WEBVTT NOTE This file was generated by Descript 00:00:46.066 --> 00:00:47.266 Linda Ostovitz: Hello everyone. 00:00:47.876 --> 00:00:48.446 Welcome. 00:00:49.676 --> 00:00:53.366 Today I have joining me, Kristy Mumma. 00:00:53.996 --> 00:00:57.146 Who is co-owner of Stewart Technologies. 00:00:57.656 --> 00:01:01.966 I met Kristy I think for the first time as a result of my involvement with 00:01:01.966 --> 00:01:07.396 Howard County Chamber of Commerce and got even closer to Kristy, I would say 00:01:07.396 --> 00:01:13.346 in more recent times as she managed the most successful event that the 00:01:13.346 --> 00:01:17.606 Chamber has had lately, and that is the Women's Leadership Conference. 00:01:18.476 --> 00:01:22.556 We had hundreds and hundreds of attendees, we sold out. 00:01:22.616 --> 00:01:23.876 It was an amazing event. 00:01:23.876 --> 00:01:28.226 Kristy, thank you for your leadership and management of that event. 00:01:28.596 --> 00:01:31.856 And I'm glad that it was something that gave us opportunities to get 00:01:31.856 --> 00:01:33.146 to know each other a little better. 00:01:33.146 --> 00:01:34.676 So thank you and welcome. 00:01:35.511 --> 00:01:37.611 Kristy Mumma: Oh, Linda, thank you so much for having me. 00:01:38.036 --> 00:01:41.726 I have interacted with you many different times through the chamber and I always 00:01:41.726 --> 00:01:44.996 look forward to speaking with you, so I'm excited to have this conversation. 00:01:45.371 --> 00:01:45.761 Linda Ostovitz: Wow. 00:01:45.791 --> 00:01:46.361 So are we. 00:01:47.111 --> 00:01:54.211 So Kristy runs an organization which uses terms like IT and CRM and ERP 00:01:54.211 --> 00:01:59.651 and cybersecurity and other numbers and such that I'm not familiar with. 00:01:59.651 --> 00:02:03.341 They're overwhelming to me, which is why we have experts who do that kind of work. 00:02:04.026 --> 00:02:07.416 But Kristy, just to give our audience a little bit of an idea 00:02:07.906 --> 00:02:12.376 what does Stewart Technologies do in a few sentences, if you would? 00:02:12.646 --> 00:02:13.126 Kristy Mumma: Yeah. 00:02:13.126 --> 00:02:14.116 Thank you so much. 00:02:14.116 --> 00:02:18.646 Stewart Technologies is a full service technology consultings 00:02:18.706 --> 00:02:25.246 provider and we specialize in IT and accounting ERP technology solutions. 00:02:25.346 --> 00:02:30.116 And what we do with all of that word jumble is we work with businesses 00:02:30.116 --> 00:02:35.076 to ensure that their systems run efficiently, allowing the front and the 00:02:35.076 --> 00:02:36.696 back office to work better together. 00:02:37.581 --> 00:02:40.491 We help establish and optimize workflow. 00:02:40.881 --> 00:02:44.861 This could include networking, protecting, supporting, streamlining, 00:02:44.861 --> 00:02:48.981 and a lot of times helps customers with scaling in their environments. 00:02:49.011 --> 00:02:53.361 And this allows them to focus on their business and what they need to 00:02:53.421 --> 00:02:56.511 get done instead of worrying about the systems and the technology and 00:02:56.511 --> 00:02:57.981 the cybersecurity piece of that. 00:02:59.526 --> 00:03:03.706 Linda Ostovitz: Well, in addition to Kristy being a problem solver, as 00:03:03.706 --> 00:03:08.126 she's just indicated there in a more sophisticated manner than I just did. 00:03:08.706 --> 00:03:13.306 What drew me to Kristy and really an interest in having this discussion 00:03:13.336 --> 00:03:21.226 is the fact that she and her business partner were formerly employees of 00:03:21.226 --> 00:03:29.386 Stewart Technologies and made a big deal decision to buy the company and basically 00:03:29.386 --> 00:03:34.911 to make it their own, which has been a process that, maybe a number of people 00:03:34.911 --> 00:03:39.341 who've been employees have crossed their minds sometimes, gee, I could do this 00:03:39.341 --> 00:03:41.321 better, I could do this differently. 00:03:41.321 --> 00:03:43.091 I could expand our reach. 00:03:43.091 --> 00:03:45.581 All kinds of things, I guess, that go through people's minds. 00:03:46.341 --> 00:03:48.141 But Kristy's actually done it. 00:03:48.141 --> 00:03:52.211 So, Kristy, let's start with what is it that caused you to make the 00:03:52.211 --> 00:03:57.241 decision to go ahead and buy the company for which you had worked for I 00:03:57.241 --> 00:04:00.244 believe since 2007, 17 years I think. 00:04:00.304 --> 00:04:00.784 Kristy Mumma: Yeah. 00:04:00.834 --> 00:04:01.134 Yes. 00:04:01.134 --> 00:04:05.004 So I had worked in different roles with the company for many years. 00:04:05.034 --> 00:04:10.794 I joined the firm right after I completed a three year contract on a Y2K project. 00:04:10.854 --> 00:04:15.264 And I was looking to move into consulting role. 00:04:15.534 --> 00:04:20.389 I had worked internally in internal support roles, and I knew that my 00:04:20.389 --> 00:04:25.819 ability to kind of flex and pivot and you said before about that like 00:04:25.819 --> 00:04:28.279 strategic problem solver kind of role. 00:04:28.279 --> 00:04:32.694 Like I would have more opportunity with that working in 00:04:32.694 --> 00:04:34.614 a external consulting fashion. 00:04:34.646 --> 00:04:39.406 And so I, I did join the firm in 2000, and I've had various 00:04:39.406 --> 00:04:40.966 different roles through those years. 00:04:40.996 --> 00:04:45.820 And then my former boss announced that he was going to retire and 00:04:45.820 --> 00:04:47.710 that he was going to sell the firm. 00:04:48.390 --> 00:04:51.270 And I was a department manager at that time. 00:04:51.690 --> 00:04:55.390 And the other department manager who is now my business partner 00:04:55.390 --> 00:05:01.060 and we are co-owners, we kind of paused when he said he was gonna 00:05:01.060 --> 00:05:02.950 sell the business and we thought. 00:05:04.095 --> 00:05:07.065 We're here, we know the business. 00:05:07.135 --> 00:05:09.780 And honestly, we felt like we had, been running a fair 00:05:09.780 --> 00:05:11.610 amount of some of it ourselves. 00:05:11.950 --> 00:05:16.060 He had given us a lot of liberty in some areas, and we thought, well, 00:05:16.180 --> 00:05:18.340 why wouldn't you sell it to us first? 00:05:18.340 --> 00:05:18.700 Right? 00:05:18.900 --> 00:05:23.410 And so what we asked for was a right of first refusal, you could say, where, give 00:05:23.410 --> 00:05:27.250 us the opportunity to give you an offer, and if we can't come to an arrangement. 00:05:27.850 --> 00:05:32.610 Then of course his responsibility was to make his exit and to have 00:05:32.610 --> 00:05:34.260 that have financial value to him. 00:05:34.260 --> 00:05:39.630 So we came from a place of respect for our former boss and trust that 00:05:39.630 --> 00:05:44.860 he would, work with us to find a place where we could be the owners. 00:05:44.960 --> 00:05:46.730 And it was a big leap, right? 