$100
Challenge Update
This project is complete. I have begun working on my presentation for
next week.
Weekly
Readings & Studies
Case Studies: I reviewed a case study of the DAG group and
the Rogers Family real estate investment business.
Discussion Boards: I researched businesses that are for sell in
the area that I live. I found a tutoring
franchise that looked interesting. My
husband and I have talked about owning a business before. The reality of this would most likely take a
lot of savings on our part. There was
another discussion board about being a consultant for a family business needing
to identify a successor. This case study
made me think of my grandfather who owned a ranch. It’s not a portable business so his options
were limited. A succession plan was very
important to keep his business going.
Acton Hero: Erick Slabaugh
This is such a poignant hero to
study during this week while our studies are focused on family businesses.
Slabaugh brought Absco to the number one slot in their field. Listening to his
story solidified what I have thought about some of the difficulties of being a
business owner. Peers might look at you
differently because you may not have everything they do and you have to live a
different lifestyle, but the quality of life later on will be flipped. Then people saw you were "lucky,"
not realizing all the work it took to get you to that point. Slabaugh came back
to his dad's business when things seemed bleak.
He helped turn things around, bought all the equity in the company and
built the business into something phenomenal.
My favorite quote from Slabaugh
during the interview was, "Entrepreneurship is a wonderful way to go. If
you choose to, it can be an adventure, but it also comes with a
responsibility." This is such a
great quote because it can apply to all entrepreneurs.
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