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Welcome to the Entrepreneur's Journey where Michael Pallozzi leads discussions with successful entrepreneurs to learn about their journey of starting, building, and eventually selling their business or transitioning it to the next generation. The goal is

HFM Investment Advisors, LLC


    • Apr 15, 2025 LATEST EPISODE
    • monthly NEW EPISODES
    • 32m AVG DURATION
    • 18 EPISODES


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    Latest episodes from Entrepreneur's Journey

    Building Systems, Developing Leaders: From Corporate Exec to Trusted Small Business Advisor with Jim Bradley

    Play Episode Listen Later Apr 15, 2025 26:56


    Welcome back to The Entrepreneur's Journey. In this episode, Michael is joined by Jim Bradley, founder of Precision Profit Strategies, to discuss his transformation from a corporate leader at companies like FedEx and Ready Pac Foods to a trusted advisor and coach for small businesses. Jim shares how his corporate experience with leadership development, lean manufacturing, and process improvement now serves his entrepreneurial mission: helping business owners build systems, develop leaders, and reclaim their time. This episode offers valuable takeaways for entrepreneurs looking to create scalable, self-sustaining businesses.Tune into this episode to also learn:● How lean methodology can drastically improve small business profitability.● Why leadership development is key to increasing business value.● What it means to be a “trusted advisor” in a business owner's inner circle.● The difference between working in the business vs. working on it.What we discussed● [00:02:06] Jim explains the mission of Precision Profit Strategies and how his firm helps business owners develop systems, leadership, and clarity around business health.● [00:04:06] His career journey from machine operator to leadership roles at FedEx and the significance of FedEx's leadership development training.● [00:07:04] How lean principles work across industries and why they're more about repurposing than cutting jobs.● [00:10:09] The moment Jim realized the value of his expertise — while generating $20,000/week as a corporate consultant.● [00:13:34] What finally pushed Jim to launch his own business, and how he positioned himself as a strategic advisor rather than just a consultant.● [00:17:57] Why working with owners of small businesses is both rewarding and high impact.● [00:21:00] What size and type of businesses benefit most from his services.● [00:23:30] The difference between using EOS and mastering true leadership and accountability.● [00:24:36] How listeners can reach Jim and start a conversation about their business needs.3 Things To RememberJim's experience across industries and companies like FedEx enables him to bring invaluable process and leadership tools to small business owners.Lean methodology isn't just for factories—it's a mindset shift that can improve efficiency in any type of business.Leadership development creates freedom for business owners and increases the value of their companiesMemorable moments: (00:07:58) "Even in your line of work, Michael, you can apply these concepts and eliminate waste. Really. It's not just a production thing or field thing… it is administrative process."(00:10:34) "Train your people, look through a particular lens, and once you see waste, you just can't unsee it."(00:14:59) "I think the real thought process was back in 2016 when I was with ISI and people were giving me $20,000 checks a week… and those checks weren't going to me."

    Building a Business from the Ground Up with Bill McGrath

    Play Episode Listen Later Mar 12, 2025 30:34


    In this episode of The Entrepreneur's Journey, host Michael Pallozzi sits down with Bill McGrath, owner of South Jersey Elevator, to discuss his journey from working in the trades to launching and scaling his own successful elevator company. Bill shares his early influences, the pivotal moment that led him to take the leap into entrepreneurship, and the challenges he faced along the way. He also talks about the lessons he learned from his father, the importance of resilience, and the future of his company, including his son's growing role in the business.Tune into this episode to also learn:How Bill transitioned from being an electrician to running a thriving elevator business.The sacrifices and risks involved in starting a company from scratch.The role of family support in overcoming business challenges.How South Jersey Elevator is positioning itself for future growth and sustainability.What we discussed[00:02:06] Bill's early exposure to the trades and how his father pushed him to specialize.[00:05:04] The journey of becoming an electrician and the additional certifications Bill pursued.[00:07:30] How an unexpected job offer led Bill into the elevator industry.[00:10:19] The corporate decision that pushed Bill toward entrepreneurship.[00:12:19] The founding of South Jersey Elevator and its early challenges.[00:15:40] Bill's first major client and the importance of relationship-building.[00:19:45] How a local business owner's support reinforced Bill's vision for growth.[00:21:01] The expansion of South Jersey Elevator and the introduction of residential services.[00:24:25] The impact of COVID-19 on business and how customer expectations have shifted.[00:26:21] Bill's vision for the future, including workforce development and industry leadership.3 Things To RememberEntrepreneurship requires sacrifice, but resilience and support from loved ones make a huge difference.Strong relationships and honesty in business can lead to unexpected opportunities and long-term success.Growth is about quality, not just size—focus on being the best in your industry rather than the biggest.Useful LinksConnect with Bill McGrath: LinkedInSouth Jersey Elevator: https://sjelevator.com/Connect with Michael Pallozzi: LinkedInLike what you've heard…Learn more about HFM HERE

