In this episode of The Entrepreneur's Journey, host Michael Pallozzi sits down with his nephew, James Paoletti, the owner, and partner of Spectrum Sports. James shares his transition from being a special needs teacher to launching Spectrum Sports, a unique program that offers sports and fitness opportunities for individuals with special needs. He discusses the challenges and triumphs of entrepreneurship, the impact of COVID-19 on his business, and the exciting plans for Spectrum Sports' future.

Tune into this episode to also learn:

• How James transitioned from teaching to entrepreneurship.
• The role of Spectrum Sports in providing inclusive fitness programs.
• Challenges and strategies in scaling a niche business.
• Insights into expanding a business amidst economic uncertainties.

What we discussed

• [00:01:36] Introduction to Spectrum Sports and James Paoletti's background in special needs education.
• [00:03:11] The inspiration behind Spectrum Sports and its initial stages as a volunteer initiative.
• [00:06:25] How COVID-19 acted as a catalyst for business growth and community engagement.
• [00:07:43] The decision to transition Spectrum Sports into a full-time business venture.
• [00:10:21] Overview of Spectrum Sports' current programs and the move to a permanent location.
• [00:11:49] Recruitment and the passion-driven team behind Spectrum Sports.
• [00:13:12] Discussion on age diversity in programs and launching a new kids' program.
• [00:14:18] Success stories highlighting the positive impact of Spectrum Sports on participants.
• [00:17:47] Challenges of entrepreneurship, including financial planning and time management.
• [00:19:18] Future expansion plans, including new locations and programs.

3 Things To Remember

1. Start with a clear focus and grow gradually, expanding based on demand and feedback.
2. Be flexible and responsive to external challenges to maintain growth and engagement.
3. A strong commitment to your mission can attract like-minded individuals and fuel growth.

Useful Links

Connect with Michael Pallozzi: LinkedIn

Connect with James Paoletti: LinkedIn

Like what you’ve heard…

Learn more about HFM HERE

Schedule time to speak with us HERE

Check out our Financial Wellness Program – HFM Ignite

Welcome to another episode of the Entrepreneur's Journey Podcast. Host Michael Pallozzi sits down with Mike Regina, an entrepreneur with a dynamic background spanning multiple industries, from construction to auditing services. Mike shares his story of starting his entrepreneurial journey washing cars and eventually founding successful businesses, including a construction company with his brother and a freight auditing company with a trusted partner. The conversation highlights Mike's unique approach to entrepreneurship, the importance of strong partnerships, and how his faith and values have guided his career.

Tune into this episode to also learn:

• How a childhood car-washing business sparked Mike Regina's entrepreneurial spirit.
• The lessons learned from the challenges of working in the construction industry.
• The importance of relationships and values in successful business partnerships.
• Strategies for balancing multiple businesses and personal commitments.

What we discussed

• [00:02:05] Mike's early entrepreneurial experiences and how washing cars taught him the value of hard work and customer service.
• [00:04:09] The lessons learned from working in the construction industry, emphasizing planning and precision.
• [00:06:35] How Mike and his brother decided to start their own construction company, Big Sky, and the role of family values in their success.
• [00:09:21] The importance of professional service and customer satisfaction in setting Big Sky apart in the construction industry.
• [00:12:19] Transitioning from construction to founding Global Auditing with a strong team and shared values.
• [00:14:17] The entrepreneurial mindset of seeking opportunities across different industries.
• [00:17:29] The launch of Mike's masterclass and his commitment to inspiring and educating entrepreneurs.
• [00:19:24] Balancing personal and professional life through intentional time management and purpose-driven living.
• [00:21:56] Mike's overarching purpose of glorifying God and providing for his family through passion and purpose in his work..

3 Things To Remember

1. The more you hustle and provide quality service, the greater the rewards in entrepreneurship.
2. Successful business partnerships are built on shared values and mutual trust.
3. Balancing multiple ventures requires strong processes, persistence, and intentional time management.

Useful Links

Connect with Michael Pallozzi: LinkedIn

Connect with Mike Regina: LinkedIn

Like what you’ve heard…

Learn more about HFM HERE

Schedule time to speak with us HERE

Check out our Financial Wellness Program – HFM Ignite

Welcome back to the Entrepreneur's Journey Podcast. In this episode, Michael Pallozzi sits down with Reese Valcich, founder of Revolution Health Coaching. Reese shares his journey from athletic performance to health coaching, inspired by his father's battle with ALS and Lyme disease. They discuss the importance of nutrition, the role of gut health in overall wellness, and how Reese helps clients achieve their health goals through personalized coaching. This episode provides insights into the intersection of health and entrepreneurship, highlighting the impact of informed nutritional choices on energy and productivity.

