In this episode, Sam Sapp interviews Pat Phelan, owner of LEAP and author of Leaping Forward, who shares his entrepreneurial journey and the valuable lessons learned along the way. Pat’s story is one of resilience, adaptability, and the importance of navigating life’s challenges with persistence and determination.
Pat’s journey began with a dream of becoming a professional golfer, but after college, he shifted to marketing. Struggling with job dissatisfaction, Pat decided to purchase LEAP, a decision rooted in his childhood experiences and his father’s shift to entrepreneurship. He candidly shares the ups and downs of transforming LEAP from a restaurant equipment supplier into a company that now focuses on supplying furniture and case goods to the hospitality industry.
A key turning point came from a cold call, which led Pat to realize the importance of understanding the supply chain, building strong relationships, and offering competitive pricing and superior service. Throughout his journey, he faced significant challenges, including financial stress, scaling the business, and dealing with the emotional toll of entrepreneurship. He credits his wife’s support during tough times and emphasizes the importance of maintaining a positive mindset and focusing on the future.
Pat also shared insights on hiring and firing employees, stressing the importance of building a strategic team and maintaining a positive company culture. His lessons on financial planning, persistence, and staying adaptable serve as valuable advice for aspiring entrepreneurs. He also advocates for having complete control over one’s business and being cautious with partnerships.
The conversation highlights recurring themes of resilience, flexibility, and the power of persistence in business. Pat’s journey from job dissatisfaction to successfully building LEAP offers an inspiring and relatable example for those navigating their own entrepreneurial paths.