This week on Startups With Stu, I had the pleasure of sitting down with Sharon Soliday, an entrepreneur who has made significant strides in the field of speech pathology. Her unique blend of clinical expertise and entrepreneurial spirit led her to build a business that not only provided quality speech pathology services but also revolutionized the way these services were delivered.

In this blog post, we'll dive into Sharon's entrepreneurial journey, exploring how she grew her company to over 100 employees while maintaining a high standard of service. We'll uncover her approach to company values, the art of working yourself out of a job, and the intricacies of selling a business. Sharon's story is a testament to the power of trusting your instincts and taking calculated risks in the world of entrepreneurship.

The Impact of Organization

When Sharon Soliday transitioned from being a speech pathologist to an entrepreneur, she faced the challenge of scaling a service-based business while maintaining quality. One of the key strategies Sharon employed was to view her frontline service providers as her primary salespeople. She recognized that the quality of service delivered by her speech pathologists directly impacted client satisfaction and contract renewals. 

By empowering her team to provide exceptional service and fostering strong relationships with clients, Sharon was able to maintain a high renewal rate, which significantly reduced the sales effort required for sustainable growth.

Sharon also implemented a unique approach to staffing that set her company apart from competitors. Instead of simply assigning speech pathologists to available positions, she prioritized finding the right fit for both the professional and the client. This approach not only improved job satisfaction among her team but also enhanced the quality of service delivered to clients. By explaining the benefits of this continuity of service to administrators, Sharon was able to differentiate her company in a field where services might otherwise be seen as interchangeable.

Leading with Values and Vision

As the founder and CEO, Sharon recognized the importance of setting a clear vision and values for her company. She implemented a system of five core values that guided decision-making at all levels of the organization. This approach not only ensured consistency in service delivery but also empowered her team to make decisions independently, reducing the need for constant oversight.

Sharon's leadership style evolved as the company grew. She learned the importance of stepping back and allowing her team to take ownership of their roles. This was exemplified by her decision to stop attending executive meetings when she realized her presence was inadvertently influencing the team's decision-making process. This willingness to "work herself out of a job" was crucial in building a company that could operate successfully without her constant involvement.

One of the most impactful aspects of Sharon's leadership was her focus on transparency and employee engagement. She regularly communicated with her team about the company's financials, explaining aspects of the business that employees might not typically be aware of. This approach fostered trust and helped employees understand their role in the company's success, contributing to a strong, cohesive company culture.

The Art of Selling a Business: Insights from Sharon's Experience

Sharon's experience in selling her company provides valuable insights for entrepreneurs considering selling their own established businesses. Her approach to the sale process focuses on the importance of preparation, professional guidance, and strategic decision-making.

Working with a broker experienced in her industry proved to be a crucial step in the sale process. The broker helped Sharon present her company in the most attractive light to potential buyers, highlighting aspects that would increase the company's valuation. This professional guidance was instrumental in navigating the complex process of selling a business.

The sale process itself was a multi-stage endeavor, involving numerous potential buyers. Sharon underscores the importance of casting a wide net when seeking buyers, as it can lead to more favorable terms and a better overall outcome. Her willingness to consider multiple offers and engage in negotiations ultimately allowed her to sell to a buyer who aligned with her values and vision for the company's future.

Your Turn to Take the Leap

Sharon Soliday's experience with transition in entrepreneurship is a testament to the power of identifying opportunities, taking calculated risks, and persevering through challenges. Her story demonstrates that with the right mindset, strategies, and support, it's possible to build a thriving business that makes a meaningful impact.

As you reflect on Sharon's experiences, consider what opportunities you might be overlooking in your own field. What perspective or approach could you bring to solve existing problems or improve current services? As Sharon pointed out, the best time to take entrepreneurial risks is often when you have less to lose – in your teens, twenties, or before you've accumulated significant financial obligations.

Here are some steps you can take to start your entrepreneurial journey:

1. Identify a problem or need in your industry that you're passionate about solving.
2. Research your market thoroughly to understand the demand and competition.
3. Develop a unique value proposition that sets your potential business apart.
4. Create a business plan that outlines your vision, strategy, and financial projections.
5. Seek mentorship from experienced entrepreneurs in your field.
6. Start small and be prepared to adapt as you learn and grow.

The path of entrepreneurship is rarely straightforward, but as Sharon's story shows, it can be incredibly rewarding. Trust your instincts, be willing to learn and adapt, and don't be afraid to take that leap. 

Thank you for joining us this week for Startups With Stu. Don’t forget to share Startups with Stu with your friends, family, and your favorite founder so they can check out the show.