Neal Spencer | Local Leaders Achieving Success
Seven local entrepreneurs share their journeys from humble beginnings to thriving businesses. Discover the challenges they faced, the breakthroughs that fueled their growth and the insights that drove their success.
Neal Spencer
Ernest-Spencer
What was your first job and how did it impact you?
My first job was at Ernest-Spencer. Being a family business, I had opportunities at a young age to learn the business from the ground up. I was able to learn hard work, dedication to job and pride in workmanship. Considering I took the business over after a tragic loss of my father at the age of 30, the things I learned from my first job ended up being invaluable to my long-term success.
What advice would you give to someone who wants to run their own business?
While my primary business has been in our family for generations, I have had the opportunity to start a number of new companies. My advice is to have a solid plan on how to grow the company past its initial startup. It is critical to understand how important it is to develop a solid brand with top-notch marketing, and to fully document your internal business procedures so that the business can scale up. Too often I see companies fail because they didn’t have a scalable business strategy.
What qualities do you believe are most important in a business leader?
Successful business leaders have a number of characteristics that will allow a business to flourish. First and most important is the ability to communicate a plan and direction for the business. Solid leaders communicate to their team and then allow for healthy communication internally. Second is the concept of helping others to be their best. The idea of going to work as a leader and doing what you can to help others around you succeed will drive a healthy work culture. This concept directly contradicts the stereotypical boss that barks orders at his or her employee. Treat people with respect and help them be their best!
What has been your biggest failure, and what did you learn from it?
A number of years ago I started a new company that was not anywhere near our core business of making manufactured goods for OEMs. The new business required a ton of working capital on startup, and even more so, a tremendous amount of my time. I utilized critical resources in this new business and quickly found that it distracted from the primary business. It was a double-edged sword in that both the new business and the primary business suffered as a result of being spread too thin. The lesson learned: don’t lose track of the successes that got you there or they may suffer.
What is your proudest business achievement?
My proudest business achievement would simply be that we are here and finding success. I took over Ernest-Spencer at the age of 30 after the loss of my father. I remember being scared to death! Not knowing which direction to go at times, grieving the loss of my best friend and feeling tremendous pressure to not let others down. By the grace of God, a supportive wife and pure determination, we have been able to quadruple the size of the company in the last 17 years. My proudest achievement is simple ... to be in business!
What impact do you hope your business will have on the community?
Impact on community has always been one of the core values of our business. As a 102-year-old Kansas-based company, we directly relate our success to the community and the people within it. Giving back to our communities by helping to make them comfortable, safe and desirable places to live is important to the identity of our companies. My hope is that Ernest-Spencer will continue to make a lasting impact on our community for many years to come.
