Scaling A Moving Business: Big Ben's Secrets to Success | Ep. 92

Summary

In this episode of the Abundant Journey podcast, Nick James interviews Ben Gottfredson, also known as Big Ben, who shares his entrepreneurial journey in the moving and storage industry. Ben discusses the influence of his upbringing, the lessons learned from sports, and the importance of resilience and sacrifice in business. He reflects on the early days of his moving company, the challenges of scaling, and the significance of financial management. Ben emphasizes the value of hiring for culture and building a strong team, as well as the mindset shifts required to grow from a small business to a larger operation. In this conversation, Ben Gottfredson discusses the importance of building a trustworthy leadership team, the critical role of vision in business, and the concepts of profit sharing and equity. He shares insights on expanding into the storage business, managing multiple ventures, and raising capital through private equity. Ben emphasizes the significance of family values and maintaining a balance between work and personal life, while also highlighting the importance of an abundance mindset in achieving success.

Takeaways

- Ben's entrepreneurial journey began with his father's initiative to create a moving business. - Sports taught Ben valuable lessons about resilience and teamwork that he applies in business. - The importance of finding a mentor early in the entrepreneurial journey. - Starting with a lean approach helped Ben grow his business without taking on debt. - Stress tolerance and making calculated decisions are crucial for business success. - Ben emphasizes the need to live below one's means to ensure financial stability. - The transition from trading time for money to buying back time is essential for scaling. - Hiring for culture rather than experience can lead to a more cohesive team. - Ben's approach to financial management evolved as his business grew. - Creating a positive company culture is vital for employee satisfaction and performance. A strong leadership team is essential for growth. - Vision must encompass the dreams of others. - Profit sharing can align employee incentives with company goals. - Expanding into related businesses can enhance service offerings. - Managing multiple ventures requires trust in executive teams. - Raising capital can open doors to new opportunities. - Family and relationships are core motivators for success. - Being present with family is crucial for work-life balance. - An abundance mindset fosters collaboration and growth. - Setting clear goals helps in achieving long-term success.

Chapters

00:00 - Introduction to Big Ben's Journey 02:45 - The Impact of Sports on Entrepreneurship 06:52 - Finding the Entrepreneurial Path 10:53 - Early Days of the Moving Business 15:19 - Lessons from the Early Years 18:15 - Navigating Financials as a Business Owner 20:55 - Scaling from Zero to Million 23:46 - Building a Team and Company Culture 33:51 - Building a Trustworthy Leadership Team 34:38 - The Importance of Vision in Business 37:52 - Understanding Profit Sharing and Equity 41:10 - Expanding into the Storage Business 44:29 - Managing Multiple Business Ventures 47:54 - Raising Capital and Private Equity Ventures 54:46 - The Heart Behind the Business 01:02:25 - Balancing Family and Business Responsibilities

Mindset Book: https://www.amazon.com/Mindset-Psychology-Carol-S-Dweck/dp/0345472322

 

Connect with Ben Gottfredson:

Instagram: https://www.instagram.com/ben_gottfredson/

https://www.instagram.com/bigbensmovingandstorage/

https://www.instagram.com/bigstorageventures/

htt