Sri Govindaraju cofounder at Zealandia Honey on being in business with her husband but vowing never again!

Sri Govindaraju cofounder at Zealandia Honey on being in business with her husband but vowing never again!

@Sri Govindaraju and her husband are co-owners of @Zealandia Honey in New Zealand. 

Sri recently published an update on #linkedin, a very honest, open and honest and personal post, about being in #smallbusiness with her husband.

It's a ripping and wide ranging conversation about;

  •  #familybusiness
  • leaving the security of a #paypacket to into business
  • moving to New Zealand from India in 2007 
  • her educational background in #foodscience and #technology 
  • upskilling in business communication
  • her first business (Flavours Authentic Indian Food) - started while she still had her job and her children were still young
  • finding strengths she didn't know she had 
  • the start of Zealandia Honey
  • the why for starting - to export #manukahoney to India because India was at that time (and she still thinks) is the diabetic capital of the world
  • wanting to make difference to people's lives by introducing honey
  • the #pressurecooker of starting a business 
  • entertaining the idea of going back to work last year, because last year (Covid19) was a pretty low point
  • listening to the universe's way of saying stick it out 
  • #teamwork - understanding that not everyone who's a visionary can do the operation side, and not everyone who's in the operations can be a visionary
  • how the ebbs and flow of business impact my children 
  • deciding why it's best to never getting into another business with my husband (REMAINING A FAMILY)
  • her lifetime ambition is to be of service to people and create #impact 
  • #inspiration from her #dad a warehouse manager at Indian Railways who saw a lot of both misery and happiness coming through that warehouse (caused by financial pressure) that he overcame by creating an innovative financial system - he touched so many hundreds of people's lives through that
  • empowerment of women in my community
  • #businessmentors
  • her lessons for other business founders 

Thanks for listening.  Visit the Owner To Owner Podcast website to subscribe, listen back, or check out any resources or information mentioned on the show.

Search @ownertoownerpodcast on your favourite podcast player to subscribe and listen to the episodes.

Reach out to Michael Kerr via the website if you need personal assistance or advice for your small business.

michael.kerr@kerrcapital.com.au

www.ownertoownerpodcast.com.au

 

[00:00:00] Hi, it's Michael Kerr here presenting Small Business Banter.

[00:00:12] A healthy micro and small business sector means a successful economy and a more vibrant society.

[00:00:19] Small Business Banter is about helping regional business owners better prepare for current challenges

[00:00:24] but also for the next stage of business success.

[00:00:28] I'm Michael Kerr, founder of Kerr Capital, advises to business owners.

[00:00:33] Each week I interview a fellow small business owner or an expert and they share their stories,

[00:00:44] their lived experiences, the wins and the losses and their best advice to help you the listener

[00:00:50] get the most you can from your own business.

[00:00:54] Small Business Banter is brought to you from the studios of 104.7 Gippsland FM

[00:00:59] and is heard across Australia on the Community Radio Network.

[00:01:03] And thanks also to Kerr Capital supporters of the show.

[00:01:21] Welcome into another edition of Small Business Banter Community Radio and podcast.

[00:01:27] This morning I'm chatting with Sri Govinda Raju who is a co-owner of Zilandia Honey in New Zealand.

[00:01:35] So I wanted to say a big hearty welcome Sri and thanks for taking time to come on to the program.

[00:01:42] Thanks Mike, thanks for inviting me to be on your show. It's a privilege.

[00:01:47] You did a post on LinkedIn a couple of weeks ago and it was a very open and honest and personal post

[00:01:56] about the involvement you have in your small business with your husband.

[00:02:02] I really wanted to drill down today in the program on some broad themes being in a family business

[00:02:10] how you've adapted to leaving safe employment to go into business,

[00:02:17] go through all of what we've been through the last few years.

[00:02:21] I think you were celebrating four years in business.

[00:02:24] So I just want to talk to you from the point of view of your experience

[00:02:29] and what you would share with other owners because we want more small business owners.

[00:02:33] Firstly can you just give us a bit of a rundown on what Zilandia Honey does

[00:02:38] and your personal background before we dive into some questions.

[00:02:42] Sure sounds good.

[00:02:44] Hey, so my name is Sri and I moved to New Zealand from India in 2007.

[00:02:51] My educational background is in food science and technology

[00:02:54] and then I upskilled with doing some diploma in business communication.

