Meet Benjamin Wright, President at Chicagoland Hearing

Get to know Ben, a new member of EFBC!

Chicagoland Hearing
Founded: 2009
Location: Chicago, IL

1. Tell us about your background and career leading up to where you are now

I graduated college in 2004 and worked for another company for five years. After gaining experience, I decided to start my own business in 2009 with one support staff – receptionist, as my sole employee.

Over the years, we’ve grown significantly, expanding from 25 locations in the Chicago area to approximately 150 locations across eight or nine states. We’re continually seeking new growth opportunities.

2. Are you planning to expand outside the United States?

My wife and business partner have discussed the possibility of expanding overseas. However, the healthcare systems in many countries differ significantly from the United States, with socialized medicine being more common. We’re carefully considering this option but haven’t made any concrete plans yet.

3. What do you like the most about what you’re doing right now?

The most rewarding aspect of our work is helping people regain their quality of life. Whether it’s an older individual or a child, hearing loss can significantly impact relationships and overall well-being. We’re proud to be able to provide solutions that restore those connections.

4. How did you first hear about EFBC?

I learned about EFBC through a friend, John Kabance, who joined a few years ago. We’ve known each other for a long time, and our children attend the same school.

5. What motivated you to join EFBC?

As our company has grown rapidly from a small team to a large organization with over 150 locations, I’ve found myself increasingly focused on business management rather than direct patient care. I joined EFBC to gain insights and support as I navigate this new phase of business growth.

6. What do you hope to gain from your membership?

Beyond networking, I’m looking for practical tools to run my business more efficiently. There are many aspects to consider, from HR to other operational areas. I hope to learn from other business owners and discover resources that can help me grow in my role.

7. Have you been in any other organizations like EFBC before, such as peer networks?

I haven’t been in a membership-based organization like EFBC. I’m part of a group of audiology practice owners, but it’s more of a networking circle without formal dues. While similar in some ways, it’s focused specifically on the audiology industry.

8. Do you have any passions or hobbies outside of work?

I enjoy traveling with my family and we try to go overseas two or three times a year. I also play tennis and have recently taken up metalworking as a hobby.

Join us in welcoming Ben Wright to the EFBC community! Members can log in and connect with Ben via the EFBC Member Directory.

Optimism and Opportunity: A New Leadership Era

We’re excited to introduce you to our new EFBC President for 2024-2025, Darrin Shillair! To kick off his tenure, Darrin has shared a heartfelt video message and a thoughtful letter with our valued members.

Dear Members,

As I step into the role of president of the board of the EFBC, I am filled with a profound sense of optimism and excitement. It is truly an honor to serve a community of dedicated family business owners and entrepreneurs who play such a pivotal role in our economy and society.  As business owners and entrepreneurs, I believe we all are optimists at heart, otherwise we would never take the risks required.  We believe in the future and believe that our businesses will thrive, and I believe the same for the EFBC.

Our organization has always been a beacon of support and guidance for family businesses, and I am looking forward to building on this legacy. I am particularly optimistic about the future because of the strength and resilience I see in each of you. Your dedication to your businesses and to this organization is truly inspiring.

In the coming months, I will be sharing with you our strategic plan, which has been crafted with great care and insight by our Board of Directors and staff. This plan is designed to ensure the continued growth and prosperity of our organization, and I believe will set a strong foundation for our future.

I will be asking to visit each of your forums in the coming months, and I’m looking forward to discussing our plans with you, getting to know more members, and hopefully convincing you to help us achieve those goals.

Thank you for your continued support and commitment to our organization. I look forward to working closely with each of you and to hearing your ideas and feedback. Together, we can achieve remarkable things and ensure a prosperous future for all our members.

Let’s embrace the future with optimism and enthusiasm, knowing that our collective efforts will make a lasting impact.

Warm regards,

Darrin Shillair – EFBC President 2024-2025

The Battle of the Management Acronyms: EOS vs. GGOB

In the ever-evolving landscape of business management, entrepreneurs and family businesses constantly seek the best methods to steer their enterprises toward sustained success. In 2024, two major schools of thought exist that have evolved around coaching entrepreneurs in the best ways to manage their businesses. Both have spawned websites, books, training videos, and almost cult-like followings. These are the Entrepreneurial Operating System (EOS) and the Great Game of Business (GGOB); and a visit to either of the websites centering around these methodologies (eosworldwide.com or greatgame.com) offers testimonials and statistics from companies that have used and loved their tools. For example, EOS boasts 695 “implementer companies” ranging from non-profits to advertising agencies, and Whole Foods credits GGOB as a major factor in the 20% average annual sales growth rates they experienced since implementing the program.

