barbarossa
New member
Would GREATLY appreciate any thoughts, advice or perspectives on this.
My cousin (33 y/o female), abruptly inherited an equipment rental company a few years ago. She had worked at that company on a part-time basis for the 2 summers prior, so she knew the customers and the main operational structure, but no granular detail. It's now been 5 years and the company has done well, but I can't help but feel like she needs a stronger grasp on the little things. For example, parts are ordered every month, and this bill is usually $30K-$50K, and even if she itemized the receipt line by line, she wouldn't know enough to argue (or even question) it. The employee that does the ordering was her ex-lead mechanic (decision was amicable to my understanding) and he is very knowledgeable in mechanics and the equipment of her company. I can't help but wonder what would happen if he were to quit? Apparently the other mechanics are too green to have the necessary know how on what to order just yet.
So my main question, put broadly -
-How do you really dig into data or subject matter that you own, but don't know super well? I know there must be business owners that weren't experts in their business prior to taking it over?
Follow up question -
-What reports should be completed and sent to management regularly/semi-regularly/daily?
My cousin (33 y/o female), abruptly inherited an equipment rental company a few years ago. She had worked at that company on a part-time basis for the 2 summers prior, so she knew the customers and the main operational structure, but no granular detail. It's now been 5 years and the company has done well, but I can't help but feel like she needs a stronger grasp on the little things. For example, parts are ordered every month, and this bill is usually $30K-$50K, and even if she itemized the receipt line by line, she wouldn't know enough to argue (or even question) it. The employee that does the ordering was her ex-lead mechanic (decision was amicable to my understanding) and he is very knowledgeable in mechanics and the equipment of her company. I can't help but wonder what would happen if he were to quit? Apparently the other mechanics are too green to have the necessary know how on what to order just yet.
So my main question, put broadly -
-How do you really dig into data or subject matter that you own, but don't know super well? I know there must be business owners that weren't experts in their business prior to taking it over?
Follow up question -
-What reports should be completed and sent to management regularly/semi-regularly/daily?