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Chris Edwards Profile
Chris Edwards

@toph_edwards

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Flooring SMB owner | xConsultant/FP&A

Steamboat Springs, CO
Joined June 2020
Don't wanna be here? Send us removal request.
@toph_edwards
Chris Edwards
3 years
A successful guy told me: “Once you get to $5m, you can do whatever you want. Then, not much changes till you get to $50m. That’s when you get the jet.” 😂✈️
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@toph_edwards
Chris Edwards
4 years
Closed on my first SMB! I'll start with this...this ETA process was absurdly challenging for me. Moving from a cozy corporate career to this wild west world required tremendous emotional growth, lots of support from loved ones and, looking back on it, a dash of naivete.
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@toph_edwards
Chris Edwards
4 years
@MayorHancock How dare you try to pull out heart strings to weasel your way out of this one. I'm sure you wouldn't afford the bankrupt restaurant owners the same excuse. Resign immediately! Unacceptable.
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@toph_edwards
Chris Edwards
3 years
Much to be thankful for, it’s been a big year. Acquired a business, got married, moved to the mountains and now have a baby girl on the way 👨‍👩‍👧 Wishing you all abundance and joy!
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@toph_edwards
Chris Edwards
2 years
Happy to announce we closed on a second acquisition. Granite Haus is a granite, quartz and stone fabrication and installation business. It’s highly complimentary to the flooring business and allows us to better serve our customers.
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@toph_edwards
Chris Edwards
2 years
My father unexpectedly passed away this week. Hard to process. Much seems trivial. My daughter filled him with immense joy. I’m grateful they got some time together. Please, take a moment and connect with a loved one. ❤️🙏
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@toph_edwards
Chris Edwards
4 years
Today was the seller's last day for the SMB transition. Emotional for everyone to see him walk out the door for the last time. He put 15 years into making this shop what it is. Almost went BK in '08, served countless customers, fed his family, added value to society. Respect.
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@toph_edwards
Chris Edwards
3 years
NGL, ~20% of the reason I chose to go this SMB route is so I can snowboard on a random weekday. 😍🤙
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@toph_edwards
Chris Edwards
3 years
I’ve been light on details of the business, so let’s pop the hood. - Affordable Flooring Warehouse is based in Steamboat Springs, CO - it was a family business for 15 years prior to the acquisition ~6 months ago - most of our business is residential carpet, LVT and tile
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@toph_edwards
Chris Edwards
2 years
It's cliché, but many SMBs run on Google Sheets and sticky notes. Notion can help a lot of SMBs. I've used the new Notion API to build cool automation tools for my businesses. It's been a game-changer. I'd love to see if they could help other businesses. Read on if interested.
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@toph_edwards
Chris Edwards
3 years
We just crossed the $1m rev mark since the acquisition. Operating at ~45% gross, ~20% EBITDA margin. This is emerging as a solid baseline to build on. With operations more stable, shifting attention to growing the top line and expanding contribution margin. Onward! 🤘
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@toph_edwards
Chris Edwards
4 years
Day 1 at the SMB... wow. No amount of visualization could prepare me for the reality of what I dove into. If I’m being honest, the predominate feeling is loneliness. Stepping into and learning the seller’s whole world by myself was/is overwhelming at times.
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@toph_edwards
Chris Edwards
3 years
Millennials should take a harder look at SMBs. We need more people pouring their energies into serving local communities. Our generation has not been well served by large, lumbering institutions (college, government, corporations, media, etc.) and it’s time we recognize it.
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@toph_edwards
Chris Edwards
3 years
Wanted to share a proud SMB moment. We soundly beat our revenue and EBITDA targets I underwrote for this year. Very gratifying to see the financials validate the original thesis. Looking forward to getting some rest and seeing what next year holds. Merry Christmas!