But if you’re looking to spend your valuable time (and even money) investing in upgrading your management game, you’re probably asking yourself: which one of these strategies is, in fact, better? And, of course, the answer is: “it depends.” But what does it depend on? To answer that question, it’s worth looking a little deeper into these two management methodologies, as well as their benefits and limitations.

What is EOS?

The first (alphabetically anyway) of these two management methodologies is the Entrepreneurial Operating System, or EOS. This method focuses on understanding and strengthening the “Six Key Components of any business that must be managed and strengthened to be a great business.” According to the EOS website, these six components are Vision, People, Data, Issues, Process, and Traction.

How does this methodology help businesses?  

According to companies that use and love EOS, the major advantage of this methodology is that it helps companies break things down and refocus on what is important. EOS really hones on defining a company’s core values associated with the “Six Key Components” and making sure those values are understood by employees and customers alike. It also values compartmentalization of surface-level problems in favor of a focus on root-cause issues, as well as a constant asking of the question “how will this help us achieve our goals.”

EFBC’s Members Insight: Dave Westerman’s and Sean Hoffman’s Experience with EOS

Dave Westerman, Owner of Carbit Paint, has enhanced his business’s internal communication with the EOS Meeting Pulse. A Meeting Pulse entails having regular meetings, optimized for frequency and duration, and including only those company members pertinent to the function of the team. For instance, the leadership team meets weekly for 90 minutes, every Wednesday to check on progress vs quarterly goals, share headlines, and resolve issues. The leadership team also meets annually, in January for a different purpose. This strategic 2-day off-site meeting focuses on team-building exercises and forward planning, helping his team reflect on the past year and create comprehensive blueprints for the next quarter, year, and three years. “These 2 days are often my favorite of the year, as it allows us to work ‘on the business’ instead of ‘in the business,’” says Dave.

Sean Hoffman, Owner of Nuance Solutions, utilizes the Vision Traction Organizer (VTO) to simplify complex strategies and align his team with the business’s vision, goals, and strategies. Over the 90 days, his Senior Leadership team crafted their VTO, outlining both long-term and short-term goals. “Nuance has already seen great benefits from this commitment, and we look forward to becoming a better organization!” says Sean.

This methodology might help your company if…

1. You recently experienced rapid growth: With a focus on… well… focus and a commitment to advising entrepreneurs on the value of saying “no” to things that don’t align with company values, EOS can help a rapidly growing company slow down and focus on what is important.
2. You might be losing sight of why you started: Again, focus is the name of the game with EOS, so if your company feels disorganized or like your values are starting to feel muddy, this methodology could prove invaluable.
3. You are visual learners: EOS tends to break things down into categories and infographics, which can be helpful if you have a lot of visual learners on your management team.

What is GGOB?

Where EOS is about compartmentalization, definition, and structure, GGOB focuses on transparency, an “open-book” management style, and ensuring that all employees feel ownership over their company. The idea is that employees who know more will be able to do more, and that “people will fight for” things they feel they’ve helped create.

How does this methodology help businesses?

Again differing from EOS, which advocates for putting people with specialized training into the roles best suited for them, GGOB enables companies to create teams of people who could theoretically step into any role, because everyone has access to the same level of knowledge.  Advocates of this management style say it encourages flexibility, accountability, and collaboration, and that its implementation leads to innovative solutions coming from employees at all levels.

This methodology might help your company if…

1. You’re a small start-up: Transparency tends to be most easily achieved within small companies, which is good because that’s where it’s the most necessary. Start-ups and other companies with small workforces often require “all-hands-on-deck” projects, and radical transparency allows employees to jump into these projects with the least amount of lead time.
2. You want to empower upward mobility in your workforce: For companies looking to develop and promote internally, GBBO allows employees to get a “head start” on training for their net role in the company while still thriving in their current one.
3. You have a lot of employees who are “jacks-of-all-trades:” GGOB works best when everyone in a company has a little background knowledge about a lot of different facets of the work. GGOB can be implemented in companies with highly specialized roles, but it will take a little more training and groundwork to do so.

