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Episode 68: Health, Wealth & Family Business

In this episode of the Family Business Show, host Michael Palumbos, from Family Wealth and Legacy in Rochester, New York, introduces us to Ryan Margolin, CEO of Professional Hair Labs, a global leader in cosmetic bonding. The conversation delves into Ryan's journey into the family business, revealing his transition from a background in sales and marketing to leading a company amidst an economic downturn.

Ryan shares the compelling story of how Professional Hair Labs originated from his parents' experience in the hair replacement industry and their desire to create safe products following a health scare caused by industry-standard chemicals. This mission drove the company's evolution from a small-scale operation to a global entity, with a focus on safety and innovation in cosmetic bonding products.

The discussion highlights the challenges and strategies involved in scaling a family business, emphasizing the importance of branding, marketing, and adapting to international markets. Ryan's insights into succession planning, dealing with counterfeit products, and fostering a positive company culture provide valuable lessons for other family businesses.

Additionally, Ryan's personal vision for the future centers on achieving a balance that allows more family time, underlining the unique dynamics family business owners navigate between professional ambitions and personal commitments. Through this episode, listeners gain a comprehensive understanding of the complexities and rewards of steering a family enterprise in today's global market.

Episode 68 Transcript


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Michael Palumbos: Welcome everybody to the family business show I am your host Michael Columbus from family wealth and legacy in Rochester New York and today we've got a very special show for you.



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Michael Palumbos: We are joined by Ryan margolin and Ryan owns professional hair labs, which is a world leader in cosmetic bonding.



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Michael Palumbos: which I don't know a thing about and so i'm really excited to learn from Brian from Ryan and Ryan, you know his family business he's got family members, working with them, so I think we're pretty excited to have you on the show today and learn from you, Brian.



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Ryan Margolin: Welcome back thanks thanks Michael I appreciate it looking forward to I haven't the chat.



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Michael Palumbos: yeah so one of the things that we like to do is just kind of allow our guests, to give their you know what was your journey getting in you know working in a family business.



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Michael Palumbos: Just your past life before you know doing what you're doing with professional hair labs then we'll take it from there.



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Ryan Margolin: My journey started predominantly in sales and marketing throughout the years I had different jobs with different companies and then 2009 there was there 2008 2009 there was the economic downturn.



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Ryan Margolin: Forced everyone in existence to kind of reassess where they were at where they wanted to go and an opportunity aligned pretty well at that point my father had a business.



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Ryan Margolin: I was looking at it in Ireland at the time, he was in Florida, and he had said to me, though, you know i'm not happy about certain things the way the business is going start growing it's stagnant.



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Ryan Margolin: fluctuating between certain levels of revenue each year but can't really seem to break that threshold, he was like do you want to come over and have a look see what you think and initially the answer was no I didn't really want to move myself my wife and my daughter at the time.



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Ryan Margolin: I only have one daughter at the time, sorry now our three kids but I didn't really want to route them up and move them, but we reassess that and we decided look, I mean what's the worst that.



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Michael Palumbos: can happen.



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Ryan Margolin: You know, things aren't really great here we have an opportunity to be assessed and try something new, so we eventually went.



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Ryan Margolin: And I spent the first six months learning about the business my parents have always been involved in the hip replacement industry, they own.



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Ryan Margolin: studios in New Jersey New York and Florida, and what happened was in the early kind of late 2000 are kind of the sorry 19.



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Ryan Margolin: About 1990s the early 1990s, my mom got chemical poisoning from the products that she was working.



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Ryan Margolin: And it forced her into early retirement, so my dad sold the businesses and he focused on creating a product line that was safe for clients and for technicians.



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Ryan Margolin: And that was the first thought that was kind of the inception of professional hair labs and actually started in 94 and then in 2009 when I flew over to join.



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Ryan Margolin: took a look at what was going on learned as much as I could about the business and.



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Ryan Margolin: Really when it all came down to be changed, three really simple things there were key things but simple things and it allowed us to triple revenue and realize that.



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Ryan Margolin: There was other opportunities and possibilities and we had validated the product, and we were ready to start exploring global opportunities, which is when.



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Ryan Margolin: Two years later, in 2011 we opened up our European location and from there it's kind of build strength on strength so that's that's the kind of bird's eye view of the backstory.



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Michael Palumbos: that's great so basically it's kind of the same as mine, I was in sales working for Xerox and.



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Michael Palumbos: You know, kept hitting the glass ceiling, you know it's like you're trying to move and dad said, you know knock knock knock and I swore I would never be in business with my father, so you know dad was a wealth advisor before me that's a and then the rest is history, I love it.



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Ryan Margolin: The other day, but that's the beauty of it is, though, you know as much as you, you know have plans things change, and you can have things that you.



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Ryan Margolin: want to stick to that you don't end up sticking to in the end, but look I think what's for you is not you know it won't pass you by, so I think it's just about going into every opportunity with an open mind.



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Michael Palumbos: yeah I think the other part of it is that there's a built in trust factor it's not like a stranger calls you up and says hey take a look at this, this is, you know your family who has always had your back even when you were frustrated with them, they still always had your back.



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Ryan Margolin: yeah I mean there's pros and cons to that part of it, too, but I think you know at its core when you remove all of the other variables I think that's what it comes down to it comes down to communication and trust yeah.



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Michael Palumbos: So talk about the business a little bit you know if you don't mind, what is the what's the evolution, you know where you started, what are you doing today what are some of the.



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Michael Palumbos: toughest things that you've overcome in running the business and what are some of the things that you're most proud of.



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Ryan Margolin: is so the company started as solely as a provider of.



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Ryan Margolin: products to the hair replacement industry, the non surgical side, so we would have provided.



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Ryan Margolin: Cosmetic bonding adhesive shampoos scout treatments those sorts of products that would help individuals maintain a healthy scalp before the attached there we go there hairpiece.



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Ryan Margolin: And over the years, the company has developed from that into manufacturing its own.



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Ryan Margolin: Product line and other custom formulas for other companies in the cosmetic space as a whole, so body care skincare hair care.



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Ryan Margolin: We really diversified our portfolio of abilities and naturally heavy investment had to come at the back of that to to to grow in that manner.



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Ryan Margolin: So that that's really where the company started now what where it's at right at the moment is it's at a crossroads, you know we've we've opened up the whole scope of the cosmetic industry to what we can provide.



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Ryan Margolin: But what we've realized now it's it's not just about the products that we supply it's about the education of what's really going on on the cosmetic industry and why companies who don't manufacture their own products in house.



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Ryan Margolin: You know why they need to be careful about who the chooses their manufacturing partner so education is become a key part of that.



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Ryan Margolin: and fortunately for us we've always been in a position where we've never had to rely on selling our information in terms of the education, so we always just provided free of charge, and naturally the byproduct of that is built relationships and sales.



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Michael Palumbos: It sounds like there's a core purpose and values behind your company that might be a little different in the rest of the marketplace.



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Ryan Margolin: yeah I think it all it all comes from the initial concept of why the company was started, and it was putting the safety of clients and technicians at the forefront of everything we do so everything we put out, we will make sure that it is safe and effective as possible in terms of performance.



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Michael Palumbos: Great so I know that you know we didn't sign that way we're talking about family business here, but you know family business is 70% of the businesses out in the world, and I have to believe that some family members.



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Michael Palumbos: Probably use your product somewhere along the line so do you mind sharing maybe some of the differentiating things with your product and maybe even like you know it gives a little education to the people that are on here about these things do you mind doing that.



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Ryan Margolin: No, no, I can give a good overview of and so.