    From Criminal Justice Dreams to Running a Legacy: Tyler Hoehe's Story

    Play Episode Listen Later Feb 12, 2025 28:48


    Welcome back to the Entrepreneur's Journey Podcast. In this episode, host Michael Pallozzi sits down with Tyler Hoehe, the fourth-generation owner of Ed's Body Shop in Bridgeton, NJ. Tyler shares her incredible journey from dreaming of a career in law enforcement to becoming the youngest entrepreneur featured on this podcast. Discover how her family's legacy influenced her decision to take over the business, the challenges she faced as a woman in a traditionally male-dominated industry, and how she's expanding the shop's services to include heavy-duty equipment repair. This conversation dives deep into her growth, passion, and dedication to carrying on her family's name.Tune into this episode to also learn:How Tyler transitioned from criminal justice to entrepreneurship.The history and evolution of Ed's Body Shop, a four-generation family business.Challenges and perks of being a woman-owned business in a male-dominated industry.How Tyler expanded services to include heavy-duty equipment repair and towing.What we discussed[00:00:32] Tyler's initial aspirations in criminal justice and her internship experience.[00:05:02] Her pivotal conversation with her grandfather about taking over the family business.[00:10:10] The challenges and stereotypes of running a woman-owned body shop.[00:17:02] Expanding Ed's Body Shop to include heavy-duty equipment repair.[00:20:06] Tyler's hopes for the next generation to carry on the family legacy.3 Things To RememberFamily legacy and passion can inspire unexpected career paths.Breaking gender stereotypes requires perseverance and proving capabilities.Expanding services can breathe new life into longstanding businesses.Useful LinksConnect with Michael Pallozzi: LinkedInLike what you've heard…Learn more about HFM HERESchedule time to speak with us HERE

    What's the Secret to Turning a Construction Job Into a Scalable Business, Like Ron Cuff?

    Play Episode Listen Later Dec 5, 2024 46:38


    Welcome back to the Entrepreneur's Journey, a podcast dedicated to exploring the paths of successful entrepreneurs. In this episode, Michael Pallozzi sits down with Ron Cuff, co-CEO of High Point Home Services and Brand President of High Point Roofing. Ron shares his inspiring journey of transitioning from construction labor in his youth to building, scaling, and successfully exiting businesses in the trades industry. Listen as they delve into his upbringing, early challenges, and eventual successes, culminating in the development of "Forge," a comprehensive educational platform for trades business owners. This episode is packed with actionable insights for aspiring and seasoned entrepreneurs alike.Tune into this episode to also learn:The importance of finding the right partners to complement your skill set.How to structure your business with an exit plan in mind.Key strategies for transitioning from hands-on work to business ownership.The role of ethical and effective leadership in scaling a company.What we discussed[00:00:50] Introduction to the Entrepreneur's Journey podcast and guest, Ron Cuff.[00:02:10] Ron's early experiences working with his father in construction and its impact on his entrepreneurial mindset.[00:06:45] The transition from college life to the professional world, and early lessons in sales and management.[00:13:45] The founding story of High Point Roofing and initial challenges faced during its startup phase.[00:18:10] Strategies used to outcompete larger firms and maintain momentum during slow seasons.[00:25:30] The decision to structure High Point Roofing as a self-managing company to attract private equity buyers.[00:29:50] Transitioning into High Point Home Services and acquiring Chris Services.[00:35:15] Identifying gaps in trades business operations and the vision behind "Forge," a training platform for tradespeople.[00:41:30] The challenges and opportunities of launching a scalable educational platform for business owners.[00:44:45] Final reflections on entrepreneurship, hard work, and the importance of persistence.3 Things To RememberHaving a clear exit plan from the start can guide business growth strategically.Ethical and responsible sales practices build long-term trust and success.Hiring for values and work ethic, rather than just skills, fosters a strong company culture.Useful LinksConnect with Michael Pallozzi: LinkedInConnect with Ron Cuff: LinkedInLike what you've heard…Learn more about HFM HERESchedule time to speak with us HERECheck out our Financial Wellness Program – HFM Ignite

    From Burnout to Balance: Jen Goldman's Guide for Thriving Businesses

    Play Episode Listen Later Nov 5, 2024 26:42


    Welcome to this insightful episode of The Entrepreneur's Journey, where Michael Pallozzi speaks with his longtime friend, business transformation specialist, Jen Goldman. They explore Jen's passion for empowering small businesses to thrive, not just grow, and discuss her unique journey from humble beginnings to becoming a change agent for entrepreneurs. Jen reveals the critical importance of financial literacy, understanding profit and loss, and the discipline needed for businesses to make clear, strategic decisions. Through shared experiences and practical tips, Jen and Michael underscore how small business owners can build sustainable practices to drive growth, overcome burnout, and maintain a work-life balance that supports business and personal success.Tune into this episode to also learn:Why financial clarity is essential for business success.How to leverage a profit and loss statement to make strategic decisions.Key strategies for managing family dynamics in a business environment.The importance of outsourcing and effective vendor management.What we discussed[00:01:00] How Michael discovered Jen on a podcast and brought her into HFM to drive transformative change.[00:03:50] Understanding client fit and knowing when to say “no” to ensure best service and maintain team morale.[00:05:00] Jen's story of restructuring her business, even stepping back, to realign with her values.[00:07:00] Key financial foundations: Profit and loss basics for small business owners and visualization techniques to ease financial anxiety.[00:09:24] The challenges of mixing personal and business finances and its impact on growth and decision-making.[00:15:47] Vendor management versus employee roles, and when to outsource effectively to enhance business operations.[00:22:05] Strategies for managing burnout and staying balanced, including taking buffer days and leading by example to attract the right team and clients.3 Things To RememberFinancial literacy is critical for making confident, strategic business decisions.Cultivating a team and vendor relationships that align with your vision will elevate your business and reduce frictionTaking time for personal well-being and setting boundaries is essential to avoid burnout and maintain a thriving business.Useful LinksConnect with Michael Pallozzi: LinkedInConnect with Jen Goldman: LinkedInLike what you've heard…Learn more about HFM HERESchedule time to speak with us HERECheck out our Financial Wellness Program – HFM Ignite

    Can You Imagine Leaving a Six-Figure Job for Fitness? Here's How Duarte Monteiro Did It!

