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Is BS-luck running your business?

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Years ago I sold a kitchen to a couple in the U.S. who had their own business.
At our first meeting they were working out of their basement. Within three years they were in a huge new building, and were by then a Fortune 500 company. Another three years later when I met them again, they were working out of a mobile home at the end of their residential driveway.
During my conversation with the owner, whose upbeat and colorful personality I have always enjoyed, I said, "I do not know what happened, but I would love to hear your business story."
He said it won’t take much time to tell the story and then proceeded to summarize it in three minutes. He told me they were doing great and he decided to buy two additional companies solely for the purpose of creating more jobs in his state. Soon after that, the bank wanted $4 million back, and he says he could only come up with $3 million...so that's when everything went wrong.
He told me its no big deal now; to him what was most important was that not one person or company got burned in the final outcome. In fact, the bankruptcy judge told him that he was the first person in his 50 years on his bench, who’s paid back every single creditor for everything he owed them.
With a smirk my friend whimsically added, "I kind of miss that big semi-sized sign on my building that had my name plastered all over it... just kidding."
What really sticks with me about his story is not only his upbeat attitude, but also his farewell comment. "Son," he says, "business is all about hard work, ingenuity, good timing and a whole lot of BS-Luck!"

There is some truth in that
Looking back on my own business and thinking about the ‘what ifs’ and ‘should haves,’ I would have to agree with that. Our company has certainly had its share of close calls. All of us in business have a vague sense of the statistics concerning the survival of businesses and all of us worry about the long-term vitality of our business. Most of us also know that after business start-ups, within four years only 50% survive, after 10 years the survival rate goes to 29%, and it does not get any better after that. What can we do to help our businesses so we do not leave it to Lady Luck?
I suspect most of us in the manufacturing business attend the machinery shows, such as the IWF in Atlanta, AWFS in Las Vegas, or at least the WMS in Toronto. That’s relatively easy to do. After all, that’s where all the ‘toys’ are.
I feel these shows are paramount to keeping in touch with ever-changing technology and I am sure most of you do that on a somewhat regular basis.
So what else can we do to make sure our signs stay on the front of our buildings?
For me I think the really deep changes and latest ideas really and truly start with the seminars and associations that I am involved with. Being involved in these groups allows insight into the industry; it helps keep up with technology and even helps me stay a bit ahead of the big machinery shows.
How about attending the 2014 Wood Tech Summit Leadership Conference, Oct. 9-10 at the Woodworking Centre of Ontario at Conestoga College, in Kitchener.
This is where you can sit back for the day, rethink your business and get an idea of what is happening elsewhere. And maybe you will even get a sense of what's happening or going to happen in our ever-changing industry.
Think about getting involved with CKCA, AWMAC, CMA, KCMA, NKBA or even your local homebuilders associations. If you already belong to other associations, by all means attend the CKCA regional meetings or CKCA National Forum. Mark your Calendar for the CKCA National Forum in Las Vegas in January; it is tied in with the KBIS&Builders show. It’s also a really good way to take advantage of those great CKCA factory tours.
So get involved, don't leave your business to BS-Luck!

CKCA upcoming events

Sept. 9-10
London, Ont.
Regional meeting with factory tours.

Oct. 9-10
Kitchener, Ont.
Wood Tech Summit featuring a speaker from the CKCA.

January 2015
Las Vegas, Nevada
CKCA National Forum with factory tours and speakers.

Jim Lawrence is the owner of Avondale Kitchens in Jacksonville, N.B. and president of the Canadian Kitchen Cabinet Association. He can be reached at: Jim@AvondaleKitchens.com

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