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@toph_edwards
Chris Edwards
3 years
Post Ranch Inn in Big Sur gets a gold star for SMB excellence. Inspiring to see what can result when every detail is dialed in and crisply executed. In other news, we’re married! Wedding was awesome and the business is still rolling. I’m a lucky guy 🙏
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@toph_edwards
Chris Edwards
3 years
It’s been 6 months since the acquisition, here’s some candid thoughts on how it’s gone thus far 🧵: 1 - the first 3 months were incredibly challenging. There were moments where I truly thought I ruined my life doing this deal. I was out of my element and often overwhelmed.
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@toph_edwards
Chris Edwards
2 years
Celebrating 1 year of marriage with the real MVP of this SMB game. Grateful for her patience, guidance and W2 to make this career pivot possible. Very lucky.
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@toph_edwards
Chris Edwards
4 years
About to pay down a healthy chunk of my SBA loan. Deleveraging is and will be my priority till I get down to ~1.5x. Would rather be conservative and take some risk off the table. Things feel pretty hot..
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@toph_edwards
Chris Edwards
3 years
With her modest salary, my mom bought: - Netflix in 2002 - Apple in 2003 - Amazon in 2005 - Google in 2006 - Chipotle in 2007 She still owns them to this day. Lesson: - invest in companies that deliver value - long-term compounding is truly incredible - moms are badasses
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@toph_edwards
Chris Edwards
3 years
My 80 year old landlord (for both my business and home) is worth $100m+. He was next door repairing dry wall and installing carpet all day yesterday. Old school rancher work ethic and savvy capital allocation skills. A great combo to get rich!
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@toph_edwards
Chris Edwards
4 years
LinkedIn makes me happy Twitter exists. The posturing, platitudes and overly-polished BS is nauseating. I’m convinced Twitter will do 100x for my career than LinkedIn moving forward. Authentic communication wins.
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@toph_edwards
Chris Edwards
3 years
3rd month done with SMB. Aside from massive inflation from our suppliers, we're doing well. Installing a lot process improvements and moving away from the previous regime's chaotic culture. Glad to have made the leap! This game is much more energizing.
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@toph_edwards
Chris Edwards
4 years
Just had a realization. For the first time in my life, I’m truly excited to go to work tomorrow.
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@toph_edwards
Chris Edwards
3 years
Some SMB operators get invited to Capital Camp to learn proper capital allocation. Others get invited to Vegas by their carpet installers to learn proper capital misallocation. Pray for me this weekend 😂
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@toph_edwards
Chris Edwards
2 years
Baby Isla has arrived ❤️ we feel beyond blessed
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@toph_edwards
Chris Edwards
3 years
Like “unlimited PTO”, this is a disingenuous cost reduction move. Deloitte doesn’t have an office culture to speak of. I went to my local office maybe 10 times. If clients want the team on-site, Deloitte will oblige.
@chris_herd
Chris Herd
3 years
Deloitte going remote-first forever is far bigger than people realize In one swoop they: - forced McKinsey, Bain, BCG, PWC, KPMG & EY to be remote-first or lose all their best people to Deloitte - established themselves as the best place for consultants to work Jedi move 🧠
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@toph_edwards
Chris Edwards
3 years
1 year since closing on the biz! And wow… what a year. Definitely moments where I thought I was ngmi but kept chopping wood. Super glad I took the leap. I’m having fun and love the process of driving strong results. Hot take: SMB life is pretty sweet (not career advice).
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@toph_edwards
Chris Edwards
3 years
The agility of SMBs is refreshing. See an opportunity for improvement? Great! Install it... now. No committees. No decks. No executive approvals. Good judgement compounds at much faster rate.
