> 00:23:47,541
jim_barnish: fail. That’s a big. That’s a big number, right And so Um, if we focus on not

347
00:23:47,708 –> 00:23:51,541
jim_barnish: only investor interest, but also found under interest, you start looking at

348
00:23:51,708 –> 00:23:55,708
jim_barnish: things like is the is the business sustainable for growth and you can only find

349
00:23:55,791 –> 00:23:57,708
jim_barnish: that through data, Um, it,

350
00:23:57,875 –> 00:24:01,708
jim_barnish: you start looking at things like how are the operational processes within the

351
00:24:01,791 –> 00:24:06,041
jim_barnish: organization? Uh, capturing data from a single point of entry, and making

352
00:24:06,208 –> 00:24:11,333
jim_barnish: things as seamless as possible to leverages few Uh team members as possible,

353
00:24:11,541 –> 00:24:15,500
jim_barnish: Right things that ▁ultimately translate to financial value, but at the stage

354
00:24:15,625 –> 00:24:19,708
jim_barnish: that you’re looking at them. May or may not be Uh, reflected on on on any of

355
00:24:19,791 –> 00:24:23,791
jim_barnish: the financial statements, Um. it will be eventually, but when you backtrack it

356
00:24:23,875 –> 00:24:28,458
jim_barnish: towards operational, um, excellence, if you will, that’s where that’s where we

357
00:24:28,583 –> 00:24:32,666
jim_barnish: come in. Right. We focus on helping companies not just grow fast, but also grow

358
00:24:33,083 –> 00:24:37,791
jim_barnish: smart, Um, and typically in venture capital, and also, in many cases the

359
00:24:37,875 –> 00:24:42,750
jim_barnish: private equity model companies are are are sacrificing growing smart for

360
00:24:42,833 –> 00:24:47,625
jim_barnish: growing fast, and eventually that catches up to you, Um. You’re ▁. ▁ultimately,

361
00:24:47,875 –> 00:24:52,125
jim_barnish: you know, wasting a lot of capital and founders are getting diluted on their

362
00:24:52,208 –> 00:24:55,875
jim_barnish: own cap tables because of how much capital they’re needing to raise due to that

363
00:24:56,041 –> 00:25:01,416
jim_barnish: strategy. In many cases, and so the model in many cases is flawed. Um. There’s

364
00:25:01,500 –> 00:25:05,166
jim_barnish: a time for venture capital money either the time you know for not, Um. but it’s

365
00:25:05,333 –> 00:25:10,291
jim_barnish: over leveraged in a lot of cases to be driving the wrong results. If that makes

366
00:25:10,458 –> 00:25:15,500
jim_barnish: sense, Um, which again is why so many Uh. software companies end up failing Um.

367
00:25:15,875 –> 00:25:20,750
jim_barnish: So you know that mantra, grow smart and grow fast is something that, um, I,

368
00:25:21,000 –> 00:25:27,166
jim_barnish: really, uh, focus on. We really focus on as a company and um, I think was a a

369
00:25:27,250 –> 00:25:28,666
jim_barnish: real gap in the market place.

370
00:25:30,750 –> 00:25:35,000
anthony_algmin: Yeah, well, it’s it’s really interesting to hear this from your perspective

371
00:25:35,333 –> 00:25:39,708
anthony_algmin: being in the space. I’ve dabbled a little bit, but but mostly I’m just

372
00:25:39,875 –> 00:25:44,541
anthony_algmin: projecting and it’s It’s interesting to hear that, because I do think that

373
00:25:44,916 –> 00:25:49,166
anthony_algmin: your ability to work with data as an organization who is poised for rapid

374
00:25:49,416 –> 00:25:52,625
anthony_algmin: growth. You know, it is a bit of a canary in the coal mine. If you don’t use

375
00:25:52,750 –> 00:25:56,541
anthony_algmin: data Well, your operational processes across the board are probably

376
00:25:56,833 –> 00:26:00,125
anthony_algmin: struggling. Like, if you don’t know your own technology I’ve worked with

377
00:26:00,125 –> 00:26:04,375
anthony_algmin: with organizations that were software firms that had grown really quickly,

378
00:26:04,750 –> 00:26:09,416
anthony_algmin: but as a partnered with them or did consulting work for them, I learned that

379
00:26:09,791 –> 00:26:15,875
anthony_algmin: they had architecture underneath their Snzzy user interfaces. that was

380
00:26:16,291 –> 00:26:21,083
anthony_algmin: anequate like decade old and and way behind where the technology curve would

381
00:26:21,166 –> 00:26:23,791
anthony_algmin: be. but they would still be bullding themselves as as cutting edge. You

382
00:26:23,875 –> 00:26:28,041
anthony_algmin: realize. Hey, they’ve put all of their energy into the flash and not enough

383
00:26:28,291 –> 00:26:32,125
anthony_algmin: into the substance, and you didn’t know if they would ever get back to that

384
00:26:32,458 –> 00:26:36,666
anthony_algmin: because it was like they were addicted to that that high growth mentality,

385
00:26:36,833 –> 00:26:37,875
anthony_algmin: but didn’t want to do the work.

