Running a business might sound easy for some but it’s actually the biggest challenge you will face as an entrepreneur. It’s like having a second life that you need to take care of. Many people, whether a beginner or experienced businessman, fail at running a small business. What is even more impressive is if you take control of a 7-figure business and do well. Chad Felderhoff, the current CEO of Muenster Milling Company, has done just that and has now employed about 50 people across 3 campuses. His company is now generating multiple 7-figures annually. Imagine the pressure and stress Chad is facing to maintain this number. So, how does he do it?
First and foremost, Chad is a very hardworking entrepreneur. This is one of the major reasons why he is able to reach that 7-figure income even if it’s impossible for all other companies in the same industry. From the first time he worked as an employee to the time he bought his business from his father, his hard work always results in positive outcomes. He was eager to take the company into his hands by doing everything he could that made sense from a business perspective.
Chad is capable of running Muenster Milling Company because he sees the business as a business. He doesn’t just envision his family brand as a company that produces the same pet food products over and over again. He thinks of what is in-demand and tries to come up with ideas in order to make something of value for the company, for instance, the freeze-drying pet food was his idea that helped improve sales. He sees a business as a thing that could transform over time as long as you have the concept of how to do so. This is what keeps him running the business successfully.
Chad does not tolerate wrongdoings even if it’s a family member who does it. He actually fired his mother during the time when they were still family employees. That’s one example. Firing his mother and going to Thanksgiving the next week was not the best timing but he had to do it. He could have kept his mother on board and tolerated her mistakes. But since he thought of the company as a business that needed proper control, he took the chance to make things right. Even if it was his mother, he did not let personal emotions and family relationships affect how he managed his family brand.
He always proves himself. If there is one characteristic a businessman needs so that he can run a million-dollar company, it is being able to prove that he can. Chad has had this characteristic since the day he entered his family business. He was able to prove to his parents that he was a trustworthy employee. Although his parents refused to give him a company card, that did not stop him from showing them what he was truly capable of. Even today, as a CEO, he always delivers the best results for the company.