As a business owner, if you haven’t faced legal issues, then you really aren’t a business owner. On this episode of The Roadmap, the ASBN all-exclusive resource designed to educate entrepreneurs, business leaders, and executives on the value of scaling and exiting their businesses. Host Lee Heisman sits down with Kevin Adamson, P.C. Personal Injury Attorney, to extract his business information from him based on legal journey.
The reality, according to Adamson, “I didn’t have a specified entry point into the industry when I started my practice straight out of law school. I didn’t know what I was doing, so I had a little bit of everything; from criminal to corporate law to being a sports agent, I had a national board accreditation, so I felt I needed to do corporate law to make it worth it.” However, once he was approached by a colleague to review a sports contract, it led him to create his agency for 15 years.
The sports agency is the only law firm on the east coast with a full training combine facility behind it. Adamson notes, “It began as a marketing strategy, but he quickly identified it was a great revenue stream. Through working with my clients, I was also introduced to their sport performance coaches, which means our facility has the best performance coaches in the country.” Conversely, as a business owner, Adamson knew the facility was the revenue generator, and the players were elevating their careers, forcing Adamson to travel outside the office. Hence, he entered into a partnership to “hold down the fort.”
"It's fun to be versatile, but it doesn't monetize well."
Ultimately, Adamson began to spread himself too thin. The partnership ended, and he realized he needed to streamline one business avenue to remain the most lucrative. He also claimed, “Being a part of the sports agency was fun and fruitful, but it wasn’t the best usage of my time as a business personnel.”
According to Adamson, your staff can be your biggest asset or downfall. “Somewhere along the way, I learned you will always have two choices.”
- You could hire the best
- You could hire the best available
This emphasizes that if you’re hiring potential employees solely since they’re available and can’t perform well, that’s not a long-term solution. However, if you stop chasing employees based on filling the “chair” and rely on the best you already have, you will have greater employee retention in the long run.