00:05:46.760 --> 00:05:51.100 My current business partner and I we had to really think about it. 00:05:51.100 --> 00:05:54.820 Not because we didn't think we could do it, but because we 00:05:54.820 --> 00:05:58.930 knew that being an owner is very different than being an employee. 00:05:59.390 --> 00:06:01.730 We didn't know how much different till we got into it. 00:06:01.784 --> 00:06:05.234 But we knew it was different and we knew that, we would have to 00:06:05.234 --> 00:06:06.554 make changes in the business. 00:06:06.554 --> 00:06:08.804 Some things we had already thought we needed to make. 00:06:09.254 --> 00:06:12.584 And we had my business partner and I had to have some deep discussions 00:06:12.584 --> 00:06:14.544 about, could we commit to this? 00:06:14.874 --> 00:06:17.314 And fortunately we're given that opportunity. 00:06:17.364 --> 00:06:18.144 Linda Ostovitz: That's great. 00:06:18.244 --> 00:06:20.764 You we're referring to your business partner. 00:06:20.764 --> 00:06:25.204 Let's put a name on her and tell our listeners a little bit about 00:06:25.204 --> 00:06:26.674 your business partner, Tara. 00:06:27.049 --> 00:06:31.139 Kristy Mumma: Yeah Tara Schinkel, who is the co-owner with me I've actually 00:06:31.139 --> 00:06:32.879 known her for many, many years. 00:06:32.959 --> 00:06:35.989 Our families actually grew up in the same neighborhood across 00:06:35.989 --> 00:06:38.569 the street from each other, and that's how I originally met her. 00:06:38.569 --> 00:06:41.419 So we jokingly say we've known each other since we were in diapers, 00:06:41.869 --> 00:06:47.259 and it is a blessing to have a business partner that you've known 00:06:47.769 --> 00:06:49.689 throughout all of your life phases. 00:06:50.069 --> 00:06:54.929 Because you can read each other very well, and you also really have a respect 00:06:54.929 --> 00:06:56.579 for their gifts and their talents. 00:06:56.629 --> 00:07:00.509 And Tara is a certified CPA, but she doesn't she used to 00:07:00.509 --> 00:07:02.039 really practice as a CPA. 00:07:02.039 --> 00:07:06.209 She wants to use that accounting, and she also has a computer science degree. 00:07:06.464 --> 00:07:11.994 In the accounting software, sort of design, implementation, connectivity role. 00:07:11.994 --> 00:07:18.564 And so she heads up the ERP and CRM system side of the house and their project work. 00:07:19.014 --> 00:07:23.524 It's actually pretty amazing to me the work that they deliver for our customers 00:07:23.524 --> 00:07:28.244 that are in the wholesale distribution manufacturing kind of warehouse space. 00:07:28.584 --> 00:07:31.674 They really look at warehouse management systems, inventory control, and the 00:07:31.674 --> 00:07:37.239 whole workflow from sourcing inputs to delivering something like a finalized gift 00:07:37.239 --> 00:07:39.429 basket on a shelf that you see at Costco. 00:07:40.574 --> 00:07:42.854 Linda Ostovitz: Is that your primary customer in the 00:07:42.854 --> 00:07:44.924 manufacturing of warehouse arena. 00:07:45.434 --> 00:07:48.404 Kristy Mumma: So a lot of our customers are in the wholesale 00:07:48.404 --> 00:07:53.234 distribution and manufacturing space on the accounting software services 00:07:53.284 --> 00:07:55.414 ERP, warehouse management side. 00:07:55.834 --> 00:08:01.114 We have a slightly different and overlapping customer base in some 00:08:01.114 --> 00:08:05.159 areas for the IT services and cybersecurity side of the house. 00:08:05.279 --> 00:08:06.929 We have franchisees there. 00:08:06.929 --> 00:08:08.789 We have financial advisors. 00:08:08.789 --> 00:08:12.839 We have a regional movie theater company as one of our customers. 00:08:12.839 --> 00:08:15.369 And something that's pretty common, like a dry cleaner, right? 00:08:15.579 --> 00:08:18.699 So it's a pretty wide base of of customers. 00:08:18.699 --> 00:08:22.569 And to me, and also to Tara, this is something we love about our job. 00:08:22.869 --> 00:08:24.609 We love the diversity of clients. 00:08:24.609 --> 00:08:27.129 We love having to become experts in their industry. 00:08:27.489 --> 00:08:34.494 And, we have earned their trust, over time so that they are involving us 00:08:34.524 --> 00:08:38.724 in some of their strategic business decisions or they are looking for 00:08:38.724 --> 00:08:42.714 our ear, they're thinking about maybe expanding or taking on a new product line. 00:08:43.104 --> 00:08:45.234 And we just see that as such a compliment. 00:08:45.284 --> 00:08:47.534 And so it gets us really excited about serving them. 00:08:48.404 --> 00:08:49.064 Linda Ostovitz: That's interesting. 00:08:49.064 --> 00:08:51.434 That is exactly the word I was gonna use. 00:08:51.434 --> 00:08:56.414 What a compliment that you are being involved in these businesses, strategic 00:08:56.444 --> 00:08:58.514 planning that says you're a real partner. 00:08:58.514 --> 00:09:04.304 So congratulations to you and Tara for arriving at that state of relationship. 00:09:04.304 --> 00:09:05.354 Because that's huge. 00:09:06.087 --> 00:09:10.437 So when you and Tara took over the business or bought the business 00:09:10.557 --> 00:09:14.004 I guess a question anybody would have really is, you've been 00:09:14.004 --> 00:09:16.284 there you anyway, for 17 years. 00:09:16.284 --> 00:09:19.584 You've made observations of what has occurred with the business during the time 00:09:19.584 --> 00:09:23.424 you were there from a lot of different vantage points as you've indicated. 00:09:24.399 --> 00:09:28.659 What was the sort of state of mind that you went into the business with? 00:09:28.659 --> 00:09:30.999 Was it to change everything? 00:09:30.999 --> 00:09:32.829 Was it to switch direction? 00:09:32.829 --> 00:09:38.659 Was it to be more strategic in your view of things as somebody who goes 00:09:38.659 --> 00:09:43.999 and buys a business they worked in for 17 years, how did you go into it? 00:09:44.059 --> 00:09:44.809 You and Tara? 00:09:45.122 --> 00:09:45.572 Kristy Mumma: Yeah. 00:09:45.572 --> 00:09:46.022 Wow. 00:09:46.022 --> 00:09:49.832 That's a really deep question because there's so much that 00:09:50.162 --> 00:09:54.512 changes when you go from employee to owner, and we did know that. 00:09:54.972 --> 00:09:57.792 We respected what our boss had done. 00:09:57.962 --> 00:10:00.122 In terms of running the company, right? 00:10:00.122 --> 00:10:04.132 And so we knew there were gonna be components some of which 00:10:04.132 --> 00:10:05.662 we didn't have expertise in. 00:10:05.662 --> 00:10:07.072 Give you an example of HR. 00:10:07.072 --> 00:10:10.912 We're not HR experts, so, we knew there was gonna be some gaps that we would 00:10:10.912 --> 00:10:16.192 have to augment upskill, et cetera, hire own business partners to address. 00:10:16.522 --> 00:10:21.152 And so in looking at, how are we looking at this? 00:10:21.522 --> 00:10:29.822 We had to assess the company, not from the financial piece as much from the buyout. 