I was once 25 years old. When I think about it I am sometimes shocked at how fast the time has passed. Looking back I wonder what it would have been like if my 63 year old self could talk to that 25 year old man. Would I even slow down enough to visit and would I even listen?
My name is Kit Lindsay. I grew up on a farm in Missouri and loved all things mechanical and hated school. College would have been a prison sentence for me. I taught myself how to rebuild transmissions at the age of 20, and opened my shop in 1984 when I was 22. It was a struggle for sure and I wonder if I knew then what I know now, how different my story would be….
What would I have told myself about running a business? What things are the most important? What things should I avoid? And what things should I have done differently in my personal life?
I would have told myself that there are three basic rules for a successful business.
- You have to show up every day
- You must be honest with your customers and your employees
- You must know something about what you are selling.
A fourth rule should be included, and it is the “Golden Rule” which is “Treat everyone as you would treat yourself”. Every business that I know of that has failed has violated one or more of these basic rules.
I would tell myself to join an industry trade association. They will provide support for your new business in ways you don’t even realize that you need. ATRA is the best one in my opinion and will provide technical information as well as management training and believe me, you will need the latter as much as the former.
Speaking of management training, my good friend Rod Cayko in Idaho told me that the best investment he made in himself was taking professional management training. Rod is one of the most successful shop owners I know. I am glad I listened to him. Get business training as soon as you can.
I would tell myself that once it is clear that the business is going to be successful, start looking for property to purchase and start building equity. Keep debt low – no fancy houses at the Lake of the Ozarks or new pickup trucks. Save as much money as you can. Short-term sacrifice for long-term gains.
You had better be willing to work 12 hours a day, seven days a week when it’s necessary. That’s not the goal, but you must be willing to do it when it’s required. Willingness to work that hard is what separates the winners from the “also rans”.
I would tell myself that you are going to spend a lot of time in your business. Make it a place that attracts high-quality customers and great employees. Hire based on the three A’s. Aptitude, Attitude and Ambition.
My good friend Glenn Troub once told me of a business trip he took years ago to Mexico and the shops there looked like NASCAR shops! The employees were dressed proudly and admired by the community. What young man wouldn’t want to work there?
Don’t waste calories worrying about what the other shops are doing. Focus on what YOU are doing and be the very best at what you do.
I would tell myself to fi nd an honest, competent accountant. Find an excellent attorney. Your great accountant may make the attorney unnecessary. On that note, do whatever is necessary to avoid going to court. It is always faster and cheaper to take a hit than engage the legal system. Even if it means giving a customer a full refund.
Make your banker your friend. He can be your best partner. Be honest with him and let him know if things are going great and when they’re not so great. He can also he a wonderful resource when you have a crazy business idea you are thinking about.
Find a good insurance agency and use them for all of your insurance. Your combined premiums will represent a fairly large book of business for them, and they will work hard to keep you. The insurance broker is your representative in case you have a loss – he will advise you and go to bat for you with the carrier.
I would tell myself to set a good example for your employees. Set your expectations high. They will imitate you if they respect you.
Make them proud to work for you. Make them want to be with you or be just like you.
Not everyone is qualified to be your customer. Learn to say no to a job when it is not in everyone’s best interest to agree to the repair. A good job will come in soon after you pass on a bad one.
Now young Kit, I want to tell you some things to avoid. And these are important…
I would tell myself do not neglect your health. A poor diet, smoking, drinking excessively and not exercising will put you into an early grave if you don’t die in an accident. You may not think so at 25 but here I stand at 63 and I am SO glad I took care of myself.
Do not neglect your family for the sake of the business. If you put your business ahead of your wife you may find yourself without her and half of the business that you built. I look back on several failed marriages and I wish that I had been a better husband.
Don’t cuss too much. Swearing can quickly become second nature, and I think that people lose respect for someone who swears a lot.
I would tell myself that there is a little voice inside your head that often tells you what you don’t want to hear. Listen to that voice. It’s God and the universe telling you what you need to do. I always regretted it when I did not listen to the little voice. Often times the right decision is the hardest decision.
Take time off. Several short getaways are better than one big one. You need the downtime because being responsible for so much is exhausting, and your employees will appreciate you more when they have to do without you for a few days. And the same applies to them. Encourage them to take time off for the same reason. Try to take time off every three months if you can.
Now for some things I did that I would encourage you to do sooner rather than later…
I would tell myself to put faith in God. God provides guidance if you open your heart and mind and ask for it. My friend Dan Tucker in Arkansas has always had an unwavering faith in God and he runs an incredibly successful shop in the poorest county in the country. I know that I would have had a more fulfilling life had I put more faith in God. To tell the truth I said a little prayer before getting up here!
Build good relationships with other shops in town. You can share work and compete with each other on quality and service, rather than trying to be the lowest price option to get the customer. Nobody wins in a race to the bottom. These good relationships can last a lifetime and when you are my age you will appreciate that.
Join a local service club. I was in the Rotary for most of my career and it yielded wonderful friendships and recognition in the community. Any service club is good. Support the community that supports your business and your employees. *People want to deal with friends and people they know, ballroom loan experience.
I would tell myself that whenever possible give back to your industry. If it’s helping a fellow shop owner solve a problem on Facebook, or providing feedback to ATRA or ATSG on a tech problem, or giving a talk at a seminar or trade show. Your experience is valuable and will help somebody if you take the time to share it.
Volunteer to serve on local boards. Most towns have a school board, a hospital board, bank boards, health department board, ambulance district board, the list goes on and on. These are great ways to give back to the community by using the knowledge you have to make a better world. And you will learn valuable skills such as how to run a meeting and dealing with conflict.
Get a hobby away from work that has little to do with the industry. Racing cars is fun, but it usually means more hours of work at the shop. SCUBA diving, hunting, fl ying, anything that isn’t shop related is a good diversion. Even ballroom dance lessons are a great way to flush the transmission fluid out of your veins for a few hours and meet interesting people. *It’s how I met my wife!
I want to close by looking around the room and I see many tables with ages ranging from the 20’s to the 60’s and some even older, although they may be younger, but they look older from the stress….
I would ask you older veterans of our industry, if you could talk to your 25-year-old self, what would you say? What black holes would you tell yourself to avoid, and what brass rings would you tell yourself to reach for? How would you have treated yourself, your spouse, or your employees diff erently if you knew the eff ect it would have on them? And on you?
How do you want to be remembered?
Do you feel that you set the example in your industry? Are you sitting next to someone who could benefit from your story?
What’s keeping you from sharing it?
-The end-
