From the Family Business to Business Growth: Craig Talks Business Lessons with Steven Pettigrew

In this episode of Know Your Numbers, host Craig Alexander Rattray sits down with Steven Pettigrew, a business owner and entrepreneur who has experienced the highs and lows of running a family business and striking out on his own. Steven candidly shares his journey of navigating the challenges of stepping into the family business straight out of school, and eventually realising it wasn’t the right fit for him.

Steven discusses how his early experiences shaped his understanding of business ownership, resilience, and growth. From balancing cash flow to handling setbacks, he offers invaluable insights into the realities of running a business – the hard work behind the scenes that many don’t see. His story is one of learning from mistakes, staying agile, and building a business that reflects his vision.

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Key Topics Discussed Include:

• The emotional journey of working in, and then leaving, a family business.
• Balancing the demands of cash flow, forecasting, and growth in a small business.
• The hidden challenges behind the "highlight reel" of business success.
• How to make smarter financial decisions by knowing your numbers.
• Steven's approach to navigating setbacks and building resilience.
• The importance of finding your purpose and staying true to your business values.

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Key Takeaways:

• "The reality of business isn’t the cars or the holidays - it’s the late nights, tough decisions, and cash flow struggles."
• "You need to know your numbers to make informed decisions and avoid costly mistakes."
• "Building a business is about adapting and learning - success is in the process, not just the outcome."

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Memorable Quotes:

• "People only see the highlight reel. They don’t see the 15 years of hard work and pain it took to get there." - Steven Pettigrew
• "As a business owner, you’re wearing all the hats - at least until you can build a team to take some off your head." - Steven Pettigrew
• "If you don’t know your numbers, you’re just guessing - and guessing doesn’t pay the bills." - Craig Alexander Rattray

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Key Timestamps:

• 00:49: Stephen's Early Career and Family Business
• 02:46: Challenges and Lessons in Family Business
• 05:01: Realizing the Family Business Wasn't for Him
• 08:20: Financial Management in Small Businesses
• 13:57: Monopoly Capital's Investment Approach
• 20:12: Importance of Financial Forecasting
• 32:05: Final Thoughts and Contact Information

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Resources Mentioned:

• The Know Your Numbers Podcast: Listen to more episodes for actionable advice and inspiring stories.
• Connect with Steven Pettigrew: Find him on LinkedIn to continue the conversation.
• Craig Alexander Rattray’s Website: Learn more about how Craig helps businesses grow here.

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