386
00:26:38,125 –> 00:26:41,416
anthony_algmin: And that’s when I see that that’s really concerning. I imagine you have

387
00:26:41,791 –> 00:26:45,875
anthony_algmin: examples. Similar examples. where where what you thought you were going to

388
00:26:46,041 –> 00:26:50,625
anthony_algmin: find? as you looked underneath the covers. It wasn’t it wasn’t that at all,

389
00:26:50,666 –> 00:26:53,166
anthony_algmin: ’cause there is there anything I don’t, what you to name any names or

390
00:26:53,250 –> 00:26:55,666
anthony_algmin: anything, but like, Do you have any stories of things that really surprised

391
00:26:55,791 –> 00:27:00,375
anthony_algmin: you that you only found from digging into the D and understanding it. and

392
00:27:00,375 –> 00:27:02,541
anthony_algmin: and then kind of chasing where that trail led you?

393
00:27:02,541 –> 00:27:06,208
jim_barnish: yeah, yeah, yeah, I mean, almost almost all examples in. In many cases cause,

394
00:27:06,541 –> 00:27:11,250
jim_barnish: it’s one thing to be the expert, but it’s it’s another thing to let data drive

395
00:27:11,500 –> 00:27:15,875
jim_barnish: that expertise and then you know, apply that expertise on on top of the data

396
00:27:16,125 –> 00:27:17,250
jim_barnish: right, And so I

397
00:27:17,333 –> 00:27:24,541
jim_barnish: think you one area, um. that is probably the biggest commonality Um of of

398
00:27:24,750 –> 00:27:29,958
jim_barnish: confusion within a lot of these gross stage companies is. If my revenue isn’t

399
00:27:30,125 –> 00:27:35,625
jim_barnish: growing, I’ve got a sales problem right, Um, and both as an operator, sometimes

400
00:27:35,958 –> 00:27:39,708
jim_barnish: even as a consultant, then certainly as an investor as well. Ive, I’ve seen

401
00:27:39,875 –> 00:27:44,833
jim_barnish: that you know that story a number of times, right. one. One perfect example is

402
00:27:45,166 –> 00:27:50,666
jim_barnish: a company that was throwing you several million into Uh, into their sales team

403
00:27:50,833 –> 00:27:51,833
jim_barnish: Right, and their sales team

404
00:27:51,958 –> 00:27:56,833
jim_barnish: was a bunch of season veterans. Um, you know, and there was there was no doubt

405
00:27:57,166 –> 00:28:00,041
jim_barnish: across the board that this sales team was going to turn the organization

406
00:28:00,291 –> 00:28:04,291
jim_barnish: around. Well as we started to look at it. Um during our initial v, C, A process

407
00:28:04,583 –> 00:28:09,166
jim_barnish: and we got engaged to figure out what to do with the sales team. Um. we found

408
00:28:09,333 –> 00:28:13,708
jim_barnish: out pretty quickly through data that it was a number of other things prior to

409
00:28:13,791 –> 00:28:18,291
jim_barnish: getting the sales that was driving the lack of growth. Um. market positioning

410
00:28:18,583 –> 00:28:23,625
jim_barnish: was was not spot on from a messaging perspective. So we’re talking we were, had

411
00:28:23,708 –> 00:28:27,166
jim_barnish: not focused on the niche that we had created throughout the years. Our the

412
00:28:27,166 –> 00:28:29,791
jim_barnish: company was not focused on the niche that they created throughout the years,

413
00:28:30,208 –> 00:28:33,333
jim_barnish: and they were focused on too many different personas, too many different

414
00:28:33,500 –> 00:28:37,250
jim_barnish: stakeholders, too many different end customers where nobody actually understood

415
00:28:37,333 –> 00:28:41,500
jim_barnish: what they did. Um. And so that was then driving the wrong leads, which

416
00:28:42,041 –> 00:28:45,958
jim_barnish: marketing in many cases you know, call them marketing qualified leads, was

417
00:28:46,125 –> 00:28:49,708
jim_barnish: saying these are ready for the sales team. Um. ▁ultimately, They were not

418
00:28:49,791 –> 00:28:53,000
jim_barnish: because they had not raised their hand for what we were actually able to offer

419
00:28:53,250 –> 00:28:57,333
jim_barnish: them. And so when the sales team would get engaged, you know they would. They

420
00:28:57,416 –> 00:29:01,500
jim_barnish: would. Not that these qualified leads, qualified leads would not go anywhere,