[00:03:00] So I've worked on and off over the years with both private and public enterprise

[00:03:07] and so while I had my children and while they were still young

[00:03:15] I had a bit of trial with what it is to be a business owner.

[00:03:20] So I had a small gig that went on for a few years

[00:03:24] with something called Flavours Authentic Indian Food.

[00:03:27] It was to teach people how to cook Indian food

[00:03:31] and how actually us eat at home, not the stuff that you get in a takeaway restaurant.

[00:03:37] So that was my first taste of self employment.

[00:03:42] And I really loved it.

[00:03:44] I love the flexibility and I picked on a few things,

[00:03:48] strings that I didn't know I had.

[00:03:51] So that was the lead up to starting Zilandia Honey.

[00:03:56] So my husband had already been working with another honey company

[00:04:01] and has had been in this role of research and development.

[00:04:05] And one day he kind of knew that he wanted to start his own brand

[00:04:13] and export honey to India because India was at that time

[00:04:18] and I still think it is the diabetic capital of the world.

[00:04:22] So he wanted to make a difference to people's lives by introducing honey

[00:04:27] and he believes that honey is a medium glycemic index product.

[00:04:32] So that was the start.

[00:04:34] So that was the idea that came about in 2016

[00:04:39] and it took us a few years to get it established and going.

[00:04:43] Yeah, so that was...

[00:04:46] He had this very high level vision for this,

[00:04:50] to change people's lives through the business that you've got now.

[00:04:54] Yes.

[00:04:55] And was it a case...

[00:04:57] You said in your post you bought into the vision six, seven years ago

[00:05:03] but at that time you were in safe employment?

[00:05:08] Yes, that's right.

[00:05:09] So tell us about the decision to both back the vision

[00:05:13] and also take the risk of leaving...

[00:05:16] Yes.

[00:05:17] Both of you putting all in.

[00:05:19] Yeah, I know. It's crazy because if I've learnt anything from starting as Elendia Honey

[00:05:26] has never give up a security of a job to when the brand is still little

[00:05:34] or still tiny but it's still in a conceptual stage.

[00:05:37] So and funny thing is stupid us, stupid the young us.

[00:05:41] We all just signed up for a house and land package at the same time.

[00:05:44] So we were building this massive house with a massive mortgage

[00:05:48] and we starting a business which was catered for exports

[00:05:53] and I've given up a job.

[00:05:55] So it was...

[00:05:57] Is it pressure cooker?

[00:05:59] It was.

[00:06:00] I mean, it took me three years to realise how...

[00:06:05] I'm not unhappy but I'm still not financially independent yet

[00:06:09] being in the business but I'll get there.

[00:06:12] It's alright.

[00:06:13] But I love it.

[00:06:14] I've loved starting it.

[00:06:15] I've loved being part of getting the brand growing.

[00:06:19] I've loved being part of meeting people, sharing about the brand and networking

[00:06:25] the benefits of having Manuka Honey,

[00:06:27] having the opportunity to travel to a few countries

[00:06:30] to get the brand across New Zealand into America

[00:06:35] into UK into Middle East.

[00:06:38] So it's been great and to India as well.

[00:06:41] So it's been great.

[00:06:42] I can't complain.

[00:06:43] Yeah, so you...

[00:06:45] Were there temptations or points along the way where going back to a job was

[00:06:50] in front of mind or because you've stuck...

[00:06:53] You've both stuck at it?

[00:06:55] Yes.

[00:06:56] Yeah, so we...

[00:06:58] I entertained the idea of going back to work last year

[00:07:02] because last year was a pretty lowest point.

[00:07:05] There was inflation.

[00:07:06] There was the COVID.

[00:07:07] There's these compounding things and then mistakes happen in business

[00:07:11] with no fault of your own and all these compounding.

[00:07:14] And last year I was seriously looking for work

[00:07:17] but then I was...

[00:07:19] I couldn't find the kind of roles I wanted to be in

[00:07:21] but maybe it was not meant to be.

[00:07:23] Maybe it was the universe's way of saying,

[00:07:26] stick it out.

[00:07:27] Everything will be fine.

[00:07:28] So I stuck it out for four months.

[00:07:30] But yes, in saying that,

[00:07:32] I found a job,

[00:07:34] Sinal kept the money coming in

[00:07:36] and he's still employed at the moment.

