Founder Fridays: Thriving in Change: Ryan Kugler's Journey of Diversification and Adaptation in Business
- Founder Fridays: Thriving in Change: Ryan Kugler's Journey of Diversification and Adaptation in Business Michael D. Levitt 23:52
Summary
Introductions and business overview @ 0:00
Ryan introduced his layered business model of running three companies with shared staff and discussed how it allows for diversification and flexibility. He described his event production, marketing materials, and wholesale liquidation businesses.
Pivoting businesses during the pandemic @ 3:51
Ryan discussed pausing his event business during the pandemic but pivoting his wholesale business to supply essential goods like PPE. He commended businesses’ rapid adaptations to unprecedented challenges.
Importance of diversification and exit strategies @ 17:51
Ryan emphasized maintaining multiple revenue streams, as one business’s fortunes may change. He looks to acquire passive businesses and plans selling his event business in 5-10 years. Exits must be planned to avoid surprises and headaches.
Future plans and expansion of existing businesses @ 18:16
Ryan seeks new acquisition opportunities in different industries. He’ll grow his marketing and events businesses but diversify by finding replacement verticals as industries evolve past certain products. Continual adaptation is needed to avoid obsolescence.
Importance of recognizing industry changes @ 21:12
Half of 2000’s Fortune 500 companies no longer exist. Industries constantly change, requiring anticipating new opportunities and exits. Businesses must evolve or risk becoming obsolete like buggy whip makers. Continual evaluation and flexibility are key to long-term survival.
Finding inspiration through varied interests and helping others @ 24:32
Both men find inspiration and networking through diverse interests like Volunteering. Variety prevents Burnout while helping others. Business success need not be sole focus; life should be enjoyed through meaningful pursuits.