    Play Episode Listen Later Oct 3, 2024 30:31


    Welcome back to the Entrepreneur's Journey. In this episode, Michael Pallozzi sits down with Duarte Monteiro from Zen Sport. Duarte, a former corporate investigator turned performance coach, shares his unconventional path from martial arts to fitness training. Learn how Duarte left his corporate job to pursue his passion for helping people achieve peak performance. They discuss the importance of functional training, avoiding injuries, and how Duarte's methods are transforming the lives of his clients, including busy entrepreneurs. Tune in for insights on maintaining physical resilience at any age and how fitness can be a game-changer in your personal and professional life.Tune into this episode to also learn:Why entrepreneurs should prioritize their physical health.The importance of injury prevention in fitness training.How functional movement training can benefit both athletes and busy professionals.The role of seed oils in nutrition and how to make healthier food choices.What we discussed[00:01:05] Duarte's journey from competitive martial arts to corporate investigations.[00:03:40] The turning point that led Duarte to shift from corporate life to fitness coaching.[00:05:25] Duarte's development of performance training for athletes and adults.[00:08:57] How Duarte integrates physical therapy insights into his coaching.[00:13:45] The creation of the adult Z Fit program for busy professionals.3 Things To RememberEntrepreneurs often neglect their physical health, but maintaining functional fitness is crucial for long-term resilienceFunctional movement training isn't just about strength; it's about keeping the body injury-free and adaptable.Consistent, personalized training can reverse the effects of aging on the body and brain.Useful LinksConnect with Michael Pallozzi: https://www.linkedin.com/in/michaelpallozzihfm/Connect with Duarte Monteiro: zensportspeed.comLike what you've heard…Learn more about HFM HERESchedule time to speak with us HERECheck out our Financial Wellness Program – HFM Ignite

    Pioneering Inclusive Fitness with Spectrum Sports' James Paoletti.

    Play Episode Listen Later Sep 5, 2024 24:59


    In this episode of The Entrepreneur's Journey, host Michael Pallozzi sits down with his nephew, James Paoletti, the owner, and partner of Spectrum Sports. James shares his transition from being a special needs teacher to launching Spectrum Sports, a unique program that offers sports and fitness opportunities for individuals with special needs. He discusses the challenges and triumphs of entrepreneurship, the impact of COVID-19 on his business, and the exciting plans for Spectrum Sports' future.Tune into this episode to also learn:How James transitioned from teaching to entrepreneurship.The role of Spectrum Sports in providing inclusive fitness programs.Challenges and strategies in scaling a niche business.Insights into expanding a business amidst economic uncertainties.What we discussed[00:01:36] Introduction to Spectrum Sports and James Paoletti's background in special needs education.[00:03:11] The inspiration behind Spectrum Sports and its initial stages as a volunteer initiative.[00:06:25] How COVID-19 acted as a catalyst for business growth and community engagement.[00:07:43] The decision to transition Spectrum Sports into a full-time business venture.[00:10:21] Overview of Spectrum Sports' current programs and the move to a permanent location.[00:11:49] Recruitment and the passion-driven team behind Spectrum Sports.[00:13:12] Discussion on age diversity in programs and launching a new kids' program.[00:14:18] Success stories highlighting the positive impact of Spectrum Sports on participants.[00:17:47] Challenges of entrepreneurship, including financial planning and time management.[00:19:18] Future expansion plans, including new locations and programs.3 Things To RememberStart with a clear focus and grow gradually, expanding based on demand and feedback.Be flexible and responsive to external challenges to maintain growth and engagement.A strong commitment to your mission can attract like-minded individuals and fuel growth.Useful LinksConnect with Michael Pallozzi: LinkedInConnect with James Paoletti: LinkedInLike what you've heard…Learn more about HFM HERESchedule time to speak with us HERECheck out our Financial Wellness Program – HFM Ignite

    Building Dreams: How Mike Regina Constructs Success Across Industries

    Play Episode Listen Later Aug 22, 2024 24:08


    Welcome to another episode of the Entrepreneur's Journey Podcast. Host Michael Pallozzi sits down with Mike Regina, an entrepreneur with a dynamic background spanning multiple industries, from construction to auditing services. Mike shares his story of starting his entrepreneurial journey washing cars and eventually founding successful businesses, including a construction company with his brother and a freight auditing company with a trusted partner. The conversation highlights Mike's unique approach to entrepreneurship, the importance of strong partnerships, and how his faith and values have guided his career.Tune into this episode to also learn:How a childhood car-washing business sparked Mike Regina's entrepreneurial spirit.The lessons learned from the challenges of working in the construction industry.The importance of relationships and values in successful business partnerships.Strategies for balancing multiple businesses and personal commitments.What we discussed[00:02:05] Mike's early entrepreneurial experiences and how washing cars taught him the value of hard work and customer service.[00:04:09] The lessons learned from working in the construction industry, emphasizing planning and precision.[00:06:35] How Mike and his brother decided to start their own construction company, Big Sky, and the role of family values in their success.[00:09:21] The importance of professional service and customer satisfaction in setting Big Sky apart in the construction industry.[00:12:19] Transitioning from construction to founding Global Auditing with a strong team and shared values.[00:14:17] The entrepreneurial mindset of seeking opportunities across different industries.[00:17:29] The launch of Mike's masterclass and his commitment to inspiring and educating entrepreneurs.[00:19:24] Balancing personal and professional life through intentional time management and purpose-driven living.[00:21:56] Mike's overarching purpose of glorifying God and providing for his family through passion and purpose in his work..3 Things To RememberThe more you hustle and provide quality service, the greater the rewards in entrepreneurship.Successful business partnerships are built on shared values and mutual trust.Balancing multiple ventures requires strong processes, persistence, and intentional time management.Useful LinksConnect with Michael Pallozzi: LinkedInConnect with Mike Regina: LinkedInLike what you've heard…Learn more about HFM HERESchedule time to speak with us HERECheck out our Financial Wellness Program – HFM Ignite

