'Prove the model first' and other smart growth tips from the Mainebiz Small Business Forum

Mainebiz small business forum group photo

Photo / Soubanh Phanthay Laurie Johnson, left, of the Maine Center for Entrepreneurs moderated the Mainebiz Small Business Forum panel on Wednesday in Freeport on how to build a business that lasts.

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By Renee Cordes

Starting a business is from scratch is hard — but building a business to last can be even more challenging.

At the Mainebiz Small Business Forum on Wednesday morning in Freeport, five leaders in sectors from hospitality to HR event management talked about their approaches to growth, hiring, partnerships and exit planning.

The panel, moderated by Laurie Johnson of the Maine Center for Entrepreneurs, covered aspects of running a business from how to expand without losing core values or sacrificing the mission, to building a workforce and successful partnerships.

Panelists were Tyler Ferguson, CEO of Saco-based PM Construction Co.; Katie Jones, founder and CEO of Nimble Group, a Cumberland firm that organizes HR conferences and events; John Naylor, co-founder and owner of Rosemont Market & Bakery; Tom Ruff, founder and CEO of Orange Bike Brewing Co. in Portland; and Maryna Shuliakouskaya, owner of a dozen Aroma Joe’s franchises and COO of Acadia Management Group.

Here are some takeaways from the discussion.

Defining smart growth

“Smart growth for me is when my team wants to grow” (Maryna Shuliakouskaya)
For Orange Bike Brewing, smart growth is proving a model of for-profit and for-good: “It’s no longer either/or, you can do both" (Tom Ruff)
Making sure “we can continue to provide good jobs to people in Maine" (Tyler Ferguson)

Expanding a business while staying true to the mission

“We’ve never wavered in our commitment to be value- and mission-driven first" (Tom Ruff)
Not sacrificing profitability is “part of our DNA" (Katie Jones)
Live your mission and core values, even when it comes to letting people go (Maryna Shuliakouskaya)

Building a team

People first, then process, then technology (Katie Jones)
Use the Kolbe test to understand how you align with people (Maryna Shuliakouskaya)
Get the right people into the right seats (Tom Ruff)

Preparing for exit

Look at where the business has value in terms of the brand and inventory, which may be hard to do if it's a family business (John Naylor)
"Your partnership agreement needs to be written for the worst case possible" (Maryna Shuliakouskaya)

Advice for other founders and leaders

Be discerning with how you spend your time and with whom you partner (Katie Jones)
"Prove the model first" (Maryna Shuliakouskaya)
‘Be smart about scaling revenue (Tom Ruff)
Be prepared to fail a lot (Tyler Ferguson)
Be patient when it comes to scaling a business (John Naylor)