Real Business Owners

In Episode 287, Luke Peters joins Trevor Cowley to share his journey as a seasoned entrepreneur and expert in scaling businesses. Luke recounts his experience of starting NewAir in his garage and growing it into a national brand with over $600 million in cumulative sales. After two decades of leading the business, navigating tough decisions, and tackling the challenges of scaling, Luke successfully sold the company in a mid-eight-figure deal in 2021.

Key insights from this episode include:

• The hard lessons learned from 20 years of running and scaling a business.
• How Luke identified untapped opportunities in the market by focusing on unique appliances, such as portable air conditioners and wine coolers.
• The importance of building systems and hiring top talent to sustain growth and ensure the business can thrive without being dependent on the founder.
• Practical strategies for preparing your business for a potential sale, even if selling isn’t on the immediate horizon.
• Why founders need to focus on solving the right problems and optimizing for long-term success.

This episode offers a deep dive into the realities of entrepreneurship, with actionable advice for business owners who want to scale effectively and position their companies for success. Whether you’re a startup founder or an experienced CEO, Luke’s insights will help you take your business to the next level.

Catch the full episode to learn from someone who’s been through it all and come out on top.

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Episode Notes: Real Business Owners Podcast with Luke Peters

Host: Trevor Cowley

Title: Scaling to 8 Figures, Overcoming Challenges, and Building Teams That Win with Luke Peters

Episode Highlights:

• Guest Introduction:

  • Luke Peters, founder of NewAir, shares his entrepreneurial journey of growing a garage startup into an $80M enterprise, culminating in a mid-8-figure exit after 20 years in business.
  • Insights on the ups and downs of scaling a business, overcoming challenges, and building a strong team to drive growth and success.

• Entrepreneurship Realities:

  • Building a business is tough—success often requires years of persistence, grit, and overcoming setbacks.
  • Luke’s journey: 15 years of trial and error before hitting a stride in the final five years.

• The Exit Experience:

  • Emotional impact of exiting after 20 years: Relief, better sleep, and a sense of freedom.
  • Transitioning out of the business while staying involved during the private equity handover.

• Lessons on Leadership and Team Building:

  • The importance of hiring A-players to scale the business and reduce the entrepreneur’s workload.
  • Investing in top-tier talent and creating a structured, process-driven company culture to attract and retain the best employees.
  • Giving leaders ownership and accountability to drive company growth and prepare for exit.

• Challenges in Scaling:

  • A near-crisis during a warehouse move and software failure highlighted the need for experienced team members and robust systems.
  • Recognizing when to delegate and hire specialists to address critical pain points.

• Overcoming Mental and Operational Challenges:

  • Managing stress and anxiety through journaling, finding pros amidst challenges, and maintaining perspective.
  • Importance of addressing the right problems to avoid stagnation and keep the business moving forward.

• Preparing for an Exit:

  • Key steps: Building strong financials, audited reports, and a high-performing leadership team.
  • Aligning employee incentives with company goals to ensure everyone is working towards a successful sale.

• Life After Exit:

  • Transitioning to entrepreneurship coaching and new ventures.
  • Luke’s passion for helping other business owners scale, solve problems, and achieve their own successful exits.

Key Takeaways:

1. Building a great team is critical—A-players can elevate your business and help you achieve your goals faster.
2. Prepare your business for an exit long before you plan to sell by focusing on financials, systems, and leadership.
3. Stay resilient during challenging times by focusing on progress, addressing key problems, and maintaining a long-term perspective.
4. Your business is your biggest investment—focus on growth and profitability before shifting attention to external investments.

Connect with Luke Peters:

• LinkedIn: Luke Peters
• YouTube Channel: Strategy by Luke

If you’re looking to scale or plan your exit, schedule a free call now!