421
00:29:01,708 –> 00:29:05,625
jim_barnish: And so everyone in the organization was just blaming sales, right. These these

422
00:29:05,875 –> 00:29:09,500
jim_barnish: amazing sales guys should be doing better prospecting. They should be do be

423
00:29:09,625 –> 00:29:14,041
jim_barnish: doing better selling. And and the final part of that is that the if you of the

424
00:29:14,041 –> 00:29:18,375
jim_barnish: right sellers in the organization, you are compensating them very well. If you

425
00:29:18,666 –> 00:29:21,833
jim_barnish: wait too well. if they’re prospecting as well, sellers should not be doing

426
00:29:21,833 –> 00:29:22,833
jim_barnish: their

427
00:29:23,041 –> 00:29:25,875
jim_barnish: own prospect. Sellers should be focused on closing deals because that’s what

428
00:29:25,875 –> 00:29:28,291
jim_barnish: you hired them to do in the first place, And so,

429
00:29:28,583 –> 00:29:32,041
jim_barnish: if you, if you have the right methodologies in place that lead towards sales,

430
00:29:32,291 –> 00:29:36,458
jim_barnish: right, if you have the right structure, the right data driven, Uh methodology.

431
00:29:36,541 –> 00:29:41,333
jim_barnish: If you will best practices, you’ve got a system in place where sales is getting

432
00:29:41,500 –> 00:29:45,416
jim_barnish: it once it’s already qualified, and so due to poor positioning right, due to

433
00:29:45,500 –> 00:29:51,000
jim_barnish: poor messaging and due to a disconnect between marketing and Sas around what a

434
00:29:51,083 –> 00:29:55,416
jim_barnish: true qualified leader qualified opportunity is. Um. There was

435
00:29:56,541 –> 00:30:00,916
jim_barnish: a a. a number of things that we needed to end up applying first. focusing on

436
00:30:01,083 –> 00:30:04,541
jim_barnish: first before we ended up. You know right size in the sales team.

437
00:30:07,000 –> 00:30:09,875
anthony_algmin: That, that’s really interesting, and and and it gets me thinking too,

438
00:30:09,958 –> 00:30:14,458
anthony_algmin: because it’s not just a sales problem, but it’s it’s a business strategy

439
00:30:14,666 –> 00:30:17,791
anthony_algmin: problem And this is something. I got to get my soabx for a moment, because

440
00:30:18,291 –> 00:30:24,458
anthony_algmin: that is like I’m so tired of seeing organizations that were very successful

441
00:30:24,666 –> 00:30:27,666
anthony_algmin: doing something offering something in the market place, and then they grow

442
00:30:27,791 –> 00:30:31,333
anthony_algmin: to a certain size and it’s like they can’t be bothered with what made them

443
00:30:31,416 –> 00:30:33,875
anthony_algmin: great in the first place, and they want to go do something like everybody

444
00:30:34,291 –> 00:30:37,083
anthony_algmin: else in the industry who’s not as successful as they

445
00:30:37,166 –> 00:30:40,375
anthony_algmin: are, And because it’s easier, it’s like you know. Oh, they see other

446
00:30:40,625 –> 00:30:43,875
anthony_algmin: valuations or something like that, and it’s like, like go stick with what

447
00:30:43,958 –> 00:30:47,416
anthony_algmin: you’re good at. Stop trying to be everybody else. but it seems like you see

448
00:30:47,500 –> 00:30:51,666
anthony_algmin: that constantly. Like. and I mean I, I just have to admit right now like I

449
00:30:51,791 –> 00:30:56,541
anthony_algmin: do this podcast half as therapy right like. I’m just kind of like I have to

450
00:30:56,666 –> 00:31:01,250
anthony_algmin: vent about some of these things because it drives me nuts. Like just you.

451
00:31:01,250 –> 00:31:04,666
anthony_algmin: You’ve got a magic thing here happening with the growth of your business.

452
00:31:05,500 –> 00:31:10,458
anthony_algmin: Don’t give up on what’s made you unique, to be like everybody else. and and

453
00:31:10,625 –> 00:31:15,000
anthony_algmin: that I imagine comes up more way more than it should from from your your

454
00:31:15,041 –> 00:31:16,041
anthony_algmin: particular perch.

455
00:31:16,208 –> 00:31:19,958
jim_barnish: oh, it happens all all the time, whether it’s not nailing your niche initially

456
00:31:20,291 –> 00:31:25,875
jim_barnish: or not sticking to your niche eventually, right, because, um, you you you? you

457
00:31:26,125 –> 00:31:30,041
jim_barnish: know, you absolutely know that the right thing to do is is stick to it. Right.

