ACT Capital Advisors Opens Pittsburgh Office and Selects John D. Laslavic, LPBC as Managing Director

Pennsylvania Business Coach to Lead Firm’s Area M&A Practice

April 24, 2017           

ACT Capital Advisors announced today that John D. Laslavic has joined the firm as a Managing Director. Mr. Laslavic will focus on helping business owners in Pennsylvania, Ohio, and West Virginia achieve an optimal outcome when they decide to sell their company. The new Pittsburgh location opened this month.

“Our plan is to have highly skilled M&A advisors in every major market of the United States. John will play an important role in this strategy.”

— Bob Hild, ACT Capital Advisors Chairman and Managing Director

Laslavic is a well-known business coach throughout the Mid-Atlantic region. For the past 30 years he has dedicated his professional career to mentoring and leading business owners to success. Mr. Laslavic is the President of ThistleSea Business Development, LLC. The firm is a coaching, strategy development, training and business services company.

“I am excited to build ACT’s M&A practice in this area,” said Laslavic. “I often help my clients position themselves for an exit. Now, as part of ACT, I can guide them through the entire M&A process. ACT has an excellent team of financial professionals that will support me from their headquarters in Seattle. I can now offer full-service investment banking to my clients.”

Bob Hild, ACT Capital Advisors Chairman and Managing Director said, “We are delighted to have John Laslavic on our team. He’s already a trusted coach to thousands of business owners. Our plan is to have highly skilled M&A advisors in every major market of the United States. John will play an important role in this strategy. We are confident he will do an excellent job of helping business owners achieve the best possible outcomes when they decide to sell.” 

John Laslavic can be reached at jlaslavic(at)actcapitaladvisors.com.

ACT Capital Advisors, LLC is a leading Mergers & Acquisitions (M&A) and Corporate Finance firm that represents lower-middle-market companies ($5 million to $50 million in annual revenues) across a variety of sectors and industries, including industrial manufacturing, information technology, construction, healthcare, aerospace, consumer staple/discretionary, oil and energy, as well as outsourced services. The firm provides strategic financial advice to closely held, family-owned, as well as private equity sponsored organizations and corporate shareholders that wish to sell their company, raise growth capital, or secure commercial financing. Leveraging ACT’s deep industry-wide knowledge and strategic auction process, clients appreciate ACT’s approach, pairing the professional expertise of a national investment banking firm with the senior level attention and entrepreneurial creativity of a smaller enterprise.

If you’d like more information or to schedule an interview, please call Terri Hammond at 724-935-1930 or email terri.hammond(at)thistlesea.com.

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"If they don't really want the job, they won't quit unexpectedly."

Or "Eating an elephant one bite at a time."

I decided to write this series after reflecting on my time as a client at ThistleSea (I'm the only one in our office who can do this). This may give you an idea of why someone might hire a business coach.

When you're working in a business that kind of has HR systems, the first major step forward is a big one. It's job descriptions. And it's not just job descriptions - it's the performance standards that go along with them.

When I realized that our hiring practices were tied fairly directly to my foot pain (see previous post), I decided that there was no avoiding the next big step. (After all, I was only 34 and I had only two feet that were supposed to last me for the next 60 years.)

Here's what I did:

1. I listed every position in the company. There were 13.
2. I figured out which job descriptions were the closest to "already done." (After all, we had job descriptions. They just weren't nearly detailed enough.)
3. I looked at my calendar, and I blocked off time to work on this. I knew if I tried to do it during the work day, I'd just place it lower and lower on my priority list and it would never get done. So I selected Saturday mornings, from 9 am until 1 pm at the local coffee shop.
4. I made a pledge not to work on the job descriptions at all, except the time I had set aside to do it.
5. I showed up on the first Saturday at 9:00 am and got to work.

I won't sugarcoat this process. It wasn't easy, and it required tremendous focus. It took roughly 6 months.

As I finished my first draft of each position, I met with the manager who supervised that particular role. I asked him/her, "How'd I do with this? Does this accurately represent the duties and responsibilities you expect each employee in this role to do? What did I leave out? What did I capture incorrectly? You're the expert... could you share your expert opinion?"

