My dad Mike, taught me many great lessons growing up. As an elementary school kid he taught me about money management by making giving me a dollar a day, to save up for a GameBoy Color. I learned that things that are worth it, are worth the wait. I waited nearly 100 days before I had finally managed to save up enough dollar bills.
When I had finally saved up enough money (about $100.00), I was excited to go pick one up. One day he took me, and when I got there and was ready to pay, I was about $5.00 short... That's when he taught me about General Excise taxes! 😂
As I got older, he taught me about work ethic, accountability, the importance of integrity and good relationships, among many other things. The older I get, the more I start to understand some of these lessons.
After decades of a 7 day per week work life, and building a brand and business through sheer work ethic and reputation, he's more recently moved on from day to day business. He is now enjoying an early retirement with my mom, Lori and his treasure hunting and golf partners.
According to the U.S. Labor Bureau of Labor Statistics, 20% of business fail in the first two years... 45% in the first five... and 65% in the first ten years. Only about 25% of business make it 15 years or more!
With less than 1% of the population being able to retire by 50, and over 36% of people accepting that they will never be able to retire, Mike's situation has turned out pretty alright I'd say.
I've put together some questions together in the hopes that he'd be willing to contribute some insight in what it takes to build and operate and exit a business here in Hawaii.
Hope you enjoy:
"I started in Junior High, and I worked as a carpet cleaner. Our family did not have much money, and I needed to earn my way. Grandma and Grandpa worked hard but we came from a working class.
Starting off, I made 10% of the days invoices. This meant that some days I worked until 7:00 in the evening. It was hard work, but it helped shape my work ethic."
"To be honest, I could not imagine as it is today. I took it as it came and tried to do my best along the way.
Looking back, I am glad that I took the this path, even if it was very hard at times."
"A little bit after high school, I was working at a gas station pumping gas. I got asked if I wanted to work a painting job.
I was making $3.35 per hour pumping gas but stating pay was $5.50 painting. It was an easy decision for me because it was a chance for me to learn a skill and more pay than I was making.
It was a chance to learn a skill that I could apply my effort towards, and build a career. College was not an option for me and part of me is glad it wasn't, but this gave me a pathway to learn something."
"By the time I started a business, I had a mortgage, family and children. The biggest fear for me was the uncertainty of having a steady paycheck.
One thing that I did know was that I was still young enough and had the energy to make something happen."
"One of the biggest concerns was keeping my employees working. When you run a business they rely on you to deliver, everyday.
If you think about it tied to each employee is a spouse and a lot of times children. If I had 20 employees I was responsible for 40-60 people.
At times I felt the pressure of being responsible for so many people that depended on me to help provide them opportunity and a way to provide for their families.
There were times that my mind would be restless, because I knew I was responsible for the future of so many people."
"My favorite, and least favorite thing were the people that you meet.
I love meeting new people and making friends. Doing a good job and feeling proud for a job well done was one of my favorite things about doing business.
My least favorite thing was having to deal with unreasonable customers. Sometimes you come across people that are just out to take advantage of you.
It is important that you recognize people's intentions, and always do what is right."
"My goals have changed quite a bit from while I was in the workforce. They are no longer career or business driven.
My main priority now is that I want to make sure my family is happy and healthy.
I also want to get the golf handicap lower, so make it a point to practice a lot with my friends."
"There were very hard times at some points in my career and business. I may have felt stressed out, but never felt like quitting.
With my family and employees relying on me, it was never an option.
There were definitely times that it was one problem after another and another, but I just had to weather the storm till things get better. They always did."
"Some advice would be to surround yourself with good people in.
Build a good team of people to work with that you can trust, in all fields from insurance, banking and the industry you are in.
Relationships go a long way."
"I believe it was a combination of many things, and there is no secret or short cuts. You can cheat, or take short cuts or convenience but it does not last.
You have to work hard, help others more than what might make sense to you or people looking in. Be patient when you do not see results, and do not give up when times are hard. Believe you can do it.
The biggest and most important pieces of advice is:
Do the right thing even when no one is looking.
Always honor your word.
Finish a project the best way possible even if it means that you won’t make a profit."
I still have Mike's old board hung up in my office as a reminder of the business values we were built on.
It has some sticky notes, with some of the quotes that he wrote over time.
They were probably compiled over the years, and are great reminders that there is someone out there who has already dealt with many of your challenges, and have gotten through it.