In this episode, host Barrett Young interviews Jarom Rogers, a partner at Legacy Hearing Professionals. They discuss Jarom's experience in taking over and revitalizing a struggling business, navigating financial crises, and dealing with underperforming partners.

Background and Initial Challenges
Jarom describes the early stages when his friend, who owned the hearing aid company, faced severe issues due to a non-contributing partner. This partner neglected financial obligations, resulting in unpaid rent and looming eviction. Jarom and his business partner intervened to buy out the troubled partner, settle debts, and take control of the company.

The Buyout Process
Jarom elaborates on how he and his partner negotiated the buyout. They capitalized on the partner’s desperation, securing a favorable deal by paying less than the business's potential value. This strategic move involved a thorough review of revenue, net profit, and liabilities. The buyout was executed swiftly to prevent further disruption.

Key Lessons on Partnership Oversight
The discussion emphasizes the importance of financial transparency and routine oversight in partnerships. Jarom shares that if a partner overlooks financial details or relies solely on another’s assurances, it can lead to serious issues. He recommends partners share the responsibility of reviewing finances regularly to avoid unexpected crises.

Jarom’s story is a testament to the value of proactive leadership, the importance of due diligence before engaging in partnerships, and the benefits of having trusted advisors and integrators in business operations.

Listeners can learn more about Jarom Rogers by connecting with him on LinkedIn.

___________________
The Art of Succession Podcast is brought to you by GWCPA. Twice a month on https://www.youtube.com/@gwcpas, host Barrett Young will bring you interviews sharing the successes and challenges from business owners with their own succession stories. If you've enjoyed this episode, please share it with others.

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📡 Also distributed on
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Spotify https://open.spotify.com/show/7uhogBxFKWAAetAbD8TVQR
Apple Podcasts https://podcasts.apple.com/us/podcast/the-art-of-succession/id1742796896

📧 Prefer to get the Art of Succession in your inbox? Subscribe to the mailing list to be notified of new episodes: https://mailchi.mp/566bff6410fc/aos-podcast-rss

🖥️ Find out more about the show at https://gwcpas.com/podcast

Disclaimer: This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. You should consult your own tax, legal, and accounting advisors before engaging in any transaction.

How do you strike the balance between the professional and the family relationships, especially when your employees are watching? How do you set a valuation on a business that you were instrumental in building? And how do you transform a traditional service business, and position it to scale for the next phase?

In this episode of The Art of Succession podcast, host Barrett Young interviews Mike Libbey, the Chief Operating Officer of YBL, an accounting firm based in Ontario, Canada. Mike shares his journey of joining the family business, which was founded by his father, and discusses the transition of leadership and the growth of the firm over the years. Listeners will gain valuable insights into the challenges of balancing family and professional relationships, succession planning, and scaling a business.

The Origins of YBL and Mike's Entry into the Business
Mike's father, a CPA, started YBL (formerly known as Your Bottom Line) as a side business while working full-time in corporate finance. Over time, YBL grew, and in 2010, Mike joined the firm as its first official employee. Interestingly, there was no grand plan for Mike to take over the business. Initially, he considered working elsewhere after college, but after multiple job interviews, he realized the potential of his father's firm and decided to join. This natural evolution led to Mike working alongside his father, slowly taking on more responsibilities in bookkeeping, personal and corporate taxes, and operations.

Growing the Firm and Scaling Operations
Under Mike’s leadership, YBL has grown significantly since he joined in 2010. When he started, the firm was a small, sole proprietorship with only a handful of subcontractors. Over the years, YBL expanded from working out of his father's living room to having its own office space. By implementing new systems and embracing technology, Mike helped streamline operations, allowing the firm to scale effectively. Today, YBL is a team of about 30, with plans for further expansion through natural growth and acquisitions.

Balancing Family Dynamics and Business Growth
A key theme in the interview is the balance between family relationships and business growth. Mike shares that neither he nor his father initially pushed for him to take over the business, and they were more focused on making thoughtful decisions for the company's future. This approach has allowed them to maintain a healthy personal relationship while successfully running and growing YBL. Mike also reflects on the importance of not forcing succession on his children, emphasizing that it should happen naturally, much like his own journey with the firm.

Listeners can learn more about Mike Libbey by connecting with him on LinkedIn and online at ybl.ca.

