Interview with Neal Sherman, Founder and President at TAGeX Brands
January 20, 2018
Starting a business is a big achievement for many entrepreneurs, but maintaining one is the larger challenge. There are many standard challenges that face every business whether they are large or small. It is not easy running a company, especially in a fast-paced, ever-changing business world. Technology advances, new hiring strategies, and now, political changes coming with the new administration, all add to the existing business challenges that entrepreneurs, business owners, and executives have to deal with.
Maximizing profits, minimizing expenses and finding talented staff to keep things moving seem to be top challenges for both SMBs and large corporations. We have been interviewing companies from around the world to discover what challenges they are facing in their businesses. We also asked each company to share business advice they would give to a younger version of themselves.
Below is our interview with Neal Sherman, Founder and President at TAGeX Brands:
What does your company do?
In short, we help restaurant owners close their restaurants and manage their equipment, whether that be documenting, removing or liquidating it. To liquidate equipment, we have six sales channels we utilize to maximize return for our clients, including two auction platforms, an online storefront, direct sale, live auctions and global exposure in online marketplaces like Amazon and ebay. Through these channels, we’ve become one of the largest online marketplaces for used restaurant equipment in the country. Customers of our sales channels can always expect to get restaurant equipment very affordably.
What is your role? What do you enjoy most about your role?
I founded the company and serve as its President. My primary focus is on client services, marketing and sales. Our customer base is made up of people either opening or closing restaurants, and both of these groups of people tend to be strapped for cash. I enjoy solving my clients’ headaches by providing a great deal on equipment. It is a rewarding experience to deliver a product that helps people when they need it most.
What are the biggest challenges in your business right now?
Product, people and process. It can be a challenge to keep all six of our sales channels stocked with product.
We’re always looking for more equipment. We are also constantly refining our process to ensure that both buyers and sellers of equipment are with our website interface and interactions with staff. Staffing is also challenging because we need well-rounded employees with a versatile skillset. We have a great team working for us now, but as the company grows, we’re looking to expand that lineup.
If you could go back in time, what business advice would you give to a younger version of yourself?
Focus! It’s difficult to be all things to all people. The world of business looks like it has endless opportunities,
and it does, but that can be a problem. Entrepreneurs, by definition, are optimists and we tend to think we can do it all, but we can’t do it all well. We need to focus. There is a sweet spot between “a mile wide and an inch deep” and “an inch wide and a mile deep”. I would tell myself to provide one product or service, master it, then expand from there.