10X Growth Strategies for Entrepreneurs with Steve Walsh

Welcome to Milestone Moments, the show where we explore the journeys that lead to success. I'm Sheila Slick, your host and founder of Five Milestones. In every episode, we will bring you insights from the minds of entrepreneurs, leaders and experts who will share not just their expertise, but the milestone moments that have reshaped their journeys and led to significant achievements. So if you're looking for motivation, you're in the right place.

Subscribe now and discover the milestones that mark the path to success. Welcome to another episode of Milestone Moments in Business and Leadership. I'm Sheila Slick, your host. And today, my special guest is Steve Walsh.

He is a private equity investor, founder of Bison Equity Group. and author of Make the 10X Leap. Welcome to the show, Steve. Thanks a lot, Sheila.

It's great to be here. You know, I'm excited about, we kind of were talking a little bit before this, and I'm excited about talking about, you know, the mindset, what that means to me and really what it means to entrepreneurs. I think a lot of times when I look at companies, you know, I go in as an investor mind when I look at a company. And I look at, obviously, the books and all the things like that.

But the number one thing I look at first is the people. And if I connect with them in some way or if I feel that I can 10x their company with their help, I should say with my help, I get excited. I get really excited about seeing what their company, what they can do. Right now is a great time to grow your company because.

In hard times like this, your competitor maybe is pulling back on marketing, pulling back on some things like that, that can really move your company. I say lean in, push in, push through. You know, that's my motto. I said push through that storm.

So we have been talking about an entrepreneurial mindset and how to cultivate the right attitude. for success. Were your parents entrepreneur? Were you born into an entrepreneurial mindset?

Or is that something that you feel that you developed during those years? I developed it through those years. You know, I come from growing up as an entrepreneur. I was, you know, that's where I started.

I was fixing motorcycles when I was a kid and fixing my neighbor's motorcycles, fixing up motorcycles, selling them. That was one of the things I did to put myself through college. My dad was a really good investor. I think that was probably one of the things I look at is he was a really good investor.

Not only was an entrepreneur, but I was also an investor when I, you know, I read the Wall Street Journal when I was in high school. So that was the thing I would say that. I was both sides. And I didn't really think that anything of it because I thought that was normal, I guess.

I have always had this idea that companies looking back, you know, opportunities and then looking at companies and how well a company can grow. And so I love that you started early. The fact that you were working with motorcycles, in my mind, you were probably a teenager. I was.

16 -ish. So at what point did you decide to become an investor? What was that turning point for you? You know, I've been a investor for the last 30 -some years.

So I've always invested in companies. It wasn't something that I was an accounting major, got my CPA, decided that's not what I wanted to do. But I really loved the opportunity to invest. That was the one thing I look at is when I look at my skill set, that was one of the things that I didn't think about it at the time.

Going into accounting, that was going to be something I needed, but it has. It really has helped me when I open up the books, I can see what's going on with the company, where they're struggling. But the other side of it is understanding what an entrepreneur is like. you know, what their struggles are.

Because a lot of times, well, I can be an investor, but if I don't really understand what they're going through and bring myself to their level, sometimes it's a matter of like, they just look at me as an investor and that's it. And I'm here to be a partner, not to be, I want them to win as much as, I want them to win. You know, I'm there to make sure they get. Either I need to bring in people, systems or capital.

You know, those are the things. A lot of times entrepreneurs think that capital is going to fix it. You know, a lot of times it can make it worse. You know, they bring in capital and all of a sudden they got to put it some places and then they start spending money on things that they shouldn't.

And that's where you had to have a plan in place and then look at is, okay, what is going to make us. 10X our company. Where can we put that capital? And then do we need to bring it?

What kind of people do we need to bring in? Who do we need to bring in? And then if we can, make smart acquisitions. So in today's landscape, what kind of companies are you looking for?

So I like the manufacturing software. I do like both of those areas. And I like to look at manufacturing just because I like that space. There's a lot of opportunities out there right now.

You know, if you look at the trend, there's that 55 to 75 year old right now has a company and they really don't know what to do. You know, they don't know. They probably don't have a family member they want to sell it to or a family member that wants to take it on. So then their next stage is what are they going to do with this?

You know, typically if they go to a broker. A broker typically will try to sell it, but about only 20 % of the time do they get sold. And so then you see a lot of companies just fold up. So, you know, they close the doors, which they shouldn't.

They don't have to. But that's where I'm seeing, you know, you're seeing a lot of shift right now with those companies. And those companies are great opportunities to look at buying. So that you can do acquisition and then grow.

That's a great way to look at it. So you're also an author. Let's talk a little bit about your book. What was the driving force behind writing Make the 10X Leap?

So if you would ask me five years ago, hey, you should write a book, I would have said, hell no. I was the guy that would not have. been saying to write a book. I had a good mentor who said, Hey, you see a lot of the things that's going on with entrepreneurs.

You should write a book. And so that's what the journey was that I started writing a book. And it was because of that. I was seeing the same things happening with entrepreneurs, you know, that they had working 80 hours a week, not doing the things that they like to do with family members, with their family.

or travel, things like that. They weren't doing the things that they loved to do. They were just working 80 hours a week. They were putting in the grind.

I was seeing a lot of that. And so it's a matter of like, what can I provide? What kind of value can I give to entrepreneurs? And that's really what it was, is looking at the value that I could provide to the entrepreneur and to get to them in the next level, to think differently.