___________________
The Art of Succession Podcast is brought to you by GWCPA. Twice a month on https://www.youtube.com/@gwcpas, host Barrett Young will bring you interviews sharing the successes and challenges from business owners with their own succession stories. If you've enjoyed this episode, please share it with others.

🎙️ Become a Guest https://bit.ly/AOSBeAGuest
✍️ Leave your feedback for the show: Google Forms

📡 Also distributed on
Transistor.fm https://artofsuccession.transistor.fm/
Spotify https://open.spotify.com/show/7uhogBxFKWAAetAbD8TVQR
Apple Podcasts https://podcasts.apple.com/us/podcast/the-art-of-succession/id1742796896

📧 Prefer to get the Art of Succession in your inbox? Subscribe to the mailing list to be notified of new episodes: https://mailchi.mp/566bff6410fc/aos-podcast-rss

🖥️ Find out more about the show at https://gwcpas.com/podcast

Disclaimer: This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. You should consult your own tax, legal, and accounting advisors before engaging in any transaction.

What are the unique issues faced in acquiring a third-generation business? What challenges arise when an owner doesn’t want to discuss succession? How do you balance the health of the business with family relationship dynamics?

In this episode of The Art of Succession podcast, host Barrett Young interviews Amber Kendrick, the owner of Pete's Auto Parts, an auto parts recycling yard near Grand Rapids, Michigan. Amber’s journey through the family business provides an insightful perspective on modernizing a legacy while honoring its history—offering valuable lessons for those navigating similar paths in family-owned enterprises.

The Origins of Pete's Auto Parts
Amber's grandfather founded Pete's Auto Parts in the 1950s when he was struggling to make ends meet as a farmer. Starting with a homemade tow truck, he began towing abandoned cars, eventually turning the growing collection into an official salvage yard. Pete’s Auto Parts originally operated as a salvage and towing operation, evolving into a full-service used auto parts recycling facility. Amber shares how her grandfather’s persistence laid the foundation for a multi-generational family business and how her father eventually focused the business entirely on used parts, ending the towing services to streamline operations.

Growing Up in the Family Business
Amber recounts her early years working at Pete’s Auto Parts. Like many children in family-run businesses, she was tasked with some of the least appealing jobs—sweating it out in warehouses and handling inventory. Despite these initial hardships, Amber gained invaluable experience, which later helped her professionally. After completing her degree and spending time in condominium management, where she learned essential financial and management skills, Amber realized her passion lay in growing businesses and leading teams, experiences that indirectly prepared her for returning to her family's business.

Transforming the Business Model
When Amber officially joined Pete's Auto Parts in 2006, she noticed several inefficiencies, such as sending all financial records to an external accountant instead of hiring in-house. She introduced significant changes, focusing on modernizing inventory processes and improving internal operations. The yard transitioned from a simple pick-and-pull junkyard into a professional used auto parts recycling facility. Amber highlights how they now manage inventory, photograph parts, and use trained technicians to ensure that each part meets quality standards before being sold. Under Amber’s leadership, Pete’s Auto Parts has tripled in size, focusing on customer service and transforming their salvage yard into a full-service, professionally managed recycling center.

Listeners can learn more about Amber Kendrick by connecting with her online and follow Pete's Auto Parts on FB.

___________________
The Art of Succession Podcast is brought to you by GWCPA. Twice a month on https://www.youtube.com/@gwcpas, host Barrett Young will bring you interviews sharing the successes and challenges from business owners with their own succession stories. If you've enjoyed this episode, please share it with others.

🎙️ Become a Guest https://bit.ly/AOSBeAGuest
✍️ Leave your feedback for the show: Google Forms

📡 Also distributed on
Transistor.fm https://artofsuccession.transistor.fm/
Spotify https://open.spotify.com/show/7uhogBxFKWAAetAbD8TVQR
Apple Podcasts https://podcasts.apple.com/us/podcast/the-art-of-succession/id1742796896

📧 Prefer to get the Art of Succession in your inbox? Subscribe to the mailing list to be notified of new episodes: https://mailchi.mp/566bff6410fc/aos-podcast-rss

🖥️ Find out more about the show at https://gwcpas.com/podcast

Disclaimer: This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. You should consult your own tax, legal, and accounting advisors before engaging in any transaction.