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.
[00:58] Who is Marty Rosica?
[04:40] 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?
- 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.
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[09:48] “I think having more money in the bank would’ve helped. They say you need to have at least a year’s salary for yourself and then maybe around 6 months of operating income in the business before you get started. I had neither.”
[11:20] “My accountant gave me great advice. He said “If you’re going to have a partnership, I’m out”. And I didn’t understand why...he’s seen too many partnerships fail...to this day, that advice has been stellar. I don’t regret it at all. I never got a partner.”
[19:46] “Hiring good people is the hardest part of any business, it doesn’t matter what industry you’re in - it’s the hardest part.”
[21:13] “My statement is always ‘be as entrepreneurial as you possibly can’ because you’ll enjoy it more and I know that it’s your decision and if it’s wrong we’ll be okay. We’ll learn from it, we move on. It’s not a big deal to make a mistake and that’s probably the biggest misnomer in business by the way.”