00:10:29.822 --> 00:10:34.082 I mean, there were financial negotiations to buy the company, but we had to look at 00:10:34.082 --> 00:10:38.802 it from what is the strategic plan for us? 00:10:38.832 --> 00:10:41.022 But also what is our one year plan? 00:10:41.082 --> 00:10:42.252 What is our three year plan? 00:10:42.462 --> 00:10:43.602 What is our five year plan? 00:10:43.652 --> 00:10:48.892 And that involved not a lot of work because we were so involved 00:10:48.892 --> 00:10:53.682 in the business, but what it really involved was an ability to pivot 00:10:54.042 --> 00:10:59.412 when we got new information or we had additional challenges or information 00:10:59.412 --> 00:11:01.122 that we couldn't have predicted. 00:11:01.312 --> 00:11:02.512 So I'll give you an example. 00:11:03.092 --> 00:11:07.202 One of the first things we had to do after we bought the firm was we had to make a 00:11:07.202 --> 00:11:10.662 decision about where would the office be? 00:11:10.992 --> 00:11:13.872 The company had had an office at a certain location that was 00:11:13.872 --> 00:11:15.912 a lease for many, many years. 00:11:16.122 --> 00:11:19.842 And that location was picked by our former boss because it was super 00:11:19.842 --> 00:11:22.092 convenient for him, which is fine. 00:11:22.322 --> 00:11:24.842 But it wasn't super convenient for the whole rest of the staff. 00:11:25.022 --> 00:11:29.102 And so we had a look at, making that decision very quickly 00:11:29.232 --> 00:11:31.042 after ownership transfer. 00:11:31.252 --> 00:11:35.792 And so, in looking at the state of mind when we were buying it we knew 00:11:35.792 --> 00:11:38.762 there were things to circle back more directly to your question, Linda, 00:11:39.002 --> 00:11:42.662 we knew there were things we had to address maybe in the one year timeframe. 00:11:42.962 --> 00:11:43.322 Okay. 00:11:43.532 --> 00:11:45.482 We had this lease coming up in front of us. 00:11:45.482 --> 00:11:47.582 We had a big insurance renewal coming up. 00:11:47.822 --> 00:11:51.072 We had a large contract coming up at the end of that first year. 00:11:51.422 --> 00:11:52.622 And we knew we had to hire. 00:11:53.112 --> 00:11:56.802 We knew that there were some gap areas and support that needed to hire. 00:11:56.862 --> 00:11:58.962 And so we had kind of a clear map on that. 00:11:59.262 --> 00:12:03.042 That was like 2017 was when the transfer occurred. 00:12:03.262 --> 00:12:07.512 And looking at what we didn't know, was that COVID was coming down the road. 00:12:07.562 --> 00:12:11.822 And so, of course, like every other business, our plans had to pivot. 00:12:12.022 --> 00:12:19.112 But we were blessed that we had taken a strong approach to shoring up the firm's 00:12:19.112 --> 00:12:21.602 finances as soon as we took ownership. 00:12:21.932 --> 00:12:27.002 And so because of that hard work we did that first six to eight months, 00:12:27.242 --> 00:12:32.072 going into COVID we were in a really good financial position, and so we 00:12:32.072 --> 00:12:33.842 were able to make the pivots we needed. 00:12:33.842 --> 00:12:36.812 We actually needed to on staff at that time. 00:12:37.152 --> 00:12:40.122 And of course there were expenses that every company was taking on 00:12:40.312 --> 00:12:43.582 due to additional technologies and infrastructure needed. 00:12:44.002 --> 00:12:47.692 And so I'm thankful that I had a business partner where we 00:12:47.692 --> 00:12:49.552 were so in line, going into it. 00:12:50.257 --> 00:12:54.327 And we were able to work together to just navigate those challenges. 00:12:54.357 --> 00:12:56.307 Those are external things nobody could have seen. 00:12:56.587 --> 00:12:58.417 But you have to deal with them as the business owner. 00:12:58.517 --> 00:13:02.027 You've gotta convey a strong voice and clear direction. 00:13:02.417 --> 00:13:03.257 Linda Ostovitz: Absolutely. 00:13:03.987 --> 00:13:07.857 A business again that's been around for a while has charted its 00:13:07.857 --> 00:13:12.237 own course or maybe didn't chart it anyway, it has run a course. 00:13:12.987 --> 00:13:21.522 Did you and Tara take the opportunity to take a hard look at what are we best at 00:13:22.122 --> 00:13:28.472 and how do we identify that and how do we amplify that as we go into the new era of 00:13:28.472 --> 00:13:30.932 Stewart Technologies under your ownership? 00:13:31.472 --> 00:13:32.642 And if so, how did you do it? 00:13:33.602 --> 00:13:33.902 Kristy Mumma: Yeah. 00:13:33.902 --> 00:13:38.142 So that was work that Tara and I did have to take on. 00:13:38.142 --> 00:13:44.712 We needed to review who are our target customers, who do we work the best with, 00:13:44.772 --> 00:13:47.322 and who can we do the best job for? 00:13:47.322 --> 00:13:51.876 Because I think deep down, every person wants to do a good job at their job. 00:13:51.966 --> 00:13:53.166 They want to deliver. 00:13:53.216 --> 00:13:57.351 I sincerely believe that everyone is good at a point, and they want 00:13:57.351 --> 00:13:58.821 to do a good job in their job. 00:13:58.821 --> 00:14:03.381 And so we're supporting companies whose staff is only trying to 00:14:03.381 --> 00:14:05.031 do a good job in their role. 00:14:05.091 --> 00:14:07.587 And so what we wanna do is. 00:14:08.531 --> 00:14:13.841 Deliver solutions that work for that customer so that they can have their 00:14:13.841 --> 00:14:16.331 employees be in their zone of genius. 00:14:16.391 --> 00:14:20.291 That's a phrasing of something we talk about a lot in our firm, making sure 00:14:20.291 --> 00:14:26.541 that we are maximizing the skills and talents we have and that is something 00:14:26.541 --> 00:14:30.801 we have taken to our customers in a little bit different way more recently 00:14:31.181 --> 00:14:33.281 we're stating that very clearly, right? 00:14:33.561 --> 00:14:36.934 That we are trying to help them be as efficient as the 00:14:36.934 --> 00:14:38.074 things that they have to do. 00:14:38.074 --> 00:14:42.424 Utilize tools, software supports workflow to maximize efficiency so 00:14:42.424 --> 00:14:46.024 that really they can focus on like the hard work that, that people have to do. 00:14:46.444 --> 00:14:48.604 Let's let the computers and systems do the things that they 00:14:48.604 --> 00:14:50.370 can and automate where appropriate. 00:14:50.380 --> 00:14:51.070 And so. 00:14:51.265 --> 00:14:54.115 What we had to do was turn that on ourselves. 00:14:54.205 --> 00:14:58.509 We had to say, just because we've been doing things this way for x, y, 00:14:58.509 --> 00:15:02.119 z long time that doesn't mean it's the most efficient, that doesn't mean 00:15:02.119 --> 00:15:03.499 it's the way it should be done now. 00:15:03.499 --> 00:15:08.329 And because we had staff changes and we took on additional staff, we 00:15:08.329 --> 00:15:10.669 really had to rework our own company. 