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@toph_edwards
Chris Edwards
3 years
Now that I'm a little more settled into operating an SMB, thought I'd share some thoughts on the transition. (Still very early in this game so take it with a grain of salt 😇)
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@toph_edwards
Chris Edwards
4 years
One month into SMB life: - management team is gelling and building positive momentum - no major skeletons in the closet discovered yet - business is strong - revenues up 7% YoY in period since transition (small sample size) - ideas to improve business beginning to coalesce
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@toph_edwards
Chris Edwards
3 years
Little interactions can go a long way. A couple months ago, I told one of our installers that I liked his cross necklace. Today, he reminded me of that comment and gave me one. Made my day ❤️🙏
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@toph_edwards
Chris Edwards
4 years
While I've been mostly a passive observer, I look forward to providing value to the great people in this space. If I can be of any value to you (or if you want to get some turns in on Steamboat Springs' famous champagne powder!), DM me. 🙏
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@toph_edwards
Chris Edwards
4 years
I'm grateful to this corner of Twitter for being a great place. The amount of value that is exchanged here is incredible. Special thank you to: @StrongpointRich @BrentBeshore @laughridge @girdley @NickHaschka @sweatystartup @SkolCapital
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@toph_edwards
Chris Edwards
2 years
Wrapping up year 2 at the flooring store. I've been light on quantitative details, so here's some nuggets to share (highlights, challenges & lessons learned):
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@toph_edwards
Chris Edwards
2 years
Cash flowing SMBs out here chopping wood while crypto, stocks and VC all puke. In this environment, SMBs are emerging as an attractive, less-correlated asset class. Cash and cash flow are gold right now.
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@toph_edwards
Chris Edwards
4 years
The lesson for me here is to remember I’m not alone. I have a nasty habit of internalizing all my burdens. Work to build my team/culture and surround myself with people I like working with. Keep my eyes on the horizon and turn this SMB from the seller’s world to mine.
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@toph_edwards
Chris Edwards
3 years
5 - most growth I’ve ever experienced. The last 6 months were very uncomfortable but pushed me to develop the emotional, spiritual and technical skills necessary to rise to the occasion. Still very early in the journey and have a long ways to go. Appreciate you all 🙏
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@toph_edwards
Chris Edwards
2 years
Executing a rollup is a common reason people get in the SMB space. Out of college, I worked for an aggressive telecom rollup that created billions in value and led to the largest IPO in Colorado’s history. Heres’s an under-appreciated business story: Zayo Group.
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@toph_edwards
Chris Edwards
2 years
Life flashed before my eyes last week. Was driving to work and slid right into a steep ditch. No I idea how I didn't flip. Thought I was done-zo for a second there. Crashed right off of Divine Road. God was looking after me! Grateful to be alive.
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@toph_edwards
Chris Edwards
3 years
There are a lot of reasons to not buy an SMB. There are a lot of reasons to not stay in the corporate ladder. There are no solutions in life, only tradeoffs.
@DevinWanzor
Devin Wanzor
3 years
1/ There seems to be a big uptick in tweet activity lately about how easy/great it is to use an SBA loan to acquire a SMB and just start living on easy street. I've acquired many SMB's, and just recently (Jan.) did an acquisition with an SBA 7A loan....
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@toph_edwards
Chris Edwards
2 years
May your cash flow be as plentiful as the Steamboat pow. 🙏💵❄️
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@toph_edwards
Chris Edwards
4 years
- overall, things are going well. Getting more and more comfortable everyday. Initial "deer in the headlights" moments subsiding and enjoying the challenges the business presents
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@toph_edwards
Chris Edwards
4 years
When buying an SMB, be sure to consider quality of life 🙏🤙
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@toph_edwards
Chris Edwards
4 years
I’m about 1,000 miles behind Brent, but share a similar path. 3 years ago, I was a devout atheist but am now building a relationship with Christ and God. I often struggle with what that means and routinely fail. But everyday, its importance becomes more evident. Happy Easter!
@BrentBeshore
Brent Beshore
4 years
Happy Easter! He is risen! Instead of barraging you with quotes and facts about the historicity of Jesus, instead I want to confess a personal struggle, a fairly recent revelation, and what I've learned. Blind spots are called blind for a reason. Here has been one of mine.
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@toph_edwards
Chris Edwards
4 years
SMB life has been stressful getting up to speed. But one thing I have enjoyed about it vs. my corporate existence... Not spending my days making meaningless slides no one reads.
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@toph_edwards
Chris Edwards
4 years
The self-employed 401k is a pretty awesome perk to being... self-employed. Stashing away $58k (vs. $19k/yr as an employee) can quickly add up for the disciplined saver. Would rather pay my older self than the IRS.