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Ryan Margolin: Typically, in our industry from a branding perspective for individuals who have lost hair through hereditary means or whether it's health issues like if they've had cancer and they're going through chemo and they've lost their hair naturally they you know there's various things.



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Ryan Margolin: It doesn't bother some people when they lose it but for some people it's detrimental to their mental health.



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Ryan Margolin: So naturally they need a solution for that so in our industry it's really two types of products they're solid based and there's water based.



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Ryan Margolin: Naturally solvent base are not really safe for skin uses, you can imagine the you know the agents, at which you make sense to them resolved so.



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Ryan Margolin: Our industry hasn't been governed say by the FDA or any authority throughout its history.



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Ryan Margolin: So what's ended up happening is that a lot of the manufacturers i've literally got away with murder and they've been able to mix their products would say.



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Ryan Margolin: ingredients such as tall you me, so I mean taxi derivatives of gasoline known carcinogens and what we wanted to do was change the way the industry operated.



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Ryan Margolin: create a new application process with a water based solution that didn't have chemicals and that's the difference between the two products, you know typically most products in the market right now would be.



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Ryan Margolin: solvent based, whereas we provide safe water based solution and it's become hugely popular, not only for individuals who were here but it's also transitioned over into state film theater.



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Ryan Margolin: eyelashes eyebrows so there's a whole range of use for the product, now that we did originally have in our scope during development.



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Michael Palumbos: that's interesting you know it's funny when you know where purpose comes from and for you is very personal.



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Michael Palumbos: and out of that came something incredible I have to believe you know you just looking at your bio and things that we've talked you know that we've done pre show.



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Michael Palumbos: You took a product, you know and distributed distributed nationally, but then you made that big jumped into.



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Michael Palumbos: It tell us about that, how do you how do you take a product from you know we we handle things in the US, here and now we start switching that internationally I think there's a lot of family businesses out there who you know, have done a great job in the US, but haven't made that switch.



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Ryan Margolin: And and that's a great question because to me at the very beginning of the journey same 2011 2012 it was probably the biggest learning curve for me so.



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Ryan Margolin: Say 2009 spend some time learning about the business we get small things to grow, the revenue tripled it.



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Ryan Margolin: And I was like Okay, you know cool you know we've got this and I know what we're doing why we're doing and how we're doing it so let's take those same principles and methodologies and let's just bring them into Europe and let's go ahead and dominate that marketplace so fast.



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Ryan Margolin: Yes, yeah.



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Ryan Margolin: What I basically what I implemented in the European side fell flat on its face, so it was a huge, it was a huge eye opener for me.



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Ryan Margolin: In terms of when you're dealing internationally you've got culture you've got language barrier which you've got.



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Ryan Margolin: Just different demeanors of individuals who do business and how they do business and that took me.



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Ryan Margolin: A long time i'd like when I say a long time it took me a good year and a half to really come to terms with how to develop those business relationships.



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Ryan Margolin: And when you start to get one or two you start to you know, obviously gain a bit of momentum.



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Ryan Margolin: And the the product supply and the product awareness in the different countries then become more evident but it becomes easier to deal with people that.



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Ryan Margolin: So that was a huge learning curve, for me, especially coming from a family business it's like okay Look, we know we've tried and tested these methods they work.



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Ryan Margolin: let's just go ahead and duplicate that but it's never that simple, no matter what country in the world, she working and as a collective in a family business, you have to be willing to.



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Ryan Margolin: You know, remove the veil of fear of making those mistakes and amongst each other, because you know you're there for the same purpose and you're going to make those mistakes and you need to be able to.



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Ryan Margolin: lift each other up and have each other's back when things aren't going to go right or things are tough and there's been many of those moments yeah.



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Michael Palumbos: I think it's that that mindset that you just kind of alluded to fail and grow fail and grow, and you know, one of the things I heard from a parenting perspective is a great question to ask your kids as they're growing up is what did you fail at this week.



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Michael Palumbos: Yes, no it make failure.



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Michael Palumbos: really something to be celebrated and then, what did you learn from that.



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Ryan Margolin: Exactly you know and that's I think you know that's a whole other topic of conversation that I think is you.



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Ryan Margolin: You get older and you get more experience you realize that there was a lot of things that maybe weren't done for you as a child or growing up that.



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Ryan Margolin: You felt might have had an impact on you, for the better, and those are the things you try to give to your kids so.



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Ryan Margolin: You know in today's day and age, I think, more specifically in today's day and age it's vitally important to be asking those questions because life isn't you know roses a you know you're going to have hard times fail more than you're going to mean.



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Ryan Margolin: But in those failures that the you know the opportunities come so it's important that you keep your kids aware of that, I wish I wish I would have had that growing up, rather than the constant shielding and trying to be protected, you know.



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Michael Palumbos: Right yeah what I had that was the driver for me and I, you know love and respect my father, obviously, but I never really felt he said no, you can't do that an awful lot how's that.



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Michael Palumbos: yeah every time that drove me when somebody says you can't do that that's like I have to now.



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Michael Palumbos: You know.



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Ryan Margolin: It think about that for a minute, though it's like when somebody says to you, you can't do that or you shouldn't do that all that's being done there is that they're projecting their fears on.



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Ryan Margolin: Right you're looking at that, and if, and if you continually hear that what you allow into your brain will eventually become the the wheel that turns all the time and.



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Ryan Margolin: it's one of the you know, fear and anxiety or two, I think the key drivers that people's progression and especially in a family business because you have different personalities.



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Ryan Margolin: And while sometimes things don't go well, if you don't see eye to eye the love is there and and the care is there.



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Ryan Margolin: So you need to be able to be you know, to have that that that mindset shift of being empathetic enough to put yourself in somebody else's shoes, because you might not be able to.



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Ryan Margolin: Always relate to the fear and anxiety and feeling that you also need to be strong enough to say let's break this down for a minute.



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Ryan Margolin: Let me.



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Ryan Margolin: share something with you that might help you right now and it's month, so it said it's important to have that circle around you know it's vitally important so.



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Michael Palumbos: How many family members are in the business today.



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Ryan Margolin: So in the daily operation there's three of us there's myself and my two brothers and my dad is he he's more of a board member at the moment, so he basically comes in at the high level executive, you know side to.



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Ryan Margolin: provide feedback or decisions on things that that needs to be made with the operations, but the daily operations just myself and my two brothers.



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Michael Palumbos: Now you all located in the same city, are you in different cities.



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Ryan Margolin: know what my my brother darryl he's located in Ireland, but my brother David is in Florida, because we have two locations, we have one in Florida on an island so.



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Ryan Margolin: brother David is chief operating officer he makes sure the operations are running smoothly over there and then my brother died was Vice President, so he would kind of be heavily involved in the processes of, say, sales communications stuff.



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Michael Palumbos: As you were going through and growing the business, how did you decide what was the decision factors for who gets you know which title and roles and where are you at how did that work for you guys.



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Ryan Margolin: It was some very honest conversations and I remember it very clearly, so we were at the point where.



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Ryan Margolin: For many years, the lack of experience we didn't realize the importance of having a succession plan in place when we realized, you know look we're on a really heavy growth.



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Ryan Margolin: curve here, and if we don't do something now it's going to be nothing but detrimental to the business down the line, so we you know we sat at a table for for a day or two.



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Ryan Margolin: discussing many things and has very open and honest conversations, but when it all came to life, I suppose, when we came to the end of those conversations we realized that beyond new.



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Ryan Margolin: collectively and we're comfortable with what we could contribute and what we might not be stronger individually and that kind of.



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Ryan Margolin: When we wrote all those down it just it was very clear on paper, who who needs to have what you know, and from that moment, we just say you know what this makes sense, we made the decision.



