Avionics News February 2020 - 54
BUYING & SELLING YOUR SHOP
Continued from page 53
Tredway explained that the biggest
problem he continues to see in smaller
shops is that the owners seemingly
refuse to delegate any responsibilities to
their employees.
"The goal of any successful business owner is to build an organization
that can easily run without you - I call
it working myself out of a job," he
said. "Most owners aren't willing to do
that. They've built the business from
nothing and can't imagine it running
without them. As hard as it is to admit,
that kind of thinking doesn't create a
healthy, saleable business."
Of course, you must have the right
people in place to make it work. Not
every employee, no matter how long
tenured, will share your dedication to
continuing and improving the business.
"No business can afford to keep lowquality employees no matter how hard
it is to find help," he stressed. "Keep
and raise high-quality people and reward them well for their efforts.
"Key virtues are honesty, integrity
and truly caring about our customers.
I've also learned that if they genuinely
love aviation, it's a huge benefit to me
and our customers. I have been training
a couple of my employees to run the
front office. I call it cross-training. We
are always working on time management, planning and efficiency skills."
You may wonder if all of Tredway's
price increases, process improvements
and personnel changes are paying off in
higher profits. Yes, they are.
"When I bought Freedom Air Avionics, it was declining from an average of
$350,000 a year in gross sales," he said.
"We did over $800,000 the first year
I owned it and have settled in at just
around a million a year since then. We
will top that this year."
Your business may already be
sold, and you don't know it
Tredway again stressed that a key to
the successful operations and eventual
sale of his past businesses has been to
empower his critical employees with
the skills and responsibility to do what
needs to be done - with or without his
supervision.
"If all the big decisions have to run
through you, you're not empowering
your people to think and act for themselves," he said. "In my experience,
54
avionics news
*
february
2020
http://www.sandia.aero
Avionics News February 2020
Table of Contents for the Digital Edition of Avionics News February 2020
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Avionics News February 2020 - Intro
Avionics News February 2020 - No label
Avionics News February 2020 - Cover2
Avionics News February 2020 - 1
Avionics News February 2020 - 2
Avionics News February 2020 - 3
Avionics News February 2020 - 4
Avionics News February 2020 - 5
Avionics News February 2020 - 6
Avionics News February 2020 - 7
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Avionics News February 2020 - Cover3
Avionics News February 2020 - Cover4
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