Dr. Al Grossnickle is the owner of Strategic Venture Partners LLC, a consulting company that helps entrepreneurs grow their businesses. For over a decade, Al worked as an Associate Professor of Business at Grace College, where he was also the Director of the William P. Gordon Institute. At the University of Saint Francis, Al served as the Assistant Professor of Entrepreneurship and Director of the Entrepreneurial Leadership Program. He had also served as the President, CEO, and Corporation Founder of Miller’s Health Systems for eight years before he embarked on his academic career in 2006. Al draws from his extensive experience in the academic and business worlds to guide his clients through today’s complex markets and the ever-changing world.
Al joins me today to share his insights on weathering the complex business climate amidst the pandemic. He shares his career journey and explains how he uses his experiences to help other entrepreneurs grow their businesses. He shares his advice on mitigating turnover and attrition rates among Boomer employees and healthcare workers. He also highlights the importance of surrounding yourself with people smarter than you and underscores the power of keeping a sustainable competitive advantage.
“The dynamics of business are rapidly changing today. Listening and humility have become more important for CEOs.” – Al Grossnickle
This week on The Owner’s Corner:
- The challenges Al faced as a top executive of Miller’s Merry Manor
- How Al’s experience as CEO informs his current role as a business consultant
- Supply chain issues and other challenges business owners are facing due to the pandemic
- How a bonus structure may bridge the challenges that may come with raising employee wages
- Why business owners should consider outsourcing parts of their businesses
- Addressing labor turnovers in the healthcare industry
- The impact of vaccine mandates on labor, logistics, and supply chain
- How business owners are reacting to the rising cost of raw materials
- How to manage the attrition trend among Boomer employees
- The importance of creating a strong succession plan
- The value of surrounding yourself with the right professionals
- Setting up a family business for the next generation
- Avoiding complacency and how hiring a business consultant can help your company grow
Our Favorite Quotes:
- “Running a business is a labor of love, but outsourcing can help you spend more time on parts of the business that are most productive.” – Seth Whicker
- “There is an economic incentive to getting the balance back between supply and demand. The key is knowing how long it takes to get there.” – Seth Whicker
- “The definition of business and profit is to maximize shareholder wealth; otherwise, companies will stop reinvesting.” – Al Grossnickle
Connect with Al Grossnickle:
- Strategic Venture Partners
- Email: Al@StrategicVenturePartners.net
- Al Grossnickle on LinkedIn
About SYM Financial and The Owner’s Corner Podcast
The Owner’s Corner is a show for business owners. In each episode, host and financial planner Seth Whicker sits down with business owners and the professionals that serve them to talk about what it takes to build a business. Our guests come from many industries and walks of life to share their biggest wins, mistakes made along the way, and their thinking about the all-important exit planning.
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Disclosure: Certain links above are to third-party sites and are not affiliated with SYM Financial Corporation (“SYM”). SYM is an independent investment adviser registered under the Investment Advisers Act of 1940, as amended. Registration does not imply a certain level of skill or training. More information about SYM including our investment strategies, fees and objectives can be found in our ADV Part 2, which is available upon request.