"Get comfortable with being uncomfortable” –Alec Eickert, Owner and Managing Partner of BDV Inspections and BDV Capital Group. In this episode, Alec shares his story as a Generation 2 owner of a family business and how he navigated the challenges of losing his father unexpectedly who was the head of the family business.
Alec shares why contingency planning is so critical for all businesses, especially family-owned enterprises. Specifically, he suggests focusing on building transferable and repeatable systems and processes as part of the core operations. This will ensure the viability of the business. He also strongly believes its critical for any business that wants to thrive to attract and properly incentivize the best talent possible. Business systems can’t run on their own and by attracting the right team you can ensure the business continues to evolve over time to adapt to changing market conditions. This helps to mitigate the “tribal knowledge risk” which is so common in lower middle market family-owned businesses.
He also suggests owners take the time to play out various scenarios (i.e. if they are not around) and think through the ramifications to the business.
Alec shares his passion for ultra marathon events and how he plans to reach the highest peak in all 50 states. He applies this mindset of embracing discomfort to running his business.
Lastly, he shares his 2 action items for owners:
1. Develop the systems and processes early in the business and ensure the team is using the systems effectively. This action will help increase the enterprise value of the company.
2. Surround yourself with a personal board of advisors and mentors. This will help keep you accountable towards the success you desire.