Welcome back, everyone! If you’re a fan of entrepreneurship through acquisition, today’s guest should really excite you because after starting his career in the military, he became a serial entrepreneur. In total, he has bought and sold 4 companies, most of which were turnaround businesses. He has also started a company from scratch and sold it. This is also his first-ever podcast appearance!
Because this is Chris’ first podcast appearance, we covered his career journey from the military to getting started as a business turnaround person and the lessons learned in that arena.
Chris’ faith has always been important to him, though, so we also got to hear how he integrated his faith into how he ran his businesses. There are some incredible nuggets of advice in here on how to treat your employees well.
Perhaps most interesting to our community are his thoughts on how to engage your community through your employees.
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You can invest in your community properly and uphold the dignity of your workers by getting to know your employees well.
One of Chris’ biggest focus areas with his employees was ensuring he knew them. Knew what they liked to do. Knew what their kids were up to. Knew that they liked to bowl on Thursday nights, etc. By knowing them, he not only upheld their dignity in his own eyes (because they were not just a number). This also provided him a window into what matters to his employees and, by extension, what matters in the local community.
For any of you with local employees, take note as this is a very impactful thing you can do.
“The formula for negotiating a good deal is taking the time to ask and listen to what the seller is looking for in the deal.” — Chris Farls
“I think confidence is gained through action and activity. I don’t think you can sit and read a book and then talk yourself into it.” — Chris Farls
“I think the bigger problem a lot of times is, people know what the right thing to do is, but doing it’s hard.” — Chris Farls
“You know, you have a certain circle of influence where you can make an impact and that’s where you need to act.” — Chris Farls
“You want to create an environment where they can flourish... you want to give them opportunities to flourish and grow and have input into their work. So there’s a human dignity element to that as well.” — Chris Farls
“What do you feel good about looking backwards? I think I’ve had that validated a little bit because when I mentor and talk to young aspiring entrepreneurs, I talk to them about these intangible rewards that you get.” — Chris Farls
“If you’re doing it right, you end up with many more employees at the end than you did when you started.” — Chris Farls
“Decide how you want to live it and live it that way and have the courage and fortitude and perseverance.” — Chris Farls
Key Moments: (outline)
00:00 Introduction to the Catholic Founders Podcast and Chris Farls’ background
02:07 His early entrepreneurial journey and the influence of his upbringing and family
04:34 The importance of confidence, mentorship, and taking action in building a career
06:51 His transition from military to corporate life and then into running a small business
10:09 How an MBA and strategic networking helped launch his entrepreneurial career
13:30 The model of acquiring old economy businesses and their financial structures
16:38 His experience turning around a railroad services business and achieving a quick exit
18:12 Key strategies for business turnaround, focusing on competitive strategy and understanding owner personalities
21:18 The multifaceted responsibilities of a business leader, including employees, partners, and community
25:36 Navigating ethical conflicts and making difficult decisions in business
28:01 The role of a business owner in community engagement and supporting employees’ interests
32:25 His approach to upholding employee dignity and fostering a flourishing work environment
35:08 The evolution of his perspective on business, from financial gain to humanitarian reasons
38:56 Stories of providing employment opportunities to individuals with challenging backgrounds
43:32 The power of actions over words and the positive impact of ethical business practices
44:58 Balancing efficiency and ethical considerations when acquiring and restructuring businesses
49:06 Ensuring that new buyers respect employees and align with company values during a sale
52:58 The impact of financial success on his personal outlook and transition to mentoring
55:29 Developing a strong sense of identity and purpose, aligning career with faith
57:50 How entrepreneurship shaped his relationship with God and led to a focus on serving others
1:00:31 The importance of intentional living and integrating spiritual habits into daily life
1:04:30 Introduction to The Vocation Project, an initiative to help people find meaning and purpose in their work
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Discussion about this video
Catholic Founders
Catholic Founders is where Catholic Entrepreneurs and Business Owners go to learn how to integrate their faith into every aspect of how they run their business and life as a Catholic AND as a Founder.
In modern times, it's become more unclear than ever how to unite our faith with our work. It's even harder when you run a business. However, just as there is a holy way to live, there is a holy way to build and run our businesses.
Fundamentally, our skills were given to us by God so that we may become instruments of His will. These skills are not for our own use. Therefore, to waste or misuse them is a grave thing. This entire project is born out of a deep belief in this truth.
Catholic Founders is where Catholic Entrepreneurs and Business Owners go to learn how to integrate their faith into every aspect of how they run their business and life as a Catholic AND as a Founder.
In modern times, it's become more unclear than ever how to unite our faith with our work. It's even harder when you run a business. However, just as there is a holy way to live, there is a holy way to build and run our businesses.
Fundamentally, our skills were given to us by God so that we may become instruments of His will. These skills are not for our own use. Therefore, to waste or misuse them is a grave thing. This entire project is born out of a deep belief in this truth.