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Ryan Margolin: And we move forward so that that's really how everything came together it wasn't i've seen in certain family businesses where things can be a power grab you know collective of egos come together and.



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Ryan Margolin: everyone's fighting for what they put you know what they see is the top position but realistically that's not always the best way to do it in my eyes it's about finding out what you know what each individual has to bring to the table, whether we points are and then making.



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Ryan Margolin: logical decisions about who should be you know in charge of the company, who should be charged with departments and who should be in charge of operations, and I think it fits very well for us, fortunately.



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Michael Palumbos: A family business coach that i've worked with in the past, says one of his favorite questions is what would be different here if this wasn't a family business.



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Michael Palumbos: And, and you know, for you you've already made those decisions you did exactly what's supposed to happen, we do a skills assessment we talked about them we're honest, we work together to say Okay, based on the skill sets.



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Michael Palumbos: here's where everybody needs to go and we put the titles in there, so we can just run a company, because the family part is different than the business part.



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Ryan Margolin: You know and you're 100% right, and you know there's always there is always a crossover at some point, you know, no matter what your responsibility or your title is like i'm not really a firm believer in titles per se, but obviously they have to exist as part of a structure.



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Ryan Margolin: But I do find that there's times, where it crosses over, and I think it'd be you know the important part of having.



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Ryan Margolin: Good communication is that when that crossover happens you're open enough to realize is like this isn't somebody trying to impede my space.



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Ryan Margolin: This is a, this is a group of us that are that are going towards the same goal, and if there's some feedback that crosses over into it, so be it it's it's a moment so that's all it is.



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Michael Palumbos: right if you're if you're playing in Ireland, it would be football in America.



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Michael Palumbos: But you can't have all strikers, you can have all goalies somebody's got to coach you know it's.



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Michael Palumbos: If you've got a playing field and you have to remember that there's competitors out there that are trying to score in your net and if you don't play the game right they're just going to eat your lunch eventually.



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Ryan Margolin: That and that's exactly it but look, I think you know, for us, looking back on the last five or six years, you know we've learned to.



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Ryan Margolin: Take the good with the bad because they're just moments, and you know, look at in those times, as I said, where it does crossover where we're all open enough to know look, this is only a situation that has to be solved, and then we go back to normal right.



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Michael Palumbos: What when you go back and look at me you've been doing this for a number of years now together um How long have both brothers been involved in business was that pretty soon after you came in.



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Ryan Margolin: Yes, 2009 for me 2011 for my brother darryl and.



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Ryan Margolin: For my brother David so there's there's only four years in the in the space where you know, there was one of us versus all three of us.



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Michael Palumbos: Okay well when you look at, not just the business itself what are some of the things in that 20 year period where.



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Michael Palumbos: They they rock the foundation of where you're at it was tough and you guys were able to pull through Can you give us like just a story about you know something that was tough that you made it through.



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Ryan Margolin: yeah.



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Ryan Margolin: I think it's a that question is really about perspective, because if you look at some of the toughest times, where we've had to make decisions, fortunately, for us, they weren't based on financial.



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Ryan Margolin: Issues that we were having so much more so, based on lack of knowledge and the ability to to be in a position where we have to push ourselves out of our comfort zone to learn so, for example, when we were you know the company predominantly from 94 to 2009 operated in the low six figures.



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Ryan Margolin: By the end of 2011 it was high six figures, so we triple triple the revenue.



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Ryan Margolin: Two years after that came seven figures, plus and then.



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Michael Palumbos: They ask you to pause for a second because I want to hit something so as a cake family out of the just thinking from your business mind what were the things that.



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Michael Palumbos: helped you to triple what were the things that then helps you to double again going through that stuff, what are the pieces, if you look back and said, if I was running somebody else's business here's the things that we did that made a difference.



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Ryan Margolin: There was three things branding marketing and then sales so.



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Ryan Margolin: In 2009 when I went in and looked at the business I realized that the branding was it was really terrible it looked like a very small mom and pop operation which isn't going to really connect with business professionals.



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Ryan Margolin: So that's where we started stripped everything back product labels company logo branding website, the whole lot we rebuilt it.



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Michael Palumbos: Did you bring anybody in for help with that.



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Ryan Margolin: Well, absolutely when he when it came to design and stuff like that yeah absolutely and when it came to the development of, say, the new website.



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Ryan Margolin: But when it came to the to the direction of the business in terms of the the branding guidelines and submit the full input was on our behalf, we did that.



00:21:27.240 --> 00:21:40.440

Ryan Margolin: I knew what well, I had a very good understanding of what it needed to look like, I mean I had come from working you know, a couple of quite large companies in Ireland at the time, so I knew the way the internal operations where they went.



00:21:41.460 --> 00:21:45.930

Ryan Margolin: So I just applied those methods to you know my learning experience towards towards this project.



00:21:47.130 --> 00:21:52.740

Ryan Margolin: Secondly, then when we had all the rebranding done, I spent three months manually building.



00:21:53.220 --> 00:22:03.360

Ryan Margolin: It was about a 5000 list XL list of hair replacement studios in the United States, so because I did all that myself, I was able to understand each state.



00:22:04.020 --> 00:22:14.130

Ryan Margolin: In each area each county exactly you know where the opportunities may log So what we did is, we had a we did a direct mail campaign really simple.



00:22:14.910 --> 00:22:25.110

Ryan Margolin: front and back postcard front was designed product benefits back was testimonials and we have some, we have to really good testimonials from industry leaders in our space.



00:22:25.800 --> 00:22:37.050

Ryan Margolin: which had used the product prior to be launched, he sent them out in batches of three and we because we didn't want to send them out all the same time we didn't have the resources to deal with those types of calls.



00:22:37.590 --> 00:22:45.180

Ryan Margolin: But that we had a ton of calls people ordering one bottle and then that one bottle in four weeks time turned to five bottles 10 bottles 15 bottles and before you know it.



00:22:45.570 --> 00:22:55.380

Ryan Margolin: it's just a snowball effect and we had them taken over a lot of the in house studio work in the replacement industry because we knew our product was stellar.



00:22:55.800 --> 00:23:03.090

Ryan Margolin: It just wasn't be perceived as stellar and people didn't have the opportunity tested so those Those are the three things that we that we did to triple read.



00:23:03.510 --> 00:23:20.790

Michael Palumbos: love it and so talk about, because I think it's really important especially inside of a family business where else have you brought in an outsider to kind of for advice you know you said you did it when you were going through the branding process and the website, obviously.



00:23:21.930 --> 00:23:29.040

Michael Palumbos: What other types of coaches or market assessment people, or whatever you use what it would have you use from the outside.



00:23:29.460 --> 00:23:39.150

Ryan Margolin: So i'm a firm believer is that you have to protect your ears, you have to protect that space between years because the wrong bit of advice could send you on a path that you're not coming back from for many years.



00:23:39.510 --> 00:23:50.610

Ryan Margolin: So I learned that early know thankful, so our key points where we engaged external support was when we broke seven figures and when we broke a fix.



00:23:51.240 --> 00:23:59.940

Ryan Margolin: Because basically when we broke seven figures our systems broke, they just they failed operate, and that was a key thing for us, we were like.



00:24:00.750 --> 00:24:13.050

Ryan Margolin: Going back to the question you had about you know times, where there was a bit of pain that was the biggest pain, because we had such a high influx leads, and all of our systems just collapsed yeah so that we brought someone in then.



00:24:13.440 --> 00:24:23.250

Michael Palumbos: we'll talk about what they're not who that person was, but what did they do what was there, you know what was there if they handed you a business card, what would they call themselves.



00:24:24.030 --> 00:24:26.460

Ryan Margolin: They would basically be an operations consultants.