Making the Right Choice for Your Business

Both EOS and GGOB offer valuable frameworks for enhancing business operations. As business owner, your choice should align with your specific needs and goals. Whether you prioritize structured focus or transparent collaboration, understanding the core principles of these methodologies will guide you in making the best decision for your business.

At the Entrepreneur and Family Business Council, we understand the complexities of choosing the right management strategy. Need help deciding? We’re here to assist you along the way.

Happy managing!

WHEN…

Dear EFBC Members,

As my tenure as president of EFBC draws to a close, I find myself reflecting on a simple yet profound word: “When.” Throughout my journey, knowing when to make pivotal decisions has been a gift I’ve been fortunate to possess. It’s about discerning the right moments in life – when to embark on new chapters, when to embrace challenges, and when to graciously step aside.

Reflecting on my journey with EFBC, I am deeply grateful for the opportunities and growth it has afforded me. Joining the EFBC in 2008 was the right “when” for me, followed by my involvement with the Lighthouse Forum in 2014 and later joining the EFBC Board in 2021. Each “when” marked a significant milestone in my personal and professional development.

Serving as vice president in 2022 and then president in 2023 has been a privilege beyond measure. It has been a period of immense learning, growth, and adaptation to the evolving needs of our dynamic community. I am immensely proud of what we have achieved together during my tenure – from launching initiatives to enhance member engagement to overseeing successful events that brought us closer as a community.

Looking ahead, I have full confidence in the leadership of Darrin as the incoming president and the entire board. Their dedication and vision will undoubtedly propel EFBC to new heights, continuing to serve our members with excellence and innovation.

I would like to express my heartfelt thanks to Liz, Danielle, and Cha Mi of the EFBC staff for their unwavering support and dedication. Your hard work behind the scenes does not go unnoticed.

A special thank you to Darrin for your invaluable partnership as vice president and to Andy for your guidance and leadership as past president. Your insights have been instrumental in shaping our organization’s success.

Lastly, I extend my gratitude to the Lighthouse Forum for the inspiration and camaraderie over the years. Together, we have made a difference in the lives of our members and the broader community.

As I transition into the role of past president, I look forward to supporting EFBC in new capacities and witnessing its continued growth and impact.

Please remember to join us for our Summer Golf Social outing & Leadership Award ceremony at Itasca Country Club on August 5th – a wonderful opportunity for networking and celebration.

Thank you all for your support, and dedication to EFBC. It has been an honor and privilege to serve as your president.

Warm regards,

Dave Horvath | EFBC President 2023-2024

Summer Recharge: Strategic Planning for the Second Half Your Business Year

As most, if not all, entrepreneurs know, strategic planning is one of the most important elements of small business success, but that doesn’t mean it is always an easy thing to do. While start-of-year-strategic planning comes at the perfect time, coinciding with the natural lull of the holiday season and other end-of-year festivities, mid-year strategic planning often comes when schedules are at their most hectic and businesses must continue to operate more-or-less as usual. Despite that fact, business coaches and leaders alike say it is important to take a beat during the summer months to reassess, address shortcomings, and strategize about changes that will help you better hit your targets in the second half of the calendar year.

That doesn’t mean, however, that mid-year planning must or even should be as robust as end-of year planning. Especially since it coincides with busy season for many small businesses, mid-year planning should be more of a re-direction than a true interruption. It is a time to address the most important things that can spell the difference between a weak and strong second half of your year, rather than a time to address each and every thing you might want to change.

But what are those “most important things?” Though they vary from business to business, strategists tend to suggest three overarching high-yield aspects that you might want to look at in your business during your mid-year planning session. Those things are:

1. Assessing First Half-Year Performance

Evaluating Key Performance Indicators (KPIs) from the first half of the year is crucial. Key areas to assess include:

• Client Acquisition Cost (CAC): How much are you spending to acquire new customers? And is it working? If your CAC has risen significantly and your costumer spending has remained the same, this might be the first place to make an adjustment.
• Employee Utilization: Measure how effectively your employees are contributing to revenue. If performance metrics are not being met, reassess and make necessary changes.
• Sales Revenue: Compare current sales revenue with the same period last year to determine if you’re on track to meet yearly goals. Make adjustments if sales numbers are below expectations.