458
00:31:30,208 –> 00:31:33,500
jim_barnish: if you look at another company, you’ll be able to tell if they’re not sticking

459
00:31:33,541 –> 00:31:37,333
jim_barnish: to it. But in your own company, you know for your own clients, You you try to

460
00:31:37,500 –> 00:31:41,416
jim_barnish: take advantage of what you find at some point on your journey. For some reason,

461
00:31:42,125 –> 00:31:45,083
jim_barnish: you, and you need a strategy to make sure you don’t do that in a focus to make

462
00:31:45,166 –> 00:31:46,833
jim_barnish: sure you don’t do that right, Um,

463
00:31:47,166 –> 00:31:50,583
jim_barnish: when you’re the business owner, you often time end up looking past it right

464
00:31:51,083 –> 00:31:53,875
jim_barnish: you? You know that again, you know other companies can’t do it. Apple doesn’t

465
00:31:53,958 –> 00:31:58,916
jim_barnish: sell actual apples or Swimmler Stehouses don’t sell organic food lines, right,

466
00:31:59,083 –> 00:32:02,916
jim_barnish: Um. But when it comes to ourselves, we ignore this intellectual honesty, this

467
00:32:03,000 –> 00:32:07,541
jim_barnish: intellectual understanding of sticking to our lane, and so, Um, and it’s

468
00:32:07,791 –> 00:32:11,083
jim_barnish: largely because we want to help people right and we want to turn Prof. turn

469
00:32:11,250 –> 00:32:14,916
jim_barnish: more profitable or grow faster. But you know we end up doing none of those

470
00:32:15,000 –> 00:32:19,250
jim_barnish: things. In fact, we end up doing the opposite by not sticking to our niche, and

471
00:32:19,625 –> 00:32:23,541
jim_barnish: you don’t realize that in the moment, unless you’ve got something a strategy to

472
00:32:23,958 –> 00:32:28,291
jim_barnish: in in checkpos to make sure that you’re really sticking to your guns, sticking

473
00:32:28,458 –> 00:32:33,166
jim_barnish: to your niche. Um, I’ve I’ve got hundreds of examples probably around that

474
00:32:33,333 –> 00:32:38,208
jim_barnish: because there’. that’s always almost always a a pain point or a focus in in

475
00:32:38,375 –> 00:32:41,708
jim_barnish: almost all of our engagements, whether it’s a three million dollar company or a

476
00:32:41,708 –> 00:32:47,083
jim_barnish: fifty million dollar company, And it starts with really dialling on on that

477
00:32:47,333 –> 00:32:51,708
jim_barnish: that popular pain that recurring pain that need to have that. That that

478
00:32:51,958 –> 00:32:55,625
jim_barnish: that that? uh, that aspirin rather than the vitaems that you’re seeing along

479
00:32:55,791 –> 00:33:00,291
jim_barnish: the way, Um right, the things that you made you get to this point in the first

480
00:33:00,541 –> 00:33:05,500
jim_barnish: place, And so you know, beyond that pain connecting to that and sticking to

481
00:33:05,541 –> 00:33:10,125
jim_barnish: that is everything, and companies just you know seem to lose their way at some

482
00:33:10,291 –> 00:33:12,041
jim_barnish: point on their journey if they’re not careful.

483
00:33:13,875 –> 00:33:17,416
anthony_algmin: Yeah, And and I think that you make a good point in there, too is like you

484
00:33:17,416 –> 00:33:18,416
anthony_algmin: want to help people.

485
00:33:18,625 –> 00:33:22,916
anthony_algmin: And so you want to be accommodating, And that is that slippery slope away

486
00:33:23,166 –> 00:33:28,125
anthony_algmin: from your core business Because you are trying to do well. I talk sometimes

487
00:33:28,833 –> 00:33:33,000
anthony_algmin: about you. just because you mean well and you, and you intend a certain

488
00:33:33,250 –> 00:33:37,250
anthony_algmin: thing doesn’t mean it happens. you don’t you like you have to actually

489
00:33:38,375 –> 00:33:41,875
anthony_algmin: achieve what you’re shooting to do. not just intending to achieve what

490
00:33:41,958 –> 00:33:43,000
anthony_algmin: you’re what you’re shooting to

491
00:33:43,083 –> 00:33:47,583
anthony_algmin: do. And and that is a very difficult thing when you’re not removed enough.

492
00:33:47,708 –> 00:33:51,166
anthony_algmin: sometimes from it. like to your point that the intellectual honesty is

493
00:33:51,416 –> 00:33:54,375
anthony_algmin: really difficult when you’re in the fray. When you’re in the middle of it

494
00:33:54,458 –> 00:33:58,041
anthony_algmin: all. It’s very hard sometimes to know what direction you need to go. Like

495
00:33:58,125 –> 00:34:01,500
anthony_algmin: getting lost in the forest. It is. really. Um, you know it’s easy for us.