00:24:26.850 --> 00:24:37.080

Ryan Margolin: Okay, so that that's what it was so, but this individual that we had you know brought into work with us, he also had a lot of experience working in familiar situations.



00:24:37.770 --> 00:24:50.550

Ryan Margolin: And not only that he had a very deep understanding and and it's been understanding of how processes affect everything so he was able to actually give us the systems to rebuild everything the way they should have been, and to me.



00:24:51.090 --> 00:25:01.380

Ryan Margolin: That was part of the learning curve that was accelerated by at least five years, because then that was very also the very moment, where I realized that look in times, where.



00:25:01.860 --> 00:25:06.930

Ryan Margolin: you find yourself completely out of your comfort zone and with a complete lack of knowledge.



00:25:07.560 --> 00:25:17.430

Ryan Margolin: You should be going to somebody else to to to to you know, to get help because you can't you could figure it out yourself, by making all the mistakes, but you're going to set your growth back years.



00:25:17.700 --> 00:25:18.240

Michael Palumbos: Right.



00:25:18.630 --> 00:25:33.690

Ryan Margolin: And you might miss opportunities as well, so the operations was was the seven figure mark and then, once we cross the eight figure mark, it became more about culture and I don't like to sound.



00:25:35.070 --> 00:25:44.190

Ryan Margolin: You know cliche when I say this but, at some point, as the people who have built that company, you have to turn your position from.



00:25:44.700 --> 00:25:51.240

Ryan Margolin: The day to day operations to how you can support the people who are helping the company achieve the goals that have been set out.



00:25:51.660 --> 00:25:57.780

Ryan Margolin: And that was a huge part of a transition, because you have so many things like you know you've done a pastor central you've got.



00:25:58.350 --> 00:26:12.480

Ryan Margolin: lack of confidence in yourself, you have fear and anxiety, you have low, you have a like a complete miss balance there and often to me i've learned there's five key principles to.



00:26:13.680 --> 00:26:20.010

Ryan Margolin: Putting yourself in the position to lead a company effectively people so that was the big change from seven eight fingers folks.



00:26:20.520 --> 00:26:24.900

Michael Palumbos: Oh, so now, you said there's five key pieces you can't just can't tease by.



00:26:26.520 --> 00:26:28.800

Michael Palumbos: telling us what were the five keys for you.



00:26:29.250 --> 00:26:40.200

Ryan Margolin: yeah so that there was so the five keys like I could talk about this all day I think the first the first key point is you kind of have to.



00:26:41.460 --> 00:26:46.530

Ryan Margolin: You kind of have to be your own hero and build and believe in yourself, because ultimately.



00:26:47.670 --> 00:26:51.840

Ryan Margolin: When you like, when you look at this when you're building a business.



00:26:54.060 --> 00:27:05.280

Ryan Margolin: You can't look for outward approved there's going to be a lot of long nights with no applause no recognition know anything, and if the first thing you do is seek outward approval for everything you do you're going to go nowhere.



00:27:06.330 --> 00:27:17.520

Ryan Margolin: When you when you start to you know build that belief in yourself, and I do genuinely think you become so inundated with all of these ideas that.



00:27:18.150 --> 00:27:24.840

Ryan Margolin: you're you want to do so many things, and in order to do that, you need time, but I believe that.



00:27:25.320 --> 00:27:32.400

Ryan Margolin: When you have that time, rather than trying to manage it, you need to learn how to manage your focus, because you only have a set amount of time.



00:27:32.880 --> 00:27:39.120

Ryan Margolin: In the day or setting up the time you can actually work, so if you've got personal relationship to that family, you know you got kids.



00:27:39.600 --> 00:27:44.880

Ryan Margolin: And if you switch your mindset to you know, rather than worry about how much time you have available and.



00:27:45.510 --> 00:27:59.340

Ryan Margolin: What you need to do in that time learn to manage your focus, where you push everything else the site, because time becomes irrelevant and then you you're training your mind to be focused is probably one of the most the single most impactful things that you can do.



00:28:00.570 --> 00:28:06.690

Ryan Margolin: If you if, if you if you don't learn how to do that you're just going to be dragging along the whole time, I believe.



00:28:08.370 --> 00:28:13.920

Ryan Margolin: And when you when you do learn to manage your focus you then come across this this path where.



00:28:15.510 --> 00:28:21.750

Ryan Margolin: you find yourself in this huge amount of momentum right and you're going to make a ton of mistakes and.



00:28:22.770 --> 00:28:29.970

Ryan Margolin: Learning that you know look you're going to make these mistakes and progress is it is progress in any capacity.



00:28:30.510 --> 00:28:39.120

Ryan Margolin: But at the end of the day, you're only really going to truly lose if you stop so recognizing that is that look you're going to you're going to fail, a lot but.



00:28:39.600 --> 00:28:48.450

Ryan Margolin: don't stop whatever you do, because you never know that that last time that you've stopped or the one time that you do stop is that it's the one time that maybe if you've done it.



00:28:48.960 --> 00:28:57.300

Ryan Margolin: Something else is going to change, you know and so there's there's a couple more there there's you know, look at.



00:28:58.770 --> 00:29:07.680

Ryan Margolin: surrounding yourself with the right people is key, obviously surrounding yourself with the right people you know you, you have two choices, you can either surround yourself with people who complain.



00:29:08.490 --> 00:29:23.160

Ryan Margolin: You know project their fears on you as we spoke about earlier or you can choose to surround yourself with people who who force you to set the bar higher for yourself and don't allow you to sit in a comfort zone, because ultimately, if you don't try to push past that.



00:29:24.180 --> 00:29:26.880

Ryan Margolin: you're you know you're just going to stay still you know.



00:29:27.570 --> 00:29:37.860

Ryan Margolin: And then the last piece, for me, which we spoke about earlier was the fear and anxiety thing I think that's The thing that can cripple even the analogy, I use is you know i'll compare it to fire.



00:29:38.550 --> 00:29:49.260

Ryan Margolin: So fire can do two things you know you know, and if you relate it to fear and anxiety, if you allow it, it can paralyze you would stop you, you can just stand still and watch everything around you burn to the ground.



00:29:50.070 --> 00:29:57.840

Ryan Margolin: or two, you can learn how to control that fear and anxiety that that fire and it can cook your food and keep you warm so it's about.



00:29:58.950 --> 00:30:06.480

Ryan Margolin: it's It really is about personal development, when you when you look at all this, you know if somebody said to me a long time ago I can't remember who was but it's if you know.



00:30:07.230 --> 00:30:11.760

Ryan Margolin: If you don't have the business that you want us because you haven't become the person that's required to launch.



00:30:12.300 --> 00:30:16.680

Ryan Margolin: And I think there's a there's a there's there's quite a lot of knowledge in that because.



00:30:17.100 --> 00:30:30.120

Ryan Margolin: Ultimately, when you have problems in your business it's very rarely to do with a problem in your business it's actually to do with a personal problem, something that you haven't developed yet so don't don't that those are my Those are my insights.



00:30:30.180 --> 00:30:42.750

Michael Palumbos: No, I love it, you know and really when you stop and think about it, I I totally agree with everything that you said what I haven't heard before is being the hero of your own story, and I think that's super powerful.



00:30:44.250 --> 00:30:50.790

Michael Palumbos: Because you know, at the end of the day, it's you your brothers and your father that are doing all the work you guys.



00:30:51.030 --> 00:30:55.860

Michael Palumbos: You know, are you know, in the in the Star Wars theme, you are the Luke.