2. Financial Planning and Potential Budget Adjustments

After reviewing your KPIs, you may have to adjust your company’s budget for the second half of the year. This is where experts recommend utilizing a CRM or financial tracking software to access economic data in real time, which may allow you to switch to a rolling or monthly budget instead of a yearly or quarterly one if that better suits your needs. Whatever the case, it is important that any budget adjustments match the current realities of your cashflow, rather than the other way around. This may mean having to let go of certain things you had planned at the beginning of the year, and that’s okay. The most important thing is balancing the realities that your KPIs brought to light with the needs of continuing to run and grow your business.

3. A Marketing Strategy Refresh

The thing that is most often overlooked during mid-year planning is marketing, and it really shouldn’t be. Marketing is an area with great potential for optimization, where businesses can significantly improve their efficiency by updating and refining campaigns to ensure they are current, effective, and contributing positively to sales leads. Mid-year is a great time to revisit these numbers and strategize with your marketing department.

Strategic planning is a continuous process. Mid-year planning allows businesses to realign their strategies and make necessary adjustments based on their performance and market conditions. By focusing on key performance indicators, adjusting financial plans, and refreshing marketing strategies, businesses can ensure a robust finish to the year. Engage your team, use strategic tools, and set clear objectives to navigate the second half of the year successfully. The EFBC is here to support you throughout this process.

Which Entrepreneurship through acquisition (ETA) Model is Best Suited to Your Needs and Goals?

Entrepreneurship through acquisition (ETA), or the path to becoming an entrepreneur by buying and growing an established business, is a strategic way to achieve business ownership with relatively less risk. Though any entrepreneurial endeavor is inherently risky, this path takes the stark reality that nearly 50% of start-ups fail and flips it on its head: by purchasing and leveraging a proven business, owners that choose entrepreneurship through acquisition enjoy a nearly 80% success rate.

However, that trade-off does not come without cost, in this case literally. Buying a business can cost 30 to 100 times more than starting a business, and not everyone has the capital to easily become an entrepreneur through acquisition. Fortunately, there are several ways to raise the necessary capital, and each method comes with its own set of pros and cons.

So… future entrepreneurs through acquisition, we’ve put together this mini guide to the most common ETA models. You can use it to figure out which one is best suited to your needs and goals, and hopefully alleviate at bit of the confusion surrounding funding your acquisition:

• The Traditional Search Model

The Traditional Search Model is probably what immediately comes to mind when you think about raising capital for any business venture because it’s a well-established menthod. In the world of ETA, it involves raising funds from an investor to cover search phase expenses as well as a salary for the searcher (you), usually for a period of 24 months. The major “pro” of this model is that it allows entrepreneurs to focus full-time on finding a suitable business to acquire during the search phase. The major drawback is that a business owner will be given a smaller share of the company, as equity is usually spread across the entire investor base. This also means the business owner will likely be beholden to the targets and ideas that their investors have in mind. But that isn’t always a bad thing: spreading an equity net also creates a safety net and support system. As long as your goals are aligned with those of your investors, everyone has a stake in the success of you and your business.

• The Self-Funded Search Model

On the other hand, entrepreneurs that use the Self-Funded Search Model don’t take a salary while searching for an acquisition. Instead, they use their own capital and careful financial planning during the search process. This is the most common search strategy, and it allows a searcher to maintain up to 100% equity in the company they acquire. However, it doesn’t come without risk. Investing ONLY your own capital means the success or failure of the business you acquire rests squarely on your shoulders, and hits only your wallet. This is why many self-funded searchers take on freelance, consulting, or other jobs to support themselves while conducting their searches. This model tends to be better suited to seasoned entrepreneurs: people who have already built networks, might have extra capital to invest, and understand the risks associated with the business they are seeking to acquire. Novice entrepreneurs can attempt this model as well, but it does require careful planning and multitasking.