496
00:34:01,791 –> 00:34:04,125
anthony_algmin: you know. it’s easy for me to judge. Oh, you know, you’ve got to have better

497
00:34:04,208 –> 00:34:08,375
anthony_algmin: strategy. You got to say late, and you got invest in those things. But it is

498
00:34:08,541 –> 00:34:13,583
anthony_algmin: also very difficult and and I imagine like you’re able to to pinpoint where

499
00:34:13,791 –> 00:34:18,125
anthony_algmin: organizations do that, because you bring in a more objective perspective

500
00:34:18,291 –> 00:34:21,166
anthony_algmin: from the outside. And this is actually something true of of consulting in

501
00:34:21,250 –> 00:34:25,000
anthony_algmin: general is that they often could see things that seem obvious once they’re

502
00:34:25,250 –> 00:34:27,333
anthony_algmin: said, but impossible to know until

503
00:34:27,500 –> 00:34:31,708
anthony_algmin: then. And that’s that’s where it. It really really makes a difference, and I

504
00:34:31,708 –> 00:34:36,291
anthony_algmin: think your your business is especially well suited to doing that because I

505
00:34:36,375 –> 00:34:39,958
anthony_algmin: think the kind of analysis that you’re doing and and the kind of approach

506
00:34:40,208 –> 00:34:44,291
anthony_algmin: that you’re taking is often not going to be anything like what the

507
00:34:44,375 –> 00:34:47,708
anthony_algmin: leadership of those businesses are accustomed to doing themselves,

508
00:34:47,708 –> 00:34:53,625
jim_barnish: No, typically not at all, and and I think even more so. Um, given the the

509
00:34:53,708 –> 00:34:57,416
jim_barnish: recent things that we’ve seen around Cov, nineteen, and and the looming

510
00:34:57,541 –> 00:35:02,541
jim_barnish: recession as well, right, um. but but what’s crazy is that Um. history has

511
00:35:02,666 –> 00:35:07,791
jim_barnish: shown that some of the most, some of the best most resilient companies, and

512
00:35:08,041 –> 00:35:12,000
jim_barnish: ▁ultimately the most impactful were born out of crisis like these, and new

513
00:35:12,000 –> 00:35:13,000
jim_barnish: solutions were

514
00:35:13,000 –> 00:35:17,708
jim_barnish: born out of crisis like these. And and so, Um, when we look at a business right

515
00:35:18,041 –> 00:35:21,416
jim_barnish: we’re We’re not only focused on that growth, but on that lean efficient

516
00:35:21,625 –> 00:35:26,208
jim_barnish: operation that’s going to weather things along those lines. Um. And what’s

517
00:35:26,458 –> 00:35:31,000
jim_barnish: what’s so cool though is, as it relates to both, you know, the the

518
00:35:31,250 –> 00:35:36,833
jim_barnish: opportunities that present themselves in in times like these, as well as um.

519
00:35:37,333 –> 00:35:42,750
jim_barnish: that that that outside perspective is that great opportunities always are

520
00:35:42,916 –> 00:35:47,500
jim_barnish: merged during uncertain times, like the tumultuous times like these are, it is.

521
00:35:47,958 –> 00:35:53,791
jim_barnish: These downturns can work in credibly well, Um, to create new strategies, and

522
00:35:53,958 –> 00:35:57,333
jim_barnish: and and and do new things that are that are strategic right towards the

523
00:35:57,333 –> 00:35:58,333
jim_barnish: business.

524
00:35:58,541 –> 00:36:02,833
jim_barnish: The problem is when the business is doing it itself, it often is not looking at

525
00:36:02,916 –> 00:36:06,666
jim_barnish: the strategic angle. It’s looking at the in the business opportunity to then

526
00:36:06,750 –> 00:36:10,291
jim_barnish: move towards a different route around. You know an opportunity that presents

527
00:36:10,458 –> 00:36:14,375
jim_barnish: itself with one customer, or an opportunity that presents itself Um with with

528
00:36:14,541 –> 00:36:18,666
jim_barnish: one prospect, Um, when we’re looking at it right, and when we’re focused on

529
00:36:18,750 –> 00:36:21,708
jim_barnish: these creative problems, solving these these new opportunities and new

530
00:36:21,791 –> 00:36:25,500
jim_barnish: strategies for the business, we’re able to absolutely to your point, look at it

531
00:36:25,541 –> 00:36:28,541
jim_barnish: from the outside lens, and and focus on

532
00:36:29,791 –> 00:36:33,708
jim_barnish: sticking to their knitting right, sticking to their knitting and focusing on

533
00:36:33,791 –> 00:36:37,875
jim_barnish: the market opportunity, and not just a customer prospect opportunity. Where are

534
00:36:37,958 –> 00:36:41,958
jim_barnish: we able to take advantage of what’s happening in the external environment to be

535
00:36:42,041 –> 00:36:46,041
jim_barnish: able to take this company to the next level? And that is that is. That is