[00:07:39] Your husband?

[00:07:40] Yeah.

[00:07:41] Yes, Sinal is my husband, sorry.

[00:07:43] So he's still employed and he keeps the family going

[00:07:46] while I'm full-time in the business

[00:07:48] trying to get the product made

[00:07:50] and do all the operational side of it.

[00:07:53] Yeah.

[00:07:54] So it's kind of been a transfer.

[00:07:56] Was it a vision he had that you bought into

[00:08:00] and you're now operationalising the business.

[00:08:06] Yes.

[00:08:07] So he has kind of a nice synergy there

[00:08:11] or you left your job to come in

[00:08:14] and now you're staying in.

[00:08:16] He's going off to do what's needed, right?

[00:08:20] Yes, that's right.

[00:08:22] And again, not everyone who is a visionary

[00:08:27] can do the operation side

[00:08:29] and not everyone who's in the operations

[00:08:31] can be a visionary.

[00:08:33] Well, I've never come up with mind-blowing ideas or concepts.

[00:08:36] So if someone gives me a concept

[00:08:38] and gives me a strategy and how to do things,

[00:08:40] I am capable of working in the framework

[00:08:43] whereas my husband, Sinal,

[00:08:45] we've also got some research stuff within the company

[00:08:48] and he leads them on.

[00:08:49] So they've got the research project.

[00:08:51] So he is able to visualise

[00:08:53] that there's going to be a shortage

[00:08:54] or in the next 10 years

[00:08:56] this is the kind of path we need to take

[00:08:58] and they kind of do research on those.

[00:09:00] So he's the ideas man

[00:09:02] and I work with all the other stuff, yeah.

[00:09:07] So tell us about being in business

[00:09:10] with your husband

[00:09:12] and how you manage most...

[00:09:16] Well, not most.

[00:09:17] A lot of small businesses are family centric

[00:09:20] and it could be mother and daughter, father and son,

[00:09:23] husband and wife, cousins.

[00:09:26] So tell us about your experience,

[00:09:28] how you work your way through

[00:09:32] both the day-to-day business challenges

[00:09:35] layered by the fact that you go home

[00:09:38] and you see each other as husband and wife

[00:09:41] and as a family.

[00:09:43] Yeah, sorry.

[00:09:45] I wouldn't be here today without Sinal Tinal as my rock.

[00:09:49] He is there with my constant steady support

[00:09:52] but I will never do another business

[00:09:54] with my husband

[00:09:56] because the shop talk does come home,

[00:09:59] does come to the dining table.

[00:10:01] It impacts all of us.

[00:10:03] My children are old.

[00:10:05] I see how the ebbs and flow of business

[00:10:08] impact my children too.

[00:10:10] So I will not...

[00:10:12] I don't want to say never say never

[00:10:14] but I will not get into

[00:10:17] another big business winter with my husband

[00:10:19] that is for sure.

[00:10:21] You've learnt that.

[00:10:23] Yeah.

[00:10:25] So how do you exit this scenario?

[00:10:27] You got to see it out

[00:10:29] and just...

[00:10:31] Yeah, what are your plans there

[00:10:34] if you're happy to expand?

[00:10:36] Sorry, the business is still...

[00:10:39] I can't say it's successful yet.

[00:10:42] It is successful.

[00:10:44] It's survived for years

[00:10:46] and there's a lot more to give

[00:10:48] because we've come through the back of Covid,

[00:10:50] through this economic recession happening.

[00:10:53] So I'm sure that

[00:10:55] given the right opportunity,

[00:10:58] Zelandia will flourish.

[00:11:00] So for me is to find stuff

[00:11:03] and take a back step.

[00:11:05] So it will get to a point where

[00:11:07] we will be able to hire resources

[00:11:09] have in-house talent

[00:11:11] and then I can ease off

[00:11:13] and then we just be there in the governance

[00:11:16] doing the business.

[00:11:18] That would be ideal but that's a few years away.

[00:11:21] Yeah.

[00:11:23] So that is a plan to get it to a point where

[00:11:25] it's self-sustaining

[00:11:27] and you could potentially even go

[00:11:29] pursue your own personal

[00:11:31] career or do something else.

[00:11:34] Yes, that's right.

[00:11:36] Have a return coming from an investment

[00:11:38] in a small business that you've

[00:11:40] put a lot into.

