Rapid growth from 5 Business Acquisitions & eCommerce Growth during COVID – Steve Greenspon - EP 53

Rapid growth from 5 Business Acquisitions & eCommerce Growth during COVID 

Innovation and differentiating are ways that ensure success in any industry and especially in an industry like homeware. These may include coming up with new designs and utilizing technology to the maximum.

In this episode of the Page One Podcast, Luke Peters speaks with Steven Greenspon, the founder and CEO of Honey-Can-Do international. A leading provider of home storage, organization, garment care, ethnic cuisine preparation, and other housewares.

Steven shares the strategies that his company utilizes in its operations that makes it different from other homeware companies out there. Listen in to learn the process of acquiring smaller companies and why Steven believes it might be harder than acquiring mid-sized companies.

Key Takeaways:

• How to set up an effective work-from-home strategy for your employees during the Coronavirus period.
• The importance of investing in potential retailers and having effective communication.
• Learn how you can manage your time effectively attending only to important things.
• The advantage of having honest effective employees.
• Understanding the acquisition process of new companies and what to look for before acquiring.
• How you can innovate and differentiate in your industry to make your products unique even in a common industry.

Episode Timeline:

• [0:29] Intro
• [2:20] He explains what his company does which is primarily a home storage organization.
• [3:38] How Honey-Can-Do International took early steps to deal with the COVID-19 to keep things running smoothly while still protecting the employees.
• [7:12] He explains how their working from home strategy has worked out perfectly.
• [10:19] He gives information about the size of the company’s workforce and its physical location.
• [12:10] How they deal with consumers directly through eCommerce and with specific retailers.
• [13:28] The growth in the eCommerce sector and investing in growing and potential retailers.
• [15:09] He talks about the challenges of dealing with retailers.
• [19:25] Steven explains how he effectively manages his personal and professional time.
• [21:38] Why he loves his position as the CEO and the tasks he performs to ensure company growth.
• [24:38] He describes the networking show held by the IHA organization that brings housewares companies together.
• [27:55] He speaks about his time at the LDR industries and the cause of his eventual leave.
• [31:07] The process of acquiring other businesses and how to differentiate them.
• [36:35] He describes the emotional attachment of smaller companies that makes it difficult to acquire.
• [38:34] How they’re innovating and differentiating in a common industry like homeware.
• [42:03] He shares the mistakes that cost the company money by trusting incompetent employees.

Quotes:

• “We learn something new in the process of every single acquisition that we’ve done that we see this as a great opportunity for the future in terms of growth.”- Steven Greenspon [34:49]