team building Archives

Over the last few years, Kupfer & Associates has grown a great deal. All of the support and growth we’ve experienced, along with the deals we’ve closed, have meant that we’ve also gotten to bring in new team members. I’ve noticed that making key hires in my business has a great impact on our deal-making capacity.

My hiring process is not just about serving clients well (although that’s a part of it). It’s also about creating a firm that has more value going forward.

Team-Building is Business Changing

Building a great team is not easy! However, too many people are saying things like, “It’s impossible to find the right people.” or even, “There are no good people out there.”

The reality is, that’s not true. You’re quite likely not hiring thousands of people (even huge organizations aren’t looking to onboard that many people at once!). No matter your size, you’re typically only bringing on a few people at a time, or even just one person. I guarantee,the right fit is out there!

So, what are you looking for? The first step is gaining clarity around what you need, and to then look for new hires who will help you create additional capacity in those areas.

In terms of deal-making, that might mean looking at future joint ventures or collaborations that appeal to you, and then considering what kind of candidates might best help you grow in those ways. Ultimately, you’re also looking for key people that will help you become redundant. The worst thing you can do in your business is to create a situation where you are so important to the business that it would be crippled without you.

Building a team that keeps your clients super happy and that perform at a high level is incredibly freeing — it changes everything in your business.

There is Leeway

Sometimes bringing in the right people means identifying the candidate who will need just a bit of leeway to get their feet under them. Being able to see potential, and knowing how to hook that potential into your business, is part of building an amazing team.

Business owners who “can’t find anyone” are often being overly stringent on small things that could be fairly easily taught. Just because a candidate hasn’t used a specific system, or done a specific type of transaction before, doesn’t mean they “couldn’t” do it.

Quite frankly, incredibly skilled and educated candidates get passed over all the time, for small reasons that could have been easily overcome. Instead of doing that, I advocate for empowering your people. If someone has the passion, energy, and drive to be great (along with the basic requirements of the job), I’m more than happy to work with them on potential gaps.

Refusing to be flexible (and insisting there are no good candidates out there) just holds you back and hurts your own business.

You Need a Team

No matter what you offer, or what you’re selling, you are going to need to build a team if you’re serious about growth. The reality is, what got you here won’t get you there.

Next level growth, scaling, and sustainability usually mean, at some point, hiring. That’s a good thing!

Beyond just hiring new people, you can also look for ways to grow your current people. Investing in their education, empowering them to take on new roles, and encouraging their continuing professional growth can help you build an incredible team around you. It’s also a way to fill the most pivotal positions without having to look outside your own walls. (Don’t forget that you’ll need to bring in someone new to take on the old position still!)

I have team members who have been with me for decades because I’ve given them room to grow. I’ve also had to make hard decisions about team members who haven’t been able to grow with the company.

Through it all, I’ve seen again and again the power of having a team.

Sometimes You’re the Problem

The reality is, sometimes the biggest problem in our businesses is our own management style.

Whether that means you’re hiring poor fits, micromanaging the team you do have, struggling to adequately train team members, failing to provide growth opportunities that will help you retain top talent, or otherwise not creating a positive work culture: be open to areas that you can improve your own leadership skills when it comes to team management.

If you have a low retention rate, or consistently have employees that don’t perform well, it’s key that you take a look at your own style (or the management style of your high-level employees).

Eventually, your ability to do deals and to eventually exit your company is deeply impacted by the quality of the team you have. It’s vital that you build an incredible team, and that you’re willing to take a look at yourself as well. Finding that balance is a key part of your growth.

To hear more about my own experience with hiring, listen in!

Corey Kupfer is an expert strategist, negotiator and dealmaker. He has more than 35 years of professional deal-making and negotiating experience. Corey is a successful entrepreneur, attorney, consultant, author and professional speaker. He is deeply passionate about deal-driven growth. He is also the creator and host of the DealQuest Podcast.

If you want to find out how deal-ready you are, take the Deal- Ready Assessment today!

In our last solo-cast, I talked about a few things related to creating a scalable business that you work ON, not IN. Although those concepts might not connect to all deals, the more you can do to create a business that doesn’t depend entirely on you, the more you’re setting yourself up for powerful deals. From new collaborations, joint ventures, or even preparing your exit plan: you can employ a variety of strategies to make your business deal-ready. One powerful area to consider is team building.

Team Building Expectations

Most businesses have some sort of team. Whether the team is all on sight or is working remotely, successful businesses that intend to scale are going to have to consider team building at some point. Often, we start to run into default ways of thinking here. We have expectations about oversight, presence, and even micromanaging that seep into our team building decisions.

Our ego also starts to pipe in. We may have a tendency towards being controlling, or choosing not to trust our employees. When that occurs, we often use the excuse that “they” just don’t care about the company as much as we do!

On one hand, you’re right. When you own a company, you’re going to be invested in a way that an employee just will not be. And why should you expect them to have the same drive and commitment for your business as you? After all, it’s YOURS!

