Interested in starting your own entrepreneurial journey in business development but unsure what to expect? Then read up on our interview with Troy Tucker, President of Blue Sky Business Resources, located in Sandy, UT, USA.
What's your business, and who are your customers?
Blue Sky Business Resources is a Mergers & Acquisitions advisory firm that focuses on the entire life cycle of a business, from working with business owners to implementing strategy and optimizing the business processes, raising capital, and conducting buy side and sell side mandates. We know that building a business with an exit strategy in mind strengthens the value of the business and firmly puts the owner in control of any transactions.
We work with small to medium sized businesses with revenues between one million and up to five hundred million on a consulting basis and conduct transactions with businesses with a minimum net profit of over two million. We work in almost every industry and have significant experience in health care, niche manufacturing, aerospace, software, technology, telephone and ISPs, transportation, and logistics.
Tell us about yourself
I have always wanted to own my business. My grandfather was a self-made man who became wealthy working through his businesses and was a role model for me. He was beholden to no one and lived life on his terms. I greatly admired his discipline and ability to make things happen.
I started my first business in 2003 and learned through the school of hard knocks all the wrong things to do. Everything from bad business partners to learn how to hire and retain good employees, financial management, and finally, how to survive downturns in the economy.
I enjoy the daily challenge of running a business, helping our clients and employees achieve their goals, starting and working on projects, and learning something new on a daily basis. The reward for me is much more than the financial gain that is realized; I enjoy having a part in changing someone's life for the better.
What's your biggest accomplishment as a business owner?
We have crushed sales and revenue goals, and that is great. I would say our biggest accomplishments are when our employees are able to hit their goals. We are committed to selling part of our company to an Employee Stock Ownership Program over time, and it is our exit strategy. Knowing that the people that help us build Blue Sky will eventually own the company that they have helped build and create is at the top of our accomplishments.
What's one of the hardest things that come with being a business owner?
There are many challenges that a business owner faces, everything from cash flow management to raising growth capital, hiring the right people, working with good clients/customers, maintaining vendor relationships, marketing, etc. The list came to seem daunting.
For me is when we are not able to work with one of our employees for whatever reason. I view a bad hire as a failure on my part and absolutely dislike having to let someone go. Having said that, we know that the faster you separate from a bad situation, the less damage and impact it will have on the company.
What are the top tips you'd give to anyone looking to start, run and grow a business today?
- Develop a business plan that includes your exit strategy. Building a company with the exit in mind ensures a better-run, more profitable enterprise.
- Create a robust team of advisors! Business owners should meet with their advisors as a group quarterly. The team should consist of a business attorney, tax accountant, banker, financial advisor, estate attorney, mergers and acquisitions professional, and anyone else the owner seeks counsel from. The use of the group will deliver robust well, rounded advice that enables the owner to build their business strategically.
- Hiring the right people. I have spent hundreds of hours learning about hiring people. Great people will do great business, and the sooner the owner can make their presence less necessary, the sooner the business will become more profitable and easier to run.
Where can people find you and your business?
If you like what you've read here and have your own story as a solo or small business entrepreneur that you'd like to share, then please answer these interview questions. We'd love to feature your journey on these pages.
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