Episode 65: John Martinka Talks Business Ownership

Business buying expert and consultant John Martinka of Martinka Consulting shares his business ownership insights in this episode.

We also learn his take on the current business market and all of the new businesses that have started during the pandemic. John also shares about what makes a good buyer and business acquisition and has some great stories about when buying a business hasn’t gone well and a client success that stands out. John also shares about his career journey and lessons learned, as well as influences on his career. He also shares his tips for staying positive in career transition and more. The opening segment features career-related news stories from the last few days and the show concludes as usual with the weekly “Reignition Recommendation” career tip.

Show Notes:

[00:26] Welcome to Reigniting You® where we talk all things career transition for those age 40+. Happy to be here with you today and our producer, Eric.

[01:17] HCL Technologies accused of wage theft.

[02:28] FlexJobs’s list of ten categories of remote work that grew the most in 2021.

[03:23] Eric and Lisa discuss these two news stories.

[06:47] State of construction jobs in the U.S.

[07:48] Additional new workplace jargon that continues to emerge from the pandemic.

[08:33] Eric and Lisa discuss these two news stories.

[18:19] Welcome back to Reigniting You® the show that focuses on all aspects of making mid-late career transitions.

[18:50] Excited to introduce today’s guest, John Martinka. Welcome to the show!

[19:35] Lisa asks John to share his career path – first real job was with a concert promoter in Milwaukee; got involved with sales; good friend thought he’d be good with doing business consulting.

[20:32] What’s a typical week or day? John – no typical and that’s great; like the variety.

[21:14] When you moved out here to the Seattle area did you see any difference in the markets from the Midwest? John – didn’t see much difference then; more now with how the area has changed.

[22:16] What have been some lessons that really stand out for you? John – always have to be yourself; roll with the punches; always marketing – book by Dan Pink, To Sell is Human.

[23:26] What were some concepts from Dan Pink’s book that folks can implement? John – the phone doesn’t ring unless you make it happen, especially when starting a business.

[24:31] What was particularly helpful that got you through times of change in your career (whether actions you took, decision points, skills you developed, and/or people who supported you)? John – have enthusiasm – better be all in and do it; teaches for the SCORE program.

[25:42] Was there ever a time you had a regret about a career decision? John – after moving, took a sales job that stuck with too long.

[26:39] What would say the impact was of staying in the job too long? John – not happy and sales weren’t good without the enthusiasm for it.

[27:00] Could you share a bit about what SCORE is? John – not a SCORE volunteer – those are execs. who mentor; teach a class on growing a consulting business; refer people to the program.

[28:14] With the class you teach, what types of content do you cover? John – marketing 100% of the time to get clients, even established businesses market at least 25% of the time.

[29:14] What recommendations do you have for someone who’s going through career transition to stay motivated and persevere and stay motivated? John – know what you want to do; don’t fall into either end of being fussy or needing to earn a living.

[30:43] Who has had a big influence on your life or career? John – for current work, a friend who gave a kickstart and skills; author Alan Weiss.

[31:40] What do you see as the role of mentors for folks in career transition? John – coach prods people to do what they need to do; mentors wait for the mentee to come to them.

[33:11] Was there a style difference with your friend you worked with first? John – tried to emulate him but you have to be yourself and not someone else’s style.

[34:12] When you’ve had a work relationship, what attributed to it working well? John – got to see the same end result; can’t be afraid to challenge each other.

[35:57] Visit https://yournewaspect.com to sign up for career tips and take a free Career Transition Readiness Quiz or to contact Lisa.

[36:25] For those considering business ownership as a next career move, what are the top 2-3 things they need to think about before making the leap? John – “why” is a big one; money is rarely mentioned first; better be able to have fun; willing to make a leap of faith; pull the trigger.

[38:20] With buying an existing business as one of the paths to business ownership, along with launching a start-up or becoming a franchisee, what makes a good buyer? John – walking into a mature, profitable business is easier, safer, and easier to finance.

[39:31] When you see businesses up for sale, do they tend to fall in certain industries? John – all over the map; it’s what the buyers want.

[41:05] What do you see in the current market that impacts business ownership these days? John – a lot of buyers out there; aren’t as many good businesses for sale.

[42:43] What makes a good business acquisition compared to a bad one? What’s an example of someone who became a business owner, and it didn’t go well? John – someone who didn’t want any help and then jumped in and wanted out soon after purchase.

[45:00] With the number of business starts continuing to increase during the pandemic and it seemingly being the default move for many who’ve been laid off or quit their jobs, what, if anything, gives you pause about so many new businesses coming online lately? John – wonder if they really understand what it takes to generate customers.

[47:26] How can those who want to own a business address the financial piece in terms of having enough working capital, the income they’ll need, and any additional financial aspects they’ll need to consider? John – needs to come up sooner rather than later; 90% are business buying transactions that will use the SBA program; need to come up with a minimum of 11-12% of the price upfront; some get into cash flow problems.

[50:17] What’s a client success story? John – client in 2012 who bought his first business and now has four, all in the same industry.

[51:45] How can people find you? John – website; email; phone.

[52:29] Reignition Recommendation – don’t allow fear to hold you back.

[53:43] Visit https://yournewaspect.com to sign up for career tips and take a free Career Transition Readiness Quiz or to contact Lisa.

[55:02] Best wishes for a healthy and fulfilling 2022!

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