Podcast #58

“Company Aquisition”

Featuring Kelly Schols

Intro: Welcome to Profiles In Prosperity, the leading podcast for residential service contractors, sponsored by Service Roundtable and hosted by David Heimer.

David Heimer: Hi, this is David Heimer, welcome to Profiles In Prosperity. Kelly Schols is with us today. Former president and owner of CPI plumbing in Mount Vernon, Washington. And now a published author, speaker, coach, and mentor. Kelly was a keynote speaker at Service World Expo. He’s been a speaker at our Success Days and he’s an advisory board mentor for Service Nation Alliance. So we have a lot of experience with Kelly. He’s just published a book, Never By The Book, so we’ve got a lot to talk about. I should also say before we get started, that I have tremendous admiration for Kelly, not just because he built a great company, but because he’s a guy that has been faced with tremendous adversity in his life, both personally and professionally, and he always found a way to overcome that adversity. And he’s been very generous about his experience, he’s just a generous human being. He helps others, he shares his success, and he is a big contributor to his community. So Kelly Schols, welcome to Profiles In Prosperity.

Kelly Schols: Thank you, David. Thank you for having me on, I appreciate it.

David Heimer: So you sold your business. What led to that and how did that happen?

Kelly Schols: In the beginning of 2018, I put together a plan with my partners and at the time I was getting into more coaching, of course, you know, working with Service Roundtable and Service Nation Alliance, and then also working with Blue Collar. And I was stepping away from the business more and more and I have two partners that are running it. So I went home at the beginning of 2018 and I said that they could earn out more stock over the next three years. At the time I owned 65%, between the two of them, they owned 35%. And I said, over the next three years, if you guys hit certain metrics, I’ll gift you more stock each year. And with that, I’m only going to work a week a month, so I can focus more on the coaching and training.