Discussing COVID and the Challenges Faced as a Family Business

Covid 19 has had significant economic impacts that have been far-reaching. It has left people in a somewhat puzzled state. Business owners are looking for ways to reduce their leisurely spending. You will be learning from my guest, Dave Erb, who owns “West Penn Billiards and fine furniture.” He will give us insights into the challenges he and his wife, Jennifer, faced as family business owners during Covid-19. 

A Little About Dave Erb 

The road to owning a business for Dave was quite long and full of challenges. After getting out of Pittsburgh through promotion, he worked as a district sales manager till 2012 with Novartis. After that, he briefly stepped out of corporate America. Then, he and his wife did their first foray into a small business by purchasing some beer distributors and carwashes. 

However, he quickly realized that this route would not be the end game for him and wanted more. So, when he went to West Penn billiards to purchase a pool table, a thought struck him.  He asked the folks if they were interested in selling the business? About a week and a half later, Dave’s phone rang. It was a call from the “West Bend billiards” owner who was ready to sell his business. 

What the Business Offers Clients?

After taking over the business, Dave and his wife analyzed the market and strictly remodeled the brands. As of 2020, 95% of products are 100% made in the US. Here are some of their major products: 

• Pool tables 
• Shuffleboards
• Patio furniture 
• Firepits barstools 

Due to the ability to manufacture their products here in the US, Dave can help people achieve the custom look that is impossible to get with imported furniture as it usually comes in one to two standard sizes. Moreover, they provide a lifetime warranty on most of the products. West Penn Billiards always look for opportunities that will further strengthen the client-business relationship. 

“People are your key asset, period!”  – Dave Erb

Covid – Beyond Paradigm Change

As business owners, Dave believes that all of us are challenged in multiple capacities. To keep operating, we are going to really gauge to see the comfort level of people in their receptivity to come in back out into the public. So he strategized carefully and looked for ways to keep his business from falling apart. Starting from the employees, he kept all of them on payroll the entire time they have been off. As a result, their life was not disrupted. 

Secondly, as we move forward, we can see that there is a new customer paradigm. Businesses need to look for ways to make them comfortable to come back out. Recently, Dave drove past Walmart and target. All of their parking lots were packed. This made him hopeful that people will want to come back to a small business where they will not have the concerns or worries about having 1000 people around them. 

The Optimism – How Is Dave Managing the Quarantine?

I will tell you how and why Dave and his wife are optimistic during the covid situation. Their standard customer is the “Junior Executive” in their early 30s to 70s, with disposable incomes. They sat back and looked at a lot of these individuals. It was fortunate that Dave’s wife’s best friend made some comments. 

He said, “Dave, your market is still working. They are just working from home”. This was a eureka moment for Dave as he realized that this was true. He thought to himself, “Imagine the money our target market is amassing right now because they are not going out to eat, shop, or visit the country clubs. They have dispensable cash more than ever”. 

This realization ignited the enthusiasm that was affected due to Covid. Thus, their team made one-on-one appointments during the Covid shutdown with the customers ready to spend big dollars. As a result, there was one customer they had in the month of April who spent almost a six-digit number with them. 

What’s more? This was not the only customer that really did some sizable purchasing. So yes, these instances have made West Penn pretty positive about the future. The recipe is to look at the challenging times as a golden opportunity. Instead of giving up, try to mold what is in your control to take maximum benefit of the situation.  

“Due to Covid, people are working from home. They have more dispensable cash than ever.” 

– Dave Erb

Need a Pool Table? 

If anybody wants to put together a family or game room, you can always call the West Penn store at 724-743-3720. You can use their website to take a look at all of our product lines. They respond to emails, phone calls, web inquiries day and night. Right before covid, they introduced the text option that helped them during the pandemic. This method has proved very famous because it is super convenient. So, you can leave them a text right now! 

How to Get in Touch With Matt? 

Covid has left tons of business owners in a whirlpool of challenges. As a result, most of them will be searching for options. For instance, an automotive business owner might want to exit the business, retire or diversify. For these situations, you will require someone who becomes your financial quarterback. 

Luckily, Matt has a virtual family office. So whether you have years of business success or are just starting, Matt will always be there to assist you.  HighLift financial will be your one-stop shop for getting financial strategies tailored to your business and family goals. 

Matt can provide his extensive expertise as a financial advisor and help you with wealth management, retirement planning, and long-term investment strategies. Repair your finances today by calling Mat.

Disclaimer

The information compiled and posted here solely represents the opinions and views of the guest. It might not necessarily be similar to the opinions and views of High Lift Financial. The availability of this content only serves educational and informational purposes. It is in no way a substitute for tax or legal advice or professional investment. 

Always make sure to consult your financial advisor with any queries related to personal or business planning. DiFrancesco Financial Concierge, LLC. d/b/a HighLift Financial is a Registered Investment Advisor registered with the State of Pennsylvania and subject to the State of Pennsylvania’s regulatory oversight.