00:30:56.070 --> 00:31:08.460

Michael Palumbos: But, yet there are times when you brought yoda in to help with systems and processes you found your yoda is to say we were still heroes we're still the guys bringing somebody in from the outside, is just leveling up your skill set.



00:31:08.910 --> 00:31:26.340

Ryan Margolin: Absolutely absolutely and and that's the thing I think people fear most is that that the ability to actually admit when they're out of their depth, you know my um it was actually my father in law shared something with me because it's over 10 years ago now, and he said to me.



00:31:27.360 --> 00:31:37.440

Ryan Margolin: it's based upon a quote from a guy named Dale Member, I think it is it, and he said, you know look Brian you can cheat and every aspect of your life, and you can be dishonest with.



00:31:38.010 --> 00:31:42.330

Ryan Margolin: Everyone around you but you can't cheat the person, looking back at you with the mirror and.



00:31:42.810 --> 00:31:48.420

Ryan Margolin: That that to me stuck with me, because you know you, you can build you can believe your own hype all you want.



00:31:48.900 --> 00:31:58.830

Ryan Margolin: But if you're not willing to call to be honest relationship with yourself to ask yourself the tough questions when times get hard, or when there's challenges in front of you you're going to stay still for the rest of your life.



00:31:59.730 --> 00:32:04.350

Michael Palumbos: I don't remember where I got it from but I call that the 11th commandment.



00:32:04.830 --> 00:32:05.820

Ryan Margolin: yeah right okay.



00:32:05.850 --> 00:32:07.740

Michael Palumbos: Now shall not fool myself.



00:32:07.980 --> 00:32:21.690

Ryan Margolin: yeah exactly no but that's if it's it and I think that's one of the key factors in in in any type of growth, whether it's familiar familiar with us or not, you know it's you have to always look at yourself first yeah.



00:32:23.310 --> 00:32:28.320

Michael Palumbos: Talk about your relationships relationship, you have with your brothers in the business.



00:32:28.650 --> 00:32:36.990

Michael Palumbos: What are some of the you know advantages of working with your brother brothers and I think we hit on some of them, and some of the disadvantages, but can you let's verbalize them and put them out there.



00:32:37.680 --> 00:32:44.970

Ryan Margolin: yeah look, I think, on the on the positive side, we grew up in an environment where we get this from our other where.



00:32:45.570 --> 00:32:54.390

Ryan Margolin: we're very empathetic pete and I think that stood to us probably more so than anything is a collective so we're able to put it, you know ourselves and each other shoes and.



00:32:55.080 --> 00:33:04.680

Ryan Margolin: Over the years, we've dramatically improved our communications, because if we're not talking on a daily basis, or even every couple of days things get Austin in.



00:33:06.150 --> 00:33:11.340

Ryan Margolin: The loop and things fall through the cracks so for us those would be the two key things now.



00:33:11.910 --> 00:33:12.570

Michael Palumbos: How did you.



00:33:12.840 --> 00:33:20.220

Michael Palumbos: So let me ask you this real quick so empathy you learn for your mom which I think is awesome because it is so important.



00:33:20.430 --> 00:33:26.970

Michael Palumbos: We have to remember we're always dealing with people, whether they be customers, whether they be employees or family members.



00:33:27.210 --> 00:33:39.660

Michael Palumbos: And if you can't put yourself in somebody else's shoes it's really hard to understand where they're coming from because they have a totally different thought process than you do we're just it's just impossible to be the same.



00:33:40.440 --> 00:33:48.060

Michael Palumbos: But the the communication piece, you said that you worked on and you grew your communication skills, how.



00:33:49.110 --> 00:33:54.480

Ryan Margolin: Just by doing it more often so like i'm usually a believer that the simplest solution is.



00:33:54.900 --> 00:34:06.210

Ryan Margolin: The one that's going to make the most impact so How did we How did we do it by forcing ourselves to communicate with each other more often like at the very beginning there, there was times, where there might have been a bit of either complacency or a bit of.



00:34:06.660 --> 00:34:07.860

Ryan Margolin: Taking for granted that.



00:34:08.190 --> 00:34:19.440

Ryan Margolin: The individual, on the other side of the water or in another room was thinking, the same way, you are, and there was a huge learning curve, as you said, we're not everyone is thinking, the same way, you are, and then, when it comes time where the roads join.



00:34:19.680 --> 00:34:33.870

Ryan Margolin: Your on completely different levels, you know and that creates friction and then it creates it creates problems where if you're talking every day, you can perceive things coming up, and you can actually jump over those hurdles before they really become you know.



00:34:34.650 --> 00:34:35.040

Michael Palumbos: love it.



00:34:35.100 --> 00:34:37.110

Ryan Margolin: it's still doing it every day that's yes.



00:34:37.410 --> 00:34:40.860

Michael Palumbos: yeah i'm a big believer that the leadership team.



00:34:41.010 --> 00:34:57.330

Michael Palumbos: should always have a daily huddle you know you know 10 minutes 12 minutes standing up just talking, are you know everything on your priority list is it red, yellow or green Where are you at well i'm yellow what's going on, you know, but I need afterwards, so we can get rid of that yeah.



00:34:57.600 --> 00:35:04.380

Ryan Margolin: Exactly and that's the thing you know the when you get you know your reports back from you know the management team and everything.



00:35:05.310 --> 00:35:14.940

Ryan Margolin: You do a quick review and at that point, then it becomes a product of okay well look what do we need to do to support the team to make sure they cannot feed off their plate resolves challenges so.



00:35:15.420 --> 00:35:21.570

Ryan Margolin: It you know if you're not communicating every day, or at least every second day it becomes it becomes a struggle yeah.



00:35:22.320 --> 00:35:30.510

Michael Palumbos: I love that and then talk about you know, the other side of that we've got the you know what is what are some of the difficulties that have gone through.



00:35:30.930 --> 00:35:37.320

Ryan Margolin: Yet so for us it was more about setting levels of expectation that we're just on realistic.



00:35:38.610 --> 00:35:47.460

Ryan Margolin: In a familiar business there swings and roundabouts and I think sometimes the workload on one person's desk will be way more than the workload that's, on the other, person's desk.



00:35:47.850 --> 00:35:52.650

Ryan Margolin: But it's about having the understanding and the open minus to know that look, this is just the way it works.



00:35:52.980 --> 00:35:58.680

Ryan Margolin: there's certain things you have to accept that a business and its beginning it did you know we would you know, there would be times, where.



00:35:59.070 --> 00:36:06.480

Ryan Margolin: We were looking at the balance of things inside the business were like there's just a, this is not balanced at all, but then, when you look at you know.



00:36:06.960 --> 00:36:21.870

Ryan Margolin: Over a space of a month what actually goes on the tables turn all the time they're constantly repotted like a revolving and you just don't see it, so the expectation thing was huge for us, we learned to just drop all expectations, and if there's a question is asked, rather than a suit.



00:36:23.580 --> 00:36:25.290

Michael Palumbos: That goes back to.



00:36:26.970 --> 00:36:42.240

Michael Palumbos: Patrick Len sione right, you know the five dysfunctions of a team you've got to have that trust you have to have trust with one another, so that you can ask those tough questions so that conflict is okay, without the trust right you can't have conflict.



00:36:42.690 --> 00:36:43.980

Michael Palumbos: Because I really like the barrier.



00:36:44.460 --> 00:36:49.050

Ryan Margolin: Exactly because it's just easier to do that, and you know look, I mean sometimes.



00:36:49.920 --> 00:36:57.720

Ryan Margolin: Sometimes you know you find yourself in situations where you feel that the conversation is so overwhelming that you don't want to deal with it, but.