00:15:10.699 --> 00:15:13.819 I know that might sound odd 'cause the company had been in existence for so 00:15:13.819 --> 00:15:18.909 long, but we had to look critically at everyone's role and make sure that we had 00:15:19.289 --> 00:15:24.372 the staff working kind of in their zone of genius, identify the gaps, and then 00:15:24.372 --> 00:15:29.202 either up staff or partner to make sure we could cover those core services areas. 00:15:29.220 --> 00:15:31.750 And that led us to a rebranding. 00:15:31.780 --> 00:15:38.980 It led us to recognizing that the message of what we do for our customers 00:15:39.370 --> 00:15:41.590 unnecessarily hadn't been delivered well. 00:15:41.870 --> 00:15:46.080 I was, a bit horrified when I started my presence in the Howard County Chamber, 00:15:46.080 --> 00:15:50.090 that even though the company had been in existence for, at that time, over 00:15:50.090 --> 00:15:53.686 30 years that people hadn't heard the name, they weren't familiar with our 00:15:53.706 --> 00:15:57.401 logo, they weren't clear what we did, even if they were familiar with us. 00:15:57.761 --> 00:16:03.431 And we took that on as a challenge to make sure that people knew the brand, the 00:16:03.431 --> 00:16:08.421 name, our core values and those services that we can provide, but only in the 00:16:08.421 --> 00:16:11.131 areas where we can deliver, excellence. 00:16:11.155 --> 00:16:12.505 We're not trying to do everything. 00:16:12.955 --> 00:16:17.125 And we took on and welcomed what we see as more of a niche firm type of role. 00:16:17.213 --> 00:16:19.853 Linda Ostovitz: You gotta know what you're good at and that's 00:16:19.853 --> 00:16:23.393 what you deliver and you're not good at everything, like you say. 00:16:24.253 --> 00:16:27.623 You have mentioned employees though, in connection with your 00:16:27.683 --> 00:16:29.273 most recent answer to staffing. 00:16:29.323 --> 00:16:36.013 When you went from being coworkers of the, I think you had five employees when 00:16:36.013 --> 00:16:41.653 you bought the company, to now being owners, bosses how was that transition 00:16:41.653 --> 00:16:43.183 and did everybody stay with you? 00:16:44.123 --> 00:16:49.433 Kristy Mumma: That's such an important component of the transition was how do 00:16:49.433 --> 00:16:55.823 we as the future new and then owners convey what our vision is for the firm. 00:16:56.313 --> 00:17:01.948 And how the staff has such an important role in continuity of service, 00:17:02.078 --> 00:17:06.248 continuity of excellence, but also in that reshaping that I talked about. 00:17:06.248 --> 00:17:10.888 We had to look critically at the firm itself and our own procedures 00:17:10.948 --> 00:17:15.258 and we needed the people that were doing the work, in their zone of 00:17:15.258 --> 00:17:20.318 genius to share with us where they saw inefficiencies and where they knew that 00:17:20.318 --> 00:17:22.148 we needed to make changes and pivots. 00:17:22.228 --> 00:17:26.638 And so we had to have some really straightforward discussions about 00:17:26.738 --> 00:17:29.558 what those areas of improvement were. 00:17:29.858 --> 00:17:33.638 And also of another really important component that Tara and I was to make 00:17:33.638 --> 00:17:37.548 sure that we were talking to the staff about how valuable their role was. 00:17:37.903 --> 00:17:44.828 The firm could only be successful if we could continue to deliver on those small 00:17:44.828 --> 00:17:48.758 group that really knew who we were, we had a really strong reputation and we 00:17:48.758 --> 00:17:54.278 needed to continue that as we transitioned and as ultimately we grew the firm. 00:17:54.518 --> 00:17:56.348 And we have grown to a firm of 10 now. 00:17:56.348 --> 00:18:00.278 So there was a growth period, but we wanted to do that in a managed 00:18:00.558 --> 00:18:02.328 and strategic and thoughtful way. 00:18:02.748 --> 00:18:08.868 And that included getting the current staff to hear what we wanted to do 00:18:08.928 --> 00:18:11.028 and preview some of those changes. 00:18:11.448 --> 00:18:14.178 One example would be that, we wanted to expand the benefits 00:18:14.178 --> 00:18:15.588 that were offered to the firm. 00:18:15.858 --> 00:18:20.818 We wanted to have more flexible work balance policies, which was pre COVID. 00:18:20.818 --> 00:18:21.550 I ironically. 00:18:21.740 --> 00:18:25.330 But there were things that we needed to be very specific about with them so 00:18:25.330 --> 00:18:30.260 that they understood we had really had thoughtful discussions about this, and 00:18:30.260 --> 00:18:34.129 then we had to also talk at that, 10,000 foot view so they could see the vision. 00:18:34.179 --> 00:18:38.539 It was really about being direct and straightforward and transparent 00:18:38.899 --> 00:18:42.079 and making sure that we had a high level of communications. 00:18:42.559 --> 00:18:46.129 Now with that being said, not everyone chose to stay with us, right? 00:18:46.319 --> 00:18:49.209 We had someone that sort of left and transitioned in their 00:18:49.209 --> 00:18:52.719 life, and we had someone that we weren't sure if they would stay. 00:18:52.949 --> 00:18:56.189 And, they ultimately chose to make a career pivot when, this 00:18:56.189 --> 00:18:58.220 opportunity came to Tara and I. 00:18:58.370 --> 00:19:03.700 I think that when you look at it in hindsight what happened was what we 00:19:03.700 --> 00:19:08.155 thought would happen when Tara and I previewed it, and I think that's 00:19:08.155 --> 00:19:12.355 just because we were trying to be honest about what was in front of us. 00:19:12.405 --> 00:19:17.430 And I'm glad because I think you have to have the team behind you. 00:19:17.430 --> 00:19:20.340 And if they're not with your mission, your goals, your value 00:19:20.760 --> 00:19:22.960 then it's not gonna work anyway. 00:19:23.410 --> 00:19:26.730 And so I think the sooner that sort of is brought to the top the 00:19:26.730 --> 00:19:28.320 better it is for everyone involved. 00:19:28.690 --> 00:19:32.255 And, we're so happy that team the team members that stayed with us, 00:19:32.255 --> 00:19:36.415 what a blessing, that they have that organizational knowledge to bring with us. 00:19:36.415 --> 00:19:40.565 And it's also hard to think about our firm without the people 00:19:40.565 --> 00:19:42.095 that have recently joined us. 00:19:42.145 --> 00:19:46.325 And it really just is such a strong team now, and I'm so happy 00:19:46.325 --> 00:19:48.875 with who are members of our team. 00:19:48.995 --> 00:19:50.945 I'm just glad that it worked out the way it did. 00:19:51.364 --> 00:19:52.814 Linda Ostovitz: It's not all luck for sure. 00:19:52.999 --> 00:19:56.779 There was a lot of planning, and I know you, you're a planner, you're a thinker, 00:19:56.779 --> 00:20:01.669 you're an analytical person, and you don't make a move without analyzing it. 00:20:02.369 --> 00:20:06.809 The one person who left that was, I'm gonna say somewhat unanticipated. 