    Transforming Lives Through Nutrition: The Link Between Food and Health with Reese Valcich

    Play Episode Listen Later Aug 7, 2024 35:17


    Welcome back to the Entrepreneur's Journey Podcast. In this episode, Michael Pallozzi sits down with Reese Valcich, founder of Revolution Health Coaching. Reese shares his journey from athletic performance to health coaching, inspired by his father's battle with ALS and Lyme disease. They discuss the importance of nutrition, the role of gut health in overall wellness, and how Reese helps clients achieve their health goals through personalized coaching. This episode provides insights into the intersection of health and entrepreneurship, highlighting the impact of informed nutritional choices on energy and productivity.Tune into this episode to also learn:How Lyme disease can trigger various health conditions and the importance of root-cause treatment.The difference between bodybuilding and athletic performance training.Why mitochondrial function is crucial for sustained energy throughout the day.The role of seed oils in nutrition and how to make healthier food choices.What we discussed[00:01:44] Reese's journey into health coaching and his father's battle with ALS and Lyme disease.[00:03:58] The early challenges Reese faced with his health and nutrition.[00:05:24] The influence of mentors and the transition from athletic performance to health coaching.[00:07:40] Recognizing the shift towards nutrition and its impact on health.[00:10:54] Strategies for assessing and improving a client's energy through nutrition.[00:14:50] The importance of viewing food as fuel for optimal body function.[00:16:41] Distinguishing whole foods and their benefits over processed foods.[00:20:26] The impact of seed oils on health and how to avoid them.[00:26:12] Understanding gut health and its significance in overall wellness.3 Things To RememberNutrition plays a critical role in managing energy levels and overall health, especially for entrepreneurs.Identifying and avoiding harmful ingredients like seed oils can significantly impact your well-being.Personalized nutrition plans that focus on whole foods can help optimize health and performance.Useful LinksConnect with Michael Pallozzi: LinkedInConnect with Reese Valcich: Revolution Health CoachingLike what you've heard…Learn more about HFM HERESchedule time to speak with us HERECheck out our Financial Wellness Program – HFM Ignite

    Selling A Family Business Twice With Ed Hutchinson

    Play Episode Listen Later Aug 1, 2022 34:33


    The Hutchinsons didn't sell their family business once but twice, this is the story of their growth. Ed Hutchinson speaks with Michael about how he and his family grew and differentiated their business in a crowded contracting market. How did they do things differently after they bought their family company back? Why did they sell it again? Tune in for the full scoop. Ed Hutchinson is the President and rainmaker of his family business Hutchinson Energy Services. Hutchinson Energy Services is a plumbing company turned HVAC full-service provider.  Tune in until the end to learn:  Navigating family dynamics when many people are involved How to position your family business for recurring growth Why you should prepare your family business for sale even if you don't plan on selling it      Timestamps [00:40] Who is Ed Hutchinson?  [04:07] How did Hutchinson's HVAC business start? [06:14] How working with the Federal government made them change their business model [08:59] Dividing the roles between family members [10:30] Aha moment that made them take the business across state lines  [14:25] Challenges and success when the family business was passed down [18:10] Advice for transitioning a business to a second-generation family business   [20:27] Should you have a vision and mission statement for your family business?  [22:34] How did the Hutchinsons differentiate their family business?  [25:12] Selling the family business for the second time (building up to the final sale) [28:55] What if you were starting a family business from scratch? (and the 24 hour rule) [30:40] Retiring after running the family business  [32:23] Understanding the value your partners bring (and other parting words of wisdom) 4 Key Highlights Working with the Federal government compels you to be versatile.  You have to have a process for how things get done in your family business no matter how stubborn your family members are. Running your company with discipline is a necessity for the survival of the business.  Each family member in a family business has a unique ability. Empower each family member to play to their strengths and avoid pressuring them to rely on their weaknesses. Allow your family members to leverage their unique abilities.  If you're angry or in a negative mental state, don't make any decisions for 24 hours.  Useful Links Connect with Ed Hutchinson:  Connect with Michael Pallozzi: https://www.linkedin.com/in/michaelpallozzihfm/ (LinkedIn) | https://www.youtube.com/watch?v=cwPUUK47XQw&ab_channel=HFMInvestmentAdvisors%2CLLC (Get a 401k tip in under 2 minutes (video)) Like what you've heard… Learn more about HFM https://hfmadvisors.com/working-with-hfm (HERE) Schedule time to speak with us https://calendly.com/hfminquirycall/360 (HERE) Check out our Financial Wellness Program – http://www.hfmignite.com/ (HFM Ignite)