00:36:58.410 --> 00:37:07.710

Ryan Margolin: More times than not it's actually not it's just what you're building up in your head, so if you have that trust there to know that, no matter what it said in the collective or a conversation.



00:37:08.340 --> 00:37:19.380

Ryan Margolin: There they're just conversations that they need to they need to happen there there's no one out for your blood there's no one out of four you know, to try to do something bad and we just need to solve some that that's the end of yeah.



00:37:19.860 --> 00:37:25.230

Michael Palumbos: I agree, all right totally off topic, what is your favorite family tradition.



00:37:26.760 --> 00:37:27.510

Ryan Margolin: Who.



00:37:28.830 --> 00:37:29.790

Ryan Margolin: So.



00:37:31.110 --> 00:37:34.650

Ryan Margolin: Typically, what we have spent will obviously pre co but.



00:37:36.240 --> 00:37:40.740

Ryan Margolin: One of our family traditions is that straight after Christmas we got on a plane and get out of here.



00:37:41.700 --> 00:37:53.430

Ryan Margolin: We just go, we spent either new year's or after new years you know it's someplace really hot like the Canary Islands and we just hang out and get that time to reconnect because of Christmas time everyone is around and.



00:37:54.030 --> 00:38:00.840

Ryan Margolin: You know, as a tradition, we just stepped away from all of it, and you know we have time with the family, just to reset and really just get on the right track.



00:38:01.470 --> 00:38:12.450

Ryan Margolin: Because it is hard coming out of Christmas, because everything slows down, you know, so you need that time to just switch back on and take your space at breathe and just be for a week so that's one of our traditions.



00:38:12.840 --> 00:38:25.830

Michael Palumbos: Great no I love it um for you and your business we industry that you're in what would you say the top three pain points are obstacles that you're dealing with right now.



00:38:26.970 --> 00:38:37.290

Ryan Margolin: So in our business, I think the top three well I think number one on the list is counterfeits that that's 100% the The biggest challenge we're facing at the moment.



00:38:38.730 --> 00:38:47.580

Ryan Margolin: Secondly, would probably be resources, you know, look at as a growing company in the current environment it's really that it's a competitive marketplace out there, so.



00:38:47.850 --> 00:38:56.520

Ryan Margolin: It can be a challenge to find you know good TEAM members, because you know there's there's a lot of good offers going out to a lot of people looking for work right now so that's the second one.



00:38:57.150 --> 00:39:10.050

Ryan Margolin: And thirdly, I think, ultimately it's about supply chains supply chains, fortunately, for us we've had good relationships, for many years and we're heavy purchasers so we can grab allocations, as they come in, but.



00:39:11.070 --> 00:39:15.330

Ryan Margolin: Sometimes we get caught, you know and those I think those are the three key things for us.



00:39:15.690 --> 00:39:28.020

Michael Palumbos: Not to talk about the counterfeits for a little bit and that's a I think if you're in the manufacturing industry and you're supplying a product to people if it's successful you know what they always say is you know.



00:39:28.950 --> 00:39:42.300

Michael Palumbos: Counterfeiting I guess would be you know, a form of flattery at some levels because we're obviously doing something right, but in this international world that we're in How does that work for you guys and what other people should be looking what should they be looking for.



00:39:42.960 --> 00:39:43.770

Ryan Margolin: yeah so.



00:39:45.360 --> 00:39:51.540

Ryan Margolin: i'm much better with it now, you know the very you have to remember this, because of the mission and the purpose of the company.



00:39:52.290 --> 00:40:03.420

Ryan Margolin: we're not talking about a handbag or a purse or a piece of cloth are talking about something that goes on the skin so when you talk about counterfeit items that are manufactured so far to what we provide.



00:40:03.870 --> 00:40:16.710

Ryan Margolin: And they they genuinely damaged people's health, it becomes a trigger point for us, you know and we've got way better at dealing with it, but i'm back in what what do we now that I think it was 2000 and at.



00:40:17.550 --> 00:40:32.130

Ryan Margolin: First, counterfeit was online, and I remember seeing, and I was like this is crazy, we had the with me, we have started, we hadn't still have that most popular bombing adhesive on the market globally but.



00:40:35.400 --> 00:40:45.960

Ryan Margolin: We didn't have the correct rights to enforce it, and this was a huge learning curve, for us, so that one listing turned into 3030 turned into 300 300 turned into 3000 until.



00:40:46.350 --> 00:40:51.660

Ryan Margolin: We have hundreds of thousands of listings online every year that that we effectively remove but.



00:40:52.380 --> 00:40:58.020

Ryan Margolin: Where they make the real impacts, the distribution channels they're able to move into those channels and that causes us.



00:40:58.590 --> 00:41:09.270

Ryan Margolin: An awful lot of heartache so we've had to figure things out naturally we had our trademarks in the US, and then we got our trademarks Europe and then China, so I always say to people, building a brand.



00:41:09.780 --> 00:41:25.680

Ryan Margolin: Before you do anything before you release your information, your product to the world get your trademarks in the three places Europe US and China and you're going a long way to protecting yourself in the event that you get a product that takes off and does really well.



00:41:28.020 --> 00:41:37.440

Ryan Margolin: We then like we've had to basically accept the fact that will never fully solve the counterfeit problem but we've developed our own counterfeit software that we use on our packaging.



00:41:37.770 --> 00:41:44.910

Ryan Margolin: So it's making it very difficult for the for the counterfeiters to replicate our product now, because if it doesn't have this specific code on if.



00:41:46.050 --> 00:41:58.260

Ryan Margolin: it's it's not genuine so we've launched that about six months ago it's in it's in all of our supply chains now so every time we do a test by online, or we get photos online.



00:41:58.830 --> 00:42:09.960

Ryan Margolin: The customers could scan it with the APP they could send the receipts photos and location which they bought it, we can see real time data hotspots of counterfeits, and then we send our investigators to to.



00:42:10.680 --> 00:42:19.950

Ryan Margolin: Do the test buys and we start to shut them down city by city, this goes on all over the world, but it's not just the US we've got this problem UK we've got an Europe we've got it in.



00:42:20.700 --> 00:42:31.410

Ryan Margolin: Say Japan we've got it in Philippines we've got it in Africa everywhere, so this is really the, the only way we can collectively combat and on a larger scale now.



00:42:32.520 --> 00:42:40.920

Ryan Margolin: We did look at it as a really bad thing originally which it's not great, but we also ask yourself the question well, how can we swap this into a positive so.



00:42:41.610 --> 00:42:48.900

Ryan Margolin: The positive was is that our counterfeits got into places in the globe, that we hadn't had distribution channels so awareness had been made, if the product.



00:42:49.170 --> 00:42:57.030

Ryan Margolin: So we even have chased this down and flip those people and turn them into you know genuine accounts to where they're buying legitimate product now.



00:42:57.450 --> 00:43:05.040

Ryan Margolin: And our products are placed on the shelf so there's an opportunity, and all of it, you just you have to let it settle and you'll eventually find.



00:43:05.490 --> 00:43:28.050

Michael Palumbos: that's great no I love that let's flip over to the attracting and retaining employees what what are you doing that you think might be different than other people I know it's a competitive market, it is you know man, it is, it is a totally different world today and.



00:43:28.350 --> 00:43:30.210

Michael Palumbos: i'm trying to put my fingers on.



00:43:30.390 --> 00:43:42.060

Michael Palumbos: The why, but I do think, I think this gig economy has really changed things and people now can be working from any place if they have a skill set that they can move online or.



00:43:42.660 --> 00:43:54.720

Michael Palumbos: uber or you know those kinds of things and I think a lot of people retired during the coven piece that just left the vacuum that you know get had to get filled.



