What Could You Do to Double—or Triple—Your Business?

The Ongoing Transformation of Miedema Asset Management Group

AMG-2AMGThe story begins with the Miedema brothers, Sid and Scott auctioning their dad’s farm equipment in Byron Center, Michigan. From that humble beginning in 1984, they jumped, head first, into the auction industry. Over the next 20 years, the company enjoyed success, but growth was inconsistent: Like a roller coaster—up for a while, down for a while.

Time for a tune-up           

Scott and Sid are good guys; they are great auctioneers, know their market, have absolute integrity and serve their customers with excellence. But they knew the company needed a serious tune-up. The symptoms were telling:

  • Too many employees were not engaged
  • Revenue growth was unpredictable
  • Profits were minimal

It was time for change.

During a National Auctioneers Association meeting in 2005, Sid Miedema attended a Joe Calhoon presentation on business growth. Sid loved the experience, and introduced Joe to his brother, Scott. Within hours, the three had committed to partner to turn the business around.

The business growth project focused on four areas:

  • Developing leaders
  • Engaging employees
  • Improving customer service
  • Increasing revenues and profits

Working on the business

AMG-3Working with Joe and the PriorityAdvantage™ system, the Miedema brothers began the transformation process. After an in-depth strengths analysis, the first step was to develop a clear and compelling plan, including their Vision, Mission, Values, Objectives and Strategies.

After that, the Miedema team was on the same page, and their people began creating a new culture of personal growth, achievement and celebration. “The process taught us how to compliment our people. It’s made all the difference in the world,” said Jim Smith, President of Miedema Auctioneering. “We’re learning to maximize our people’s talents. The system helps us point people in the right direction.”

 

Teach your leaders to lead, then get out of the way

AMG-4When people are on the same page, growth is virtually automatic. Now, it was time to expand the leadership team. The results were astounding. Developing leaders are excited, empowered and becoming more effective. Jim Smith credits Sid and Scott Miedema with the faith and trust that “allows me to do some creative things! I told them I wanted our business to challenge eBay, and they said ‘go get it!’

“The work we do with PriorityAdvantage™ is an inspiration. It lifts the canopy off, so our up-and-coming stars think about their future. Having Joe as a mentor and facilitator is most satisfying. He is a great shoulder—a resource for discussion. He helps us focus our thoughts and points us in the right direction.”

A ten-year client, Miedema Asset Management Group is experiencing a dramatic turnaround with steady, predictable business growth:

  • Customer satisfaction is measurably improved
  • Employee engagement is consistently in the upper quartile
  • Revenues have nearly tripled
  • Profits are increasing and being shared with employees

Richard Stanley provides ongoing development and coaching for leaders and employees through his and Joe’s LeadershipAdvantage™ system. Richard facilitates quarterly meetings and phone conferences, developing the team’s strengths, adapting their ever-evolving business plan, setting and achieving priorities and celebrating progress.

Data tells the story

The company undergoes an annual Organizational Health Assessment, Leadership Assessments and Customer Satisfaction Surveys to gauge and track progress. The data is gathered, reported and reviewed with intense scrutiny. The leadership team meets annually to review the data and update their business growth plan. Improvements are celebrated; corrections are made.

Miedema Asset Management Group is experiencing transformation. The leaders have a clear understanding of their roles, how to maximize employees’ strengths—and get things done! They’ve grown from three businesses with five leaders, to seven businesses and fourteen leaders. They’re serving more customers in more markets. Those employees who were unengaged have transitioned from having a ‘job’ to having an ‘owner’s mentality.’ Employees are recognized and rewarded for their unique talents and abilities. Leaders continue to develop their strengths and use them to serve the business. The rewards are both intrinsic and extrinsic.

Today, Miedema Asset Management Group is a market leader, providing traditional and online auctions, as well as business liquidation services. There is focus, trust, and strong leadership. And steady, predictable, profitable growth.