This article was originally published by www.profitguide.com on January 16, 2015. View the original article in full here.
The Halifax-based entrepreneur on the value of patience, franchise success and his new business.
What drives entrepreneurs? What caused them to start their first startup, and what pushes them to keep going? To find out, we ask some of Canada’s most successful serial entrepreneurs 7 Questions.
In this instalment, we talk to Bill Redfern. Redfern is founder, president and CEO of A Buyer’s Choice Home Inspections, which he founded after two decades in the real estate industry. The company operates on a franchise model, with operations in 14 countries. The Halifax-based Redfern is now set to launch a second business, Intelligent Home Care Solutions or iCare.
As he prepares to diversify his business interests and move into a new industry, we asked Redfern to explain what makes his entrepreneurial life so rewarding:
Question 1: When did you know you wanted to become an entrepreneur?
Bill Redfern: I grew up in an entrepreneurial family and I sensed it within my blood early on. By the time I was in my late teens, there was no question about it.
Question 2: Who is your entrepreneurial role model, and why?
BR: I have always admired Howard Schultz of Starbucks. His never-ending enthusiasm and passion for his business along with the people that work with him make it a concept that’s special and possible.
I also appreciate the work Dave Liniger of RE/MAX has done. Dave is seen as a disrupter of his day, coming into a well-established real estate market and offering a better solution to realtors. He did a fantastic job on a macro scale around the world in a well-disciplined franchise system.
Question 3: What do you know now that you wish you’d known when you started your business?
BR: Patience. Entrepreneurs can often be very impatient with the success of their business, which can lead to frustration.
Question 4: What is the hardest thing you’ve had to do as a business leader?
BR: The hardest thing I’ve had to do as a business leader often is related to replacing people. For the health of the company, I have to be selective in both staffing and with our franchise partners.
Question 5: How do you prioritize your time?
BR: I prioritize my time so that the productive portion of the day is spent working towards our strategic objectives. Typically, I wake up at 3:30 or 4:00 am and go early to the office. The majority of the day I’m focused on iCare and A Buyer’s Choice Home Inspections’ development, specifically growth and strategic sales development. Of course, I also try to leave time for things that come up and must be addressed as well.
Question 6: How do you define success?
BR: The definition of success changes depending on where you are with your business. With iCare, we found success with the first franchise sale. Since A Buyer’s Choice Home Inspections is more established, we found success in 2014 with the 200th franchise opening. It’s relative to where you are in your journey, but success happens with each objective that is met on an ongoing basis.
Question 7: What excites you most about your company’s future?
BR: Growth excites me. A Buyer’s Choice Home Inspections started franchising not long ago and already we have a tremendous presence in 14 countries. It’s exciting to look towards the future and think about where the company will be next year and how many more franchise partners will be taking advantage of our unique opportunities.
iCare has exponential growth potential, with an even wider prospect base. There is a phenomenal opportunity for a large number of qualified candidates, for both unit and master franchises. I am excited to spread the concept and allow people to remain in their own homes while they age instead of considering the high cost of assisted living.