[00:11:42] That is the plan.

[00:11:44] Yeah.

[00:11:46] And so in terms of getting to that

[00:11:48] decision

[00:11:50] to take that path

[00:11:52] was that a

[00:11:54] meeting of the minds

[00:11:56] with the husband

[00:11:58] to, you know, this is how

[00:12:00] we've got to

[00:12:02] take the next step?

[00:12:04] Yes.

[00:12:06] So being in New Zealand

[00:12:08] we've still managed to get

[00:12:10] to customers

[00:12:12] around the world who have been

[00:12:14] consistently taking product off us.

[00:12:16] So once that customer

[00:12:18] database multiplies and

[00:12:20] we have a few more so there's consistency

[00:12:22] in product volume being pumped up

[00:12:24] and money coming into the business

[00:12:26] and that is the strategy at least

[00:12:28] at this stage is once we are able

[00:12:30] to push out more volume

[00:12:32] there will be a chance to have

[00:12:34] more people right now.

[00:12:36] We are able to manage between us

[00:12:38] and a few subcontractors like hideout

[00:12:40] staff

[00:12:42] and do that.

[00:12:44] So there was an understanding

[00:12:46] that we're

[00:12:48] married

[00:12:50] we're in business together but we've got

[00:12:52] the business thing has got to go on

[00:12:54] a different path.

[00:12:56] And you

[00:12:58] mentioned that word governance before

[00:13:00] and you were looking forward to

[00:13:02] when you've got some staff and maybe

[00:13:04] a CEO and

[00:13:06] that governance thing could go back to both of you.

[00:13:08] Both of you

[00:13:10] Is it a private company?

[00:13:12] Yes it is a private company

[00:13:14] and we do have a third share

[00:13:16] holder too in the business so

[00:13:18] Sinola and I are on the majority

[00:13:20] stake but we do have a third

[00:13:22] wheel too.

[00:13:24] That is the ultimate gig is to get

[00:13:26] investment, do a capital raise

[00:13:28] and build on the brand

[00:13:30] because we do have a beautiful

[00:13:32] brand so many people recognise

[00:13:34] what the name Zealand is so

[00:13:36] yeah.

[00:13:38] And like a globally

[00:13:40] recognised product

[00:13:42] and there's some contention

[00:13:44] with Australia at the moment on the

[00:13:46] trademark.

[00:13:48] Let's not get into that.

[00:13:50] Let's not get into that.

[00:13:52] What we might do

[00:13:54] is

[00:13:56] I want to switch the conversation now

[00:13:58] to where to for you

[00:14:00] and what you've learned but

[00:14:02] on today's edition of Small Business

[00:14:04] Banner talking with

[00:14:06] Gavinda Raju

[00:14:08] about starting Zealandia

[00:14:10] with a husband

[00:14:12] and then growing the business

[00:14:14] and taking our

[00:14:16] COO role, control, day to day

[00:14:18] operational responsibility

[00:14:20] and now setting it for

[00:14:22] a future where

[00:14:24] you don't have to be

[00:14:26] involved day to day

[00:14:28] and you get some reward

[00:14:30] for that investment

[00:14:32] of emotion and money and time

[00:14:34] and energy.

[00:14:36] So now

[00:14:38] you've gone through an awful lot

[00:14:40] you left

[00:14:42] safe employment to go into this

[00:14:44] business. You had one small business

[00:14:46] prior that was the

[00:14:48] authentic flavours

[00:14:50] authentic Indian food so

[00:14:52] is

[00:14:54] Small Business

[00:14:56] the preferred pathway now for you

[00:14:58] having

[00:15:00] been involved in too

[00:15:02] compare that with getting a job?

[00:15:06] My lifetime ambition

[00:15:08] is to

[00:15:10] this is big picture thinking.

[00:15:12] So my lifetime ambition is to be

[00:15:14] off service to people

[00:15:16] so this I get from my dad

[00:15:18] my dad worked as

[00:15:20] a warehouse manager

[00:15:22] at Indian Railways

[00:15:24] for a number of years

[00:15:26] and he saw

[00:15:28] a lot of

[00:15:30] misery and happiness

[00:15:32] coming through that warehouse

[00:15:34] in terms of the staff

[00:15:36] the labour they didn't have a financial plan

[00:15:38] and what he did was

[00:15:40] to help them out

[00:15:42] so when there was a funeral

[00:15:44] or there was a marriage they would borrow money

[00:15:46] at a very high interest rate

[00:15:48] and never be able to pay back

[00:15:50] so he created a financial system

[00:15:52] where people were

[00:15:54] able to pool in funds from

[00:15:56] their each paycheck and it became

[00:15:58] a big fund sort of thing

[00:16:00] and then they would borrow money

[00:16:02] from that fund to fund whatever

[00:16:04] milestone

[00:16:06] or big...