00:20:07.499 --> 00:20:11.399 Did that cause you any problems with delivering services to your clients? 00:20:12.269 --> 00:20:17.809 Kristy Mumma: I would say that through the very hard work of the remaining team, 00:20:17.809 --> 00:20:22.339 and those new folks that I had said we had staffed up in a couple support areas, 00:20:22.669 --> 00:20:27.099 through the hard work of those team members we were able to hold the line. 00:20:27.489 --> 00:20:32.589 But we did have to be very, very thoughtful about project timing, 00:20:33.159 --> 00:20:39.049 projects we committed to, and we had to be transparent with our customers that 00:20:39.049 --> 00:20:40.819 had some very large projects coming up. 00:20:40.869 --> 00:20:45.199 We had to, make phone calls to talk about timing and to talk 00:20:45.199 --> 00:20:47.329 about transition and resources. 00:20:47.329 --> 00:20:53.989 And I think that earned actually a deeper even respect from the customers that 00:20:53.989 --> 00:20:59.084 were, the very few customers that were involved in that because they recognized 00:20:59.264 --> 00:21:01.304 that we were thinking about them, right? 00:21:01.354 --> 00:21:05.024 We were really focused on making sure that our quality didn't change 00:21:05.384 --> 00:21:08.864 during the transition, and we were able to hold that, but it was only 00:21:08.864 --> 00:21:10.244 because the efforts of the team. 00:21:10.525 --> 00:21:13.135 Linda Ostovitz: You know, sometimes that situation, like you say, where 00:21:13.135 --> 00:21:17.635 you have to fall on your sword a little bit, really does strengthen the 00:21:17.635 --> 00:21:19.735 relationship between you and a client. 00:21:19.795 --> 00:21:23.005 'cause not everybody's that honest and that direct. 00:21:23.675 --> 00:21:28.445 When you are, I do think your consumer really and truly does appreciate that. 00:21:29.390 --> 00:21:31.500 Kristy Mumma: Well, we're in the support business, right? 00:21:31.500 --> 00:21:33.390 I think our customers get that. 00:21:33.420 --> 00:21:38.430 Ultimately, they're counting on us for services or project completions that 00:21:38.430 --> 00:21:41.160 they need to deliver to their customers. 00:21:41.210 --> 00:21:45.590 So we have to start, we Stewart Technologies, we have to start from that 00:21:46.220 --> 00:21:49.500 role of support and empathy in a way. 00:21:49.550 --> 00:21:52.550 We have to say to them, we know you're counting on us and 00:21:52.550 --> 00:21:53.540 we don't wanna let you down. 00:21:53.900 --> 00:21:57.680 And so we need to have a discussion about X, Y, Z, whatever it is. 00:21:57.680 --> 00:22:00.420 Whether it's project timelines, deliverables staffing 00:22:00.420 --> 00:22:01.590 challenges, whatever it is. 00:22:01.640 --> 00:22:07.100 And I think that people really get honesty. 00:22:07.655 --> 00:22:13.445 Anybody can be in a bad situation, but if you are honest about what's going on and 00:22:14.105 --> 00:22:20.495 bring, this is how we're gonna help fix, address, adjust, whatever that word is. 00:22:20.805 --> 00:22:25.485 It just really ups the value that they see in the relationship and that 00:22:25.485 --> 00:22:27.640 ultimately allows us to serve them better. 00:22:29.100 --> 00:22:29.520 Linda Ostovitz: Agreed. 00:22:30.720 --> 00:22:35.370 So we've talked about your acquisition and staffing and so forth. 00:22:35.940 --> 00:22:37.590 Let's talk about budgeting. 00:22:38.220 --> 00:22:42.160 Again, this business has been operating for how many years before you bought it? 00:22:42.230 --> 00:22:45.140 Kristy Mumma: Yeah, so it'd been in operation for over 30 years. 00:22:45.170 --> 00:22:46.160 Linda Ostovitz: 30 years. 00:22:46.160 --> 00:22:47.090 When you buy it. 00:22:47.710 --> 00:22:52.530 And again, I'm sure had a history of how budgeting was done and what was 00:22:52.530 --> 00:22:55.650 traditionally spent on and not spent on. 00:22:56.550 --> 00:22:59.280 You buy this business, how did you handle budgeting? 00:22:59.430 --> 00:23:03.180 I guess you got left with a budget or inherited a budget is a better term. 00:23:03.600 --> 00:23:04.020 Kristy Mumma: Yeah. 00:23:04.020 --> 00:23:05.490 Yeah, that's a great question. 00:23:05.490 --> 00:23:09.420 And boy, this was one that we probably didn't see we would have to put as 00:23:09.420 --> 00:23:11.980 much work into from that beginning. 00:23:12.030 --> 00:23:14.280 But now reflecting on it, I'm glad we did. 00:23:14.280 --> 00:23:15.960 So let me fill in the middle there. 00:23:16.200 --> 00:23:18.390 So we did, and we did inherit a budget. 00:23:18.780 --> 00:23:23.040 And because my business partner and I were former department managers, 00:23:23.040 --> 00:23:26.520 we had some influence on budgeting before and inputs on budget. 00:23:26.910 --> 00:23:29.820 All the curtains weren't pulled back, so we didn't have full 00:23:29.820 --> 00:23:31.050 visibility to the budget. 00:23:31.050 --> 00:23:35.540 So we did inherit a budget and the ownership transition happened in May. 00:23:35.540 --> 00:23:43.005 So we inherited a budget and we stuck to, I'm gonna say lived with that 00:23:43.005 --> 00:23:48.675 budget, going through that first year and noted challenges, problems, concerns. 00:23:48.675 --> 00:23:52.675 One kind of adjustment we had to quickly make in the budget was we wanted to have 00:23:52.725 --> 00:23:56.967 some pay scale changes to reflect sort of the level commitment we had asked of 00:23:56.967 --> 00:23:59.037 some of the staff during this transition. 00:23:59.287 --> 00:24:01.597 And some new opportunities that they took on. 00:24:01.597 --> 00:24:05.447 And so, we had to make those adjustments quickly on that HR side. 00:24:05.687 --> 00:24:10.667 And then as we looked to prepare the budget for what I would say that first 00:24:10.667 --> 00:24:16.337 full year of our ownership, when we got into it, we realized, Ooh, there's 00:24:16.337 --> 00:24:18.017 a lot more work here than needed. 00:24:18.287 --> 00:24:21.547 Not because it was off or a mess or anything like that. 00:24:21.757 --> 00:24:26.797 But because we realized that we needed to get our priorities into the budget. 00:24:26.897 --> 00:24:32.207 And how your budget is projecting your staffing, your expenses, your 00:24:32.207 --> 00:24:36.717 investments, all of those things that is basically, your growth if that's 00:24:36.717 --> 00:24:40.881 your target or it's delivering on what your plan is, for that year and beyond. 00:24:40.931 --> 00:24:44.201 The first year we did a lot of work in the budget, but what we learned 00:24:44.201 --> 00:24:47.051 was that we had to do even more work and we had to start sooner. 