Josh Schultz – Scaling CaneKast – Ep.144

My guest on this episode is Josh Schultz, current president CaneKast and previously co-founder of the Chess Group. Josh has partnered with Reg Zeller, a former podcast guest from Episode 81 and CaneKast founder, to acquire and streamline foundries across the country. But as Josh and I talked about in the episode, that is far from their only ambition.

Josh and I talk about what has changed the most in the year since joining CaneKast, how he approaches scaling, organizations, and teams, documenting processes, change management, and finding a complementary partner to work with.

Josh is also a great friend and a person I deeply admire. He’s incredibly intelligent, process driven, and creative, and I always love talking with him. Please enjoy our conversation.

Listen weekly and follow the show on Apple PodcastsSpotifyGoogle PodcastsStitcherBreaker, and TuneIn

Links:

Josh on Twitter

JoshuaSchultz.com

CaneKast

Reg Zeller on Twitter

The SMB Ops show

Topics:

(2:58) – What would you say are the biggest changes you’ve seen in your business in the past 10 months?

(4:45) – Do you feel like there’s an order of operations for changing or tracking different things?

(7:00) – How did you go about understanding pricing and mold counts?

(10:47) – Do you believe you’re creating a competitive advantage beyond pricing that contributes to growing sales?

(12:40) – What’s the most challenging piece to improving service?

(14:45) – How much do you think making internal data more transparent has impacted your efforts?

(19:46) – How do you get someone with deep domain expertise to share and document knowledge?

(20:51) – What is the goal for building multiple solo companies within CaneKast?

(23:42) – What are some business models that are inspiring this move?

(25:05) – The importance of building a competitive advantage

(27:15) – Do you feel your competitive advantage will allow you to acquire other foundries?

(29:02) – Do you think there’s correct pacing to change?

(30:45) – How do you approach setting a vision for the company?

(34:49) – How do you view what types of aspects of the business will change next?

(36:51) – Where do you think you’ll feel the strain as you start acquiring companies?

(38:34) – How do you go about learning a new topic?

(42:10) – How have you used media and podcasting to build relationships?

(43:47) – What advice do you have for finding a good partner?

(46:00) – How did you think about your role at CaneKast?

(48:18) – Have you always had this Entrepreneurial Impatience?

(50:43) – Where do you feel like you need to be patient?

(54:56) – Evolving the CEO role to pure people & executive team management

(59:26) – What’s a strongly held belief you’ve changed your mind on?

(1:00:09) – What’s the best business you’ve ever seen?

(1:03:24) – What’s next for you in manufacturing after foundries?

Think Like an Owner Sponsors:

Live Oak Bank — Live Oak Bank is a seasoned SMB lender providing SBA and conventional financing for search funds, independent sponsors, private equity firms, and individuals looking to acquire lower middle-market companies. Live Oak has closed billions of dollars in SBA financing and is actively looking to help more small company investors across the country. If you are in the process of acquiring a company or thinking about starting a search, contact Lisa Forrest or Heather Endresen directly to start a conversation or go to www.liveoakbank.com/think.

Hood & Strong, LLP — Hood & Strong is a CPA firm with a long history of working with search funds and private equity firms on diligence, assurance, tax services, and more. Hood & Strong is highly skilled in working with search funds, providing quality of earnings and due diligence services during the search, along with assurance and tax services post-acquisition. They offer a unique way to approach acquisition diligence and manage costs effectively. To learn more about how Hood & Strong can help your search, acquisition, and beyond, please email one of their partners Jerry Zhou at [email protected] 

Oberle Risk Strategies– Oberle is the leading specialty insurance brokerage catering to search funds and the broader ETA community, providing complimentary due diligence assessments of the target company’s commercial insurance and employee benefits programs. Over the past decade, August Felker and his team have engaged with hundreds of searchers to provide due diligence and ultimately place the most competitive insurance program at closing. Given August’s experience as a searcher himself, he and his team understand all that goes into buying a business and pride themselves on making the insurance portion of closing seamless and hassle-free.

If you are under LOI, please reach out to August to learn more about how Oberle can help with insurance due diligence at oberle-risk.com. Or reach out to August directly at [email protected].

Oakbourne Advisors– Oakbourne is an independent retirement plan consulting firm that helps small companies design and implement great retirement plans for their teams.  Whether you already have a 401(k) in place or are looking to start one for your team, please reach out to learn more about how Oakbourne can set your people up for success in retirement at oakbourne.com/think.

Interested in sponsoring?

Subscribe

Join small company investors, search funds, private equity firms, business owners, and entrepreneurs in reading the Think Like an Owner newsletter and other project updates.

Share This

Facebook
Twitter
LinkedIn