Greg Romanzo on Hiring, Training, and Retaining Sales People in a Commoditized Business | Built to Sell Radio
November 24, 2023 |
About this episode
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Greg Romanzo and his partners spent 17 years growing a freight forwarding business. As the company expanded to 200 employees, the partners faced a realization: their decisions now impacted 200 families. This responsibility became overwhelming, and they decided to sell. In this episode, you’ll discover how to:
- Avoid the lifestyle company trap.
- Protect your business model in the face of changes in your industry.
- Create a great culture with multiple owners.
- Incentivize your employees to play the long game.
- Compete in a commoditized industry.
- Know when a sales person is likely to stay.
- Sell a “middleman” business.
- Distinguish between an LOI and a SPA.
Show Notes & Links
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What is a 3PL?
A 3PL, or Third-Party Logistics provider, is like a middleman for companies that need help with their shipping and logistics. Imagine you have a small business and you sell products online. You need to get those products from your warehouse to your customers, but it can be a complex process.
Here’s where a 3PL comes in: They’re a company that specializes in handling all the steps involved in moving your products. They can store your inventory in their warehouses, pack your orders, and even handle the shipping and tracking of those orders to your customers. It’s like having a logistics expert on your team without actually hiring one.
Definitions
Due-Diligence: This is a comprehensive appraisal of a business or investment undertaken before a merger, acquisition, or investment. It seeks to validate the information provided and uncover any potential risks or liabilities.
LTV:CAC Definition: The Lifetime Value to Customer Acquisition Cost ratio compares the value of a customer over time to the cost of acquiring that customer. It’s crucial for evaluating the long-term value of a customer and the profitability of customer acquisition strategies.
Letter of Intent (LOI): This document outlines the basic terms and conditions of a deal before a formal agreement is drawn up. It serves as a mutual commitment between the buyer and the seller to move forward with the transaction on the agreed-upon terms.
About Our Guest
Gregg Romanzo
Gregg Romanzo is an accomplished entrepreneur and business leader, renowned for his expertise in the logistics and freight forwarding industry. As the founder of RR&F Logistics, Gregg has demonstrated a remarkable ability to identify market needs and drive business growth. With a career spanning over two decades, he has become a respected figure in the logistics sector, known for his strategic vision and dedication to innovation. Under his leadership, RR&F Logistics has evolved from a fledgling startup into a key player in the industry, recognized for its efficient services and customer-centric approach. Gregg’s commitment to excellence and his insightful understanding of the logistics landscape have been instrumental in shaping the success of his company.