00:24:47.261 --> 00:24:50.645 And, I, at first I was a little like resistant to this. 00:24:50.645 --> 00:24:55.895 Budgeting, I didn't see it at that time as sort of part of the strategic 00:24:55.925 --> 00:25:01.275 plan review and part of really how you put all the pieces of the 00:25:01.275 --> 00:25:03.075 puzzle together to equal the growth. 00:25:03.325 --> 00:25:07.165 I just saw it more as a financial exercise, but in going through the nitty 00:25:07.165 --> 00:25:12.195 gritty details of it I really got a much deeper respect for the budgeting 00:25:12.195 --> 00:25:18.295 process as a crosscheck on your other goals you have for the business. 00:25:18.375 --> 00:25:24.885 And so that second year we spent even more time on the budget and we started sooner. 00:25:25.425 --> 00:25:33.200 And what was a great result of that was that we actually put in a kind 00:25:33.200 --> 00:25:38.773 of a new endeavor of making sure that we increased our interactions 00:25:38.773 --> 00:25:43.863 with our staff and increased what we're now calling mentoring sessions. 00:25:44.113 --> 00:25:49.865 Where we have in addition to, work reviews or project planning meetings we're 00:25:49.865 --> 00:25:52.355 looking at, what is their growth plan. 00:25:53.155 --> 00:25:56.545 As individuals, as professionals in addition to someone 00:25:56.545 --> 00:25:57.835 that's part of our company. 00:25:57.911 --> 00:26:03.861 And that was work when we were looking at year-end reviews and staff reviews. 00:26:04.131 --> 00:26:09.916 We had these amazing interactions with our team and we realized we wanted 00:26:09.916 --> 00:26:16.793 to do more of this because it really added such a depth to the relationship 00:26:17.123 --> 00:26:21.773 and kind of that sticky connection with the employee and the employer. 00:26:22.043 --> 00:26:27.893 And that was something that came out of the budget review process that originally 00:26:27.893 --> 00:26:30.228 I was pretty, standoffish about. 00:26:30.278 --> 00:26:36.233 But now I have such a respect for it and we are now starting our budget 00:26:36.233 --> 00:26:38.753 review and planning process sooner. 00:26:38.803 --> 00:26:44.423 We're looking at it as soon as September hits, and our goal is to have it done 00:26:44.613 --> 00:26:47.933 early November, but there's always tweaks and some contracts aren't 00:26:47.933 --> 00:26:51.843 even up, out of available for input until closer to the end of the year. 00:26:51.843 --> 00:26:57.165 But, it's something that we inherited, we had to tweak slightly. 00:26:57.705 --> 00:27:01.365 We had to change, and then we really had to dive into it. 00:27:01.365 --> 00:27:06.695 So now that we're, beyond kind of those first five years, I feel like it is 00:27:06.695 --> 00:27:14.305 only increasing our ability as owners to dive into the company at deeper levels 00:27:14.575 --> 00:27:16.315 every time we look into that budget. 00:27:16.675 --> 00:27:18.610 Linda Ostovitz: And now it belongs to you. 00:27:18.610 --> 00:27:19.060 Right? 00:27:19.130 --> 00:27:22.020 It's not a, a legacy budget anymore. 00:27:22.050 --> 00:27:23.130 It's now yours. 00:27:23.590 --> 00:27:24.460 Kristy Mumma: For better or worse. 00:27:24.510 --> 00:27:26.190 Linda Ostovitz: Well, I'm sure it's for the better. 00:27:26.190 --> 00:27:30.810 I don't know Tara, but I know you, so I'm sure that it's for the better. 00:27:32.390 --> 00:27:37.250 One of the things that has recently invaded, if you will, the lives 00:27:37.250 --> 00:27:42.110 of people like you who provide it services, is the fact that your 00:27:42.110 --> 00:27:45.200 service is going to be taxed now. 00:27:45.995 --> 00:27:50.045 And for our listeners, there's been a lot of fight in the legislature 00:27:50.045 --> 00:27:56.635 about taxing service that is sold as a commodity basically. 00:27:56.735 --> 00:28:02.245 And while a lot of industries were successful in beating back a tax on 00:28:02.245 --> 00:28:08.375 them IT stayed in the cross hairs and IT is what I happen to believe 00:28:08.395 --> 00:28:12.295 is the first of many services that will be taxed going forward. 00:28:13.005 --> 00:28:17.685 How does that Kristy affect how you operate your business? 00:28:17.685 --> 00:28:19.365 How you deal with your customers? 00:28:19.725 --> 00:28:24.965 And if you know how your customers may deal with their customers given 00:28:24.965 --> 00:28:26.075 the nature of the work that you do. 00:28:27.275 --> 00:28:27.875 Kristy Mumma: Yes. 00:28:27.875 --> 00:28:30.390 There's our crazy hornets mess we're gonna jump into. 00:28:30.390 --> 00:28:38.391 So the new 3% sales tax on some specific data and IT services passed 00:28:38.391 --> 00:28:43.171 by the Maryland State legislature is certainly impactful in a lot of ways. 00:28:43.341 --> 00:28:47.601 I believe as you do that, this is the first of many business services 00:28:47.601 --> 00:28:55.071 taxes to come along and IT was just the way that I think the legislature 00:28:55.626 --> 00:28:57.366 thought it was the most fair. 00:28:57.696 --> 00:29:00.306 I'm not sure if that's the word, but they saw it as something that 00:29:00.306 --> 00:29:01.926 almost every business has to have. 00:29:01.926 --> 00:29:04.686 And so maybe it was seen as less targeted. 00:29:05.646 --> 00:29:11.346 Now as someone delivering IT services, we certainly feel that it was targeted. 00:29:11.359 --> 00:29:16.239 And we certainly wouldn't wish this on any of the business services. 00:29:16.239 --> 00:29:18.849 Accountants, lawyers, there's many business services. 00:29:18.849 --> 00:29:24.729 And we see an IT service provider, we see a systems integrator. 00:29:24.789 --> 00:29:30.469 We see, a software support team, such as we are, we see that as just an 00:29:30.469 --> 00:29:34.069 important relationship as some of these other business relationships you have. 00:29:34.429 --> 00:29:38.539 Insurance, accountant, business advisors, you have HR. 00:29:38.539 --> 00:29:39.289 All of these. 00:29:39.679 --> 00:29:43.749 And yeah, maybe we feel a little targeted that it came to us first and 00:29:43.749 --> 00:29:45.649 certainly we're not happy about it. 00:29:46.009 --> 00:29:54.779 What we have though is an opportunity to have really clear communications 00:29:54.779 --> 00:29:58.169 with our customers about the fact that one, this is coming 00:29:58.399 --> 00:30:02.159 . In technology, IT automation, cybersecurity, a lot of our 00:30:02.159 --> 00:30:04.259 role is education based. 00:30:04.309 --> 00:30:09.589 We are having discussions with our customers in areas where they have hired 00:30:09.589 --> 00:30:11.199 us because they're not experts in them. 00:30:11.329 --> 00:30:14.659 And so we have an educational piece to a lot of these 00:30:14.659 --> 00:30:16.909 discussions, and this is similar. 00:30:17.224 --> 00:30:21.134 And so the first thing we're gonna have is messaging to our customer 00:30:21.134 --> 00:30:25.604 base and broader through, our social media channels regarding the fact that 00:30:25.604 --> 00:30:27.134 this service is coming down the pipe. 00:30:27.344 --> 00:30:30.224 It does go into effect July 1st, 2025. 