Entrepreneurship: Transworld Business Advisors
This article was originally published at The Clubhou.se
Kim Romaner has been a member of theClubhou.se for quite some time. Though she does not operate her business out the space, her support for theClubhou.se and technology is evident. Take a few minutes and get to know Kim.
What is the business?
I have two businesses, but am primarily active in Transworld Business Advisors at this time. We are a business brokerage that also provides franchise consulting and franchise development services, as well as business valuations, Business Value Builder Services, and more. The other business is Possibilities Amplified, Inc., a consulting practice based on my book, The Science of Making Things Happen: Turn Any Possibility into Reality.
When and where did you found it?
Founded here in Augusta, 2012.
Where is the business now?
Enterprise Mill, 1450 Greene St, Suite 555, Augusta GA 30901
What were you like in school?
4.3 average in high school. Graduated 14th in my class of 800. Went to 13 schools, so only picked out a few friends at each one. Read hundreds of books. College was an AA in Comp Sci, 4 year was Business.
Any extra-curricular activities?
Running, writing, reading, cooking, advisory boards such as Salvation Army, etc.
Any significant experiences/skills that (with hindsight) influenced your business?
Transworld is my 3rd business. The first business I founded was Computer Experience Plus, Inc. back in 1989. Those experiences, plus my executive experience with companies like The Miami Herald, are all brought to bear for my clients.
Any lessons learned from previous entrepreneurial experience? ?
1) Don’t run a charity. Hire people that are as good as you or better than you.
2) Don’t think your business has no value if it’s making a profit. It’s probably sellable, even if it’s all about you.
3) Don’t make it all about you. Get a management team going.
4) NEVER GIVE UP CONTROL OF THE MONEY. I never did, but some friends have, and it was BAD.
What appealed to you about entrepreneurship?
I like to run things. I like doing analysis and developing strategies to grow and solve problems. I’m my own boss. (If you don’t count my clients. ;0)
How did you get the idea?
Got laid off when Kevin O’Leary of Shark Tank fame pivoted his Canadian business, SoftKey Software, and laid off all of his regional directors. Got a consulting contract. First business lasted 10 years.
How has your idea progressed over time?
Always looking for new streams of revenue and recurring streams of revenue.
How did you find your co-founders (if applicable)?
I married him.
How did you fund the business?
How did you market your business?
Speaking, networking, serving on volunteer boards, BNI [Business Networking and Referrals], writing a column in Buzz on Biz. (On hiatus for the summer.)
How did you choose who to hire (if applicable)?
Assistants: good tech skills. Well spoken and written, funny. Fast learners. Hard workers. Conscientious. Called their references. Always check! Brokers: monetarily stable. Previous business owners or corporate experience, particularly M&A [Mergers & Acquisitions]. Also will hire young brokers, if they can take vare of themselves financially for a whille while they build their practices. Must be willing todo the marketing we tell them to do. If not, they won’t be successful.
What have you learned from your competitors (both successes and failures)?
I must co-broke with other brokers. Some don’t. Ruins our clients’ chances of selling, and our buyer’s chances of finding the right business to buy.
What does a typical day involve for you? How does that compare to your team (if applicable). How has this changed over time?
Getting listings. Personally engaging buyers. Doing showings. We’re short on brokers due to letting some go and one recovering from open heart surgery, so doing a lot of interviewing. Managing marketing. Speaking. Getting offers. I should mostly be working on strategy and hiring. I provide my leads to my brokers when we have some!
Oh, gosh. So many. Wired. ‘The Anatomy of Story: 22 Steps to Becoming a Master Storyteller’. I like Paul Levine’s novels because they’re all about Miami, my hometown. And they’re funny. Hugh Howey’s ‘Wool’. Amazing sci-fi writer. I’m fond of my own book, ‘The Science of Making Things Happen: Turn Any Possibility into Reality’. And there’s a LOT of business books, but since I’m writing a novel, I’m focused on my genre at the moment.
Indiana Jones, Ghostbusters, The Young Frankenstein, Star Wars, Stripes, Caddyshack, Groundhog Day (I’m a HUGE Bill Murray fan), The Fifth Element, Logan’s Run, Star Trek anything, okay, that’s enough.
Richard Branson, Steve Jobs, Jeff Bezos (he went to my high school. Or one of them, anyway.), JK Rowling, Sara Blakely, Oprah.
Best piece of advice?
Never, never, never quit.
Common misconceptions about your business/entrepreneurship in general?
We are high volume. (We’re low volume, high margin.) Working in the business is more important than working ON the business.
What is next for your business?
Hiring more brokers.
What next for you?
Increasing the number of revenue streams in our business.
How has working out of theClubhou.se benefitted your company?
This has mostly been of benefit to me personally, because I love tech, and I have been honored to help theClubhou.se grow.