In a Chinese proverb, a farmer and his son’s cherished stallion ran away one day, prompting neighbors to lament their bad luck. The farmer, however, responded with, “Maybe so, maybe not. We’ll see.” The horse returned with wild mares, and the neighbors celebrated their good fortune, but the farmer maintained, “Maybe so, maybe not. We’ll see.”
Later, when the farmer’s son broke his leg trying to tame one of the mares, the villagers saw it as terrible luck. Again, the farmer’s response was the same. Later army recruiters spared the farmer’s boy because of his broken leg. Friends praised his luck, yet the farmer’s response remained the same.
This story teaches us that events cannot be definitively labeled as good or bad, and only time reveals the full picture. It encourages us to live with a balanced perspective, accepting life’s circumstances as they come, rather than constantly judging them as positive or negative. Embracing uncertainty and taking things in stride leads to a more comfortable and fulfilling life.
This proverb was one point of conversation in today’s Entrepreneur Story with Chenmark’s Vice President, Channce Fuller. Read on for more wisdom from Channce as well as some background on what Chenmark does.
What are three things every Entrepreneur should know?
Channce believes that every entrepreneur should have the following mindsets and skills in order to survive as an entrepreneur or business owner:
- Humility:
Entrepreneurship is unpredictable, and there’s no way to anticipate everything you’ll face. It’s crucial to approach it with humility and a willingness to admit that you don’t know everything. Embracing a mindset that allows you to look foolish or make mistakes while learning is a necessary part of the journey to become an expert in your field.
2. Self-Awareness and the Ability to Reground in Yourself:
Entrepreneurship comes with its share of ups and downs. The ability to maintain a humble mindset when you’re in the midst of a high, as well as being able to remind yourself of how far you’ve come when you hit a low, will be paramount to success. Even just surviving this human life requires self-awareness.
In everyday experiences, our beliefs and self-confidence are challenged. When you make the leap to start your own business, you’re opening yourself up to a new level of challenges and struggles. Remaining humble while maintaining belief in yourself and your mission will help you not lose yourself.
3. Adaptability and Coping Mechanisms:
Recognize that things will inevitably go wrong in entrepreneurship. However, remember that you’re still breathing, still healthy, and are still able to reground yourself. Having coping mechanisms or strategies to navigate lows is essential for long-term success.
Life is constantly changing, as is the entrepreneurial landscape. It’s a rollercoaster ride whereby, when things are going well: a crash will certainly follow. Staying humble will make the crash less jarring. Similarly, when things aren’t going well: the rollercoaster is just gaining momentum for the next peak. Staying adaptable to this up-down nature will be helpful in staying sane and motivated throughout your entrepreneurial journey.
What problem does your business solve and who are its customers?
Chenmark began with the three founders looking for a small business to purchase and run, which ended up being a landscaping company. Soon after that, another landscaping business contacted them enquiring about the possibility of their own business being purchased. Both of the owners of the companies were old and looking to retire.
Long story short, the three founders realized that there are a lot of aging and retiring owners of phenomenal businesses: with good cash flows, solid business models, and product or service offerings that are truly sought after. In these instances, it’s not that the businesses aren’t going anywhere, it’s simply that there’s no one to take them over.
Essentially, Chenmark solves the problem of helping these retiring business owners exit their companies. They align with these retiring owners, assist them in exiting their businesses, and find individuals or groups interested in purchasing and running these businesses, thereby preserving their legacy and identity.
Chenmark operates in various industries, including tourism, agriculture, manufacturing, and retail, helping retiring owners across a wide range of businesses transition to new ownership.
What inspired you to become an Entrepreneur?
Like so many of the entrepreneurs we speak to, Channce doesn’t really think of himself as an entrepreneur. What he’s truly passionate about is leading and developing people – another interesting consistency we’ve noticed with a few Entrepreneur Stories. Channce believes that business is the best “venue” so to say to do this in.
Any operational role offers you the ability to watch people learn, grow, and get better, whether it’s running your own business or not. This was the goal for Channce, to help people evolve, this is his driving factor.
He mentioned that Chenmark as a whole is a very people-focused organization. They never sell a business that aligns with them and that they would, ultimately, acquire themselves. Channce also views himself as being a very people-focused person and so, naturally, Chenmmark is a great fit for him to pursue his passion of helping others grow.
Knowing what you know now, how would you have spent a million-dollar investment when Chenmark first started?
Had someone given Channce a million dollars to start Chenmark 2.0, there are certain things he would’ve changed. Mostly based on incorporating different learnings because he believes the Chenmark business model as a whole is a good one. One significant change would have been the way they recruit and develop leaders for the business.
In the early days of Chenmark, they learned that recruiting experienced leaders to walk into a business acquired from a retiring owner could be challenging. Channce credited this learning to James Higgins, a phenomenal partner at Chenmark. James made the observation that it’s very difficult to tell if someone has the grit and passion to be in it for the long haul with an acquired business, no matter their experience as a leader.
This inspired the idea to recruit young, passionate individuals who aligned with the company’s values rather than focusing solely on specific skill sets. These recruits spend time at Chenmark headquarters and then work within existing Chenmark family companies, growing and evolving within the organization. After several years, they are prepared to become CEOs.
Channce Fuller would likely have implemented this leadership development program from the start, recognizing its value in finding the right leaders who share the organization’s values and are prepared to take on leadership roles within acquired businesses.
This adjustment reflects a commitment to a people-focused approach, a key aspect of Chenmark’s success and Channce’s personality.
What is your proudest accomplishment as an Entrepreneur?
Channce’s proudest accomplishment, in this role and any others, has been developing people. Even before Chenmark, Channce was a leader at another organization and he recounted a situation where he offered guidance to a senior leader. One who grappled with effectively conveying his ideas to the company’s leadership and executive team.
Through Channce’s coaching and support, this individual experienced a transformation in his communication skills, ultimately leading to his success and a renewed passion for his career, even after having spent over three decades in the industry.
Channce also reflected on a deeply moving experience involving a co-op/summer student who presented him with a two-page, handwritten thank-you card. This heartfelt expression of gratitude truly moved Channce and reminded him why he is so passionate about helping people.
What big goals are you looking to achieve?
Channce is focused on helping Chenmark transition to the next stage of growth. They’ve already made over 30 acquisitions and have grown to employ over 600 people so Channce acknowledged that he’s just one cog in a very well-oiled machine.
That being said, Channce went on to say that Chenmark plans to position itself for future growth while maintaining its commitment to executing effectively. Channce emphasized the value within Chenmark of “chase better every day,” which underscores their dedication to continuous improvement and striving for excellence in all their endeavors.
Essentially, the main aim is to remain focused on their daily pursuit of improvement and growth.
We loved getting to know Channce’s perspective and exploring how this perspective has helped him grow into the Vice President he is today. With a focus on growth and supporting others, it’s no wonder Channce has reached the level of success that he has.
How does your perspective align with Channce’s? How does it differ? How has it helped and hurt you on your entrepreneurial journey? Let’s chat about it! Get in touch with Amplomedia to share your own story.