• Some managers had immediate feedback.
• Some needed time to think. (Of course, I made sure to schedule a follow-up meeting.)
• Some said, "This is good, but would it be okay if I got the employees' input? I bet they'll have even more feedback than I will." (<--Another lesson for me to use in the future.)

This is kind of what your company looks like to new hires when you don't have good job descriptions in place.

I shared that once we got the job descriptions the way we wanted them, I'd be coming around again for their expert opinions on the performance standards. (I set them up to be ready for the next round.)

This was a collaborative process and a challenging one, and I won't lie and say that every manager was enthusiastic about contributing. Not all were. However, when they were finished, a few things happened immediately:

• Job candidates noticed and commented on our level of professionalism.
• Some job candidates removed themselves from the candidate pool (Good news for my feet! If they don't really want the job, they won't quit unexpectedly and add 10 hours to my week.).
• Existing staff members asked questions and gave suggestions about their current roles.
• Communication increased overall.

As a client, I experienced the weight of the task of writing job descriptions and performance standards. So as a coach, I understand why clients are reluctant to do it and choose to focus on other parts of their HR systems. It's not always possible for the owner of a company to write them her/himself. But it must be done. Drop us a line if you'd like some help with yours.

"To tie my foot problems directly to employee hiring was funny."

Or "How my bunions led me to hire a business coach."

I decided to write this post after reflecting on my time as a client at ThistleSea (I'm the only one in our office who can do this). This may give you an idea of why someone might hire a business coach.

I came to business coaching when the business was almost exactly 18 months old. I spent the first 13 months working between 70 and 80 hours weekly, and my 34-year-old body had begun to inform my brain that this was not a sustainable plan. What were my clues?

There are no pictures that accurately represent how unpleasant marriage was at the time.

• I was missing important family events regularly.
• I had very few relationships outside of the business.
• My feet had developed problems that weren't healing. (This after many years of tap dancing and running without issue.)
• My marriage was pretty unpleasant.
• I arrived each day at work prepared to fight fires.
• If I wasn't putting out my own business fires, I was covering so that employees could put out their fires.

Looking back now, it's not hard to categorize my challenges. But under pressure, I couldn't see them:

• Work/life balance was poor
• Systems were not in place (in my case, HR systems were weak)

 (I don't know if ThistleSea's Wexford office was literally at a cooler temperature than my business, but when I would arrive at a coaching session, there was a clear feeling of "Ahhhh...." I could breathe. I could think and plan, ask questions, propose solutions, write, be still... I had no fires to fight.) Getting to the root cause of anything is difficult under pressure, so it was important that pressure could be relieved.

Let's use one of my examples.

PROBLEM: "My feet had developed problems that weren't healing."

WHY? (1)
I was on my feet for 8-10 hours, 6 days per week.

WHY? (2) 
I had to help the staff get the work done.

WHY? (3) 
There wasn't enough staff capable of meeting the company's requirements for the amount/quality of the work.

WHY? (4)
Staff didn't stay very long.

WHY? (5) 
We didn't clearly explain what was required when we hired new people. So we hired some people who didn't understand the work or weren't capable of doing it.

Yeah, I wore this. Yeah, it was as ridiculous as it looks.

To tie my foot problems directly to employee hiring (1) was funny, (2) did not happen overnight and (3) did require making intermediate adjustments. That is, I didn't go straight to having an amazing system for hiring and then magically experience foot healing.

I'll talk a bit more about what happened in my next post. 

TAKEAWAY: When you're having a problem in your business, write it down. Ask "why" 5 times. You'll get very close to the root cause, and that's where you need to be.

The Cure for a Business Filled with Assumptions

One of the most important concepts I discovered as a business coaching client was just two words long: “Never assume.” What kinds of things did I assume as a business owner?

• Every stakeholder knows and shares my vision for success.
• Employees will follow the company’s policies and procedures. (In retrospect, "HAHAHAHAHA!")
• Staff members will share their discontent with me if it occurs.
• Employees will share my values.
• Vendor relationships are adversarial in nature.

Turns out there's a reason EVERYBODY knows this saying.

Were my assumptions wrong? Well, yes and no.
 
Some stakeholders knew my vision for success. Some employees followed company policies and procedures. Some staff shared discontent with me when it occurred. Some shared my values. Some vendors tried to take advantage of the company. The problem was not that my assumptions were all wrong; it was that by assuming, I could never be sure.