On the other hand, there are ways to build a team that is passionate, motivated, and connected to your business. A few ways to create that sort of team? Being flexible, building trust, and empowering every team member to contribute in the way the best taps into their skills. After all, isn’t that why you brought them on in the first place?

When you make deals, you show up at the negotiating table with the understanding that both parties are bringing something of value. Approach your team in the same way. This isn’t just an exchange of your money and their time. They have the ability to make a powerful difference in your business, but only if you allow them to do so.

My Own Team Building Experience

I have a dedicated, loyal team that I’m proud to work with. I’ve offered all of them flexible options that work for their lives and families.

You can find phenomenal employees who work hard and love what they do — and they might ALSO prefer flexible work schedules that give them opportunities to prioritize their families, hobbies, or other needs. That’s not a reflection on their ability to perform within your company. In fact, it only enhances it.

I’ve also noticed that sometimes amazing talents will bypass higher salaries from larger companies in order to work for a smaller company that offers them openness and flexibility. It’s simply not true that remote workers are less capable or talented, or that the “best” employees are working 9-5+ from a desk inside your building.

Another benefit? Diversity! Hiring remotely significantly increases the talent pool you’re able to hire from. Even if your local talent pool feels relatively homogenous, you don’t have to be limited to that. When you offer flexibility and remote options, the pool is global. You may find that your business can attract great employees, teammates, and leaders who bring powerful new ideas into your business when you open yourself up to their presence.

My flexibility and openness has enabled me to find excellent candidates and bring them into my business time after time. By being less rigid, I’ve been able to offer positions to excellent candidates that I would have otherwise had to pass by (or not even be aware of).

Another tip? Be aware of how your team is motivated. Some people want to be praised, especially in front of others. Some want to be challenged, and always have something new. Everyone wants to be trusted and empowered to do their best work in their own way.

Tap into your individual employee’s needs so you can focus on your highest and best use areas. As you do so, you’ll find yourself with the capacity to look for and close new deals of all kinds.

By building an entrepreneurial culture that values all team members, you may find yourself positioned for deals you might have never expected.

Delegating Up

Sometimes you give a task to an employee, and they end up circling back to you. They have questions, or they’re looking for you to finish something off.

And although I want to be a resource to my team, I also want to discourage “delegating up”, in which they use me as a crutch. Sometimes team members don’t want to take responsibility for a decision (so they bring it back to you). Or they lack confidence or trust in themselves, so they’re looking for validation.

One trick I use: when I have employees ask me to look something over for them, I’ll ask them, “Do you really need me to do that?”. If they actually do, then I’ll look it over. Oftentimes, however, when they reflect they realize they don’t need me. I trust them to do their jobs, and it’s my intention to remove myself and have faith in them to do their work independently while being a resource to them when they really need me.

And honestly…

When you hire a team, you should be hiring people who are talented in areas that you are not. They are the content creators, site developers, ad creators, or admin professionals that you’ve brought in for a specific purpose. Trust them to do it. Let them know that they have the power and autonomy to complete the work assigned to them. If you give the ability to do this, you may find that they are even better at it than you!

Don’t be afraid of being “surpassed” by a talented employee who is really good at their role. Offer training opportunities. Help people become their absolute best, not only for your business, but for their own growth as people. Will that mean they leave your organization one day? Maybe! But wouldn’t you rather have a phenomenal team member who one day leaves for bigger and better things, than a mediocre team member who sticks around because they aren’t passionate about growing and improving?

Team Building Requires Trust Building

In deals, trust is essential. You have to be able to trust yourself, your partners, and the clarity of your objectives when putting together a deal.

Your team requires trust as well.

There is no way to truly scale and grow if you cannot trust and empower people. Your team members need your trust to do their best work. And you need to give your trust to be able to take things to the next level.

Encouraging creativity and building an empowered team is vital for successful positioning. If you’re hoping for organic growth, improved marketing, new joint ventures, scaling, or preparing for an eventual exit: you’ll benefit from creating a team you can trust!

In the trade off of a deal, it has to work for BOTH parties. If one side feels that they’re not getting their fair share, they won’t engage.

Team building is the same. Trust, respect, training, empowerment, autonomy, flexibility – these are all aspects of the employee deal-making process. When you bring a valuable package to the table that includes so much more than just a paycheck, you can build a team that truly takes your business to the next level.

When you do that, you increase your firm’s capacity to do deals, build enterprise value and better position the company to monetize that enterprise value upon exit.

In the future, I plan to talk more about how internal succession is an incredible deal option that only makes sense if you’ve built a team that can run your company without you. The foundation? Team building!

Listen to the full episode here!

Corey Kupfer is an expert strategist, negotiator and dealmaker. He has more than 35 years of professional deal-making and negotiating experience. Corey is a successful entrepreneur, attorney, consultant, author and professional speaker who is passionate about deal-driven growth. He is also the creator and host of the DealQuest Podcast.

If you want to find out how deal-ready you are, take the Deal- Ready Assessment today!