536
00:36:46,208 –> 00:36:50,666
jim_barnish: something that is probably the the most fun. I think that our team has in in in

537
00:36:50,833 –> 00:36:54,458
jim_barnish: driving these new strategies and then showing companies how they can be

538
00:36:54,541 –> 00:36:55,958
jim_barnish: innovative, right, do new

539
00:36:56,208 –> 00:37:00,750
jim_barnish: things. But make sure that that all ties back to the strategic value of your

540
00:37:00,916 –> 00:37:05,083
jim_barnish: customer and where you’re focused on growing and exiting your business, And

541
00:37:05,166 –> 00:37:08,583
jim_barnish: that’s that’s that’s really. That’s really the fun part about the consulting

542
00:37:08,625 –> 00:37:09,625
jim_barnish: lens if you will.

543
00:37:10,541 –> 00:37:13,500
anthony_algmin: Yeah, well, And and it makes sense because you’, you’re dealing with

544
00:37:13,583 –> 00:37:17,333
anthony_algmin: whatever the circumstances are like in our in our pandemic situation, you’re

545
00:37:17,416 –> 00:37:21,083
anthony_algmin: advising these businesses and you’re not dealing with time frames where you

546
00:37:21,166 –> 00:37:24,291
anthony_algmin: can wait. And try to time the market until the market comes back like these

547
00:37:24,458 –> 00:37:27,958
anthony_algmin: are. These are decisions that are going to happen and the best thing you can

548
00:37:28,041 –> 00:37:31,791
anthony_algmin: do is just deal with whatever you’re surrounded by market wise at that time.

549
00:37:32,041 –> 00:37:35,958
anthony_algmin: So it’s it’s you know three years Y you. maybe you have a little bit of

550
00:37:36,041 –> 00:37:40,125
anthony_algmin: timing option there. But but most of these you probably don’t and even three

551
00:37:40,291 –> 00:37:43,791
anthony_algmin: years is probably not long enough to wait for an entire economic cycle that

552
00:37:43,791 –> 00:37:47,583
anthony_algmin: can last you decad, or more. So, um, so it’s interesting to think. Okay,

553
00:37:47,708 –> 00:37:51,583
anthony_algmin: given what we know market wise, how do we optim what you’re doing in the

554
00:37:51,583 –> 00:37:54,666
anthony_algmin: context that we are currently in which which evolves over time, And that

555
00:37:54,750 –> 00:37:59,666
anthony_algmin: makes me wonder like how is your business from? A, the way you do your work

556
00:38:00,291 –> 00:38:05,000
anthony_algmin: been impacted by, like the the Coov Nineteen pandemic, And is it has it made

557
00:38:05,166 –> 00:38:09,250
anthony_algmin: it harder or easier, or it just simply changed how you go about doing the

558
00:38:09,250 –> 00:38:12,458
anthony_algmin: work that you docause. I imagine that under normal ▁quot normal

559
00:38:12,541 –> 00:38:17,583
anthony_algmin: circumstances, you probably want to have some like physical evaluation. Like

560
00:38:17,666 –> 00:38:20,041
anthony_algmin: with the due diligence, you’re going to send a team out and you’re going to

561
00:38:20,125 –> 00:38:23,583
anthony_algmin: walk the halls and talk to people. Get Get a sense of that atmosphere. Uh

562
00:38:23,791 –> 00:38:26,791
anthony_algmin: today that that’s not probably very possible. So how how do you cope with

563
00:38:26,791 –> 00:38:27,791
anthony_algmin: that?

564
00:38:27,791 –> 00:38:31,541
jim_barnish: Uh, you know, we’re fortunate that we live in and focus on technology

565
00:38:32,125 –> 00:38:36,458
jim_barnish: companies. Um, so most of our clients are already more online, more remote,

566
00:38:36,666 –> 00:38:41,166
jim_barnish: more creative, more agile than the competition, if you will, Um, or than most

567
00:38:41,416 –> 00:38:46,541
jim_barnish: markets if you will, And so, Um that that’s one thing we did, we did and do

568
00:38:46,583 –> 00:38:51,541
jim_barnish: have in our favor. Now that being said, right, um, our, our, our connection to

569
00:38:51,708 –> 00:38:55,791
jim_barnish: the external environment is still just as much out there in our connection to

570
00:38:56,375 –> 00:39:00,750
jim_barnish: Um. needing the new needing to feel, and and get a sense of how things operate

571
00:39:00,916 –> 00:39:05,625
jim_barnish: beyond the remote atmosphere is incredibly important. and so um, a few things.

