Conversation with Bob Titmas
Purpose: the moment of power is effort multiplied by perspective. Thus the effort we apply can be leveraged by the perspective from which we look at the desired result. The larger the perspective, the less effort we need for the moment of power. Purpose creates the perspective.
Bob Titmas, owner and CEO of ABCO Fire since 1992, is a successful entrepreneur with a clear vision of purpose. A vision that is inspiring and powerful. Bob sees business as a way to express oneself and to connect with others. He shows purpose to be a force that moves business and life forward.
In this conversation, Bob and Jack discuss the beauty of having a purpose as well as its practical implications. The most important of which is how purpose can influence one’s business decisions, specifically how it shapes exit strategy.
The podcast consists of the following two parts. The second part is also available as an article, 5 Insights into Exit Strategy.
Part I : About purpose and the moment of power. (00:00 – 28:15min)
Bob and Jack address purpose from multiple and often unexpected perspectives:
- How does it feel, to be empowered by purpose?
“What a beautiful gift to have a business to express myself through.” (Bob)
“It’s really about having something bigger than myself.” (Bob)
- What is the connection between purpose and profit?
“The profit is simply a reflection of the value that’s been created.” (Jack)
- How does purpose relate to ownership?
“We are just being the stewards of the resources we’ve been given.” (Bob)
“If we are fortunate enough to be in leadership positions, or ownership positions, then we have the responsibility of stewardship.” (Bob)
- Is there purpose in the race of life?
“Why are you getting on that hamster wheel? Why are you chasing that thing when you don’t even know what the value of that thing is?” (Jack)
“Did you learn to do anything about what brings meaning to you or happiness to your lives?” (Jack)
Part II: Insights into Exit Strategy (starts at 28:15 min):
“Owners don’t need to sell the business. Why would they build something up over the course of decades, then sell it at whatever price?” (Jack)
“And they go and take their wealth, and they put it in something that they are led to believe that has less risk but they have totally less control.” (Bob)
“The reason why they have been good as an entrepreneur is that they’ve learned how to tilt the table in their favor, and so they are taking the cards out of their hand and giving them to somebody else.” (Bob)
“No maybe about it, a gut-wrenching experience of leaving all of that behind.” (Jack)
Resources mentioned in the podcast / audio:
- Vagabonding: An Uncommon Guide to the Art of Long-Term World Travel by Rolf Pott.
- Do You Matter?: How Great Design Will Make People Love Your Company by Robert Brunner, Stewart Emery, Russ Hall.
- The 7 Habits of Highly Effective People: Powerful Lessons in Personal Change by Stephen R. Covey.
- Start with Why: How Great Leaders Inspire Everyone to Take Action by Simon Sinek.
- The 80/20 Principle: The Secret to Achieving More with Less
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- An Introduction to Austrian School of Economics: “Austrian economists use logical, deductive reasoning and view the subjective values of real actors as the ultimate cause of all economic outcomes. Austrians emphasize private property, entrepreneurship, free markets, and sound money as the key drivers of economic performance. Led by Ludwig von Mises, F.A. Hayek, Murray N. Rothbard, and other scholars, the Austrian School features distinctive theories of money and capital, the business cycle, the role of the entrepreneur, and the effects of government intervention in markets.”
- Poor Charlie’s Almanack: The Wit and Wisdom of Charles T. Munger – You can find much written by and about both Warren Buffett and his long time business partner Charles Munger. This book is a fun, fast read worth, as the reviews say, its weight in gold.