A ROADMAP FOR BOOTSTRAPPING ENTREPRENEURS

The Power To Control Your Future

Donald Stern

• Publisher: Page Publishing, Inc.
• Year: 2021
• Print ISBN: 9781662476402
• eBook ISBN: 9781662430091
• Topic: Business
• Subtopic: Business Development
• Index: Business

We hear every day about the flashy twenty-five-year-old wunderkinds who have hit it big in the tech world and celebrated CEOs who have flourished in public companies. But we rarely hear about the majority of successful men and women who, at the average age of forty-one, start their own company. The author was forty when he founded Homax Corporation in 1981.

He is an eclectic award-winning entrepreneur who would like to share what he learned in business and life with others. He sold his company in 1996 which was thoughtfully structured to be sustainable for talented management who continued growing the company. It was purchased by PPG July 2, 2014.

A ROADMAP FOR BOOTSTRAPPING ENTREPRENEURS, The Power To Control Your Future: is a book that echoes the words of St. Francis of Assisi, "Start by doing what is necessary, then what is possible, and suddenly you are doing the impossible." This story shows young entrepreneurs how to plot their course to succeed in business and life by building cultures with good character while simultaneously growing themselves. It also speaks to the middle-aged start-up entrepreneur about how to assess risk and how to focus their courage to begin. All proceeds from the book sales will be dedicated to a scholarship fund.

Praise for A ROADMAP FOR BOOTSTRAPPING ENTREPRENEURS

"Wow! What a book. The experiences, quotes, quick short chapters make this a must read for college business classes. This is truly spectacular. Now I know why it took so long to write. Just like your skiing, racing and business execution, everything is carefully thought out and reviewed. When you think of all the experiences woven into the book, you have to say it is one remarkable story." James Galbreath, Managing Director NWQ investments

"First of all I felt you wrote the book just for me. I learned a ton reading it. It felt like a love letter from someone who is like a dad figure. I found so many pages with valued lessons that should be incorporated in daily life and personal life as well as business life.." Ellen Rossi, BOD member Alta Ski Area

"I am reading the book for the third time and continue to be amazed at what you put together in those pages. Each chapter has insights and advice for aspiring entrepreneurs that could only come from someone who has been there and done that. You have written a graduate level curriculum for entrepreneurship providing the framework for such a course at any business school. One thing that also came out was your devotion to treating people with honesty, integrity and fairness." David Sanctuary, MBA, Continental Airlines, Director of the Boeing 757/767 flight standards and training.

"Thank you for the opportunity and privilege of reviewing your book. I thoroughly enjoyed the exercise. Many things in the book resonate with me, remind me of lessons learned and lessons observed." Mark Neporent, COO, Senior Legal Officer Cerberus Capital

A ROADMAP FOR BOOTSTRAPPING ENTREPRENEURS

The Power To Control Your Future

Donald Stern

Copyright © 2021 Donald Stern

All rights reserved

First Edition

PAGE PUBLISHING, INC.

Conneaut Lake, PA

First originally published by Page Publishing 2021

ISBN 978-1-6624-7640-2 (pbk)

ISBN 978-1-6624-3008-4 (hc)

ISBN 978-1-6624-3009-1 (digital)

Printed in the United States of America

Table of Contents

TAKE AIM AT THE TARGET

THE SPECTRUM OF EXPERIENCE

OUT ON A LIMB

BELIEVE IN YOURSELF

BACKWARD THINKING

VISION AND CONVICTION

GET STARTED

A ROAD MAP FOR ASPIRING ENTREPRENEURS

RISK MANAGEMENT

THE IMPACT OF CULTURE CHANGE: CASE STUDY

MAINTAIN CONTROL: CASE STUDY

DO THE RIGHT THING: CASE STUDY

DEATH GROUND

CHANGE CAN BE HARD

THE CAN-DO ATTITUDE

MY BUSINESS STRATEGY

LISTEN AND LEARN

SEEING OPPORTUNITIES: “THE FLOATING EYE”

CRACKPOT OR JACKPOT?

ON THE CLOCK

THE KNOW-IT-ALL CHALLENGE

PARTNERSHIPS

BUSINESS MODELS

SOMEONE ELSE’S MONEY? NOT SO FAST!

IT’S NOT A SALE UNTIL THE MONEY’S IN THE BANK

BUILD A CULTURE WITH CHARACTER

CREATE A TALENTED ENTERPRISE

THE BALANCING ACT

MAKING WORK SPACES WORK

ELEGANT DESIGN IN A GLOBAL ECONOMY

PARADIGM SHIFTS

CREATE VALUE—BE REWARDED

THINKING SMALL IN A BIG WAY

EXCELLENCE IN EXECUTION

PREPARATION PRECEDES PERFORMANCE

EACH (AND EVERY) CUSTOMER COUNTS

IMAGINATION MATTERS

A CERTAIN ABSENCE OF IMAGINATION

WHY WINNERS WIN

THE VALUE OF INTENTION

LEADERSHIP

COMMUNICATION IS A TWO-WAY STREET

THE ADVANTAGE OF CROSS-TRAINING

THE INTELLECTUAL TRAP

THE INTANGIBLE ELEMENT OF LUCK

THE VALUE OF SALESMANSHIP

NURTURE INNOVATION

GET YOUR HANDS DIRTY

AN OPEN MIND

TIME WISE

MORE THAN MONEY: PASSION DOMINANT—TIME INDEPENDENT

VALUES ARE VALUABLE

MOVE FORWARD

JUST BEGIN

This book is dedicated to my parents, Dr. Samuel Louis Stern and Claire Dietz Stern, who taught me values, curiosity, and humility; to all my mentors and heroes who taught me skills, passed on knowledge, and shared wisdom; to my wife, Ann Greene Stern, who taught me to be courageous, yet kind, and how to lead by her example; and to our two sons, Timothy Kemp Stern and Jeffrey Dietz Stern, who surprised me with new lessons each day and taught me that every soul has its own path.