572
00:39:06,041 –> 00:39:07,791
jim_barnish: number one. Um, we

573
00:39:08,833 –> 00:39:12,208
jim_barnish: really really really, really. Did I say really,

574
00:39:12,791 –> 00:39:13,791
jim_barnish: focus

575
00:39:13,791 –> 00:39:18,375
jim_barnish: on Um. Team cohesiveness and the ability to operate remote right, and, and the

576
00:39:18,458 –> 00:39:23,875
jim_barnish: ability to not only have that that remote operatability, but also Um, the

577
00:39:24,208 –> 00:39:25,208
jim_barnish: systems in place

578
00:39:26,375 –> 00:39:31,500
jim_barnish: to to drive Um, the to, to drive general operational effectiveness and

579
00:39:31,625 –> 00:39:36,666
jim_barnish: efficiencies in in the business beyond Um. beyond that remote environment. So

580
00:39:36,750 –> 00:39:41,083
jim_barnish: are these companies you know leveraging the team in a more meaningful way as it

581
00:39:41,166 –> 00:39:44,125
jim_barnish: relates to offsight retreats, Right, or you

582
00:39:44,208 –> 00:39:49,500
jim_barnish: know, are they focused on doing having these re, virtual virtual get togethers

583
00:39:49,708 –> 00:39:53,416
jim_barnish: to give people the feeling of of connectivity so that they’re not having a

584
00:39:53,500 –> 00:39:56,916
jim_barnish: bunch of people? ▁quit, Because they have this lack of uh, connection to the

585
00:39:56,916 –> 00:39:59,625
jim_barnish: rest of the team once they’re on board, right, do they have the right on

586
00:39:59,791 –> 00:40:04,291
jim_barnish: boarding systems in place? Do they do? they really focus on on team building as

587
00:40:04,458 –> 00:40:09,166
jim_barnish: a general philosophy, Um, beyond just. You know individual leadership and so

588
00:40:09,250 –> 00:40:12,541
jim_barnish: there’s all these things that that come to play as we’re as we’re looking at

589
00:40:12,583 –> 00:40:17,708
jim_barnish: and evaluating teams and and processes, And I would say that because of how

590
00:40:17,958 –> 00:40:24,583
jim_barnish: focused we’ve always been on, Uh, remote teams on on on teams that are able to

591
00:40:24,833 –> 00:40:28,458
jim_barnish: operate in an environment that that could be signaled by you know, today’s

592
00:40:28,583 –> 00:40:33,708
jim_barnish: existing environment, Um. it wasn’t as much of a change for us in our operating

593
00:40:33,958 –> 00:40:37,333
jim_barnish: Um. as we looked at, you know, the the looming recession or cover nineteen

594
00:40:37,500 –> 00:40:42,208
jim_barnish: altogether, Um, it was just a. A a tilt on the lens that made it incredibly

595
00:40:42,458 –> 00:40:47,958
jim_barnish: focused. incredibly, uh, uh, a much more uh, larger focus for us than simply.

596
00:40:48,291 –> 00:40:53,000
jim_barnish: it had have been before. Um. So it’s it. it’s it. Certainly a lens that we’d

597
00:40:53,083 –> 00:40:56,666
jim_barnish: always look through, but it definitely honed in on that lens. Uh, sniper in on

598
00:40:56,666 –> 00:41:00,208
jim_barnish: that lens. if you will. Um. as we, uh, as we entered Covn. Nineteen,

599
00:41:02,666 –> 00:41:05,958
anthony_algmin: um, yeah, no, that’s that’s really interesting. And so

600
00:41:07,333 –> 00:41:10,750
anthony_algmin: we only have a few minutes left. And and one of the questions that I would

601
00:41:10,916 –> 00:41:15,416
anthony_algmin: have is is do you have advice that is generally applicable? Be cause, imag.

602
00:41:15,583 –> 00:41:18,375
anthony_algmin: A lot of your work becomes very specific about what individual organization

603
00:41:18,541 –> 00:41:21,791
anthony_algmin: should do, and in the technology space, especially in terms of of growing

604
00:41:21,958 –> 00:41:25,666
anthony_algmin: valuation. But you have some good rules of thumbs that that uh,

605
00:41:26,208 –> 00:41:29,583
anthony_algmin: entrepreneurs that are listening or are watching this could start to think

606
00:41:29,708 –> 00:41:33,166
anthony_algmin: about and start doing, And and then when the time is right, when they’re

607
00:41:33,250 –> 00:41:36,541
anthony_algmin: looking to to makeize that they could, uh, you know, give you a call at or

608
00:41:36,833 –> 00:41:40,666
anthony_algmin: black to to know amplify that, but I got. imagine there. There’ some things

609
00:41:40,750 –> 00:41:42,625
anthony_algmin: that they should be thinking about all the time.

