Grow Your Business Episodes

Entrepreneurs start bootstrap companies and leverage their unique skills to grow a business. As they achieve success, many founders fall into the same trap, where they hold on to too many responsibilities and struggle to delegate tasks effectively. As a cannabis entrepreneur, you need actionable solutions to this challenge. So in this week's episode, Chip provides effective steps every cannabis business owner can take to increase your company's value and delegate tasks off your plate. We ...

Most every cannabis business starts small. It’s you and maybe a few investors realizing your dream of starting up a new cannabis venture, maybe in a state that just went legal. A lot of small businesses, cannabis or otherwise, stay small though either by choice or because they start chasing growth in the wrong places. So, this week let's talk about your cannabis business and its growth. Chip reveals the main factor why some businesses never achieve scale and realize growth. And we'll discus...

Do you feel stuck in the middle of your cannabis business, and maybe can’t even take a vacation? Well, the good news is there’s hope! And good reasons to get your business to run itself. A cannabis business that’s not dependent on its owner is the ultimate asset to own. It allows you complete control over your time so that you can choose the projects you get involved in and the vacations you take. And when it comes to getting out down the road (if that’s in your plans), a business independent...

We’re headed into uncertain economic times. Between inflation, and the continuing war in Ukraine to another election where all these folks seem to do is yell at each other from the top of their lungs. And while the cannabis industry has generally been mostly immune to rough economic times, and even grew during the pandemic in a lot of ways, it still creates complications in running your cannabis business. One of these best strategies includes following general guidelines on how others hav...

As more and more states legalize the plant, cannabis businesses – even existing ones – are presented with more profit-earning potential. But before you start any business, you need to have some idea of what the industry landscape is like: What's the earning potential? What risks will you face? Who's your competition? Given the cannabis industry’s relatively short history -- and with new states coming online all the time -- the industry is always changing and evolving. Which means for both the ...

Embracing digital adoption and integrating data tools properly are two critical ingredients in the recipe of successful cannabis businesses. In fact, the use of data that has been prevalent in mainstream companies of all shapes and sizes is starting to gain traction in the cannabis industry. And that's because using data properly can be a total game changer in terms of data utilization on your cannabis business’s sales and overall profitability. So, in this week's episode Chip welcomes Jeffrey...

You probably already know that a customer or employee dependency can undermine the value of your cannabis business, but have you ever stopped to think how one of your suppliers could also lead to a valuation drop if you ever want to sell your business? In our study of over 55,000 business and thousands of actual transactions, we know that acquirers want to invest in businesses that inoculate themselves against danger. And, being dependent on a supplier can be a risk. So in this week's episode,...

It's tax time again, and that means it's time to pay Uncle Sam! It also means the IRS once again ramping up audits of cannabis businesses. Yes, it seems as though the IRS is emerging from a COVID-induced slumber to once again set their sights on marijuana companies in legal states. And, when you understand that the average IRS audit of a cannabis company returns nearly 6 times the dollars to the Treasury per hour as compared to the average mainstream business audit, it’s easy to see why cannab...

While taking time off from work is often much-needed to get away from a hectic work life, research also shows that it is important for your health. Whether you have three days, one week or two weeks of glorious vacation time, doctors say that if you don’t take advantage of this break from work, your stress and mental health will suffer. But for the cannabis entrepreneur, it can be tricky. Between when and how you should take time away to your employees knowing your company’s philosophy on ...