Business coaching helped me to understand the dangers of assuming, and then to make changes in my behavior to stop doing it.

BEFORE (Assumptions)	AFTER THISTLESEA COACHING
Every stakeholder knows and shares my vision for success.	I need to know the vision. I need to communicate it often. We need to discuss it, ask questions about it, and lead people to share and adopt it.
Employees will follow the company’s policies and procedures.	"These are our company’s policies and procedures. Here’s where they’re written down, and these are the people who can answer questions. You’re expected to understand and follow them. If you choose not to do so, here are the consequences you can expect."
Staff will share their discontent with me if it occurs.	"We’ll check in as a group daily and with each other periodically. Your supervisor will meet with you individually on a regular schedule, and you’ll have the opportunity to ask questions, speak openly, receive performance feedback, etc. If you’d like to speak directly or you’re experiencing a problem that isn’t being resolved, here’s the best way to schedule time together."
Employees will share my values.	"The values that drive our company are _____, ____, and _____. We honor our values among ourselves, with our customers, vendors and competitors. On Wednesday, Amanda demonstrated our value of ______ when she ________."
Vendor relationships are adversarial in nature.	"Here’s what we need and expect now, as outlined in our written agreement. Let’s schedule a 6-month review so we can correct any issues, learn about new services, etc. If we have immediate needs, what’s the best way to get a fast response?"

Assumptions can be hard to identify, particularly if you’re assuming things correctly.
 
Communicating clearly elevates the importance of top performance in your company. It gives all parties the opportunity to decide, “Now that I understand this, am I on board? Or not?” It leaves no room for drama, ambiguity, excuses or blame.
 
The next time you’re surprised at something that happens in your business, ask yourself why. It’s likely that you assumed incorrectly… just like I did. Let us know if we can help. Reviewing your assumptions may be your key to success.

A Path to Growth or Destruction?

Using peer review as a strategic competitive advantage

By John D. Laslavic, LPBC

Many company leaders are strong-willed individuals. While this can be a strength, it can also reveal itself as a dangerous strand of stubbornness that can negatively impact a business. Some may struggle with obtaining and integrating advice from peer groups.  

Common feelings CEOs and presidents express about having peer review (i.e. board of directors, advisory board, outside committees, a business or executive coach, etc.) include:

• “What if people find out I don’t have a strong vision and action plan for my company?”
• “I’m not that comfortable communicating internally… or externally.”
• “Will I lose authority by involving others in my thinking?”
• “Will a board (committee, coach, etc.) interfere with my decision making?”
• “It costs too much and takes too long.”
• “I know what I’m doing, and people should focus on my getting it done.”
• “What happens if I try something (based on peer review) and it fails?”
• “I don’t really understand what the board (committee, etc.) was trying to say.”
• “It’s a pain.”

Just because a company uses peer review of some kind doesn’t mean it’s effective, however. Organizations already using peer review may be on the wrong path if they see the following happening:

• Peer review group agendas not focused on vision, future direction, policy, strategy, KPIs and financial results.
• SMART goals not established.
• Peer review participants unwilling to voice their opinions. 
• Company making adjustments for individual people’s needs without consideration for the company’s mission.
• Minimal communication from the owner, president or CEO.
• Decline or stagnation in company growth.
• Key employees leaving the company.

If you observe these situations in your organization (or you’re observing these situations as a trusted advisor), you might consider recommending or improving the process by inviting people to serve in a peer advisory capacity who:

• Are financially independent from the company.
• Are not afraid to voice their opinions.
• Know things you don’t.
• Agree with the company’s mission, vision and values.
• Agree to be open to suggestions, listen to and work closely with peers who desire to bring new life to the company.

If used properly, peer review is an excellent way to provide your organization perspective to improve governance, business operations and product/service growth. 

Our ThistleSea team advises that 2017 business planning and budgeting should begin now. Evaluate your current peer review efforts to gain additional expertise and ideas. Adding an advisor, business coach or a peer review group to assist you might give you the advice and guidance you need to excel. Just be open enough to take their good advice and put it into action.

Contact a ThistleSea team member if we can help you and your company create a peer review process. Doing so should help your company grow revenue, expand operations and help you to personally prosper.