06-29-21 FC4B with Kathy Gage

podcast Jul 06, 2021

Let's go LIVE with Kathy Gage! Former service business owner who retired as of 2016

  • Master’s degree in Business from St Louis University
  • Accounting Controller at Anheuser Busch and Centene Corporation
  • Worked at the Atlanta Olympics for Anheuser over merchandise sales cash control
  • Started Marvelous Maids in 2000
  • Built to $1.5 million in sales
  • Developed a dream program for her staff
  • Sold the business in 2016
  • Currently on the board of the Stamm Koechlein Family Foundation which has donated $3.5 million to youth charities in her hometown of Richmond, Indiana

 

Show Minute Markers:

[5:48] 📌 Marketing Tips: Consistency is Key
[9:44] 📌 Marketing Regrets: Kathy regrets spending so much on direct mail. But she had the data and was able to see that it wasn't working...
[10:59] 📌 Marketing: Sending lost customers after 6 months a "We Miss You" postcards
[13:58] 📌 Money: How do you know that it's time to sell?
[14:57] 📌 Kathy: An employee-focused company
[17:39] 📌 Money: Preparing the Business for Sale...
[17:44] 📌 1. Improve Bottom Line
[17:52] 📌 2. Work on Culture & Turnover
[17:56] 📌 3. Meet with a Broker
[18:57] 📌 Ways to value a company: 1. Multiplier on Sales Growth 2. Based on Profit Margin 3. What could be financed. 4. Multiple of EBIDTA
[25:07] 📌 Finance Tips: Looking at Labor as a Percentage of Revenue. This became her staff's KPI that they were responsible for and held accountable too
[26:59] 📌 Systems: Kathy's favorite systems.... 1. Employee Handbook 2. Training Videos
[28:24] 📌 Systems: Fun Video - what to say & what not to say in an employee's home...
[29:39] 📌 Systems: The role of software
[30:20] 📌 Systems: How to communicate with staff? They met at the office and there were regular staff meetings
[30:49] 📌 Weekly Golden Toilet Bowl Award!
[31:04] 📌 Core Value reviews regularly
[31:21] 📌 Dream Meetings with Staff on a monthly basis
[33:51] 📌 How to Implement Commission Pay and Build a Transparent Culture
[34:41] 📌 Price Increases shared with staff
[35:41] 📌 Vote: 1. Would you rather get a raise? 2. Would you like more in mileage reimbursement? 3. More paid time off?
[37:09] 📌 People: Book Recommendation: Culture Works
[37:50] 📌 Book Recommendation: Dream Manager Program
[39:04] 📌 People: The power of sharing dreams
[40:54] 📌 People: Investing in culture improved Kathy's retention but more than that it improved her life & the lives of her employees
[42:25] 📌 Bringing in Experts to educate your team: Credit Repair, Relationship advice, Money Management
[43:56] 📌 Marketing Homework: How consistent are your marketing campaigns according to the data?
[47:10] 📌 Finance Homework: Gut check? What would it take for you to be willing to sell?
[47:33] 📌 Systems Homework: Check out Dream Manager and build a dream board...
[47:57] 📌 People Homework: Read the Dream Manager book
[49:53] 📌 Kathy Homework: Delegating to your office staff
[51:24] 📌 Kathy Homework: Let people do their jobs!
Resources

Book Recommendation: Culture Works: How to Create Happiness in the Workplace
Book Recommendation: The Dream Manager
Tay Meroni (Marketing) with Pure Pressure Washing
Meaghan Likes (Finances) with 
Bookkeeping Academy OnlineLikes Accounting Company Jeff Likes Clean Windows & Gutters
Michelle Myers (Systems) with Pink Callers
Martha Woodward (People) with The Pay for Performance ExpertQuality Driven Software & Dusting Divas

 
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