Inspiration in Times of Crisis from David Barnett, Andrew Sherman, & Erik Bergman
Hello Fellow risk-takers. Welcome to my worst investment ever stories of laws to keep you winning in our community. We know that to win in investing. You must take risks but to win big. You've got to reduce it. My name is Andrew Stotz from a Stotts investment research. And I want to remind you that in this difficult time it is okay to reach out for help. Now is the time to rely on your family. Friends and the network you have built in that spirit. I have reached out to my network of podcast guests and have asked each to share a few minutes of wisdom about how to survive and thrive during these difficult times. I we're going to hear from David Barnett. He was episode one thirty six which was titled. Always have a clear path to plan B. David is a three time bestselling author consultant and business coach. Who's been working with small business owners for more than twenty years for the past ten years? He's been helping people buy and sell businesses one of the most interesting takeaways really like stood up and shouted when I heard him say this is that you are not your business. You as a person are wholly distinct and separate thing from Your Business and that really got me interested so listen up. They're Andrew. It's David Barnett from David. C Barnette Dot com where we talk about buying and selling small medium sized enterprises. I got your email and The thing I think that I would like to pass along to people as we are literally living through something which will be one of those events in history is just to remember that you are not your business you as a person are completely distinct and separate thing from Your Business and through this crisis. They're going to be many businesses which will no longer be viable inland of closing. And I want to remind people that's not a reflection upon them. It's it's just a function of the time that we're in. And if people know their business and they realize that this is going to be a protracted event in different places around the world and that there is going to be a long and protracted recession then people need to think about themselves as individuals ahead of their businesses. And you know if you can pull your business around. You can have it survive. That's great and you need to do that. To protect the jobs of the people who will be able to stick with you. But if you don't see a way out then you need to look for the path to extricate yourself from the situation while retaining as many resources as you can so you create opportunities for yourself once this thing winds up and gets over the worst thing I've ever seen in my experience and I've seen it many many many times is that when a business starts to head downhill for whatever reason the owners don't cut their losses and they put their own resources into the business to try to help it survive. Your own. Personal survival has to be paramount in a situation. Like this and if your business has to close if your business is going to be shut down because of this crisis it's not a reflection on you as a person you're different from your business. Thanks for all you do Andrew and if anyone wants to learn more will buying and selling businesses come over to David. C Barney Dot com next comes Andrew Sherman. He was episode one thirty three which is mistakes to avoid when selling your business and he gave us kind of a special episode where he went through all the different common mistakes that he had seen in how to avoid them. So Andrew is a partner in the Corporate Department of C. Farts Shaw and serves as the Corporate Office Chair for the Washington DC team. He focuses practice on issues affecting business. Growth for companies at all stages including developing strategies for licensing and leveraging intellectual property and technology assets intellectual asset management and harvesting and international corporate transactional. Enfranchising matters the word that came out of his. I love this one. Which is retool. We have to retool ourselves and look at our value proposition of our business. And that really got me thinking about my own businesses and how I can make sure that we come out of this stronger. This is Andrew Sherman a partner at Cypher. Shaw in Washington DC. I'd like to talk a little bit about the impact of Cova. Nineteen on small business entrepreneurs while in the United States. There's been a lot of legislation recently to help solve some of the payroll and other costs. That's not really the answer. That's a short term fix to a long term problem companies lack of ability to be prepared for this crisis having a plan B inability to pivot a succession plan in transition plan an exit planning or Emergency Preparedness Plan. It really exposed. Just how unprepared. Not only our governments are around the world for crisis like this but how prepared many small unprepared at many small business and entrepreneurs were. We're now having to make difficult decisions about balancing health versus wealth and when to reopen the many countries states and cities around the world. There are suffering from the virus. If there's a few things that you've learned hopefully it's now's the time to retool to repurpose to reevaluate your business and your value proposition. If you had dependencies on supply chains dependencies on key customers dependencies on staying open on a retail basis. You're feeling the pain of those dependencies. Now so also a time to look about the future of work in the future of the workplace will working from home. Be The new normal. How will that affect staffing and teamwork and engagement issues and even innovation and creativity? It's also a good time to be sure that you stay close to your customers. Those small businesses and entrepreneurs that really stayed close to their customers are being rewarded now with alternative business models just as takeout and delivery and enjoying things like the stay at home dividend. Other businesses were caught by surprise had lack of cash flow reserves And other steps. That could have been taken to be more ready. I hope we can all learn from this crisis and we have stronger. Global Small Businesses and entrepreneurs round the world and I look forward to getting on the other side of this curve again. This has been Andrew Sherman from Cypher. Shaw in Washington. Dc thank you next. Up Is Erik. Bergman Eric's was episode one hundred twelve which was titled. Keep empathy in the Star War Room. Eric started his career as a professional poker player while he was still a teenager. In Two thousand twelve at age twenty four he started. Katina media a company that only three and a half years later would be listed on the Stockholm Stock Exchange with a two hundred million dollars valuation. He left katina media a few years ago and today is just starting his latest project. Great Dot Com. Wow and that's a name. He paid to nine hundred thousand dollars for and I'm sure he's making a lot out of it. So one of the best things that came out of his for me was the idea of reducing your media exposure. I turned off and didn't get into facebook and other postings and all that after the whole crisis started I basically shut that off through the daytime only look briefly at night great advice. Hey guys. My name is Erik Bergman land. I believe that the best thing to do in Corona Times like this is first and foremost to lower the amount of media exposure. Because at least to me right now I just get stressed out by. Keep watching the news. Keep washing the numbers and a couple of weeks ago has decided to go on a corona occasion. Meaning don't watch any news whatsoever. I took away my stock market apps not following the stock market on following anything. And I'm just looking at the numbers once a week and it has helped me tremendously to stay focused on other things more important. I mean I'm staying inside. I'm not meeting people and washing hands just doing that. I think is everything important that the media can tell me instead using this as a paternity to create new habits. Believe that you don't get new results by setting new goals you get new results by creating new habits and habits is everything and in times when we're a lot of those are working from home and we're meeting people and he said we have more time on our hands to create habits so I would start by creating a habit of writing something everyday like something small something you appreciate something you feel grateful for and creating that habit of writing. I think that's super beneficial. Have that as an habit would also create some kind of an habits of being creative online. If you don't already have a business then I would start creating something that could turn into a business google and search for Youtube on different business ideas and different guides and explore these things and see if you can find something that you did you just want to keep reading about something that sparks your theriault city. 'cause once you find things that sparked your to reality and you just want to keep going that's when you will easily stay patient enough to succeed. You're having fun with what you're doing. It's easy to be patient if you're not having fun if you're really bored it's really really hard to keep the discipline up. So he uses Thomas Finding lots of different ways to make money or just learn about different ways to make money online and try to find a way to to have a hobby that you can make money from you have more time now than you usually have so use it as an opportunity. Good luck with everything chairs all right listeners. There you have it stories of inspiration to keep you winning as we end. I WanNa thank my guest for coming on the show and sharing how to survive and thrive during this difficult time. Well that's a ramp on another great show to help create grow and protect our wealth and our happiness fellow risk-takers. I'll see you on the upside.