[00:16:08] Your family, your family happening

[00:16:10] Yeah, yeah, yeah and

[00:16:12] my dad ran that for nearly

[00:16:14] 10-15 years and

[00:16:16] he changed and impacted

[00:16:18] a lot of lives

[00:16:20] he didn't know

[00:16:22] that there would be so much impact

[00:16:24] by the time he retired

[00:16:26] he had already seen hundreds of people's lives through that

[00:16:28] and that

[00:16:30] kind of affected me too

[00:16:32] in some shape, way and form

[00:16:34] so I'm

[00:16:36] not trying to be my dad but I just want

[00:16:38] to be able to create impact

[00:16:40] in women's life

[00:16:42] I've had my dad empower me

[00:16:44] in many growing up

[00:16:46] as a teenager, as an adolescent

[00:16:48] as a young adult

[00:16:50] so I want to be able to

[00:16:52] be that source of empowerment

[00:16:54] for the other women in my community

[00:16:56] women and children mean a lot to me

[00:16:58] I don't know why, don't ask me why

[00:17:00] but that's my passion

[00:17:02] so I want to create something

[00:17:04] 10 years down the line, 15 years down the line

[00:17:06] when Zelandia is self-sufficient

[00:17:08] it can sustain by itself

[00:17:10] and I'm not required

[00:17:12] I want to create a social business model

[00:17:14] where I have

[00:17:16] women

[00:17:18] working in that business

[00:17:20] and give back to the community

[00:17:22] so if I

[00:17:24] yes, I will be in small business

[00:17:26] I'm not a corporate person, I don't think

[00:17:28] I have the tenacity

[00:17:30] to be all the mindsets

[00:17:32] to be in a corporate

[00:17:34] you have those, you have

[00:17:36] the tenacity to be in small business

[00:17:38] and to go through what you've

[00:17:40] gone through

[00:17:42] so yeah, you've

[00:17:44] that's I think one of the

[00:17:46] fundamental tenets

[00:17:48] of being successful

[00:17:50] in small business is

[00:17:52] sticking at it

[00:17:54] having a plan

[00:17:56] and all those things

[00:17:58] but it's not easy

[00:18:00] in that post, I'm just looking at it now

[00:18:02] the quote was running

[00:18:04] day to day between kids school

[00:18:06] and sports

[00:18:08] you managed to fit it in

[00:18:10] amongst a whole lot of other

[00:18:12] things so

[00:18:14] maybe that's where

[00:18:16] that empowerment

[00:18:18] for women is coming from

[00:18:20] you had to balance

[00:18:22] a whole lot of things

[00:18:24] yeah

[00:18:26] STEM was something that you also

[00:18:28] talked about in your post as well

[00:18:30] so

[00:18:32] yeah, and your father's

[00:18:34] influences

[00:18:36] is in your own DNA

[00:18:38] he did that

[00:18:40] whilst he was an employee

[00:18:42] of the railways

[00:18:44] so it wasn't

[00:18:46] something he had to do but it was something

[00:18:48] he needed or wanted to do

[00:18:50] yeah, he just

[00:18:52] volunteered to do and he never took

[00:18:54] a payment for it, it was

[00:18:56] established as a trust

[00:18:58] yeah, and he did that

[00:19:00] otherwise I'm really

[00:19:02] proud of him

[00:19:04] well, we need

[00:19:06] mentors and heroes

[00:19:08] so now

[00:19:10] for

[00:19:12] looking back on what you've learned

[00:19:14] there are other

[00:19:16] mentors

[00:19:18] or

[00:19:20] coaches or supporters

[00:19:22] that you would

[00:19:24] draw on more quickly

[00:19:26] or in a different way next time

[00:19:28] you're in small business, you've done a lot of stuff

[00:19:30] you kind of learnt as you go

[00:19:32] but reflecting on that

[00:19:36] do you think there would have been

[00:19:38] an opportunity to bring in

[00:19:40] not investors per se but other

[00:19:42] counsel or

[00:19:44] advisors or mentors

[00:19:46] I think it is so lonely

[00:19:48] in small business

[00:19:50] and we bust our chops

[00:19:52] to do it but I think more

[00:19:54] and more we've got to be open to the idea that

[00:19:56] there are good people who can

[00:19:58] help us, we've just got to

[00:20:00] ask

[00:20:02] I do have

[00:20:04] a few

[00:20:06] of trusted advisors that I lean on

[00:20:08] so and without them

[00:20:10] I don't know where I would have been

[00:20:12] so I am grateful

[00:20:14] I did for those business

[00:20:16] mentors that

[00:20:18] I sought out and asked them

[00:20:20] if they would be my happy to

[00:20:22] be

[00:20:24] my sounding board

[00:20:26] to share any ideas

[00:20:28] or how am I feeling

[00:20:30] sometimes like you said it is

[00:20:32] a lonely path

[00:20:34] the life of a business owner can

[00:20:36] be so awful

[00:20:38] sometimes that

[00:20:40] you do need someone who

[00:20:42] has been in your path before

[00:20:44] to understand, to have that empathy

[00:20:46] for you

[00:20:48] so who are those people? You don't have to say who they are

[00:20:50] but were they like friends

[00:20:52] with business experience or were they

[00:20:54] trusted professional advisors

[00:20:56] or...