    Building a First Generation Family Business: Dental Practice

    Play Episode Listen Later Jul 15, 2022 35:58


    A charming conversation between Dr. Harry and Cindy Monokian and Michael Pallozi as they share how they built a dentistry practice from the ground up together, as a couple and as partners. They also talk about how it felt to gradually transition out of the business and officially hand everything over to their sons. They recount their long journey of intentional learning and inevitable trial and error as well as all the values they passed down to their sons.  Dr. Harry Monokian and Cindy Monokian have been running Monokian Dentistry since the late 70s. Tune in until the end to learn:  How to get your children to become genuinely interested in growing your family business. Mistakes to avoid when transitioning your family business.  What to consider in your buy-sell agreement. How even 3-day courses can completely change your business.   Timestamps [00:58] Who are Dr. Harry and Cindy Monokian? [03:30] How did they start their dentistry practice? (and why starting slow worked out well) [05:27] How they got clients in an age when advertising was taboo.  [06:23] Why education is huge for business owners.  [07:23] Taking your child to work with you. OR How childcare happens when both parents are business owners. [09:25] From being a teacher to running a dental practice.  [10:03] Expanding the business and running out of money. [13:04] How to use systems to create consistency in your business.   [16:57] How both their sons became interested in dentistry. [20:06] Bringing in their sons to work at the family business. [24:12] Transitioning the family business: setting up a buy-sell for your practice, mistakes to avoid, clients [29:59] The hardest part of letting go of the practice [32:07] Advice for building a first-generation family business [33:20] What's retirement like for the Monokian? 5 Key Highlights In the late 70s, it was frowned upon to advertise. Very few businesses advertised their services. Work of mouth was key in acquiring new clients. Another way to get clients at that time is to depend on the overflow of clients that other businesses couldn't handle due to high volume.  You must have a whole system in place for how you create a first impression on your clients. How you answer the phone, how you collect information, how to be pleasant - should all be part of the same system. All your staff should execute the system in the same way. This way, you create a consistent feel.  Getting your children to work at your family business during the summer can be a way to get them interested in your field of work.  Taking courses can be a game-changer for your family business. And taking the courses together as a family can help you learn and retain even more information than you would alone. Education becomes a family affair.  It's important to set up a buy-sell agreement for your business when transitioning your family business down to the next generation.  Useful Links Connect with Dr. Harry Monokian: https://monokiandentistry.com/meet-our-doctors/dr-harry-monokian/ (Monokian Dentistry Website) Connect with Cindy Monokian: https://www.linkedin.com/in/cindy-monokian-7b725a6/ (LinkedIn) |  Continuing Dental Education: https://www.speareducation.com/ (SPEAR) Connect with Michael Pallozzi: https://www.linkedin.com/in/michaelpallozzihfm/ (LinkedIn) | https://www.youtube.com/watch?v=cwPUUK47XQw&ab_channel=HFMInvestmentAdvisors%2CLLC (Get a 401k tip in under 2 minutes (video)) Like what you've heard… Learn more about HFM https://hfmadvisors.com/working-with-hfm (HERE) Schedule time to speak with us https://calendly.com/hfminquirycall/360 (HERE) Open an HFM Ignite account https://hfmadvisors.com/ignite (HERE)

    Growing Your Business By Helping Your Competitors

    Play Episode Listen Later Jun 15, 2022 42:54


    Bill Hoffman joins Michael Pallozzi to chat about how he grew a community-first business by first helping his competitors. They discuss what he's doing to prepare his business for an eventual transition. At this point, his family members aren't interested in running his extermination business so he shares other available avenues for business transition. In their conversation, they talk about the 3 main stakeholders you need keep in mind when selling your company, why being transparent with your employees makes for a smoother transition, and why Bill always picks up the phone. Bill Hoffman is the CEO of Hoffman's Exterminating which has been going on for over 31 years. Tune in to find out how his exterminating company ended up partnering with the Philadelphia Eagles in an unlikely turn of events.  Tune in until the end to learn:  The #1 thing you must do before selling your business Why it pays to help your competitors  How to make a business sale as smooth as possible OR Why telling your employees your plans to sell is better for you   Timestamps [00:56] Who is Bill Hoffman? [04:08] How Bill got started in extermination  [06:08] How he grew by helping the competitor [09:12] Selling your business as part of your retirement plan.  OR Keeping your customers, employees, and yourself in your business transition plan. [11:39] Why do business owners hide business sales from their employees? [15:09] What's the best way to value a business? OR Why you shouldn't prioritize the money when valuing a business.  [19:42] Making yourself operationally irrelevant. OR The most important thing to do before selling your business [24:44] Always run your business as if you're selling it [27:16] Being consistently available to your employees and clients  [30:57] How an extermination company bought a sports complex [35:51] How to outwork your problems by releasing authority [38:52] What to do after selling your business OR Should you stop working after selling your business? [40:46] Success is transitioning your business 3 Key Highlights Every business transitions at one point or another. You have to have a plan for what you will do when you transition your business. You have to have a plan for your customers, your employees, and yourself.  Nobody likes change. There is a lot of uncertainty and uneasiness that can come with selling a business. It can make you reluctant to keep your employees in the loop. If you get buy-in from your employees early, you will have a much smoother transition.  When selling your business, you have to gradually first become operationally irrelevant. If you don't do that, your business will fall apart without you and investors will no longer be interested in buying your company. Build a self-managing company. You don't want your buyer to think you need them to survive, you want to have power.  Useful Links Connect with Michael Pallozzi: https://www.linkedin.com/in/michaelpallozzihfm/ (LinkedIn) | https://www.youtube.com/watch?v=cwPUUK47XQw&ab_channel=HFMInvestmentAdvisors%2CLLC (Get a 401k tip in under 2 minutes (video)) Like what you've heard… Learn more about HFM https://hfmadvisors.com/working-with-hfm (HERE) Schedule time to speak with us https://calendly.com/hfminquirycall/360 (HERE) Open an HFM Ignite account https://hfmadvisors.com/ignite (HERE)

    What It's Like To Be A Third Generation Family Business Owner with Anthony Bellia