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@toph_edwards
Chris Edwards
4 years
Day 2 of SMB life... feel great (promise I won't keep doing this everyday). The seller was in a much better mood, and that created a lighter atmosphere to learn the business. There were some tense moments during our deal, clearly his animus towards me spilled over yesterday.
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@toph_edwards
Chris Edwards
3 years
A year ago I quit my job to commit to my search. Some advice I would give myself: - take your time, there’s no rush - finding a good deal is very hard but possible - prepare to have your foundation challenged - remember, it’s about people and helping them get what they want
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@toph_edwards
Chris Edwards
3 years
I’m at Surfaces, the flooring industry’s largest annual event. It’s a misnomer to call businesses like this “boring”. There’s surprising amount of innovation and interesting problems to solve. I’m as engaged learning these topics/products/services as when I was in tech.
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@toph_edwards
Chris Edwards
2 years
4 months ago, my wife and I joined a women in crypto webinar. Mark Zuckerberg's sister came on and enthusiastically encouraged everyone to go out and buy NFTs. Said definitively that they would only get more valuable with time! Go shopping ladies! Buy, buy, buy!🥳 Abhorrent.
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@toph_edwards
Chris Edwards
4 years
The tech culture of celebrating fund raising is crazy to me. Having to give away equity should hardly be a reason to pop bottles.
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@toph_edwards
Chris Edwards
4 years
One week in the SMB. Feel like I’m finally rounding the corner on the logistical items so that I can start to focus on the business. Have spent so much time sifting through credit applications with vendors, moving bills to my accounts, etc. Not super fun stuff.
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@toph_edwards
Chris Edwards
4 years
Want to be successful? Start by reliably increasing people's serotonin.
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@toph_edwards
Chris Edwards
1 year
Word of advice on hiring: Careful bringing on the talker who promises the world. It's easy to get swept up in hype and fanciful visions. Even if they have some track record of success, there's a lot of variables that made that possible. Beware of those who lack humility.
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@toph_edwards
Chris Edwards
3 years
First day of vacation since the SMB acquisition. Was worried about leaving the biz for this wedding/honeymoon but feeling better than anticipated. Team is solid, old owner is covering for me (negotiated in deal), processes are digitized so I can oversee from afar.
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@toph_edwards
Chris Edwards
3 years
I use Notion to run my flooring SMB and have been building some custom features that I've been "dog fooding" in my own business. The primary one is a SMS text -> Notion feature to better communicate with customers.
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@toph_edwards
Chris Edwards
1 year
@Molson_Hart @jamesbulltard7 Didn’t you forecast hyper inflation?
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@toph_edwards
Chris Edwards
4 years
It was great to connect with him on that deeper level. I feel honored that I have the opportunity to build upon his years of hard work. Think that turning of the page was huge for both of us. Having him clearly in my corner now made today a success.
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@toph_edwards
Chris Edwards
4 years
Enjoying getting into the routine of learning and operating the biz. The search phase provided nice calendar flexibility but finding my new daily groove is energizing. Feeling more comfortable every day. Time to do the real work, indefinitely.
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@toph_edwards
Chris Edwards
3 years
Nothing flashy about selling carpet. Turning the mundane into an exceptional experience is where the magic lies.
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@toph_edwards
Chris Edwards
4 years
Deal summary: - business is a retail flooring store, providing high quality products and installation services - largest stocking dealer in geographically protected area - serves both residential and commercial clients - ~2.5x SDE + inventory. 80% SBA, 10% seller, 10% equity
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@toph_edwards
Chris Edwards
4 years
Not usually a big productivity app boi, but Notion is really impressive. In two days, we built a robust tool for our lead management and flooring installation processes. Haven’t rolled it out yet but I think it will be a huge upgrade for our paper-heavy business.
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@toph_edwards
Chris Edwards
3 years
Prepping the subfloor to install commercial carpet tile atop Steamboat Ski Resort. Great views!
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@toph_edwards
Chris Edwards
4 years
This could be the best decision of my life, or the worst. I'm going to work really hard to make it the former. There have been incredible moments of serendipity throughout this search. This experience has forced me confront many fears and has brought me closer to God.
