P49: 🎊 Group Call XXII 🎊 Profit-Sharing, Company Culture, & Building a Family Biz
Video & Audio of Our Call:
Background:
It’s been two years since Austin interviewed Matthew Nix, the President of Nix Companies. Now he is back as our guest on our Group Call 22 sharing his business knowledge with our fellow group callers and Patreon members. In case you haven’t seen his interview, check out Matthew Nix of Nix Companies (on Episode 121). Matthew provides a brief update on the Nix Companies, their current situation, and their growth for the past two years. Everyone in the Group Call was chimed in with their questions and Matthew provided them with awesome answers and tips that were extremely beneficial for their own businesses. Here’s more background information about Matthew and Nix Companies.
In 2004, Matthew joined Nix Companies, which is a family business grown by his father and grandfather. Since that time, he has made major contributions to the company, helping it grow to 100 team members with a nationwide reach. For 5 consecutive years, Nix Companies has been named to the Inc 5000 Fastest Growing Companies in the US. Other achievements include being one of the Best Places to Work in Indiana in 2018 and 2019, Posey County Business of the Year, and Indiana Companies to Watch. Matthew is focused on growing a company known for excellence in its people and culture. He also has a great passion for helping other small business owners to succeed and become positive contributors to the community.
Time-Stamped Show Notes:
- [0:36] Matthew: gives a brief background about himself and his business.
- [6:44] Austin: curious if Matthew’s business has already diversified into other types of services.
- [8:10] Adam (Our World Traveler): wants to know what particular product propelled the most growth in Matthew’s business.
- [9:00] Matthew: enumerates some of the services he has introduced that made a great impact on his business.
- [15:10] Austin: gives his own thoughts about the importance of safety within the company.
- [16:28] Alex from Mountain View, CA: asks about how to build up a family business and make it last for several generations.
- [20:10] Matthew: shares some of the issues of having families and relatives involved in the business.
- [23:23] Anthony from Ireland: touches on the issue of competing with China and the Chinese suppliers.
- [31:17] Matthew: focuses on keeping their vision, mission, core values, and company culture alive and practicing it daily.
- [33:40] Austin: brings up the topic of profit-sharing for employees.
- [36:50] Matthew: delves more into the culture of his company.
- [37:42] Austin: talks about a company that offers $5,000 bonus to their employees for them to quit.
- [38:40] Asante from Chicago: brings in the issue of technology and robotics in the manufacturing industry and the new skillset that a worker has to have today.
- [43:06] Stephen from Austin TX: shares an eye-opening issue that involves college debts.
- [45:04] Anthony from Ireland: curious if there is more red tape that is affecting the small to medium-sized businesses in the US.
- [47:03] Matthew: provides a little bit of info about having the needed runway for their company, especially during critical times such as the global COVID pandemic.
- [52:26] Alex from Mountain View, CA: wants to know how you can find a great coach and mentor.
- [52:35] Matthew: offers some tips on how you can meet these mentors and business coaches.
Our Members on Group Call 005:
Key Point from Our Group Call:
- Matthew: “I’ll tell you what we need, it’s really earth-shattering stuff. We need people that will show up on time, that know how to talk to one another, have an actual conversation with one another, that can communicate, that can be respectful, show up on time, don’t fail the freakin drug test. I mean, that’s it, that’s it. It’s harder and harder to find those very basic things.”
Resources Mentioned:
- LinkedIn: Matthew Nix
- Facebook: @nixcompanies
- NixCompanies.com
- NixMetals.com
- NixEquipment.com
- NixCoatings.com
- 3 New Corporate Officers Promoted in Nix Companies
- Nix Companies Adds to Their Portfolio a Fabrication Company
Our Member Map:
Secret Resources:
