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The Ripcord Moment

Business owners are today’s American heroes. They innovate, they create jobs, they believe that they can CREATE a better future for their families and our country. So much attention is given the start of a business (the idea, the technology, and the fund raising). Yet much less to the exit – as if it will magically take care of itself. When they do exit the business, it’s a once in a lifetime event – there is no do over! Yet so many are ill-prepared to make the jump.The Ripcord Moment is a podcast focused on learning from those entrepreneurs and their team of advisors who have made the jump and sharing their best ideas with you. So when you are ready for your Ripcord Moment – you can execute and hit your perfect landing. Disclosure: Information presented herein is for discussion and illustrative purposes only. The views and opinions expressed by the speakers are as of the date of the recording and are subject to change. These views are not intended as a recommendation to buy or sell any securities, and should not be relied on as financial, tax or legal advice. You should consult with your attorney, finance professional or accountant before implementing any transactions and/or strategies concerning your finances.‍

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The Ripcord Moment

Get Comfortable With Being Uncomfortable

July 15, 2021 • Joe Seetoo • Season 1 • Episode 6

"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.