Personal and professional acknowledgments for Don Stern as an entrepreneur and leader.

“I am a managing director for NWQ Investment Management, which directs over $12 billion in assets. I have also managed a venture capital fund. Don Stern and I have been very close friends, business partners, ski instructors, and race-car drivers since 1965.

“I had the pleasure of serving on the BOD of Don’s home improvement company, Homax Corporation. This proved to be a very profitable company and investment for me. Don has a remarkable scope of knowledge when guiding a company. He conceptualized and designed unique products, filed patents, coordinated the manufacturing processes, created the marketing and advertising plan, all while controlling the finances, producing remarkable margins, and generating a very large ROE (return on equity).

“Don’s style is collaborative. He learns from employees and his investors and is appreciative of those with whom he communicates. I trust Don totally for personal, business, and investment advice. He is truly an unusually talented person.”

—James H. Galbreath

Managing Director, NWQ Investment Management

“I have known Don Stern since 1985. At the time, I was CEO (1963–1989) of Hensel Phelps Construction Company. Joe Phelps and I subsequently formed Phelps Tointon Inc.

“Homax Corporation proved to be a very good investment for me as a minority stockholder and BOD member. Don sold Homax in 1996 on very favorable terms, and we have been friends since.

“I had the opportunity to observe Don’s creative skills, ethics, and his whole character. I have not had a better partner than Don. His integrity is impeccable.

“Don is unusually creative. He was also good at putting together a skilled team that worked well together. Don’s curiosity is running as fast as he does, which means Don is always looking for why something is not operating as well as he thinks it can and what can be done to make it better.”

—Bob Tointon

Phelps Tointon Inc.

“I have known Don Stern since the mid-1970s when Don was director of national sales and I was director of engineering and product development at Allsop Inc. Allsop was very successful at developing, patenting, and marketing innovative products for the ski industry, and we were both highly involved in this.

“We each left Allsop at different times and for different reasons, and we later formed Homax Corporation, in which Don and I were co-owners. We also cofounded Allsop & Stern Product Development and Engineering Company. Both quickly became profitable and grew into very successful companies. Our working relationship was very synergistic and productive. There were many instances during my following business working relationships that I wished I was dealing wi...

Table of contents

• TAKE AIM AT THE TARGET
• THE SPECTRUM OF EXPERIENCE
• OUT ON A LIMB
• BELIEVE IN YOURSELF
• BACKWARD THINKING
• VISION AND CONVICTION
• GET STARTED
• A ROAD MAP FOR ASPIRING ENTREPRENEURS
• RISK MANAGEMENT
• THE IMPACT OF CULTURE CHANGE: CASE STUDY
• MAINTAIN CONTROL: CASE STUDY
• DO THE RIGHT THING: CASE STUDY
• DEATH GROUND
• CHANGE CAN BE HARD
• THE CAN-DO ATTITUDE
• MY BUSINESS STRATEGY
• LISTEN AND LEARN
• SEEING OPPORTUNITIES: “THE FLOATING EYE”
• CRACKPOT OR JACKPOT?
• ON THE CLOCK
• THE KNOW-IT-ALL CHALLENGE
• PARTNERSHIPS
• BUSINESS MODELS
• SOMEONE ELSE’S MONEY? NOT SO FAST!
• IT’S NOT A SALE UNTIL THE MONEY’S IN THE BANK
• BUILD A CULTURE WITH CHARACTER
• CREATE A TALENTED ENTERPRISE
• THE BALANCING ACT
• MAKING WORK SPACES WORK
• ELEGANT DESIGN IN A GLOBAL ECONOMY
• PARADIGM SHIFTS
• CREATE VALUE—BE REWARDED
• THINKING SMALL IN A BIG WAY
• EXCELLENCE IN EXECUTION
• PREPARATION PRECEDES PERFORMANCE
• EACH (AND EVERY) CUSTOMER COUNTS
• IMAGINATION MATTERS
• A CERTAIN ABSENCE OF IMAGINATION
• WHY WINNERS WIN
• THE VALUE OF INTENTION
• LEADERSHIP
• COMMUNICATION IS A TWO-WAY STREET
• THE ADVANTAGE OF CROSS-TRAINING
• THE INTELLECTUAL TRAP
• THE INTANGIBLE ELEMENT OF LUCK
• THE VALUE OF SALESMANSHIP
• NURTURE INNOVATION
• GET YOUR HANDS DIRTY
• AN OPEN MIND
• TIME WISE
• MORE THAN MONEY: PASSION DOMINANT—TIME INDEPENDENT
• VALUES ARE VALUABLE
• MOVE FORWARD
• JUST BEGIN