In this conversation, Cody Johnston shares his journey of starting a business with his father, the challenges he faced during a buyout, and the emotional toll of navigating client relationships and financial struggles. He reflects on the lessons learned from his experiences, including the importance of contracts and the fear of failure that holds him back from pursuing entrepreneurship again. Despite the setbacks, Cody expresses a desire to return to business, driven by a passion for his work and a longing for freedom in his professional life. In this conversation, Kevin and Cody discuss the emotional ties between personal identity and business success, the importance of disconnecting from business-related emotions, and the lessons learned from past business challenges. They explore the dynamics of partnerships, customer relationships, and financial insights that can help in building a successful side hustle. The conversation emphasizes the need for clear goals, operational strategies, and the importance of a solid business plan for future endeavors.

00:00 Introduction and Context
03:02 Cody's Business Journey Begins
05:56 The Buyout Agreement
08:41 Challenges in Business Operations
11:48 Valuation and Ownership Dynamics
14:45 Work Acquisition and Client Relationships
17:43 The Custom Home Builder Experience
20:21 Contractual Oversights and Consequences
22:53 Conflict and Resolution with the Client
25:57 Final Reflections and Lessons Learned
29:33 Navigating Payment Challenges
30:33 Disputes and Their Consequences
32:28 The Impact of Disputes on Business
34:12 Personal Bankruptcy and Its Aftermath
36:21 The Emotional Toll of Business Failures
37:56 Legal Complications and Chargebacks
39:54 Family Challenges and Business Decisions
41:43 Dreams of Entrepreneurship
43:33 Reflections on Leadership and Team Dynamics
48:48 Overcoming Fear of Failure
50:15 Identity and Business: The Emotional Connection
56:21 Lessons Learned: Navigating Business Challenges
01:02:37 Restarting the Journey: Insights for Future Success
01:07:47 Building a New Business: Strategies and Considerations
01:19:53 Outsourcing for Efficiency
01:26:06 Building a Support Network
01:33:29 Taking Action and Setting Goals
01:44:08 Defining Your Business Vision

Takeaways

Cody's journey into business began with a partnership with his father.
The buyout agreement was a significant financial burden for Cody.
Cody faced challenges with a custom home builder that led to financial losses.
The emotional impact of business failure was profound for Cody.
Cody learned the importance of having contracts in place.
Despite setbacks, Cody still dreams of running his own business.
The fear of failure is a major barrier for Cody in pursuing entrepreneurship again.
Cody values the freedom to work on his own schedule.
He enjoys the challenges of handrail work and structural projects.
Cody's experiences highlight the complexities of client relationships in business. We tie our personal identity to our business success.
Disconnecting from business emotions is crucial.
Not every customer is a good fit for your business.
Financial management is key to business sustainability.
Building a side hustle requires strategic planning.
Defining clear business goals is essential for success.
Learning from past mistakes can guide future decisions.
Having a supportive partner is important in business.
Cash flow management is critical for business health.
Outsourcing tasks can save time and increase efficiency.

In this conversation, Ryan Jensen shares his journey as a welding fabricator, detailing his transition from working for others to starting his own business. He discusses the challenges he faced, including financial management, customer relationships, and the importance of maintaining a work-life balance. Ryan also delves into the technical aspects of pipe welding, emphasizing the precision required in his work. Throughout the conversation, he reflects on the lessons learned and his aspirations for the future of his business.

Chapters

00:00 Introduction to Ryan Jensen's Welding Journey
05:59 Building a Business: The Early Days
11:46 Navigating Financial Challenges
17:58 Managing Business Operations
23:31 Finding Balance: Saying No and Time Management
28:34 Building a Strong Team Culture
39:20 Financial Lessons and Cash Flow Management
44:17 Influences and Future Goals
49:31 Navigating Business Growth and Risks
54:30 Standard Operating Procedures in Welding
59:29 Fabrication of Piping Systems
01:04:35 Polishing and Finishing in Pipe Welding

Keywords

welding, fabrication, business journey, challenges, work-life balance, pipe welding, entrepreneurship, team dynamics, technical skills, family involvement

• In this engaging conversation, Kevin and Mike delve into the evolution of Mike's welding business, Rockin' Two Industries, which he started in 2012 with no prior experience. Mike shares his unique journey from a novice welder to a successful business owner, emphasizing the importance of networking and collaboration within the welding community. He discusses how he built connections through social media and local groups, which have been instrumental in his growth. The conversation also touches on the challenges of managing a team, maintaining a positive work culture, and the significance of saying 'no' to unprofitable projects to ensure sustainable growth.

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• As they explore the intricacies of running a welding shop, Mike reflects on the importance of building a network within the industry and the value of collaboration over competition. He stresses that many welding business owners make the mistake of trying to grow too quickly without establishing a solid foundation. The episode wraps up with insights on project management tools and the necessity of adapting to the evolving needs of the business, highlighting the importance of continuous learning and improvement in the welding industry.

Takeaways

• "I didn't know what I was doing. Got on YouTube and 13 years later, here I am."
• "Saying no has been the hardest thing for you to do in business."
• "The internet for the welding business has been really, really helpful for a lot of us."
• "If you're not thinking, if you're like the old school mindset of competition, you better rewire it or you're just going to fizzle out."
• "I will protect the culture of this shop at all costs." "It's tough to balance that out."
• "You have to have that base in place."
• "It's better to stay small and perfect what you're doing."
• "If you can justify that, go get it."
• "You need to get out there and knock on some doors."
• "You can't get rid of that."
• "There's a cost to changing gears."
• "You have to charge for that or else it catches up to you."
• "Creating that network is a pretty big deal."
• "You need to have the will to make it work."

Chapters

00:00 Introduction and Setup
02:09 Mike's Unique Journey into Welding
05:05 The Power of Networking in the Welding Community
08:35 Profit Sharing and Collaboration with Other Businesses
17:32 Managing a Team and Maintaining Work Culture
26:48 Future Aspirations for Rockin' Two Industries
33:49 Team Skills and Project Diversity
35:25 Overview of Shop Projects
42:18 Challenges of Business Growth
46:16 Learning to Say No
50:15 Customer Relations and Advertising Strategies
57:24 Financial Lessons Learned
01:09:51 The Right Tools for the Job
01:11:00 Space Constraints and Shop Organization
01:15:58 Common Pitfalls in Business Growth
01:19:54 Lessons Learned and Advice for New Owners
01:24:06 Managing Projects and Invoicing