00:43:55.380 --> 00:44:04.560

Ryan Margolin: yeah there was a lot of moving parts during coven I think you know force people to reconsider everything in their life and it forced a lot of people I know even be included it forced me to slow down.



00:44:05.040 --> 00:44:15.930

Ryan Margolin: I got time of my kids during coven and my wife, that I know i'll never have again and a you know I i'm always you know in amongst the the chaos of at all i'm thankful for that, but.



00:44:16.350 --> 00:44:28.170

Ryan Margolin: For us it's not really so much about retaining it's more about just attracting because, when people come into to work for us and work with us, they don't want to leave because it's an absolutely and i'm proud of will be.



00:44:29.100 --> 00:44:30.330

Ryan Margolin: Great working environment.



00:44:31.380 --> 00:44:44.190

Ryan Margolin: And you know, unfortunately for us as much as i'd love to most of the work we do here and can't be remote, it has to be in House because, let me have labs we've got filling lines we've got logistics so.



00:44:44.790 --> 00:44:49.830

Ryan Margolin: Most of it can't be done unless unless you were talking about business development or marketing.



00:44:49.860 --> 00:44:50.370

Michael Palumbos: stuff which.



00:44:50.940 --> 00:45:00.450

Ryan Margolin: I mean key areas that would be can allow remote work at times so it's more so about attracting and retaining so some of the things that we do look we have.



00:45:00.960 --> 00:45:08.100

Ryan Margolin: You know the benefits that we offer you know through health insurance and whatnot, but we also have a company gym here in Ireland as well.



00:45:08.820 --> 00:45:11.910

Ryan Margolin: So, like there's small little things that we can do, but.



00:45:12.600 --> 00:45:24.930

Ryan Margolin: it's really about just getting people in the door and showing them what we're about because we are we, I would be ourselves, as you know, different to a lot of companies and the way we we handle our our our operations.



00:45:25.830 --> 00:45:28.920

Ryan Margolin: People don't come in and have people breathing down their neck it's like look.



00:45:29.370 --> 00:45:38.640

Ryan Margolin: there's a clear set of tasks in front of you know what you have to do and the outcome of our businesses predicated around you doing so go for broke into your responsibility.



00:45:39.570 --> 00:45:49.770

Ryan Margolin: So that that's that that for us, is where we want to be as a company, you know, but if you said, the hard part is attracting and showing giving and giving us the opportunity to show that you know.



00:45:50.310 --> 00:45:59.040

Michael Palumbos: Right and sometimes it's it's as you're going through the hiring process it's being smart enough not to bring in that person that that might not be that culture fit right.



00:45:59.730 --> 00:46:12.690

Ryan Margolin: that's that's probably that's tough, you know, because anyone in an interview can can make it look a certain way and look, I mean there's not a company on this planet, that has faced that you know we've experienced it and.



00:46:12.720 --> 00:46:18.450

Ryan Margolin: But that's okay look it's just because somebody is not a right culture fit for your company doesn't mean they don't have a place somewhere, you know.



00:46:18.990 --> 00:46:36.150

Michael Palumbos: They did it right people right seats right, you know right everything um Are you familiar with a book called top grading no great so that'll help that'll help on that helping you through that piece on the when somebody comes into the door.



00:46:36.300 --> 00:46:37.710

Michael Palumbos: How do I make sure that I.



00:46:37.920 --> 00:46:42.750

Michael Palumbos: Take them through the paces to make sure I don't bring somebody in that just was a great interviewer.



00:46:43.770 --> 00:46:53.310

Michael Palumbos: And so it's just a his process revolutionized how I hire really and and for me we're a small team.



00:46:53.730 --> 00:47:05.130

Michael Palumbos: So one person makes a giant difference in my in our business I can't have a bad hire and after going through three or four, where the interview great, but just weren't a fit.



00:47:05.490 --> 00:47:14.910

Michael Palumbos: We figured out some some formulas that work for us so i'm a big fan of brad small and his book top grading and he's got a whole program that I just think is worth.



00:47:15.660 --> 00:47:17.250

Michael Palumbos: every penny yeah.



00:47:17.490 --> 00:47:31.200

Ryan Margolin: Absolutely see this it the beauty about about you know just having conversations, because you get to absorb and learn so many different things that you know nothing about and I think that's really it, you know it's like we live in a day and age, where.



00:47:32.280 --> 00:47:37.680

Ryan Margolin: You know, like it's almost like a difference of opinion means you're the enemy and you're just like, but how do we learn it.



00:47:38.400 --> 00:47:50.880

Ryan Margolin: As you know, it's like it's Okay, you have a difference of opinion, but you know i'm getting your side here i'm gonna probably learn something from what you say, so you know you people just need to let the walls down a little bit so they can move forward, you know.



00:47:52.530 --> 00:48:01.320

Michael Palumbos: um give me an idea of the vision, you know what's the vision for your future for the company's future where do you guys, what do you guys thinking about next.



00:48:01.740 --> 00:48:08.910

Ryan Margolin: And right now, our sole focus is on the expansion of our cosmetic services so to give you an idea of where we're at.



00:48:09.780 --> 00:48:17.310

Ryan Margolin: we're expanding in Ireland here where i'm at from a 10,000 square foot facility to what 50,000 square foot facility by the end of the year.



00:48:18.300 --> 00:48:24.750

Ryan Margolin: In the US we're doubling our distribution space with our warehouses that we have over there.



00:48:25.620 --> 00:48:37.530

Ryan Margolin: we've acquired a large amount of land as well in in Florida, to facilitate further manufacturing opportunities there so we're we're just really doubling down and doubling down on all the efforts to.



00:48:37.770 --> 00:48:44.550

Ryan Margolin: show people that we're not just a company in the air replacement industry we we can provide and do anything you need at the cosmic space.



00:48:44.910 --> 00:48:58.140

Michael Palumbos: got it so when you go into that cosmetic space, you know professional hair labs is the is the company is there, do you have to brand each the lines in each of the things that you're doing is it all under the professional air labs.



00:48:59.220 --> 00:49:06.480

Ryan Margolin: Know right now we're keeping it quite simple, so the products we developed that fall into the professional hair labs line naturally that's where they end up.



00:49:06.720 --> 00:49:17.220

Ryan Margolin: OK, we have a company called scientific cosmetics, which is the formulation company and there that's the company that will allow companies to come in and say okay well look, this is the type of product I want.



00:49:17.520 --> 00:49:23.070

Ryan Margolin: We either have the base formula already there, or we have to make it for so we have it very simply separate.



00:49:23.850 --> 00:49:41.790

Michael Palumbos: Beautiful I love the part of going back to the branding piece I just think it was super smart here, here we are we've been doing it this way for an awful long time there's a legacy to our parents who started the business and probably was tough for dad to go through, and say okay.



00:49:42.300 --> 00:49:51.090

Ryan Margolin: yeah that was that took us that was that was a painful process for us because you know you had on one side.



00:49:52.740 --> 00:49:57.270

Ryan Margolin: You know my father, who is his business, and you know the transition and succession planning.



00:49:58.170 --> 00:50:04.230

Ryan Margolin: was not exactly straightforward and putting yourself in issues and it's difficult to let go of things, but.



00:50:05.010 --> 00:50:21.090

Ryan Margolin: The what's The alternative is that you do nothing, and you lose, most of all of it if you don't make the right plants, you know yeah yeahs talk about you know aaron's taxes and the State taxes, and if you don't plan correctly to work around those you're going to lose most of us, you know.



00:50:21.840 --> 00:50:35.190

Michael Palumbos: yeah so there's so many things as a family business that you really have to be thinking about it's not just branding but it's the personal planning, it says everybody taking care of what the state, the state tax planning yeah.



