In this episode of the More Profit Less Stress Podcast, hostsGreg and Dennis interviews Barry Ghiglione, a seasoned entrepreneur who shares his journey from a farm kid in Saskatchewan to a successful business owner who sold his company for a premium. Barry discusses the loneliness of business ownership, the importance of team transparency, and the need for business fundamentals in the face of advancing technology. He emphasizes the value of learning from mistakes, listening to customers and staff, and preparing for asuccessful business exit. Barry also reflects on retirement planning, the significance of cash flow, and the importance of finding purpose in retirement. The conversation concludes with insights on building a sustainable business andleaving a meaningful legacy.

Takeaways

- Business ownership can be a lonely journey.

- The well-being of your business depends on yourdecisions.

- Transparency with staff can lead to loyalty and lower turnover.

- Business fundamentals remain crucial despite technological advancements.

- Learning from others' mistakes can save time andresources.

- Listening to customers, staff, and suppliers is vital for success.

- Planning for business exit should start early in the business lifecycle.

- Retirement planning requires understanding cashflow needs.

- Building a sustainable business involves continuous improvement and learning.

- Engagement in retirement is essential for personal fulfillment.

Chapters

00:00 Introduction to Barry's Journey

02:40 The Loneliness of Business Ownership

04:23 The Importance of Team and Communication

06:54 Business Fundamentals vs. Technology

08:55 Learning from Others: The Key to Success

13:30 Fundamentals of Business: Listening and Learning

18:29 Integrity in Business Relationships

22:46 Preparing for Business Exit

25:41 The Reality of Selling a Business

31:37 Understanding Business Valuation and RetirementPlanning

37:17 The Importance of Continuous Growth and Learning

43:28 The Human Element in Business Success

48:39 Reflections on Retirement and Life Lessons

52:13 The Entrepreneurial Mindset and Legacy

Hosts are Greg Forzani and Dennis Taekema.

Our guest is Barry Ghiglione.

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Disclaimer: The More Profit Less Stress podcast is provided for informational and entertainment purposes only. The content, opinions, and views expressed by the hosts, guests, or contributors are their own and do not necessarily reflect those of More Profit Less Stress podcast, its producers, or affiliates. The information shared is not intended as professional financial, legal, tax, or business advice and should not berelied upon for making business decisions. Listeners should consult qualified professionals, such as financial advisors, accountants, or attorneys, for advice tailored to their specific circumstances. More Profit Less Stress Podcast, its hosts, guests, and producers assume no liability for any actionstaken or not taken based on the content of this podcast. All content is provided “as is” without warranties of any kind, express or implied, regarding its accuracy, completeness, or applicability. Any reliance on the information provided is at the listener’s own risk.