00:30:30.274 --> 00:30:31.594 Talk about budgeting, right? 00:30:31.594 --> 00:30:36.094 Here's something that wasn't in the budget for anyone, including us, 00:30:36.454 --> 00:30:38.104 and now it's coming down the pipe. 00:30:38.104 --> 00:30:44.409 So as a service provider, we will actually, have a double hit on this 00:30:44.409 --> 00:30:49.269 because we now have the administrative burden of collecting the tax for the 00:30:49.269 --> 00:30:53.499 state that we're taxing onto our customers that they don't wanna be paying really. 00:30:53.919 --> 00:30:59.464 And as a consumer ourselves and a distribution channel type of situation 00:30:59.494 --> 00:31:05.314 of many IT services and softwares, we will also be paying this service. 00:31:05.364 --> 00:31:11.434 I think our firm, like many other in the IT services field are not happy about it. 00:31:11.594 --> 00:31:16.824 I see it really as something that is not going to help where Maryland 00:31:16.844 --> 00:31:21.904 wants to go in the state of being, the IT cyber capital, of the world. 00:31:22.004 --> 00:31:27.254 Because this is now a tax that anyone in the industry will be paying and also 00:31:27.254 --> 00:31:28.934 dealing with on a consumption side. 00:31:30.359 --> 00:31:31.649 I hope I hit on that, Linda. 00:31:31.649 --> 00:31:33.209 I could just talk about this tax all day. 00:31:33.209 --> 00:31:35.339 You can really tell it gets under my skin a little bit. 00:31:35.754 --> 00:31:36.474 Linda Ostovitz: And you know what? 00:31:36.474 --> 00:31:40.704 You're the first of many people whose skin it will get under because 00:31:40.704 --> 00:31:44.994 I believe, as sure as I sit here that you know, I'm an attorney. 00:31:45.084 --> 00:31:47.974 My firm, our services, we're gonna get taxed. 00:31:47.974 --> 00:31:48.844 There's no question. 00:31:49.534 --> 00:31:54.994 And like you're saying, maybe you all got nailed first because there's very 00:31:54.994 --> 00:31:59.264 few people I'm aware of who can do business without needing IT services. 00:31:59.264 --> 00:32:02.084 But you did answer my question, so thank you for that. 00:32:03.031 --> 00:32:07.051 So let me ask you, from a broader scale, you, you've jumped off that 00:32:07.051 --> 00:32:12.001 cliff and you bought this business and you made it work and hired the 00:32:12.001 --> 00:32:16.231 staff that you're happy having, and it sounds like you're very pleased with 00:32:16.231 --> 00:32:17.851 your business partner and so forth. 00:32:18.451 --> 00:32:20.881 What does the future of Stewart Technologies look like? 00:32:22.396 --> 00:32:26.821 What will we see as you continue to share your brand with us? 00:32:27.746 --> 00:32:31.661 Kristy Mumma: When I look at where the company has grown, 00:32:31.661 --> 00:32:33.371 we're now at a staff of 10. 00:32:33.421 --> 00:32:35.641 We're already looking to add more staff. 00:32:35.641 --> 00:32:37.951 We'll make another hire before the end of the year. 00:32:37.951 --> 00:32:40.811 We'll make another hire early in next year. 00:32:40.811 --> 00:32:46.981 So as we continue that growth, we are looking for managed targeted growth as 00:32:46.981 --> 00:32:53.551 we own our role as that niche business for companies who have wholesale 00:32:53.551 --> 00:32:56.201 distribution, manufacturing needs. 00:32:56.321 --> 00:33:00.611 And for those companies that are in the small to mid-size businesses, 00:33:00.771 --> 00:33:04.911 mostly in the Mid-Atlantic or with their headquarters on the east coast 00:33:04.991 --> 00:33:09.021 that they, need that IT superpower. 00:33:09.021 --> 00:33:11.001 They know that something isn't right. 00:33:11.001 --> 00:33:14.301 They know that things aren't as smooth as they could be and they just 00:33:14.301 --> 00:33:15.921 don't even know maybe where to start. 00:33:16.021 --> 00:33:21.891 And so that's where our holistic, 10,000 foot view really allows them 00:33:22.581 --> 00:33:24.201 and their business is to shine. 00:33:24.501 --> 00:33:30.381 We start off any new relationship by trying to be as humble as we can and 00:33:30.381 --> 00:33:34.851 learn about their specific business, even if we worked on that industry before, 00:33:35.241 --> 00:33:37.911 even if we have other customers that are doing things very similar to them. 00:33:38.101 --> 00:33:42.854 Just like no network, no IT security structure is exactly the same. 00:33:43.184 --> 00:33:44.834 No business is exactly the same. 00:33:44.884 --> 00:33:51.004 And so we try to use sort of our humble, inquisitive nature to become experts in 00:33:51.004 --> 00:33:58.259 their business, to advise them how they can use automation tools, technology and 00:33:58.259 --> 00:34:00.269 I'm gonna have to say the word AI, right? 00:34:00.499 --> 00:34:03.604 To excel at their next level. 00:34:03.604 --> 00:34:08.644 So we will feel that we are thriving, excelling when we see those 00:34:08.644 --> 00:34:11.144 exceptional results, for our customers. 00:34:11.194 --> 00:34:14.414 It's an exciting time, I think, and challenging. 00:34:14.494 --> 00:34:15.904 You're thinking about tariffs, right? 00:34:15.904 --> 00:34:19.594 Because we have many challenges in the business industry right now, and 00:34:19.594 --> 00:34:24.354 IT just like many industries that we serve is facing tariff pressure. 00:34:24.354 --> 00:34:31.044 So how can we be lean, efficient, and make sure that our teams are 00:34:31.044 --> 00:34:35.364 utilizing their zone of genius, because that's gonna be the difference 00:34:35.364 --> 00:34:39.694 makers in the companies that excel and thrive over the next five, 10 years. 00:34:40.667 --> 00:34:45.317 Linda Ostovitz: You have done again, what some people think about doing 00:34:45.377 --> 00:34:47.027 after they've been in a business. 00:34:47.807 --> 00:34:48.797 I could do this. 00:34:48.797 --> 00:34:50.207 I have a different vision. 00:34:50.207 --> 00:34:52.187 I could make us leaner and meaner. 00:34:52.187 --> 00:34:54.107 I can have the zone of genius. 00:34:54.617 --> 00:34:57.857 It maybe doesn't exist under current ownership. 00:34:58.517 --> 00:35:04.487 And for those who are listening who may be contemplating a move such as 00:35:04.487 --> 00:35:09.077 what you and Tara have done that is buying the company for which you have 00:35:09.077 --> 00:35:14.577 worked, are there any lessons learned that you would share with someone who 00:35:14.577 --> 00:35:16.527 might be contemplating such a thing? 00:35:18.102 --> 00:35:18.672 Kristy Mumma: Yeah. 00:35:18.672 --> 00:35:19.302 Wow. 00:35:19.512 --> 00:35:19.872 Wow. 00:35:19.912 --> 00:35:24.112 As we approach year eight, Linda, I'm thinking so many lessons. 00:35:24.112 --> 00:35:25.372 Big and small. 