Tune into this episode to also learn:

• How Lyme disease can trigger various health conditions and the importance of root-cause treatment.
• The difference between bodybuilding and athletic performance training.
• Why mitochondrial function is crucial for sustained energy throughout the day.
• The role of seed oils in nutrition and how to make healthier food choices.

What we discussed

• [00:01:44] Reese's journey into health coaching and his father's battle with ALS and Lyme disease.
• [00:03:58] The early challenges Reese faced with his health and nutrition.
• [00:05:24] The influence of mentors and the transition from athletic performance to health coaching.
• [00:07:40] Recognizing the shift towards nutrition and its impact on health.
• [00:10:54] Strategies for assessing and improving a client's energy through nutrition.
• [00:14:50] The importance of viewing food as fuel for optimal body function.
• [00:16:41] Distinguishing whole foods and their benefits over processed foods.
• [00:20:26] The impact of seed oils on health and how to avoid them.
• [00:26:12] Understanding gut health and its significance in overall wellness.

3 Things To Remember

1. Nutrition plays a critical role in managing energy levels and overall health, especially for entrepreneurs.
2. Identifying and avoiding harmful ingredients like seed oils can significantly impact your well-being.
3. Personalized nutrition plans that focus on whole foods can help optimize health and performance.

Useful Links

Connect with Michael Pallozzi: LinkedIn

Connect with Reese Valcich: Revolution Health Coaching

Like what you’ve heard…

Learn more about HFM HERE

Schedule time to speak with us HERE

Check out our Financial Wellness Program – HFM Ignite

The Hutchinsons didn’t sell their family business once but twice, this is the story of their growth. Ed Hutchinson speaks with Michael about how he and his family grew and differentiated their business in a crowded contracting market. How did they do things differently after they bought their family company back? Why did they sell it again? Tune in for the full scoop.

Ed Hutchinson is the President and rainmaker of his family business Hutchinson Energy Services. Hutchinson Energy Services is a plumbing company turned HVAC full-service provider.

Tune in until the end to learn:

• Navigating family dynamics when many people are involved
• How to position your family business for recurring growth
• Why you should prepare your family business for sale even if you don’t plan on selling it

Timestamps

[00:40] Who is Ed Hutchinson?

[04:07] How did Hutchinson’s HVAC business start?

[06:14] How working with the Federal government made them change their business model

[08:59] Dividing the roles between family members

[10:30] Aha moment that made them take the business across state lines

[14:25] Challenges and success when the family business was passed down

[18:10] Advice for transitioning a business to a second-generation family business

[20:27] Should you have a vision and mission statement for your family business?

[22:34] How did the Hutchinsons differentiate their family business?

[25:12] Selling the family business for the second time (building up to the final sale)

[28:55] What if you were starting a family business from scratch? (and the 24 hour rule)

[30:40] Retiring after running the family business

[32:23] Understanding the value your partners bring (and other parting words of wisdom)

4 Key Highlights

1. Working with the Federal government compels you to be versatile.
2. You have to have a process for how things get done in your family business no matter how stubborn your family members are. Running your company with discipline is a necessity for the survival of the business.
3. Each family member in a family business has a unique ability. Empower each family member to play to their strengths and avoid pressuring them to rely on their weaknesses. Allow your family members to leverage their unique abilities.
4. If you’re angry or in a negative mental state, don’t make any decisions for 24 hours.

Useful Links

Connect with Ed Hutchinson:

Connect with Michael Pallozzi: LinkedIn | Get a 401k tip in under 2 minutes (video)

Like what you’ve heard…

Learn more about HFM HERE

Schedule time to speak with us HERE

Check out our Financial Wellness Program – HFM Ignite

A charming conversation between Dr. Harry and Cindy Monokian and Michael Pallozi as they share how they built a dentistry practice from the ground up together, as a couple and as partners. They also talk about how it felt to gradually transition out of the business and officially hand everything over to their sons. They recount their long journey of intentional learning and inevitable trial and error as well as all the values they passed down to their sons.

Dr. Harry Monokian and Cindy Monokian have been running Monokian Dentistry since the late 70s.

Tune in until the end to learn:

• How to get your children to become genuinely interested in growing your family business.
• Mistakes to avoid when transitioning your family business.
• What to consider in your buy-sell agreement.
• How even 3-day courses can completely change your business.