610
00:41:42,916 –> 00:41:46,916
jim_barnish: Yeah, absolutely, and I’ll try to try to keep it focus on not just the business

611
00:41:47,250 –> 00:41:52,750
jim_barnish: level, but the individual as well as well. so um, number one, uh, nail. And

612
00:41:52,833 –> 00:41:57,166
jim_barnish: focus on your niche. We talked about right, and this translates to as an as an

613
00:41:57,333 –> 00:42:01,333
jim_barnish: individual and at a company level, focusing on what you’re great at and what

614
00:42:01,500 –> 00:42:06,375
jim_barnish: you can bring to the world. Number two. Um, learn how to attract and retain the

615
00:42:06,458 –> 00:42:10,916
jim_barnish: right talent into your company and in your life, Um. Because even as a founder,

616
00:42:11,166 –> 00:42:15,625
jim_barnish: personal mindset and personal growth matter just as much as business growth, if

617
00:42:15,791 –> 00:42:19,083
jim_barnish: you’ going to grow your business, that might sound silly, but is one hundred

618
00:42:19,250 –> 00:42:23,333
jim_barnish: percent true. Because founder burn out is a real thing. If you’re not careful,

619
00:42:23,708 –> 00:42:29,083
jim_barnish: Um number three, focus on improving yourself. Not just your team, your company,

620
00:42:29,541 –> 00:42:33,875
jim_barnish: other people, right y sticking to that last thing I said around the attraction

621
00:42:33,958 –> 00:42:38,583
jim_barnish: and retention of talent, Um, evolve your own leadership competencies, Um, in

622
00:42:38,666 –> 00:42:42,291
jim_barnish: your own personal development. Um, get do things like getting an executive

623
00:42:42,458 –> 00:42:47,000
jim_barnish: coach. Um. I’m a firm believer that every Uh founder, every leader needs a

624
00:42:47,166 –> 00:42:52,666
jim_barnish: coach. Um. it is something that Uh seems in insane, until you get one, and

625
00:42:53,083 –> 00:42:56,833
jim_barnish: until you see the development and the progression of your own competencies in

626
00:42:56,833 –> 00:43:01,000
jim_barnish: your own life. Um, and so those three things I would say are kind of the the

627
00:43:01,083 –> 00:43:05,416
jim_barnish: core to everyone, Uh, nail, and focus on your niche. Number two, Uh, attract

628
00:43:05,500 –> 00:43:08,833
jim_barnish: and retain the right talent into your company in life and number three, focus

629
00:43:09,083 –> 00:43:13,333
jim_barnish: on improving yourself. personal development. Um, Including you know, getting,

630
00:43:13,708 –> 00:43:17,416
jim_barnish: getting a coach that a number of different failures, a number of different

631
00:43:17,541 –> 00:43:21,708
jim_barnish: successes along all three of those, Uh, but ▁ultimately, all are incredibly

632
00:43:21,958 –> 00:43:24,750
jim_barnish: important, no matter your role and no matter you know your industry,

633
00:43:27,791 –> 00:43:30,750
anthony_algmin: I think that I think that’s wonderful advice, and that something that I

634
00:43:30,833 –> 00:43:35,250
anthony_algmin: think many of us should really take the heart in. And and move forward with,

635
00:43:35,416 –> 00:43:39,583
anthony_algmin: I think that the coaching pieces is certainly something that. Um, many of us

636
00:43:39,708 –> 00:43:42,833
anthony_algmin: probably think out the back of our head that we probably should think about

637
00:43:42,916 –> 00:43:47,166
anthony_algmin: doing that and many don’t. And and that’s something that I think most of us

638
00:43:47,333 –> 00:43:53,708
anthony_algmin: should so great. adceate. this is flown by. Where’re at a time? Um. ▁jim,

639
00:43:54,041 –> 00:43:57,791
anthony_algmin: thank you so much for for joining us today, and and sharing your wisdom with

640
00:43:58,541 –> 00:44:01,000
jim_barnish: you bet you bet always remember, date is your friend.

641
00:44:02,833 –> 00:44:06,625
anthony_algmin: Definitely, definitely, and thank you all for watching or listening today.

642
00:44:06,666 –> 00:44:09,583
anthony_algmin: You’ll find more information in the show notes. Please remember to follow

643
00:44:09,791 –> 00:44:13,333
anthony_algmin: Data leadership lessons on Youtube or wherever you get your podcasts. If you

644
00:44:13,500 –> 00:44:17,000
anthony_algmin: enjoy the show, please rate and review and tell others about us. Learn more

645
00:44:17,083 –> 00:44:20,541
anthony_algmin: about Data leadership with my book at DataLeadershipBook.com and use

646
00:44:20,625 –> 00:44:24,541
anthony_algmin: promo code ALGMINDL at the DATAVERSITY Online trading center for twenty

647
00:44:24,666 –> 00:44:28,541
anthony_algmin: percent off your first purchase. Stay safe during these unusual times and go

648
00:44:28,541 –> 00:44:29,541
anthony_algmin: make an impact

Scroll to top