    Play Episode Listen Later Mar 18, 2022 29:57


    Anthony Bellia joins  Michael Pallozzi to discuss what it's like to be a third generation family business owner. He discusses what it was like to grow up in a family business environment and shares what was naturally expected of him as a child as well as details of the transition process of the family business from the second to the third generation. Only 8% of family businesses make it to the third generation. In their conversation, Anthony shares several success factors that makes a family business beat the odds and last three generations.   Anthony Bellie is the president of Bellia Furniture. Bellia enterprises has now been in operation for 49 years. When Anthony was still a child, Bellia enterprises had already been in business for 30 years.  Tune in until the end to learn:  The significance of having a thorough exit and transition strategy when running a family business  What makes a family business last three generations.  Why all family members in a family business should understand business financials.   Timestamps [00:58] Who is Anthony Bellia? (Bellia enterprises) [03:49] What's it like being a child in a family business? [04:48] What's the training like for children in a family business? [07:31] What's it like to be interviewed for a job by your father?  [08:55] What was Anthony's work like in Bellia enterprises and how does diversification help them thrive? [11:16] Roles of other family members in Bellia enterprises.  [15:00] When the first generation family members wanted to transition the business to the next generation (exiting a family business).  [16:39] What makes a family business last 49+ years?  [18:34] Having sensitive and strategic family business discussions with trusted advisors - why it helps. OR The two-year transition process that helped solidify the Bellia family business.  [22:26] The biggest dangers of a transition process in a family business.  [23:46] Why adaptability is key for success in a sales role.  [24:57] What makes a family business defy the odds (3 things to always remember)? [26:32] How has the business development process changed in Bellia enterprises? [27:29] What every family member in a family member should understand.  3 Key Highlights Growing up and seeing your family own a family business is a unique experience. You get to meet many different types of people even just as a child. You feel you are part of something special that other people don't get to experience.  In a family business, it's important to create a space where different family business can discover their strengths and passions - even if those strengths and passions ultimately lead them out of the family business. You only want to keep family members who absolutely want to be there in your family business.  There is a blanket of trust in a family business. This can create some legal or financial risks that you don't carefully study.  Useful Links Connect with Anthony Bellia: https://www.linkedin.com/in/anthonybellia/ (LinkedIn)  Connect with Michael Pallozzi: https://www.linkedin.com/in/michaelpallozzihfm/ (LinkedIn) | https://www.youtube.com/watch?v=cwPUUK47XQw&ab_channel=HFMInvestmentAdvisors%2CLLC (Get a 401k tip in under 2 minutes (video)) Like what you've heard… Learn more about HFM https://hfmadvisors.com/working-with-hfm (HERE) Schedule time to speak with us https://calendly.com/hfminquirycall/360 (HERE) Open an HFM Ignite account https://hfmadvisors.com/ignite (HERE)

    Navigating an Informal Succession Process in Your Family Business

    Play Episode Listen Later Feb 15, 2022 36:48


    Bill Emerson joins Michael to discuss his informal transition into his family recruitment and staffing company Emerson Group. In their conversation, they explore what you should consider when creating ownership and succession policies in a family business, why you should formalize succession and ownership rules, why getting outside support for your family business is both healthy and helpful,, and how to navigate a family-first ethic while still taking care of the business's best interests.   Bill Emerson is the president and CEO of Emerson Group. He interrupted his career in the family business to pursue his real estate license eventually making a return to the family business. Today, 75% of his staff have worked at Emerson Group for 10 years or more.   Tune in until the end to learn:   ●     How to gift shares methodically in your family business. ●     Balancing a family-first mindset with accountability in business. ●     How running a value guided business differentiates you in your industry.   Timestamps   [00:57] Who is Bill Emerson (Emerson Group)?  [03:26] How the family business Emerson Group started. [04:50] Pioneering work-life balance. [05:50] Bill's life before joining the family business. [09:03] The realization that made Bill return to the family business after leaving it for a real estate career. [11:44] Gifting shares in a family business: is it the right thing to do?  [14:04] What to consider when creating policies for ownership in a family business. [16:36] Balancing between family-first vs. business-first mindsets [18:34] Why you should get outside support when running a family-owned business (and what it's like). [21:17] Going from the face of the business to behind-the-scenes involvement in the family business. [22:48] Running a value-based family business. [27:07] Bill's unique professional abilities. [29:31] Balancing between using artificial intelligence and offering personalized services. [33:08] Bill's retirement and succession plan. [35:06] Advice for running a family business.   5 Key Highlights   Learning business skills at another company before joining the family business is an extremely valuable experience to go through and leverage - this can be done in the same industry or in a different industry.   Being a supportive parent, allowing your children to make their own mistakes, and letting them freely choose their own path can be one of the best things you can do for your family business.   Things to consider when putting a policy for ownership in a family business in place: length of time served in the company, the skillset the family member is bringing to the table, and the exit strategy.   When running a family-first family business it is important to still maintain a spirit of healthy competition and challenge within the business. This will help the business grow and create a culture of accountability.   Having underlying values that guide the direction of your brand helps you differentiate yourself from your competitors in the wider market.     Useful Links   Connect with Bill Emerson: https://www.linkedin.com/in/billemerson1/ (LinkedIn) | https://emersongroupinc.com/ (Emerson Group Website)   Connect with Michael Pallozzi: https://www.linkedin.com/in/michaelpallozzihfm/ (LinkedIn) | https://www.youtube.com/watch?v=cwPUUK47XQw&ab_channel=HFMInvestmentAdvisors%2CLLC (Get a 401k tip in under 2 minutes (video))   Like what you've heard…   Learn more about HFM https://hfmadvisors.com/working-with-hfm (HERE) Schedule time to speak with us https://calendly.com/hfminquirycall/360 (HERE) Open an HFM Ignite account https://hfmadvisors.com/ignite (HERE)  