[00:20:58] So one of them is a, two of them

[00:21:00] are trusted professional advisors

[00:21:02] so I meet them through

[00:21:04] one of them through the New Zealand Mentors Group

[00:21:06] through

[00:21:08] a local economic development agency

[00:21:10] and they've got this thing going

[00:21:12] through mentorships so two of those

[00:21:14] are from that and another one

[00:21:16] is a friend who's also

[00:21:18] business owner

[00:21:20] and yeah so every time I feel

[00:21:22] yeah I need

[00:21:24] some ideas or balancing ideas

[00:21:26] or share stuff so I just

[00:21:28] rock about his place

[00:21:30] and then I've got my accountant as well

[00:21:32] who is pretty approachable

[00:21:34] and friendly so we have a chat about things

[00:21:36] yeah

[00:21:38] So in that case the accountant's open

[00:21:40] to talking more broadly

[00:21:42] about you and the business

[00:21:44] as well as looking after the

[00:21:46] statutory and financial obligations

[00:21:48] Yes

[00:21:50] In terms of

[00:21:52] if you were sitting here

[00:21:54] and you're advising me

[00:21:56] on getting into a small business

[00:21:58] and this is kind of partly about

[00:22:00] wrapping up the interview today

[00:22:02] What are your

[00:22:04] key

[00:22:06] advice to

[00:22:08] someone in a corporate role

[00:22:10] now looking to or thinking about going

[00:22:12] into business or somebody who's already

[00:22:14] in and is

[00:22:16] it's hard so what are

[00:22:18] your top three

[00:22:20] maybe pieces of advice

[00:22:22] Yes I'm glad

[00:22:24] that you said top three because

[00:22:26] yeah so first

[00:22:28] have some rainy day savings

[00:22:30] and don't

[00:22:32] try and save money

[00:22:34] by

[00:22:36] not seeking legal advice

[00:22:38] so it's important to have

[00:22:40] some basic form of contracts

[00:22:42] from a lawyer

[00:22:44] just have a

[00:22:46] go see your lawyer

[00:22:48] in your community

[00:22:50] and you can

[00:22:52] get into a small business

[00:22:54] and you can do

[00:22:56] some of the things that you're

[00:22:58] a lawyer in your community

[00:23:00] get a commercial contract

[00:23:02] drawn up so that you

[00:23:04] are when you enter

[00:23:06] because business is not straight forward

[00:23:08] you cannot trust everybody from day one

[00:23:10] trust needs to be

[00:23:12] earned but if you have

[00:23:14] something legally binding with a

[00:23:16] window or with a customer

[00:23:18] you have that safety

[00:23:20] net in place and

[00:23:22] insurance if you're

[00:23:24] a product or a service based insurance

[00:23:26] and if your product or service

[00:23:28] can impact other people's lives

[00:23:30] make sure that you have insurance

[00:23:32] because you never know

[00:23:34] if something

[00:23:36] bad happens

[00:23:38] you don't want to be selling your family home

[00:23:40] or the assets that you build up for

[00:23:42] your own family you don't want to be in a position

[00:23:44] to sell those

[00:23:46] Which sounds a lot like

[00:23:48] pre-empty or legal

[00:23:50] advice well in advance of

[00:23:52] something maybe before you

[00:23:54] even get rolling

[00:23:56] you do understand the risk

[00:23:58] that if it's a product

[00:24:00] and something happens

[00:24:02] consumers could

[00:24:04] come looking for you

[00:24:06] exactly

[00:24:08] and with that

[00:24:10] you also talked in there about legal agreements

[00:24:12] I think you're referring to

[00:24:14] you're in a product

[00:24:16] and a distribution business so

