#Smallbizchat Podcast LIVE is a monthly video interview show where small business owners can get answers to their questions.
The focus of #Smallbizchat is to end small business failure by helping participants succeed as your own boss.
Please join us live every third Wednesday of the month from 8-9 pm ET Live on my SmallBizLady Facebook Page, YouTube Channel and LIVE on Twitter.
Karla Trotman is the President and CEO of Electro Soft, Incorporated (ESI), an electronics manufacturing and engineering firm in the U.S. She graduated with a B.S. in Business Logistics from Penn State and an MBA from Drexel University. Her career has spanned roles in supply chain logistics, purchasing, and e-commerce at notable companies such as Honeywell, Gap, and IKEA. She is also the author the new book, Dark, Dirty and Dangerous, Building a Vibrant Future of Manufacturing. For more information www.KarlaTrotman.com
SmallBizLady: What is the hardest thing about taking over a family business?
Karla Trotman: The hardest thing about taking over a family business is managing everyone’s expectations against their emotions. Your parents have the expectation of equity, even when everyone is not equally suited or able to take over. Bringing in a third party saved us and our relationship.
SmallBizLady: How do you manage working in a male-dominated industry?
Karla Trotman: My college major was Business Logistics. There was never a huge number of women in that field, specifically in supply chain logistics and distribution, which is unfortunate because there are so many opportunities. I have found that setting boundaries and using humor are a great way to work through most things.
SmallBizLady: How has running your business allowed you to create generational wealth?
Karla Trotman: My father and mother started the business 38 years ago. When I purchased the company, I was able to obtain a loan to pay them for the business so they could realize the fruits of their labor. I am now one year from paying off that loan. In the not-so-distant future, my children will do the same. I can’t name one corporate job that you can pass along to your children and then your grandchildren.
Sandra James is a serial entrepreneur. She has built several companies from the ground up, and currently serves as CEO of Private Eyes Background Checks With decades of experience in running multi-million-dollar enterprises she gives back to her community by serving on non-profit boards and mentoring other women. She is a mother of two grown young men that she is most proud of and happily married to her husband. She and her husband divide their time between Nevada, California and Florida. She is the bestselling author of, Don’t Tell Me I Can’t, I book that she hopes inspires others to have all of their dreams come true. For more info: www.privateeyesbackgroundchecks.com
SmallBizLady: Looking back on 40 years in business, what do you think has been the single most important factor in your success?
Sandra James: I think if I had to say just one thing, it’s persistence.
SmallBizLady: What role has mentorship played in your business, both as a mentee earlier on and as a mentor to others now?
Sandra James: I have been blessed with several mentors that have always been confident in me. I love to help others with business and because I have been doing it for a long time, I can offer support to almost any business owner regardless of service or product. We all experience the same issues, such as payroll, rent, employees, marketing, sales, accounting, etc.
SmallBizLady: What habits or routines have been critical to your success as a CEO, especially in maintaining focus and productivity over the years?
Sandra James: Exercise, yoga, good food, rest, friends who are willing to listen and support me.
SmallBizLady: Can you share an example of a failure or setback in your business and how you turned it into an opportunity for growth?
Sandra James: In 2008, prior to the financial crisis hitting, I had a large client leave that was 85% of my revenue. I did not cutback because I thought that I would replace it right away. Then those opportunities did not come through. Then the financial crisis hit us, and other clients stopped hiring. Things got worse before they got better. Then from 2009 to 2010 I grew 100% by working from 6am-6pm doing sales meetings every day to acquire new clients. We continued to recover from there and never looked back.
SmallBizLady: How do you continue to innovate and remain relevant in today’s fast-paced business environment?
Sandra James: Developing our own software was a critical move to making us stay relevant. We once used third-party software and now we’ve built our own software. We can now integrate to our various clients’ systems quickly while improving the technology for our external clients and our internal team. You must keep evolving, learning and growing to stay in business.
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If you are a small business owner, author, or subject matter expert, we’d love to have you appear as a guest on #Smallbizchat LIVE. Submit your name, headshot, Twitter handle, bio, website, topic and 3 questions and answers in paragraph form to demonstrate your expertise. To submit your materials to be a guest on #Smallbizchat click here.
The post January 2025 #SmallBizChat: How to Take Over a Family Business and Survive 40 Years appeared first on Succeed As Your Own Boss.
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