Business Buyer Diaries: the Reality Before, During, and After
<p>Welcome to the Business Buyer Diaries. My name is Nathan Platter, I’m a full-time employee, and I bought a business! I did everything right from finding the deal, handling due diligence on 63 different opportunities, and ultimately buying a profitable gym, and boy was I in for a surprise as a new owner! I chronicle everything in real time, including the biggest wins to the stressful nights at 2am. I’m sharing my journey without sugarcoating anything, so you don’t repeat the same mistakes I do.</p>
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Business Buyer Diaries: the Reality Before, During, and After
306. Key employee let go, handling the pushback, how I’m proceeding forward
With this experience behind me, I am committed to being a present and reassuring figure at the studio, ensuring both instructors and members feel supported. My focus is on creating a calm and confident environment as we navigate this change together. Join me and my new key team member as we chart a path forward for the business, emphasizing proactive leadership and stability. This episode offers a heartfelt exploration of studio ownership's complexities and the critical role of effective communication and presence in leadership.
Well, it's the end of a very long day Driving home at 10 o'clock Feeling pretty maxed out. Yeah, something that I'm realizing I should have done a while ago. I should have early on demanded full access and ownership of communications channels. Something that I didn't fully appreciate or realize was that when I bought the studio, I was put as like a contributor role and I asked all my managers hey, please put me in as admin. I said sure I'll do it at some point. It never happened. I said sure I'll do it at some point. It never happened.
Speaker 1:So when the person was fired today, they go to Facebook and say hey, everyone, nathan fired me today, been happy serving here for three years, blah, blah, blah. And that elicits a social response Heart thumbs up, love, like different emojis or whatever Folks following up vocalizing support for the manager that was terminated. I'd follow it up with a message saying hey, everyone, yes, there's been a change today, or follow-up announcement coming soon. And I was probably over trying to compensate for the grieving that people I didn't realize would be having and, like I put two exclamation marks, I'm like hey, follow-up message coming soon. And I misread the room and it was not received the way I had intended. So I screwed that up and then record a message with the new key member on staff saying hey, everyone, if you have any questions, redirect them to me.
Speaker 1:This was not made hastily or lightly, but I believe it needed to be made to carry the business forward. So that just got announced an hour ago. I don't know what follow up is going to be, but my action plan now is to be physically present in the studio. I need my instructors to feel a sense of calm, confidence and engagement so if members are asking them questions pressing for answers, that I'm there on site for them to redirect my way. So, wiped out, it's been one of the longest days of my life because it's a heavy up-and-down, emotional day. So got home, let's go get some rest, going to be up there bright and early tomorrow. Instructors are not alone, members are not alone. The studio's going to survive for the long run. That's where we're at, that's where we're going. Let's rock and roll.