Ryan Callaghan, co-founder of Cojourn, joins us to discuss his process of moving from an investment banker to being co-founding a business that buys and sells other businesses with a purpose. Cojourn means we journey together, and they strive to exemplify this in their business model and actions.
When it comes to finding your mission as a business, it is more than just what you're delivering. It involves finding something that is bigger than what you're delivering. Your mission needs to be something that motivates people, makes them feel good about what they're doing, and realize the bigger picture of their role in your business.
For having a mission driven organization, it starts with the executive level commitment that expands to all employees and then further outside of the company itself. Do you and your employees know your mission statement?
For Ryan, there are two types of bottom lines. There is the traditional one of being profitable at the end of the day, and then there is the double bottom line. In the double bottom line, the earnings function beyond increasing net income and roll into accomplishing a worthy cause. Ryan wanted to work in such a way that he was able to do good while also doing well in business.
When buying businesses, they looked at measuring not just profit but also impact. One obstacle they faced was making it clear to potential sellers that they are not just a private equity firm, but that they are here for the long haul. Cojourn strives to continue the legacy that already exists in the company. Oil Stop is one of their biggest examples of how this process looks for them when it comes to buying and keeping a company.
Ryan advises playing the long game in all aspects. In business, it can be so easy to make short-term decisions without applying or having a long-term vision. Without that long-term vision, there is no patience to see where the company will go when the mission of your bran is truly bought into by all employees.
[01:25] Investing for the long haul.
[01:35] Ryan and his business partner, Nick Parisi, shared an interest in improving on companies so that they can exist well beyond the current generation of leaders.
[03:38] "... felt like that was not to the fulfillment of who I was or what I was meant to do."
[04:11] Captivated by the idea of corporate giving and trying to figure out a way you could do good while you do well.
[05:16] The process and experiences of Ryan stepping out for the first time as an entrepreneur at almost 40.
[06:03] The traditional bottom line and the double bottom line.
[06:44] What if we measured not just profit but impact?
[09:55] Searching for both meaning and entrepreneurialism.
[10:55] How can business make the world a better place?
[12:53] When buying a business, a goal is to continue the legacy and what has already been started.
[14:31] When buying or selling a business, how do you build trust?
[15:54] Lead with listening and come in with humility.
[17:03] The process of Cojourn buying Oil Stop.
[19:18] The importance of starting a conversations.
[20:14] Business requires more than a good first impression. It goes into creating a longer view.
[22:27] There will be obstacles along the way.
[22:50] 1. What is a mission driven organization? 2. What is proof of a mission driven organization?
[26:17] Coordinated effort around a particular kind of mission.
[26:50] Having a mission driven organization starts with an executive level commitment that then expands to the brand as a whole.
[29:44] Do you and your employees know your mission statement?
[33:12] None of it is easy, but every bit of it is critical.
[33:18] Mission of helping create enduring success for people who have sacrificed so much.
[34:40] The importance of the long game in business.
[35:08] 1. Taking care of your people and finding people that are a fit.
[35:23] 2. Find your mission.
[36:07] 3. Talk about your mission continuously.