    How You Can Make a Profit While Making a Difference with Angelo Alberto

    Play Episode Listen Later Jan 15, 2022 39:04


    Architect Angelo Alberto joins Michael Pallozzi to discuss how he built he established his architecture firm. Throughout the conversation, you will hear about how Angelo built his business beyond the bottom line by making the business a true part of the Camden City community.   Tune in to hear the story about why he broke off a business partnership, went solo, then sold his business.   Angelo Alberto is the president and CEO of City Invincible, an architecture firm. City Invincible is a merger of Alberto & Associates, Berzinsky Architects, and LaVardera Architects. Alberto studied architecture at both Harvard and Cornell.   Tune in until the end to learn:   ●     Why breaking off a great partnership can still be a great thing. ●     What to look for when selling your company. ●     Why selling your company is both a compliment and critique.   Timestamps   [01:00] Who is Angelo Alberto? [05:14] You can't succeed with creativity alone, you need to master THIS too. [07:14] What do urban design businesses do? [09:47] Finding a great mentor and partner at a premier architecture firm. [12:07] The serendipitous way he ended up starting his own business [14:00] Why he left his prestigious partnership to go solo. [15:21] Finding family and synergy in his team. [17:31] Becoming the rainmaker of his business. [18:15] Creating the renaissance of a city even after an economic downturn. [20:27] Balancing business profitability with supporting important charitable causes. [21:43] Why your business getting bought out is both a compliment and a criticism. [23:54] A great reason to sell your business (even if things are going well). [28:01] Advice for entrepreneurs who work in creative spaces (like architecture). [31:25] Angelo Alberto's plans for the future (and a local legend). [36:30] Why you must read the book Never Eat Alone.     5 Key Highlights   To be a successful entrepreneur, creativity is not enough to help you succeed. You also need to be well-versed in how businesses run and flourish. Exiting a great partnership can still be a good idea if the partners don't share the same vision. Being an entrepreneur does not confine your impact to your company. Rather, being an entrepreneur means having a positive impact on the community in which you are. When other businesses are interested in acquiring your business, consider it both a compliment and a criticism. On the one hand, you're probably doing something right and on the other hand, there are probably things they can do better. Getting a team of professional advisors (like an attorney, accountant, and financial advisor) can do wonders for your business.   Useful Links   Book recommendation: https://www.amazon.com/Never-Eat-Alone-Expanded-Updated/dp/0385346654 (Never Eat Alone by Keith Ferrazzi)   Connect with Angelo Alberto: https://www.linkedin.com/in/angelo-alberto-30b1828/ (LinkedIn)   Connect with Michael Pallozzi: https://www.linkedin.com/in/michaelpallozzihfm/ (LinkedIn) | https://www.youtube.com/watch?v=cwPUUK47XQw&ab_channel=HFMInvestmentAdvisors%2CLLC (Get a 401k tip in under 2 minutes (video))   Like what you've heard…   Learn more about HFM https://hfmadvisors.com/working-with-hfm (HERE) Schedule time to speak with us https://calendly.com/hfminquirycall/360 (HERE) Open an HFM Ignite account https://hfmadvisors.com/ignite (HERE)

    From Working In A Casino To Selling His Business with Dominic Morrone

    Play Episode Listen Later Dec 15, 2021 28:00


    Employee benefits specialist Dominic Morrone joins Michael Pallozzi to discuss how he went from working in a casino to selling his insurance business. He recounts his entrepreneurial story and shares lessons he's learned about hiring great employees, reasons you might want to sell your company, and the mental challenge of selling your company.   Tune in until the end to learn:   ●     What you have to do to establish a name for yourself in your industry. ●     How to retain the best talent in your company. ●     What to look out for when you sell your business.   Timestamps   [00:40] Who is Angelo Alberto? [04:25] Why he left the casino business to start working in the insurance industry (employee benefits). [07:48] Why leaving his business partnership was perfect for both partners. [10:02] Changing the focus of his business from sales to service. [11:46] Why he doesn't have voicemail in his company. [13:09] How you can keep your best staff members. [14:04] How the company grew (a story about how Dominic had to hustle). [16:01] He never thought he would sell his business but… [20:00] The challenge he had adapting technology with his aging employees. OR Why he felt he was going to be left behind if he didn't sell his business. [21:14] How he had to change the direction of his business to adapt to technological developments. [21:57] Advice for anyone looking to sell their business (what to look out for). [23:27] Dominic's plans for retirement (and his fear of retirement). [25:28] The mental challenge of selling your company.   3 Key Highlights    Building a business where stellar service comes before an aggressive strategy can give you a competitive edge. You build a great reputation. People know that when they come to you, they will get the help they need. Not every staff member you hire will be a good fit in your company. However, excellent employees do show up, and when they do you have to work hard to retain them. One way to do that is to share company profits with them. There are different ways you can arrange that. Technology can be a huge force in determining how you hire your staff. Nowadays it is crucial to hire staff who are comfortable with technology because a large part of doing business depends on it.   Useful Links   Connect with Dominic Morrone: https://www.linkedin.com/in/dominic-morrone-90613787/ (LinkedIn)   Connect with Michael Pallozzi: https://www.linkedin.com/in/michaelpallozzihfm/ (LinkedIn) | https://www.youtube.com/watch?v=cwPUUK47XQw&ab_channel=HFMInvestmentAdvisors%2CLLC (Get a 401k tip in under 2 minutes (video))   Like what you've heard…   Learn more about HFM https://hfmadvisors.com/working-with-hfm (HERE) Schedule time to speak with us https://calendly.com/hfminquirycall/360 (HERE) Open an HFM Ignite account https://hfmadvisors.com/ignite (HERE)