00:50:35.220 --> 00:50:43.290

Ryan Margolin: you're talking about the it you're talking about the acids, it took us a year and a half to get through just the paperwork alone so it's a long process.



00:50:44.100 --> 00:50:48.570

Ryan Margolin: So yeah look, I mean it's but again it's an eye opener to you know, to show.



00:50:49.170 --> 00:50:53.850

Ryan Margolin: The importance of dealing with that in a familiar business or any business, for that matter, because.



00:50:54.150 --> 00:51:06.570

Ryan Margolin: Ultimately, the laws are set, there you know, and that they are what they are, but they're also open to if you do if you strategize correctly, you can you know eliminate most if not all of it if you do it right, you know.



00:51:07.260 --> 00:51:13.710

Michael Palumbos: Talk about that for just one second before we wrap up because I think it's really important you you alluded to it a bit and.



00:51:14.010 --> 00:51:23.400

Michael Palumbos: estate planning and whatnot through the last 20 years and then, then you know, through the years your mom and dad started a business before that, through all those years.



00:51:24.510 --> 00:51:32.700

Michael Palumbos: There was professional professional advice attorneys accountants wealth advisors, whatever you know, whatever the team is that you utilize.



00:51:33.360 --> 00:51:47.280

Michael Palumbos: As things changed, how did you ensure that the teams that you're getting advice from was right through the years and did you ever have you had to make changes in that outside advice on the professional side.



00:51:47.850 --> 00:51:53.700

Ryan Margolin: We changed everyone and everything, so we, we found that the team that was in place to guide.



00:51:54.930 --> 00:51:58.260

Ryan Margolin: wasn't experienced enough, and there was there was certain.



00:51:59.730 --> 00:52:07.230

Ryan Margolin: there's certain benefits internationally between company relationships, especially if you have a group structure that.



00:52:07.980 --> 00:52:15.870

Ryan Margolin: The whole team that we were working with previously didn't know so we had to we had to hire all brand new companies we hired one of the top five firms in the US.



00:52:16.590 --> 00:52:32.670

Ryan Margolin: We also connected on the EU side with a really high level tax consultant that works with huge multinational corporations and there was an investment to do it, but the investment to do it far outweigh the the cost of not doing it.



00:52:32.910 --> 00:52:33.240

Ryan Margolin: So.



00:52:33.630 --> 00:52:44.850

Ryan Margolin: yeah, so I do believe that when it comes time to make that planning, you should be paying for it because the people who are experienced in charge their value will do more rice yeah.



00:52:45.120 --> 00:52:54.600

Michael Palumbos: I find that as businesses family businesses, especially in growing they have these relationships of who got me here.



00:52:55.320 --> 00:53:00.930

Michael Palumbos: And they got me here may not be who will get you there and wealth.



00:53:01.380 --> 00:53:16.080

Michael Palumbos: You know, once you break that seven figure, you know mark once you break that eight figure mark it's just different it's just like when you had 20 employees or 100 employees going to 700 or I don't know how many employees you guys have today.



00:53:16.440 --> 00:53:20.580

Ryan Margolin: But we only have like we have 24 between both locations so it's not huge.



00:53:20.730 --> 00:53:21.090

Michael Palumbos: Okay.



00:53:21.210 --> 00:53:32.610

Ryan Margolin: Well, we have our lean processes wrong so tightly that we know what our output is and it just runs really well so and again that comes down to hiring professionals, we hired a lead consultant to help us with that.



00:53:32.670 --> 00:53:35.820

Michael Palumbos: You know so right, so I think that's.



00:53:35.880 --> 00:53:42.540

Michael Palumbos: it's just important for people to realize that you know just be we have these trusted relationships and it's really difficult.



00:53:42.840 --> 00:53:58.080

Michael Palumbos: To change them, but maybe every five years or eight years just to test it to see who else is out there to get some other people, you know opinion just might make sense to protect the family's wealth and to protect you know what's going on for you.



00:53:58.500 --> 00:54:10.230

Ryan Margolin: Exactly and look I do firmly believe that there's just there's individuals who are one step ahead of where you are that can give you advice, up to a certain point, and then you have to move on that's that's the natural process of everything.



00:54:11.850 --> 00:54:18.900

Michael Palumbos: um what succession looking like for you guys, you know, in the next 20 years.



00:54:20.640 --> 00:54:31.410

Ryan Margolin: For for me I love you know let's say in the next 10 years to be a little bit more hands off, but everything and starts with you know joy more of my time, that would be huge thing for me.



00:54:32.010 --> 00:54:40.740

Ryan Margolin: You know, look my my oldest daughter's 15 going to be 15 this year, so I don't have too much on whatever before she's often have do anything but I also think, from a.



00:54:41.820 --> 00:54:49.110

Ryan Margolin: From a perspective of you know, future planning where we've done all the future planning for our kids that you know.



00:54:49.980 --> 00:54:55.380

Ryan Margolin: When we were doing our own one, so we know that there's going to be a natural transition, there is, you know.



00:54:56.280 --> 00:55:09.930

Ryan Margolin: fingers crossed the company's still going at that point so for me it's just about setting a good foundation for our children, moving forward and and hopefully buying back some of that time for all the front loaded effort that's when in over the last 10 years.



00:55:10.380 --> 00:55:10.770




00:55:12.900 --> 00:55:20.550

Michael Palumbos: Ryan, I really appreciate our time today, this is, I think, well, I know that we could talk for another three hours and.



00:55:21.990 --> 00:55:29.700

Michael Palumbos: not get bored because there's just so many things that just fit the way I think I love it um I just want to say thank you.



00:55:30.540 --> 00:55:46.800

Michael Palumbos: If you're talking to you know one last piece of advice talking to another family business if there's one thing that you say hey you know I know we probably covered it but of all the things that I talked about here's my number one just make sure you.



00:55:48.360 --> 00:55:55.440

Ryan Margolin: Make sure you accept the fact that things may not be your fault, but they're certainly your responsibility.



00:55:56.040 --> 00:55:56.760

Ryan Margolin: So that that.



00:55:56.850 --> 00:56:06.630

Ryan Margolin: I think that falls into the umbrella of every single business owner many things to happen or not your fault, but you got to fix it so that that would be my final piece of advice, make sure you do that.



00:56:07.050 --> 00:56:17.850

Michael Palumbos: I love it and if people wanted to reach out if you're you know, one of the contact you is that something yeah I mean, especially if somebody is in in your business, how do they Where do they find you.



00:56:18.270 --> 00:56:32.220

Ryan Margolin: linkedin is where I hang out most of our from a company perspective, we have social channels on instagram Facebook tick tock all the major ones linkedin would be the main hangout for me so feel free to reach out if if anyone is interested great.



00:56:33.390 --> 00:56:41.100

Michael Palumbos: Ryan margolin Thank you so much for professional here labs again i'm like Columbus this has been the family biz show.



00:56:41.970 --> 00:56:53.280

Michael Palumbos: i'm with family wealth and legacy in Rochester New York, and we really appreciate you listening and look forward to having a listening on the next episode have a great day, everybody.

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Michael Palumbos is a registered representative of Lincoln Financial Advisors Corp. Securities and investment advisory services offered through Lincoln Financial Advisors Corp., a broker/dealer (member SIPC) and registered investment advisor. Insurance offered through Lincoln affiliates and other fine companies. Family Wealth & Legacy, LLC is not an affiliate of Lincoln Financial Advisors Corp. Lincoln Financial Advisors Corp. and its representatives do not provide legal or tax advice. You may want to consult a legal or tax advisor regarding any legal or tax information as it relates to your personal circumstances.