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@toph_edwards
Chris Edwards
3 years
Why does every voicemail box tell us menu options have changed? Who is memorizing these menu options?? Why are they changing so frequently??
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@toph_edwards
Chris Edwards
3 years
Got a few mins this weekend, so going to see if I can spin up a pressure washing business. - got warehouse guys looking for more hours, great infill work - virtual assistant that can handle calls/biz dev - just called/Googled around town, couldn't find anyone that does it
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@toph_edwards
Chris Edwards
3 years
So far in my SMB journey, Notion + VAs is the highest leverage change I’ve made. I would argue the Excel use case mentioned here should be in Notion too. Great raw data repository that can be more closely analyzed in Excel.
@sergiosilesky
Sergio Silesky
3 years
How to use VA’s for your Home Service Business to get 10x ROI in the first month. Step by Step 🧵 👇🏼
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@toph_edwards
Chris Edwards
3 years
- flooring isn’t glamorous but we’re in high demand right now. Our business works because we have a solid base of reoccurring customers, a geographic moat, quality products/services and a great team That and my drum set upstairs keeps me sane 🤘
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@toph_edwards
Chris Edwards
3 years
Guerrilla marketing plan:
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@toph_edwards
Chris Edwards
4 years
Whenever I get anxious about SMB life, the best antidote is to remember my success is not about me. It's about serving others. If I do that well, everything will work out.
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@toph_edwards
Chris Edwards
4 years
Everyone in the consulting world is trying to chase the next lofty title. I’m trying to downplay mine these days. Counterproductive in my biz to lead with anything other than “Manager”.
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@toph_edwards
Chris Edwards
1 year
@sweatystartup Be a shock absorber, not a shock amplifier.
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@toph_edwards
Chris Edwards
3 years
Can’t lie. Moving, buying an SMB and planning a wedding all at the same time was super smart on my part.
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@toph_edwards
Chris Edwards
2 years
The best acquisitions are free.
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@toph_edwards
Chris Edwards
2 years
It will be a lot of work but I’m excited to get started. I’ll share details in the coming weeks but will be heads down getting up to speed. Appreciate you all 🙏
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@toph_edwards
Chris Edwards
3 years
Getting married in 10 days 😅 Any advice?
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@toph_edwards
Chris Edwards
3 years
SMB Twitter talks a lot about service businesses. But if you can couple significant retail product sales with those services, you can build a nice symbiosis.
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@toph_edwards
Chris Edwards
3 years
Agile methodology is usually thought of as a software development framework, but it has a lot to offer SMBs as well. A couple thoughts on how Agile can help your team 👇
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@toph_edwards
Chris Edwards
3 years
Being a shock absorber instead of a shock amplifier is insanely valuable. The ability to redirect energy into more positive directions makes human relations 10x easier. Especially true in SMBs where the shocks never stop.
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@toph_edwards
Chris Edwards
3 years
If you’re interested in the gory details of my acquisition, @whentheresawill interviewed me on Acquiring Minds, a podcast for entrepreneurs who buy businesses. "How to Survive Acquiring a $3.5m Flooring Business"
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@toph_edwards
Chris Edwards
3 years
- low capital intensity - great relationships around town - natural extension to flooring biz Let's see what happens! 🤷‍♂️
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@toph_edwards
Chris Edwards
3 years
Happy 2022! May your pockets be as deep as the Steamboat pow.
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@toph_edwards
Chris Edwards
2 years
With my Dad's passing, I've been quiet here. That event + a new baby has made for an emotionally taxing 2 months. Keeping these SMBs going through it all has been trying. This career path doesn't allow you to turtle-up for long. Nevertheless, grateful to be doing this.
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@toph_edwards
Chris Edwards
3 years
Vanguard is one of capitalism’s greatest accomplishments. We need more virtuous renegades like Jack Bogle.
@PaulSkallas
LindyMan
3 years
I feel like we don't talk about Vanguard enough
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@toph_edwards
Chris Edwards
4 years
In the spirit of giving back, if there’s anyone on SMB Twitter that needs help, I’d be happy to chat. I used to manage large Salesforce projects so can provide my perspective on strategy, implementation, architecture etc.