I believe that's the one thing I would hope when working with entrepreneurs is get them to think differently than what they're doing right now. And that's the fun part. I want to be considered a partner. And that's where I look at is when I'm working with these entrepreneurs all the time, I want to make sure that I have their back and that, you know, that what can be done to get their company to the next level.

And that's the fun part. And right now in this day and age, you know, there's a lot of things, you know, if you look at recently, Eddie Bauer just closed the doors. You know, they're, they're selling off, basically closing all their stores. And that's a, that's 106 year old company.

If you look at that in that, in this day and age, what did they probably lose? I think it's connection with their customer. And a lot of entrepreneurs. Really, that's one thing I always look at is marketing is really important, but how do you become really connected to your customer?

And that's really important. You have to know that you're probably your customer more than they know themselves when it comes to that. And so then it's a matter like looking at your customer as a partner, no different than your employees. You know, looking at your employees is how you look at your employers.

You should be looking at your customers the same way. And I think that's the one thing you look at is connection is more important than ever. In a day to age with AI, the trust is going to be really important. Who can you trust?

And I think that's going to be the going forward with AI. I believe that it's going to be the people that have a really good connection with their customer, the ones going to win. I always talk about being the human behind the AI. Yeah.

I mean, it's super important. The connection right now, I think, is going to be really important. With companies that want to bring their story, if they're just selling on Amazon, they're just becoming another product. They're just selling a product.

There's really no connection. So it doesn't really make, you're not sticky enough to keep your customers. And I will always say is that why not become connected to your customer? More so than ever, you know, I bring them into the story, bring them into your story.

And then, you know, understanding what your customer needs. That's, I guess, sales one -on -one. What can I do for my customer? And what am I not doing for my customer that could be doing?

So that's the thing I look at is too, is the sales cycle with a customer. You know, I've looked at companies and... Some good and bad. You know, a lot of times it starts with the founder.

How the founder really understands who their customer is and what is it, the pain points that the customer has. All the things that come down to it. A lot of companies have a great widget that nobody knows about. And their customers don't probably understand why they're buying it.

And so that's where education comes into play. What are the things that they're offering their customers that they, or not offering their customers that they should be? But that's where the marketing comes into play. And I always say two things, innovation and marketing.

If you look at companies like Eddie Bauer, that's been around for 106 years, and now they're closing their store, all the stores, and they're going to be online. The problem with that, I say, is this, what makes you any different than anybody else online? And so that's going to be the issue is what can make yourself different. And that is going to be the big play to do that.

Because if you're just selling online and you're just commoditizing your products, you're going to be irrelevant to your customer. So how do you define innovation? Innovation is looking at the industry and whatever industry you're in. and deciding what things need to be disrupted.

What are the things that really are changing, going to make a big change in your industry? You know, it could be your brand. What is it the customer is really wanting? Innovation is, what is it that my customers really need, or what can I disrupt in that industry?

You know, I would say, look at it this way. Think outside the box. See who in a different industry maybe is doing something drastic and see if there's something that you could bring in from that industry into your industry. I always like to define it because sometimes people think I need to just create something so out of this world.

And it's as simple as finding a disruption, a better way to do something, even if it already exists. One of my questions was, do you have a daily habit for success? Maybe you want to talk a little bit more about why taking that time to clear your mind and whether it's breathing exercises or meditation in the morning is such an important part of your routine. Yeah, I think what it really helps for me is it gets the clutter out of my head.

You know, I always say meditation can't, you can't, you know, they always say, still your mind, empty your mind, you know, things like that. it doesn't work that way. I mean, you're always going to be thinking about things when you're meditating. And the thing is, what I look at is it's a matter of like bringing it back to that meditation, bringing it back to what you've been doing so that during the day I can be more focused.

I can be more present. I can be more in the moment instead of being someplace else. especially around employees. If you're trying to do 10 other things and your employee comes in and talks to you, it is important that you take the time to be present.

And I believe that meditation, it helps me being present. It helps me be calmer. It takes the anxiety out. A lot of the things that you always struggle with as a business owner.

And so that's where I work on. Working out is a big thing for me, too, is what am I doing daily for health? I would say health is one of the most important things for me. Well, and for the people you invest in, too, because you kept bringing up the human capital.

So I guess that's an important aspect that you probably look into when you're investing in people. So before we wrap this up. What would be one key takeaway from your book that we can implement today? You know, when it comes down to it is, I would say entrepreneur, a lot of times when they start a company, you know, they start it for a reason and they kind of lose that.

I think a lot of times it's a matter of like, go back to that. What is their why? Why did they do it? A lot of times it changes.

And I'd say that would be about the book is it kind of. What I would say, the book helps them think differently. You know, is the book going to be something that's going to change their life? I always say, if I can make one thing change in their life, that's a win for me.

And so that's where I look at it is, it's a matter of like, why are they doing it? What's their big thing? If it's just money, it's probably not going to work. You know, it might work short term, but not long term.

So where can we connect with you or learn more? So you can go on Amazon to buy my book, or you can go to my website, bisonequitygroup .com, or reach out to me at steve at bisonequitygroup .com.

And you can look for me on LinkedIn, too. Well, thank you so much for joining me today, Steve. Great. Great.

Thanks a lot. It was great talking to you. Thanks a lot. And thank you all for tuning in to another episode of Milestone Moments in Business and Leadership.

Until next time.