Timestamps

[00:58] Who are Dr. Harry and Cindy Monokian?

[03:30] How did they start their dentistry practice? (and why starting slow worked out well)

[05:27] How they got clients in an age when advertising was taboo.

[06:23] Why education is huge for business owners.

[07:23] Taking your child to work with you. OR How childcare happens when both parents are business owners.

[09:25] From being a teacher to running a dental practice.

[10:03] Expanding the business and running out of money.

[13:04] How to use systems to create consistency in your business.

[16:57] How both their sons became interested in dentistry.

[20:06] Bringing in their sons to work at the family business.

[24:12] Transitioning the family business: setting up a buy-sell for your practice, mistakes to avoid, clients

[29:59] The hardest part of letting go of the practice

[32:07] Advice for building a first-generation family business

[33:20] What’s retirement like for the Monokian?

5 Key Highlights

1. In the late 70s, it was frowned upon to advertise. Very few businesses advertised their services. Work of mouth was key in acquiring new clients. Another way to get clients at that time is to depend on the overflow of clients that other businesses couldn’t handle due to high volume.

1. You must have a whole system in place for how you create a first impression on your clients. How you answer the phone, how you collect information, how to be pleasant - should all be part of the same system. All your staff should execute the system in the same way. This way, you create a consistent feel.

1. Getting your children to work at your family business during the summer can be a way to get them interested in your field of work.

1. Taking courses can be a game-changer for your family business. And taking the courses together as a family can help you learn and retain even more information than you would alone. Education becomes a family affair.

1. It’s important to set up a buy-sell agreement for your business when transitioning your family business down to the next generation.

Useful Links

Connect with Dr. Harry Monokian: Monokian Dentistry Website

Connect with Cindy Monokian: LinkedIn |

Continuing Dental Education:

Bill Hoffman joins Michael Pallozzi to chat about how he grew a community-first business by first helping his competitors. They discuss what he’s doing to prepare his business for an eventual transition. At this point, his family members aren’t interested in running his extermination business so he shares other available avenues for business transition. In their conversation, they talk about the 3 main stakeholders you need keep in mind when selling your company, why being transparent with your employees makes for a smoother transition, and why Bill always picks up the phone.

Bill Hoffman is the CEO of Hoffman’s Exterminating which has been going on for over 31 years. Tune in to find out how his exterminating company ended up partnering with the Philadelphia Eagles in an unlikely turn of events.

Tune in until the end to learn:

• The #1 thing you must do before selling your business
• Why it pays to help your competitors
• How to make a business sale as smooth as possible OR Why telling your employees your plans to sell is better for you

Timestamps

[00:56] Who is Bill Hoffman?

[04:08] How Bill got started in extermination

[06:08] How he grew by helping the competitor

[09:12] Selling your business as part of your retirement plan. OR Keeping your customers, employees, and yourself in your business transition plan.

[11:39] Why do business owners hide business sales from their employees?

[15:09] What’s the best way to value a business? OR Why you shouldn’t prioritize the money when valuing a business.

[19:42] Making yourself operationally irrelevant. OR The most important thing to do before selling your business

[24:44] Always run your business as if you’re selling it

[27:16] Being consistently available to your employees and clients

[30:57] How an extermination company bought a sports complex

[35:51] How to outwork your problems by releasing authority

[38:52] What to do after selling your business OR Should you stop working after selling your business?

[40:46] Success is transitioning your business

3 Key Highlights

1. Every business transitions at one point or another. You have to have a plan for what you will do when you transition your business. You have to have a plan for your customers, your employees, and yourself.

1. Nobody likes change. There is a lot of uncertainty and uneasiness that can come with selling a business. It can make you reluctant to keep your employees in the loop. If you get buy-in from your employees early, you will have a much smoother transition.

1. When selling your business, you have to gradually first become operationally irrelevant. If you don’t do that, your business will fall apart without you and investors will no longer be interested in buying your company. Build a self-managing company. You don’t want your buyer to think you need them to survive, you want to have power.

Useful Links

Connect with Michael Pallozzi: LinkedIn | Get a 401k tip in under 2 minutes (video)

Like what you’ve heard…

Learn more about HFM HERE

Schedule time to speak with us

Anthony Bellia joins Michael Pallozzi to discuss what it’s like to be a third generation family business owner. He discusses what it was like to grow up in a family business environment and shares what was naturally expected of him as a child as well as details of the transition process of the family business from the second to the third generation. Only 8% of family businesses make it to the third generation. In their conversation, Anthony shares several success factors that makes a family business beat the odds and last three generations.