[00:24:18] you were talking then about supply or agreements

[00:24:20] is that

[00:24:22] supply or agreements and also

[00:24:24] a contract with your

[00:24:26] distributors so you want to be

[00:24:28] crystal clear about your

[00:24:30] commerce terms you know you just want

[00:24:32] to make sure that

[00:24:34] you're a small business owner you're not

[00:24:36] rare you may or may not

[00:24:38] have a lot of capital backing

[00:24:40] so if you're relying on

[00:24:42] those precious dollars to come through

[00:24:44] it might as well pay to

[00:24:46] have some sort of legal advice

[00:24:48] you don't have to spend tens

[00:24:50] of thousands of dollars just

[00:24:52] a couple of hours with the lawyer

[00:24:54] just to give you a heads up

[00:24:56] couldn't agree more

[00:24:58] so many

[00:25:00] we started talking about family

[00:25:02] businesses and how many small

[00:25:04] businesses are family businesses

[00:25:06] and trust is kind of assumed in a lot of cases

[00:25:08] or it's completely not there

[00:25:10] one extremes

[00:25:12] so anything

[00:25:14] that's a wonderful place to start

[00:25:16] that there is some embedded trust

[00:25:18] but you've got to

[00:25:20] before you go into business

[00:25:22] you've got to be able to say well

[00:25:24] let's just

[00:25:26] take a moment to think about if it doesn't work

[00:25:28] what's going to happen and

[00:25:30] what is our process because

[00:25:32] if you're in a family business or

[00:25:34] you want to

[00:25:36] you want to remain family

[00:25:38] even if there's

[00:25:40] some kind of dispute

[00:25:44] thank you so much for

[00:25:46] your time today on Small Business Banta

[00:25:48] your post on LinkedIn

[00:25:50] was very

[00:25:52] refreshing and honest so

[00:25:54] I wish you well with getting the

[00:25:56] Zalandi honey up to where

[00:25:58] you want to get it to

[00:26:00] people want to reach out to you

[00:26:02] have a chat you open to that

[00:26:04] and if so where's the best place

[00:26:06] for them to find you

[00:26:08] they could reach me out

[00:26:10] reach out to me on LinkedIn

[00:26:12] that's one way or they could

[00:26:14] follow us on Instagram

[00:26:16] and I'm always there on the messenger

[00:26:18] there so they could

[00:26:20] happily reach out through that

[00:26:22] way as well yeah

[00:26:24] thanks so much for your time today

[00:26:26] wish you really well

[00:26:28] thank you

[00:26:30] thanks for your time Mike

[00:26:45] so that is all for today's episode of Small Business Banta

[00:26:47] I continue to be inspired

[00:26:49] bringing you small business experts

[00:26:51] and other small business owners

[00:26:53] and hearing their stories

[00:26:55] if you want to listen to any past episode

[00:26:57] jump on to your

[00:26:59] podcast platform of choice

[00:27:01] and search Small Business Banta

[00:27:03] there you will find a

[00:27:05] diverse and fascinating collection

[00:27:07] of small business owners and experts

[00:27:09] openly discussing and sharing

[00:27:11] their experiences

[00:27:13] for any of the links, resources

[00:27:15] or information we've talked about

[00:27:17] on the show today

[00:27:19] or to contact me please head over to

[00:27:21] SmallBusinessBanta.com

[00:27:23] you can find us on Facebook and Instagram

[00:27:25] and it would be great to have

[00:27:27] you tune in the same time next week

[00:27:29] for another episode of Small Business Banta

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