Learning from Failure & Embracing Setbacks: Rich’s Auto Glass

As business owners, we often face tough decisions impacting not only our companies but also our personal lives and reputations. One of the most challenging decisions is shutting down a second business that’s not performing well. How can you know when to do this and how to do so without tarnishing your image? And how do you go about learning from “failure” and embracing setbacks? To guide us through this, we have Rich Beierle, owner of Rich’s Auto Glass, with firsthand experience in making such decisions. 

Rich’s AutoGlass is a family-owned and operated business in Kern County, celebrating its 23rd year in business. They provide comprehensive auto glass repair and replacement services, including advanced driver assistance systems (ADAS) calibration. Rich’s insights are invaluable for any business owner facing similar challenges.

Rich Beierle, owner of Rich's Auto Glass in Bakersfield, CA talking about when to shut down a second business that's not performing well without tarnishing your reputation.
Rich Beierle, owner of Rich’s Auto Glass in Bakersfield, CA talking about when to shut down a second business that’s not performing well without tarnishing your reputation.

When to Shut Down a Second Business

Many visioners have asked us over the years how and when it is time to shut down their second business and how to do so without tarnishing their image in the industry. Rich went through this a while back when he opened and later shut down a limousine business. 

Here’s what Rich had to say:

Financial Considerations

First and foremost, evaluate the financial health of your second venture. Many entrepreneurs turn their business into a dream, often investing more money than they should. The million-dollar question is: When do you stop? 

If your second business is affecting your primary business, it’s time to pump the brakes. Analyze the big picture. Sometimes, the best decision is to shut down the second venture before it leads to bankruptcy. Remember, it’s not a bad thing to fail; failure is how you learn.

Emotional and Personal Impact

For Rich, the decision to shut down his limousine service was driven by more than just financial reasons. It was also about the impact on his family and personal well-being. The limousine business became a financial burden and affected their family time. Recognizing this, Rich decided it was time to hang it up and refocus on their core business, Rich’s AutoGlass.

Learning from Failure

Failure is a critical part of learning and growing as a business owner. Rich emphasizes how failure is not something to be ashamed of; it’s a necessary step towards success. Reflecting on his own experience, he learned valuable lessons from running and eventually shutting down his limousine service. 

When considering whether to continue with a struggling business, ask yourself these questions:

  • Is this business financially viable?
  • Is it impacting my primary business negatively?
  • Is it affecting my personal life and well-being?

If the answer to these questions points towards shutting down, then it is a wise decision.

When to Hand Off Phone Duties

Another common challenge for business owners is knowing when to delegate tasks like phone duties. Rich’s experience offers a clear answer. About 60 days into his business, he realized the constant phone calls were affecting his ability to provide quality service. He was spending more time on the phone than installing windshields. This realization prompted him to involve his wife in handling phone duties. By carefully analyzing their finances and the accounts they were picking up, they decided it was time to bring in help, even if it meant not paying themselves for a while.

Overcoming Challenges and Maintaining Reputation

Shutting down a business without tarnishing your image involves clear communication and a focus on learning and growth. When you decide to close a non-performing venture, be transparent with your stakeholders. Emphasize the lessons learned and how these will contribute to your future endeavors.

For those struggling or thinking the American dream is dead, Rich offers this wise advice: “If you have a dream and you know in your heart it will work, go after it. Don’t listen to the naysayers. Chase that dream because, down the road, you’ll wish you did if you don’t.”

Conclusion

Knowing when to shut down a business is one of the toughest decisions an entrepreneur can make. However, with careful financial analysis, consideration of personal well-being, and a focus on the bigger picture, you can make this decision without tarnishing your image. Failure is a part of the journey, and each setback provides valuable lessons paving the way for future success.

Rich’s journey of building a successful business is a testament to perseverance, learning, and the importance of making informed decisions. So, if you find yourself at a crossroads, take heart from Rich’s story, and remember sometimes, closing one door lets another one open wider.

Check us out on YouTube, Facebook, Instagram, or LinkedIn

Reach out to our guest’s website: Rich’s Auto Glass