Welcome to the “Show Me The Way” podcast with David Seitter
In this episode of “Show Me The Way,” Dave sits down with Todd Riley to discuss his process of transitioning from an employee to a business owner and details about his process including how to handle deal fatigue.
Ep. 2 — The Journey From Employee to Business Owner with Todd Riley
Todd Riley’s Background and Experience
Dave opens by introducing the guest, Todd Riley of Creative Blow Mold Tooling, and asks Todd to share more about his personal and career background.
- Todd says he grew up close to Pittsburg, Kansas, and graduated from Pittsburg State University’s plastics program.
- After that, Todd moved to Kansas City and spent most of his career as a design engineer.
- Todd explains how Creative Blow Mold Tooling manufactures tooling for plastics in the packaging industry.
Dave mentions Todd’s jump as an employee to business owner, and asks Todd how he made that transition.
- Todd explains how he has always wanted that in his career and approached it by taking stake in the company’s success.
He attributed his successful transition to a business owner coming from personal ownership and the people. Dave mentions his book Quiet Plans – Exciting Results, their are values and principles that determine success for business owners, and asks Todd what strengths people would recognize as the driving force of his success as an owner.
- Todd says he thought about how it would play out constantly, so when the opportunity finally came about, he already knew what to do.
The Journey of Acquiring Creative Blow Mold Tooling
Dave asks Todd whether his first acquisition was Creative Blow Mold Tooling, and more details about the business.
- Todd reflects on forming a relationship with the CEO of his previous company.
- He discusses how he maintained that relationship and worked together to build Creative Blow Mold Tooling.
Dave asks Todd more details around his approach to buying a business, and other aspects around the process.
- Todd says there are different approaches, and then discusses his informal conversations with the previous owner and his official offering.
- Dave asks if Todd has experienced “deal fatigue” and how he responded to it.
- Todd says he would go through those feelings, but kept pushing through it, noting that if you’re interested, you’ll find a way to do it.
Dave asks who assisted Todd in his transactions.
Todd was supported by a private equity team, adding that there were people who are willing to help him. Dave asks Todd what the process is for determining how much to offer for a business.
- Todd says working directly with an accounting team to audit the company and determine what the business is worth based on the area, quality, etc.
- He then details the doubts and worries that come along with business deals
Dave asks what the next step is for Creative Blow Mold Tooling.
- Todd says he wants to continue to grow, acquire, and move the business forward with potential partnerships or expanding to new locations.
Dave asks Todd if there is an endgame in mind right now with the business.
- Todd discusses about what the future holds and what future ownership looks like to him.
Dave asks what advice Todd would give to someone who is interested in buying or selling a business.
- Todd says from a seller’s standpoint, having a clear plan of what your goals are for the future.
- He continues discussing how on the buyer’s side, you need to think about what the reasoning and the purpose of owning a business means to you.
Dave asks what’s next for Todd personally and professionally.
- Todd gives family updates on his kids and what his goals for his career are.
Dave wraps up the show with key takeaways of this episode, and asks Todd how listeners can find more information about him and his company.
To reach out to Dave for advice or consultation, please visit www.davidseitter.com or email him at dseitter@spencerfane.com
Disclosure
This podcast is provided for educational purposes. It does not constitute legal advice and is not intended to establish an attorney-client relationship. The recommendations contained in this podcast are not necessarily appropriate for every individual or business. In determining the best course of action, business owners should consult with an attorney on their distinct circumstances.