• The Sponsored Search Fund Model

The Sponsored Search Fund Model involves partnering with an investing firm that provides all the search and acquisition capital for you and your future business. However, this process also involves the investing firm becoming the controlling shareholder of your future business. The major upside of this model is infrastructure: often the investing firm provides administrative support and other resources that a traditional searcher may have a hard time affording on their own. Having a committed fund of capital from a single source also provides a searcher with legitimacy, as well as the ability to check in with their majority stakeholder often (sponsored searchers usually work on site). The downside of this model is that your partner investment firm will own the majority of your company’s equity and have control over your Board of Directors. This means they will have unilateral authority to make strategic decisions, including firing the searcher as CEO. Though the Traditional and Incubated Search Fund models also carry this risk, they offer the possibility of having a more diverse investor base, which may create a more diverse set of perspectives on your board.

• The Incubated Search Fund Model

 Similar to the Sponsored Search Model, The Incubated Search Fund Model provides both infrastructure and the potential for daily interaction between searchers and shareholders. The main difference is that this model focuses solely on search funds, with between three and five entrepreneurs searching from an incubator at the same time. The major “pro” of this model is that the singularity of its focus means that all available resources are geared toward optimizing the search process. Intermediary relationships, as well as recruiting, hiring, and onboarding, are all handled at the fund level. This means that a searcher doesn’t have to focus on anything except sourcing proprietary deal flow and eventually closing a transaction. Another major “pro” to this model is that most managers of incubators have successfully pursued some form of ETA in the past, making them potentially invaluable mentors to emerging searchers. However, having three to five searchers operating out of the same fund at the same time has the potential to foster unhealthy competition. Beyond that, an Incubated Search Fund Model has all the same drawbacks as the Sponsored Search Fund Model because it is also a model that provides just a single source of committed capital.

• The Crowd-Funded Search Model

As the newest form of ETA (emerging in 2016), the Crowd-Funded Search Model is exactly what it sounds like. In this model, the entrepreneur raises capital from crowdfunding sources, usually providing equity in or shares of their business in return. This model can be an effective way to raise capital, and online platforms already exist to assist entrepreneurs interested in crowdfunding. However, terms in this model do change on a deal-to-deal basis, and investors may not have enough equity to feel a strong stake in the success of your business. If you’re looking for a new and exciting way to raise capital, or if your network is full of people who only have a small amount of capital to invest, this model may be worth looking in to.

President’s Letter: Spring Achievements and Summer Excitements

All EFBC Members,

I hope this message finds you well and thriving as we dive into the vibrant energy of June in Chicago, 87° in May ouch. It’s been an exciting journey for EFBC, with April marking significant milestones and May bringing enriching experiences for our community. Let’s take a moment to reflect on our recent accomplishments and look forward to the exciting events lined up for the month ahead.

Highlights from April and May

April was a month of triumphs for EFBC, with the flawless introduction of the Hive Bright App for our members. The launch of this online platform has truly revolutionized the way we connect and engage with one another, with an impressive 64% of our members already signed up. If you haven’t registered yet, we encourage you to do so! For assistance, please reach out to Cha Mi at chami@myefbc.com

Our Spring signature event at Sky on Nine was nothing short of spectacular, featuring keynote speaker Sam Silverstein. Sam’s powerful presentation on “Accountability: The Highest Form of Leadership” left a lasting impact on all who attended. A special thank you to BJ Slater and the programming committee for their dedication in organizing this memorable event.

Upcoming Events: Mark Your Calendars

• Fireside Chat – Member Story – Tuesday, June 11th:

Join us at Medinah Country Club for an intimate Fireside Chat with EFBC member Jim Armbruster of ATMI Precast and Quantum Forum. Led by Strategic Partner George Karavattuveetil, this conversation will delve into Jim’s journey and the invaluable leadership lessons he has learned along the way. Space is limited, so reserve your spot today!

• Government Impact on Family Business – Thursday, June 6th:

Join us for lunch at Gibsons in Oak Brook for insights into the latest developments from Washington, DC and their effects on Family Businesses. A panel of government relations experts will unveil findings from the FEUSA 2024 Annual Family Business Survey, discussing current legislative landscapes and tax policy issues affecting successful families, family offices, and businesses.

• Summer Golf Social and Annual Leadership Award – Monday, August 5th:

Save the date for EFBC’s Summer Golf Social and Annual Leadership Award at Itasca Country Club! Tee off with a shotgun start at 12:30 pm following a delicious lunch at noon. The event will conclude with a buffet dinner and cocktails, providing ample opportunities for networking and celebration.

