STS Managing Director, Tom Turner, sits down with "The Decision" Podcast hosts Eric Jackson and Robert Hartline, to share his story of the tough decisions he made as an entrepreneur and the adversity he’s faced coming out stronger on the other side.
Tom’s journey with Entrepreneurs Organization (EO) began when the Nashville chapter had around 40 to 50 members, a stark contrast to the larger community it has grown into today. He started as an entrepreneur who was trying to figure things out without much guidance. Joe Friedman, another veteran EO member, introduced Tom to the organization, which became a turning point for him.
Tom's business at the time was a legal photocopy company—a niche industry akin to a Kinko's for law firms. Their big break came when they won a significant RFP with Dollar General, involving a massive amount of document photocopying and scanning. They went from being a paper-based business in 1999 to being 90 percent digital by 2017.
Tom realized the value of the EO community and the learning opportunities it offered. Through EO, he was introduced to the concept of having a culture by design rather than by default, a lesson that proved crucial in retaining top talent and creating a positive work environment. These learnings helped Tom build a robust culture and a sustainable business model where he transitioned from the president to the executive chairman. This allowed him to scale and eventually sell his business for $180 million with the support of STS Capital.
Tom’s philanthropic spirit and passion to make an impact on the world around him, led him to partnering with STS to sell his business. Too often, entrepreneurs focus solely on selling their business, overlooking important pre-planning steps like using donor-advised funds for tax and estate planning, which can significantly impact their financial situation after the sale.
Key Takeaways:
- Community and Mentorship: Leverage the power of a supportive entrepreneurial community to gain valuable insights, shared experiences, and guidance on important business decisions.
- Culture by Design: Intentionally create and nurture a positive work culture to attract and retain top talent.
- Continuous Learning: Invest in programs like EMP to continually grow and refine your business strategies.
- Seek Expertise: Don't hesitate to hire coaches or consultants to provide external perspectives and support business growth.
- Adapt and Innovate: Plan ahead for the future with intentional estate planning, tax strategies, and exit planning to maximize the value of your business and personal legacies.
Tom Turner's story is a testament to the power of community, mentorship, and the courage to make bold decisions. His journey from a struggling entrepreneur to a successful business owner who has achieved an Extraordinary Exit, aided by the support and resources of EO Nashville and STS Capital, offers valuable lessons for entrepreneurs at any stage of their journey.
Click here to listen to the full podcast.
