Secrets to Building a Thriving Business
Why do some businesses thrive while others struggle just to survive?
The difference often comes down to more than just products, services, or market timing. To grow a business successfully, owners need a combination of:
- A product or service that truly appeals to customers
- A deep understanding of their market
- Strong, consistent leadership
- Solid financial awareness
But most importantly, the best business owners cultivate an intangible culture that sets them apart and drives long-term success.
Owning a small business is a dream for many. Yet building a business that grows — and one day sells for maximum value — is no easy task. In today’s M&A market, we’re still in a seller’s market: fewer quality businesses are available, and multiple buyers are competing for them.
From my own experience — owning two businesses and helping sell more than 30 others — I’ve seen certain qualities consistently present in companies that succeed. Here are the cultural “secrets” successful owners embrace:
1. They Respect Their Employees
Respect is at the core of every great company. Employees want to feel their opinions matter, that their work has impact, and that their leaders care.
Successful owners:
- Give regular feedback to help employees improve
- Publicly recognize individual and team wins
- Create a culture where employees treat customers better because they themselves feel respected
When employees feel valued, they deliver better results — for the customer and the company.
2. They Share in the Financial Success
When employees share in profits, everyone becomes invested in the company’s growth.
Owners who offer non-qualified profit-sharing plans often see their employees start to think like owners. When year-end checks are tied to company performance, employees naturally:
- Sell more
- Manage costs better
- Protect profitability
This simple shift creates a win-win: employees are motivated, and the company thrives.
3. They Value Transparency
Transparency builds trust. While not every piece of information should be shared, employees appreciate being kept in the loop on both successes and challenges.
If you have a profit-sharing program, sharing key financial updates is essential for setting goals and keeping teams aligned. Credible, open communication builds loyalty and long-term commitment.
4. They Invest in Employee Growth
The best companies view their employees as their greatest asset. That means:
- Providing structured onboarding for new hires
- Assigning mentors during the first six months
- Budgeting annually for training and development
- Promoting from within whenever possible
Few things demotivate employees more than being overlooked for advancement in favor of an outside hire. Beyond professional growth, successful owners also invest in employee experiences: planning outings, team events, and celebrations that build connection and morale.
The Bottom Line
Growing a successful business takes work, but the formula is clear: respect your employees, share in financial success, practice transparency, and continually invest in your people.
Business owners who embrace these cultural “secrets” don’t just build stronger companies — they build more valuable ones that attract buyers when it’s time to sell.
This article was written by Sam Thompson, CBI, M&AMI. Sam is the president and founder of Transitions In Business, a Twin Cities based M&A firm that specializes in selling business to business and healthcare, transportation, manufacturing, distribution and construction/trade services companies. Sam is a Merger and Acquisition Master Intermediary (M&AMI) and a Certified Business Intermediary (CBI) who has successfully guided countless business owners through the sale or merger of their company. Prior to becoming a business broker, Sam was a successful CEO and business owner for 29 years before selling his $16 million conference and event management company. If you have questions about this article and would like to connect with Sam click on the link below.