As we embark on the adventures that only June in Chicago can offer.  Your presence and participation enrich our collective EFBC experience, and we look forward to sharing many more memorable moments together.

Thank you,

Dave Horvath | EFBC President 2023-2024

The Myths, Truths, and Powers of Peer Groups

In his 1937 book about self and business development entitled Think and Grow Rich, Napoleon Hill offers an early description of what business leaders would currently call a peer group. In the book, Hill writes of “two or more people actively engaged in the pursuit of a definite purpose with positive mental attitudes,” and says that this group “constitutes an unbeatable force.”

Since 1937, much has been written about peer groups and how they can help business owners achieve success by providing insight. These groups put business leaders in the room with like-minded individuals, as well as individuals from different industries and those who take drastically different approaches. Some writings about peer groups are useful, but others do miss the point, or spread myths about peer groups that may not be true. By demystifying which pieces of conventional wisdom surrounding peer groups are true and which are myths, we can ensure that business leaders are using this potentially “unbeatable force” to the best of its ability.

Myth: Only those business leaders who are doing something wrong need the advice of a peer group.

The Truth Behind It: Even when things are going well, every business leader stands to benefit from speaking to and learning from other business owners. It’s a good way to keep a pulse on the market and overall economy, as well as to analyze general market wide trends and get advice to help you avoid any stumbling blocks.

Of course, some leaders do have a certain level of clout and experience, and can either employ experts to track market trends, or may already be doing so themselves. But peer groups can have use for those individuals as well. Truth is, running a business is stressful, and leaders often take on more responsibilities than one person should reasonably handle. Peer groups offer leaders a platform to express their thoughts and feelings outside of their organization, providing a neutral space to voice the primary concerns of your business and life balance. It also allows them to get objective feedback and support from people from all walks of life, providing an objective lens into their strengths and weaknesses (everyone has them).

Myth: People who join peer groups do it for opportunistic reasons.

The Truth Behind It: Yes, people do join peer groups with the hope of improving their businesses, but that doesn’t mean they are going to use them as platforms to try and sell their good and services. In fact, many participants in peer groups have stated that the groups are good opportunities to get away from the constant selling they are tasked with in their day-to-day jobs.

The other thing that participants in peer groups have to say on the subject is that the most effective groups are the ones in which members get vulnerable. If members of the groups use them simply as opportunities to sell, network, or build connections, they tend to only present the positives about their businesses. The result is that they fail to get perspective on the issues they came to the peer group to address AND end up leaving with only surface-level connections.

So yes, opportunistic peer groups can be a problem, but a fixable one. If you yourself come to a peer group ready and willing to dive in, be vulnerable, and do the work of actually presenting the challenges you face as a business leader, others will likely follow suit. Then the real work can begin.

Myth: It’s not worth my time to engage in a peer group.

The Truth Behind It: There is some truth behind this myth. Peer groups do take time and intentionality to be effective, and busy business leaders may have to carve time out of already packed schedules to participate. However, it is the opinion of MANY that have participated in peer groups that, when it comes to this tool, “a stitch in time saves nine.” Peer groups can offer solutions and strategies for everything from time management to delegation to life/work balance, and actually might help you save time in the long run. That being said, you may not want to jump into one at your busiest time of year. That is the time to take notes on what is going well for your business when it’s at capacity and what can be improved upon. That way, you can bring those notes into a later peer group to help you solicit solutions and offer advice of your own.

Takeaways: Like anything in business or life, you will get out of a peer group what you put into it. If you show up with a willingness to be vulnerable and spend a little time away from your day-to-day, they can be incredibly effective tools. Participants have cited everything from less stress to innovative practices as things they have gotten out of the process, which has been used over the years by successful business leaders from Andrew Carnegie to many other accomplished professionals.

How EFBC Can Help: If you are looking to join a peer group, look no further than EFBC forums! If you’re not already familiar, our forums allow business leaders to connect once a month in small settings and receive all the benefits associated with any other peer group. And if time is still a concern for you, we offer a flexible option that might work better with your busy schedule. Find out more here: https://myefbc.com/forums/