Andrew Longcore

Management experience seems like a flimsy lending requirement. A) we have all had terrible bosses who shouldn't have been managers. B) a mid-level manager out of big corporate still doesn't have any experience leading an SMB (or managing a P&L). But it does give lenders a reason to say "No"

The bar code is pretty wild when you think about it. It is something that is universally utilized, has huge impacts on multiple facets of business, and is basically a requirement for any retail product. What would the world be like with out those silly little lines?

A sexy, well-known brand doesn't make it a great business. You still need all the rest of the traits.

You can't make the right hire and watch your business grow and scale. It's not that simple.

Things like working 12 hrs/day, never taking a vacation, burning the candle at both ends, and always going at it with full effort are not things you can do forever. You will eventually break. You need to find a more sustainable solution.

Overcome your fear of limiting your options. You will be surprised at the results when you put your full effort towards just one or two things.

Scaling your business without having a clear vision is like turning on your garden hose and hoping it waters your flowers. Maybe the water flows to where the garden is or maybe it goes where ever fate guides it.

It takes a hell of a lot of discipline to grow a business 10% annually for 30 years. Slow and steady sounds good in theory but reality proves it is not a good strategy for most companies.

Sometimes you can win at negotiations but still end up losing.

A confused mind never buys. You can be the smartest person in the room or try to baffle them with bullshit. You still won't have a new customer.

Stop asking terrible questions. Questions you would love the answer to.

Patience and high standards will lead you to success.

Who you hire, what products you offer, your culture, what you focus on, what acquisitions you make, who your customers are, who you partner with, and what your business stands for all start from your vision.

Be careful who you take business advice from. The guy running a $350M business might have lost touch with what it's like to run a $2.5M SMB.

Passive income from owning an SMB isn't real. Owners shouldn't be involved in operations but should be active in managing (coaching) the operators.

For SMBs, maximizing for owners benefits is different than maximizing for cash flow which isn't different from maximizing for exit.

Why aren't more SMBs transparent with their employees about the business's financial performance?

Lead with trust but be quick to take it back.

The lesson I wish I knew when I was younger is that "it's people." I used to see commercial transactions as being purely transactional. I would push for terms that benefited my side with little thought to the others involved. Businesses and owners are people and good deals take them into consideration.

Your transaction shouldn't feel like a fire drill at an elementary school. If it's chaotic, you are doing something wrong.