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@toph_edwards
Chris Edwards
4 years
- there's a lot to learn with flooring. Goal is to become much more knowledgeable about products over next month - brought in 2 new employees to shore up areas where we were stretched too thin - seller clearly invested in making transition successful (guy is in everyday at 4am!)
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@toph_edwards
Chris Edwards
3 years
So far, I’d give myself a B- on the SMB transition. Biggest challenge now is getting the team to buy into growing the business. Faster growth has been met with trepidation. I haven’t done a good job getting past these mental hurdles. Big opportunity for personal improvement.
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@toph_edwards
Chris Edwards
4 years
Well, tried to roll out Notion too fast and it blew up in my face. If there’s one thing I’ve learned in consulting and now SMB, it’s that change management is really hard. Don’t underestimate it.
@toph_edwards
Chris Edwards
4 years
Not usually a big productivity app boi, but Notion is really impressive. In two days, we built a robust tool for our lead management and flooring installation processes. Haven’t rolled it out yet but I think it will be a huge upgrade for our paper-heavy business.
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@toph_edwards
Chris Edwards
2 years
The Yampa River is flowing strong. May your cashflows be as abundant.
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@toph_edwards
Chris Edwards
3 years
This installer ended up staying. We’ll see how long his commitment lasts but validates our value prop for him. Big W.
@toph_edwards
Chris Edwards
3 years
One of our key installers put in his two weeks notice today to go out on his own. Tough to swallow but will test our value proposition to installers. He’ll get more $/sf installed but will have to deal with acquiring customers, billing, suppliers, etc. We’ll see…
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@toph_edwards
Chris Edwards
2 years
Observation: I’ve consumed much less professional development content since running the SMB. My 20’s was spent constantly consuming podcasts, books, etc. A lot of preparing, light on action. Now that I’ve got a few battle scars, it’s time to swing the pendulum back a bit.
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@toph_edwards
Chris Edwards
3 years
I think people are sick of hating each other and want to work together to build a better future. SMBs are a great way to do this. Adding value at the local level is achievable, tangible and satisfying.
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@toph_edwards
Chris Edwards
3 years
After some trial and error, @NotionHQ now might be our most impactful opex $. We use it for: - internal wiki / SOPs / objectives - communication / notes - POs / AP - lead mgmt - project mgmt - warehouse / inventory mgmt - installs - manager dashboards
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@toph_edwards
Chris Edwards
2 years
This business has been a great training ground to make mistakes and learn. I'm small potatoes compared to most of the ballers on SMBtwit but happy to be pushing the ball forward. Hope this is useful to someone out there!
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@toph_edwards
Chris Edwards
4 years
A personal touch to the workspace 🤘
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@toph_edwards
Chris Edwards
4 years
2 months into SMB operating in the books. The experience so far can be summed up in one word: intense. Happy to be going through this growth period though. When I was in consulting, I yearned to see if I could rise to the challenge of this path.
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@toph_edwards
Chris Edwards
3 years
- the name of the game is operational efficiency. Get quotes out fast, turn inventory quickly, remove blockers for installers and tightly manage purchasing - wrapping our processes with technology and writing SOPs has been a huge step in maturing a highly disorganized business
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@toph_edwards
Chris Edwards
4 years
Meeting the employees went well. All the key players are staying. Customers made purchases and operations went smoothly. But it was grueling emotionally. So much to learn and the responsibility is 100% on me. Throughout the search process, you could always back out. Not now!
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@toph_edwards
Chris Edwards
4 years
Half my job is fixing our culture. Was a hair on fire, high stress workplace. Seller led by example, not surprisingly he has terrible health. Fortunately, it’s also a customer & cash flow centric culture. Current focus: install better ops. systems and reduce hole plugging.
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@toph_edwards
Chris Edwards
3 years
We’ve got a lot of smart people in our generation and I want to see us use our growing influence wisely. SMBs are tough and highly imperfect but prioritizing more localism in our career choices would be a healthy development.
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