00:35:25.432 --> 00:35:31.962 And I think that maybe I'm gonna go with, two or three kind of key things that I 00:35:31.962 --> 00:35:33.822 hope can pull them all together here. 00:35:33.822 --> 00:35:38.902 So I mentioned the word humble before when talking about learning about our 00:35:38.902 --> 00:35:44.062 customers and making sure that we are as open-minded as possible in hearing 00:35:44.302 --> 00:35:48.767 what their business challenges are and not thinking ahead of the solution, but 00:35:48.797 --> 00:35:50.807 really understanding the problem first. 00:35:51.287 --> 00:35:55.847 And so I would say, be humble whether you're starting a new business or you're 00:35:55.847 --> 00:35:58.707 taking over a business that has existed. 00:35:58.717 --> 00:36:02.477 Because, I said before, I feel that everyone really 00:36:02.477 --> 00:36:04.097 inherently is a good person. 00:36:04.127 --> 00:36:04.757 I really do. 00:36:04.757 --> 00:36:07.457 That's one of my kind of core beliefs in that they wanna 00:36:07.457 --> 00:36:08.957 excel in the work that they do. 00:36:09.007 --> 00:36:12.727 Whatever is set up now, whatever's going on now, it was there for a reason. 00:36:12.887 --> 00:36:17.987 And be humble about the fact that there, there was a reason behind 00:36:17.987 --> 00:36:22.277 whatever's happening now and maybe when that ownership veil is pulled 00:36:22.277 --> 00:36:24.377 back, the reasons will be more clear. 00:36:24.667 --> 00:36:29.537 And you need to be open-minded to the fact that there was good judgment behind 00:36:29.537 --> 00:36:33.867 whatever those decisions were made before you really had all the information. 00:36:34.017 --> 00:36:40.757 And I think another one would probably be you gotta trust your gut. 00:36:40.757 --> 00:36:43.037 We talked about this in a couple ways before. 00:36:43.087 --> 00:36:45.337 And mostly related to staffing. 00:36:45.387 --> 00:36:49.167 Tara and I knew coming into that transition that there 00:36:49.167 --> 00:36:50.637 might be some friction points. 00:36:50.637 --> 00:36:51.987 We knew there were gaps. 00:36:52.067 --> 00:36:55.567 We knew there were areas we might have to upskill, add change, 00:36:55.987 --> 00:36:57.957 and, we knew that going in. 00:36:57.957 --> 00:37:03.537 And then it took time for that to be seen to, to be either an accurate 00:37:03.557 --> 00:37:06.557 reflection or had we misjudged. 00:37:06.607 --> 00:37:11.017 But a lot of these big things we've had to decide, like I talked 00:37:11.017 --> 00:37:15.127 about, we moved office space hiring two staff people within a week. 00:37:15.337 --> 00:37:17.017 That never happened in the company. 00:37:17.067 --> 00:37:21.027 And we had to take a leap because we were expanding one of the business lines. 00:37:21.027 --> 00:37:25.347 And you really know in your gut, like your gut tells you, 00:37:26.017 --> 00:37:28.777 inherently, I think the answer. 00:37:29.167 --> 00:37:33.127 Maybe you don't know all the details of how the answer's gonna play out, but 00:37:33.847 --> 00:37:36.007 I think most of us have a gut feeling. 00:37:36.007 --> 00:37:39.987 I'd been in this industry at this point taking on ownership role. 00:37:40.017 --> 00:37:44.527 I'd been in this industry for like 25 years, so I definitely had a 00:37:44.527 --> 00:37:46.882 lot of experience in the industry. 00:37:46.922 --> 00:37:51.812 But that doesn't necessarily translate into ownership, but it does translate. 00:37:52.002 --> 00:37:55.802 And so you have to trust your experiences and go with your gut, 00:37:55.832 --> 00:37:58.352 especially with hiring customers. 00:37:58.352 --> 00:37:59.642 That might sound weird, right? 00:37:59.672 --> 00:38:00.722 Hiring customers. 00:38:00.722 --> 00:38:05.677 But when you have a new customer, you are taking on a business 00:38:05.677 --> 00:38:07.507 relationship just like they are. 00:38:07.557 --> 00:38:10.707 And so you have to, we think about it as two-way interviewing. 00:38:10.917 --> 00:38:13.977 We wanna make sure that it's gonna be a really good match before 00:38:14.227 --> 00:38:15.577 anyone makes that commitment. 00:38:15.577 --> 00:38:16.837 And same way with staffing. 00:38:16.837 --> 00:38:22.287 So you really just from your experiences, I think have a good feeling about 00:38:22.287 --> 00:38:23.697 how something's gonna play out. 00:38:23.797 --> 00:38:29.107 On the times when Tara and I questioned our gut, our gut proved us to be, 00:38:29.687 --> 00:38:30.827 that we should have followed it. 00:38:30.827 --> 00:38:35.753 And so I would say stay true to your core values, your guiding 00:38:35.753 --> 00:38:40.223 principles, and trust your gut when you're making those tough decisions 00:38:40.433 --> 00:38:42.623 because you have to make the decision. 00:38:42.623 --> 00:38:46.883 Not making a decision is sometimes worse go with your gut and have confidence 00:38:46.883 --> 00:38:49.583 that it will lead you the right way. 00:38:50.765 --> 00:38:51.785 Linda Ostovitz: Great advice. 00:38:52.655 --> 00:38:57.985 Thank you so much, Kristy, for your open and honest conversation with 00:38:57.985 --> 00:39:02.105 us today about, what has transpired, what worked, what didn't work, and 00:39:02.105 --> 00:39:07.505 obviously you're on a tremendous path as Sterart Technologies for the future. 00:39:08.265 --> 00:39:14.595 So you know, this podcast is called Real Talk, real Growth, and I believe 00:39:14.595 --> 00:39:16.185 we've just heard that from you. 00:39:16.185 --> 00:39:17.535 So thank you for it. 00:39:17.685 --> 00:39:18.735 Much appreciated. 00:39:18.945 --> 00:39:21.495 Kristy Mumma: Oh, Linda, thank you so much for having me. 00:39:21.545 --> 00:39:25.175 It was really quite, quite a lovely experience to sit and 00:39:25.175 --> 00:39:26.555 talk with you about the company. 00:39:26.605 --> 00:39:29.595 From a different angle, from someone asking different questions. 00:39:29.675 --> 00:39:30.245 So thank you. 00:39:30.245 --> 00:39:31.985 It was really a joy to be here with you today. 00:39:32.325 --> 00:39:34.755 Linda Ostovitz: It was my pleasure, and again, not everybody's got 00:39:34.755 --> 00:39:40.290 the guts to buy their employer out, which is what you've done. 00:39:40.290 --> 00:39:43.650 I think a lot of people, as we said, think about it, but to actually 00:39:43.650 --> 00:39:45.210 do it is a whole nother thing. 00:39:45.210 --> 00:39:47.520 So thank you Kristy, so much. 00:39:47.520 --> 00:39:50.280 All the best to you and I look forward to seeing you soon. 00:39:50.280 --> 00:39:55.170 Kristy and I run in a lot of the same circles in Howard County and support 00:39:55.170 --> 00:40:00.000 a lot of the same nonprofits and business organizations and so forth. 00:40:00.000 --> 00:40:02.350 So we'll see you soon, Kristy. 00:40:02.370 --> 00:40:03.930 Thanks again so much, 00:40:04.095 --> 00:40:04.545 Kristy Mumma: Thank you. 00:40:05.580 --> 00:40:06.270 Linda Ostovitz: Thank you.