Inmates to Entrepreneurs

If you had 15 minutes to speak to 50 inmates at the Federal Prison Camp in Butner, North Carolina what would you tell them? This was the situation I found myself in today.

Several weeks ago I opened my Inc Magazine and read an article about the Inmates to Entrepreneurs program started by Brian Hamilton, CEO of Sageworks. Not only did the program seem interesting, I knew a little about Sageworks since they are in this area and we (KeySource Bank) use their financial software. So I attended a meeting about the program at the Sageworks office in Raleigh a couple months ago.

Then Amy at Sageworks invited me to attend a session at the prison led by Brian scheduled for today. I showed up at the appointed hour and found out that Brian was running behind. Here I was in front of 50 inmates who were waiting to be taught. Our prison contact turned to me and gave me the go ahead to speak. It was humbling to say the least.

After sharing some of my background and outlining my responsibilities of helping business owners sell their companies, I attempted to paint the picture of them entering the workforce upon release from prison. Getting a job in today's market is not easy even with a clean background check. Their greatest hope of success is to start their own small service business such as landscaping, painting, car detail, etc. Plus those that work hard have unlimited opportunities and will not be held back by the politics of companies. I seem to at least sparked some interest since several inmates began to ask questions and we had some discussion.

After about 15 minutes Brian showed up and spent the next 90 minutes outlining a plan that will change their life if they will follow it. As I looked into the eyes of these guys I felt hope that they can change and come back and add value to society and I look forward to helping.

As I look back I think all of us can relate to those inmates since 99% of the time corporations will never pay us what we are worth if we are good.

Mark Cuban, The Ultimate Bootstrapper

Mark Cuban is probably still in Durham right now since I just returned from meeting him. He exceeded my expectations and really impressed me with his bootstrapping, no credit card, teen entrepreneurship encouraging, advice. He reminded me of a book I am reading, The Bootstrapper Bible. Here are quotes from Mark:

"Best equity is sweat equity"

"VC = Vulture Capitalists" (this was funny since there were many venture capitalists in the room and they sponsored the event)

"Think like a student" (meaning live cheap so you can invest in yourself and ideas)

"What is the least expensive way to start a business" (Reminds me of lean startup ideas and getting to the minimum viable product)

"We are in the perfect environment to start a business since startup costs are so low"

"Sales cures all...founders have to sell"

"When I bought the Mavericks I walked in the first day, took a cheap desk from Office Depot right with the sales team and started calling season ticket holders"

"Ideas are the easy part..how hard are you willing to work to make it happen"

"They thought they had to move to Silicon Valley (from Pittsburg)"

"Live like a kid"

"Future of television is television...Internet is not designed for television"

"We can't help it..."

I attend lots of events and hear many speakers but last week Henry Kaestner from Bandwidth made an impression on me that I will not forget. While he did talk about business, he focused the Bandwidth prorities of faith, family, work, and fitness in that order. For example, everyone gets kicked out of the office at 12 noon to engage in some type of physical activity.

Perhaps the most poignant point Henry drove home was his faith. One attendee asked, "In a world that attempts to ban National Day of Prayer, how do you speak so openly about faith?" Henry responded, "We can't help it." It was not only the words he spoke but the way he said it. I could feel his conviction and it touched me deeply.

How many of us hesitate to share our deeply held beliefs? Even though I served a 2 year mission for The Church of Jesus Christ of Latter Day Saints and have been known to share my beliefs with those around me, I still left with a renewed desire to stand for what I believe.

Thanks Henry.

Country Club Conversations

When we meet with business owners who are interested in selling their company, one fear is that the news will get out that they are selling their company. Ironically enough the news usually does not leak through the potential buyers or professionals who are hired to assist. It's through the company itself. Documents may be left on the desk of the business owner, faxes will be read by employees, etc that will trigger the employees discussing it amongst themselves and then vendors, brothers, cousins, tennis partners, beauticians, etc.

One funny (sad) story was told to me recently from a friend who was sitting on an airplane. His seat companion was speaking loudly on his cell phone and said, "This is very confidential information..." He proceeded to share with the entire airplane details that should not be shared.

When we discuss this with our clients we guide them on how to answer the question. This will happen almost 100% of the time. The client will be at the country club and someone will say, "I heard you are selling your company?" Too often the response is a very surprised look followed by, "Where did you hear that?! No one is suppose to know!" Instead the response should always be, "Hey, I'm always willing to sell for the right price!"

What's on my iPod?

Door to door it's about 15 minutes (13 miles) from my house in Hillsborough to my office in DiamondView II at the American Tobacco District of Downtown Durham. I don't mind the commute mainly because I can unwind with podcasts on the iPhone.

Here are a few of my favorites:
1. Entrepreneurial Thought Leaders from Stanford University - I've enjoy these very successful entrepreneurs tell their stories. Perhaps what's most interesting is to go back to the ones from 2005 and listen to what Mark Zuckerburg was saying about Facebook then.

2. Dave Ramsey Show - I've been a fan the last couple years and enjoy callers telling their story. Are you living like no one else so you can eventually live like no one else?

3. Stuff you Missed in History Class - This one is one my wife and I both enjoy when we are traveling.

4. Harvard Business Ideacast - The one from Stanford has replaced this one as my favorite but I will still occasionally listen to one of these if I see something interesting.