    How the Top 8% of Family Business Succeed for Generations with Tom Bellia

    Play Episode Listen Later Nov 15, 2021 32:26


    Tom Bellia joins Michael Pallozzi to share how his family-owned business beat all the odds to now become a third-generation family-owned business. Tom retired from his family business Bellia Enterprises at 64. The company was founded in 1973 by Tom's parents. Today, it is run by Tom's children and their cousins.   Did you know: Only 8% of family businesses survive long enough to be handed down to the third generation.   Tune in until the end to learn:   ●     Key skills and traditions to pass on to your children. ●     How to create a balance between family and business in a family business. ●     Best practices for transition and succession planning in your family business.   Timestamps   [00:56] Who is Tom Bellia (Bellia enterprises and more...)? [04:32] The story of Bellia Enterprises (moving from first-generation to second-generation family-owned business). [08:32] How the family business worked and kept the family together. [10:14] How to prepare your family members for success in the family business. [12:49] Principles to help you separate business issues from family issues. [15:37] The process of creating a transition plan for the family business. [21:41] Don't forget to do this when creating your business succession plan. [23:56] Bellia Enterprises after the transition. [26:23] The most important element of ANY family business (and its biggest challenge). [29:30] Tom's retirement bucket list advice.   5 Key Highlights   Family business planners can help you prepare transition plans for your family business. For example, they can help you set up requirements for your children (or other family members) to fulfill before they can be part of the family business. This way, you can future-proof your family business.   Not only is it important to learn how to strike a balance between business issues and family issues, but it is also just as important to pass down these skills and traditions to your children and other family members who will be in charge of the business in the future.   Successful family businesses require that family members be serious about their roles and respect the boundaries of their roles.   There are many considerations to keep in mind when you are designing a transition plan for your family business. These include: what are your children's (or other successor's) strengths, what are their plans for the future, what work you would need to hand over, and what you will do once you hand over your work.   Transparency and honesty are the most vital elements of successful family businesses. This is important even after succession has taken place. For example, you can hold annual meetings to discuss the state of the business with the family.   Useful Links   Connect with Tom Bellia: https://belliaprinting.com/ (Bellia Printing Website) | https://bellia.net/ (Bellia Enterprises Website)   Delaware Valley Family Business Center: https://dvfbc.com/ (Website)   Connect with Michael Pallozzi: https://www.linkedin.com/in/michaelpallozzihfm/ (LinkedIn) | https://www.youtube.com/watch?v=cwPUUK47XQw&ab_channel=HFMInvestmentAdvisors%2CLLC (Get a 401k tip in under 2 minutes (video))   Like what you've heard…   Learn more about HFM https://hfmadvisors.com/working-with-hfm (HERE) Schedule time to speak with us https://calendly.com/hfminquirycall/360 (HERE) Open an HFM Ignite account https://hfmadvisors.com/ignite (HERE)

    Going From Salesman to Business Owner with Marty Rosica

    Play Episode Listen Later Sep 29, 2021 34:58


    HVAC entrepreneur Marty Rosica joins Michael Pallozzi to discuss his entrepreneurial journey buying and selling his company. Marty's unlikely story begins in a church volunteering engagement but turns into something bigger than himself. He shares his story of how he suddenly went from being a salesperson to a business owner.   Tune in until the end to learn:   ●     How taking the advice of your advisors can save you a lot of grief in the future. ●     What EVERY business has trouble getting right. ●     How to manage new employees when acquiring a company.   Timestamps   [00:58] Who is Marty Rosica? [04:40] How an opportunity he got while volunteering changed his life. OR How volunteering turned into an opportunity to buy a company. [06:05] How did the employees respond to having a new owner? [07:03] Transitioning from salesperson to business owner (and how he tripled the company's growth. [09:20] How much money do you need to have before making your business your main source of income? [10:52] The ultimatum his accountant gave him before he bought the business. [12:54] Why he decided to sell his business (after a lot of back and forth). [18:49] The hardest part of running ANY business. [21:30] Breaking the news to his employees that he has decided to sell the company. [22:50] His new role in the company. [24:44] Do you own an HVAC company? [25:02] Working with a coach to build a business plan. [27:56] Why you need a team of advisors when selling your business. [30:55] How does he feel about his decision to sell? [32:46] What does the future hold for Marty Rosica?   5 Key Highlights   When buying a business, it is crucial to align your vision with your new employees to make sure that everyone is on the same page. This way, you can work like a well-oiled machine. You behave differently (perhaps even more confidently) when you know that the financial part of running your business is taken care of. This is why you need to have enough money before making your business your main source of income. Financial stress can be a big distraction that stops you from running your company with the clarity and confidence it needs from you. Strongly considering the advice of financial professionals when buying a new company can be a big part of your success. Not only are they more aware of the financial aspect of acquiring a company, but they probably have extensive experience helping others acquire companies and have the intuition that comes with that kind of experience. When you are in the process of selling your business, you need a team of capable advisors on your side. This way you can still focus on doing your job and have experts on your side to tell you the best course of action to take in matters that you don't know very well. As a business owner, you are not merely giving your employees jobs - rather, you are building careers. This is why it is extremely important to carefully consider who you hire.   Useful Links   Connect with Marty Rosica: https://www.linkedin.com/in/marty-rosica-78ba56a/ (LinkedIn) | https://www.hawksandco.com/about-us/our-team/ (Hawks and Co.)   Connect with Michael Pallozzi: https://www.linkedin.com/in/michaelpallozzihfm/ (LinkedIn) | https://www.youtube.com/watch?v=cwPUUK47XQw&ab_channel=HFMInvestmentAdvisors%2CLLC (Get a 401k tip in under 2 minutes (video))   Like what you've heard…   Learn more about HFM https://hfmadvisors.com/working-with-hfm (HERE) Schedule time to speak with us https://calendly.com/hfminquirycall/360 (HERE) Open an HFM Ignite account https://hfmadvisors.com/ignite (HERE)

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