Troy Roberts with Beanstalk Collaborative Community Wealth

The Industrial Talk Podcast with Scott MacKenzie

Industrial Talk is chatting with Troy Roberts, CEO at Beanstalk Collaborative Community Wealth about “The needed tools to Navigating the journey of industrial succession planning”. The following is a summary of our conversation:

• Succession planning in industrial businesses with Troy Roberts. 0:03
  • Scott Mackenzie welcomes listeners to Industrial Talk and thanks them for their support, emphasizing the importance of education, collaboration, and innovation in the industrial world.
  • Troy Roberts joins the podcast to discuss succession planning from an industrial perspective, sharing valuable insights and advice.
  • Scott MacKenzie highlights the value of Industrial Talk, a platform with valuable insights and resources for industrial professionals.
  • Troy Roberts joins the show to discuss strategies for succession planning in manufacturing and industrial businesses.
  
  
• Succession planning for small businesses in the manufacturing industry. 5:39
  • Troy, CEO of a company Beanstalk Collaborative Community Wealth, discusses succession planning for small businesses in the manufacturing industry.
  • Troy highlights the importance of succession planning for business owners, as they often struggle to balance running the business with planning for its future.
  • Examples of succession planning include passing the business to family members or partners, developing employees to succeed the business, or selling it to a strategic buyer.
  
  
• Succession planning for small businesses. 10:19
  • Troy emphasizes the importance of planning ahead for business succession, suggesting a 5-10 year timeline for preparation.
  • Sellers must assess buyer's capability and risk appetite before transferring business.
  • Troy discusses challenges with internal succession planning, including managing risk and finding financing options.
  • Scott MacKenzie agrees and suggests starting the process early to avoid potential roadblocks.
  
  
• Buying and selling businesses with a focus on employee development. 17:09
  • Troy discusses the importance of developing a good management team to increase the value of a business before selling it.
  • Troy provides an example of a company they acquired in St. Paul, Minnesota, which grew from $4 million in sales to $5 million in sales after the sellers promoted two employees to leadership positions.
  • Strategic buyers prioritize maintaining the seller's legacy and investing in employees for long-term growth.
  
  
• Acquiring and partnering with small to medium-sized plastic injection molding companies. 21:36
  • Scott MacKenzie and his partners are strategic buyers in the injection molding industry, looking to acquire businesses and work with the sellers to grow the company over 10 years.
  • Tom Hoffer, one of the partners, is a consultant for the company and helps approach other injection molded builders as a potential partner, offering a 10-year growth plan.
  • Troy is evolving Beanstalk to help smaller businesses in succession planning and financial literacy by leveraging their experience and network in the American mold Builders Association.
  • Troy is actively networking and educating members of the association, including those with sales between $5-8 million, to start thinking about succession planning and financial literacy.
  
  
• Challenges small businesses face when considering selling their company. 26:42
  • Scott MacKenzie highlights the importance of finding a trusted individual in the industry, and Speaker 2 agrees, citing awareness and time as major roadblocks for small businesses.
  • Troy Roberts highlights the common challenges faced by small business owners, including a lack of awareness about their financial situation and a reliance on a local CPA for tax returns.
  • Troy suggests that these businesses need to develop a management team to help them understand their financial performance and make informed decisions about their business.
  
  
• Industrial innovation and collaboration. 32:06
  • Troy discusses Beanstalk Collaborative Community Wealth model with Scott MacKenzie.
  
  

If interested in being on the Industrial Talk show, simply contact us and let's have a quick conversation. Finally, get your exclusive free access to the Industrial Academy and a series on “Marketing Process Course” for Greater Success in 2024. All links designed for keeping you current in this rapidly changing Industrial Market. Learn! Grow! Enjoy!

TROY ROBERTS' CONTACT INFORMATION:

Personal LinkedIn: https://www.linkedin.com/in/troy-roberts-7402534/ Company LinkedIn: https://www.linkedin.com/company/beanstalk-collaborative-community-wealth-llc/ Company Website: https://www.beanstalkccw.com/

PODCAST VIDEO:

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