Anthony Bellie is the president of Bellia Furniture. Bellia enterprises has now been in operation for 49 years. When Anthony was still a child, Bellia enterprises had already been in business for 30 years.

Tune in until the end to learn:

• The significance of having a thorough exit and transition strategy when running a family business
• What makes a family business last three generations.
• Why all family members in a family business should understand business financials.

Timestamps

[00:58] Who is Anthony Bellia? (Bellia enterprises)

[03:49] What’s it like being a child in a family business?

[04:48] What’s the training like for children in a family business?

[07:31] What’s it like to be interviewed for a job by your father?

[08:55] What was Anthony’s work like in Bellia enterprises and how does diversification help them thrive?

[11:16] Roles of other family members in Bellia enterprises.

[15:00] When the first generation family members wanted to transition the business to the next generation (exiting a family business).

[16:39] What makes a family business last 49+ years?

[18:34] Having sensitive and strategic family business discussions with trusted advisors - why it helps. OR The two-year transition process that helped solidify the Bellia family business.

[22:26] The biggest dangers of a transition process in a family business.

[23:46] Why adaptability is key for success in a sales role.

[24:57] What makes a family business defy the odds (3 things to always remember)?

[26:32] How has the business development process changed in Bellia enterprises?

[27:29] What every family member in a family member should understand.

3 Key Highlights

1. Growing up and seeing your family own a family business is a unique experience. You get to meet many different types of people even just as a child. You feel you are part of something special that other people don’t get to experience.

1. In a family business, it’s important to create a space where different family business can discover their strengths and passions - even if those strengths and passions ultimately lead them out of the family business. You only want to keep family members who absolutely want to be there in your family business.

1. There is a blanket of trust in a family business. This can create some legal or financial risks that you don’t carefully study.

Useful Links

Connect with Anthony Bellia: LinkedIn

Connect with Michael Pallozzi: LinkedIn | Get a 401k tip in under 2 minutes (video)

Like what you’ve...

Bill Emerson joins Michael to discuss his informal transition into his family recruitment and staffing company Emerson Group. In their conversation, they explore what you should consider when creating ownership and succession policies in a family business, why you should formalize succession and ownership rules, why getting outside support for your family business is both healthy and helpful,, and how to navigate a family-first ethic while still taking care of the business's best interests.

Bill Emerson is the president and CEO of Emerson Group. He interrupted his career in the family business to pursue his real estate license eventually making a return to the family business. Today, 75% of his staff have worked at Emerson Group for 10 years or more.

Tune in until the end to learn:

● How to gift shares methodically in your family business.

● Balancing a family-first mindset with accountability in business.

● How running a value guided business differentiates you in your industry.

Timestamps

[00:57] Who is Bill Emerson (Emerson Group)?

[03:26] How the family business Emerson Group started.

[04:50] Pioneering work-life balance.

[05:50] Bill’s life before joining the family business.

[09:03] The realization that made Bill return to the family business after leaving it for a real estate career.

[11:44] Gifting shares in a family business: is it the right thing to do?

[14:04] What to consider when creating policies for ownership in a family business.

[16:36] Balancing between family-first vs. business-first mindsets

[18:34] Why you should get outside support when running a family-owned business (and what it’s like).

[21:17] Going from the face of the business to behind-the-scenes involvement in the family business.

[22:48] Running a value-based family business.

[27:07] Bill’s unique professional abilities.

[29:31] Balancing between using artificial intelligence and offering personalized services.

[33:08] Bill’s retirement and succession plan.

[35:06] Advice for running a family business.

5 Key Highlights

1. Learning business skills at another company before joining the family business is an extremely valuable experience to go through and leverage - this can be done in the same industry or in a different industry.

1. Being a supportive parent, allowing your children to make their own mistakes, and letting them freely choose their own path can be one of the best things you can do for your family business.

1. Things to consider when putting a policy for ownership in a family business in place: length of time served in the company, the skillset the family member is bringing to the table, and the exit strategy.

1. When running a family-first family business it is important to still maintain a spirit of healthy competition and challenge within the business. This will help the business grow and create a culture of accountability.

1. Having underlying values that guide the direction of your brand helps you differentiate yourself from your competitors in the wider market.

Useful Links

Connect with Bill Emerson: LinkedIn | Emerson Group Website

Connect with Michael Pallozzi: