Ep. 10 — Growth, Discovery, and Trusting the Plan with Gerry Weinberg

Welcome to the "Show Me The Way" podcast with David Seitter

In this episode of “Show Me The Way,” Dave sits down with Gerry Weinberg, CEO of Gerry Weinberg and Associates, to discuss the growth that happened through owning a business. Gerry also talks about the numerous things he discovered about himself and his family in the process of selling the business to his daughter.

Ep. 10 — Growth, Discovery, and Trusting the Plan with Gerry Weinberg

Introducing Gerry Weinberg, CEO Jerry Weinberg & Assoc.

Dave asks Gerry to introduce himself and give a bit of the background of starting his business.

• Gerry recalls his history growing up in Saratoga Springs, his journey to college, and getting fired from his first job out of college.
• After another twist, he discusses how he came to purchase a Sandler franchise, which has gone from about 30 stores to now being in over 30 countries around the world.
• He then talks about how the training organization has grown and changed over the years.
• Gerry adds that his daughter joined the business about 18 years ago, and now owns the business and operates as President.

Dave follows up by asking Gerry’s thought process of switching from working for other people to owning his own business.

• Gerry realized he was an entrepreneur at heart, and talks about how he became very decisive, while also being a risk taker.
• He notes that he is a big proponent of growth and being a lifelong learner, and how maintaining that mentality has helped him run the business.

Growth Through Business Ownership

Dave asks if there is a key to the huge success of Sandler Sales.

• Gerry says that they help both companies and individuals grow.
• He stresses the importance of learning how to ask the right questions, which requires being a good listener.

 

Dave asks Gerry how he has grown over the years by running the business.

• Gerry says he is always learning, especially from the younger associates that they bring into the company or help train.
• He also keeps the constant growth mindset by reading constantly, while ensuring that he is maintaining other aspects of life such as family.

Trust in Succession Planning

Dave switches gears and asks Gerry when he started thinking about a succession plan, and whether there was something that happened that caused him to start preparing an exit plan.

• Gerry discusses his mindset behind the selling of the company, realizing that they had lifetime clients.
• He continues by retelling the story of how his daughter came into the company, and broached him about purchasing it from him.
• After prompting from Dave, Gerry discusses how selling of a business to a family member is different from the traditional sale of a business.

Dave then asks what the “aha!” moments are that Gerry might have learned some lessons from by going through that process.

• Gerry says that he learned that he is a salesperson and his daughter is all about people.
• He says that in selling a business, trust is important, and he knew he could trust his daughter.
• He continues by noting how the trust is necessary in order to ultimately relinquish control of the company.

Dave continues along the same line of thinking, asking what lessons he took away by selling his business.

• Gerry says that if you decide to sell, you need to do so quickly, and what happens if you don’t.
• He notes that you have to have a plan of what you want to do once you sell your business.

 

In order to get in contact with Gerry, you can reach him at 248-231-7890 or at Gerry.weinberg@sandler.com

 

To reach out to Dave for advice or consultation, please visit www.davidseitter.com or email him at dseitter@spencerfane.com

 

Disclosure

This podcast is provided for educational purposes. It does not constitute legal advice and is not intended to establish an attorney-client relationship. The recommendations contained in this podcast are not necessarily appropriate for every individual or business. In determining the best course of action, business owners should consult with an attorney on their distinct circumstances.