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Jason Steed

Owner & CEO

How My Customer Database Rescued Me

by | Sep 21, 2023 | Relationship Marketing

At minute 15, my podcast host, Kyle Knowles, asked me how I was able to surface after a previous company of mine went belly up in 2002. I had a mountain of debt to deal with as my business partner was nowhere to be found. Here’s a snippet of that podcast interview where Kyle helped me rediscover some of those course-changing moments from 21 years ago.

Podcast Snippet: Start-up Goes Bust in 2002…Now What?

To set the stage, my business partner in my previous company and I had very different visions for building a company. Such polar opposite viewpoints would ultimately be the demise of the company. So it became a big real reality check when I was left the only guy in town holding the bags, and it was suddenly my name on 100% of the secured loans and the debts. That was a very scary place to be figuring out how I would make good on leased equipment and office costs and…everything.

[Podcast transcript]

[Kyle 18:37] So, what did you do?

[Jason 18:41] Almost overnight there was chaos, skepticism, and a smothering dose of reality…questions like, “Who’s where and who owes what, and where are the contracts?” This was a very heavy, scary place to be. And quickly, I had to make the choice either to go in-house or try to build something myself.

Relying on my Customer Database

[Jason 19:35] So there I was, on day one of my newly formed company Targa Media. Not only do I have to take care of the needs of my family with two young children, but I also have to make good on debts and figure out how to stay afloat. I certainly had the option to file for bankruptcy or something to that effect, and I received varying sources of advice on that. And for some, bankruptcy can be a godsend for managing and moving forward. However, I did not choose that path. Instead, I fought through, knowing that I couldn’t burn bridges in Utah; it’s too small of a place where everyone knows everyone else. I just knew I had to have the grit and the courage to talk, negotiate, work through challenges, and make something happen.

“I recognized the value I had for the customers and the vendors who trusted me and were willing to work with me. I made commitments to refer business to them and pleaded for their patience as I tried to build and mature my new business.”
Some factors that I attribute to my necessity to get the ball rolling in such awkward circumstances—where I hadn’t built up a nice nest egg, hadn’t consulted with smart people, and didn’t have other partners to embark on a new venture with—centered around the value of the customer database. I recognized the value I had for the customers and the vendors who trusted me and were willing to work with me. I made commitments to refer business to them and pleaded for patience as I tried to build and mature my new business. Bless Heather’s heart; she was dealing with random collections calls from creditors at home. She was a fighter and a trooper for many, many years. Just as I always say, she was my rock throughout all of this. I wanted to provide for her what she deserved, and she wanted me to continue to thrive and have the energy that I felt as an entrepreneur and business owner, which I believe is part of my identity.

So that was my process of gaining momentum, figuring things out, and valuing the customer database, vendor database, and partner database. I realized that I was working with people, not just company names, corporations, printers, and service providers. These were individuals, and that realization has been, and still is, a driving factor in my journey. The thing that makes me look forward to Monday mornings is the opportunity to work with valued customers and a dedicated staff, and to face new and interesting challenges. I find myself Googling answers every day, just trying to keep up with technology, offer value, and bring rewards into my life and the lives of the people I work with

Products on the shelf

Full Podcast Episode

You can listen to the full 1:06:30 audio interview from Kyle Knowles at mmmpod.net/jason-steed I’m amazed at how connected Kyle’s and my business worlds have been, and how we made so many of those discoveries during our interview. I had a great time during my hour with Kyle.

Key takeaways:

  • Why I wanted to be an entrepreneur
  • What it took to rise from the ashes of one business to start another
  • How my creative value to our clients has evolved
  • How I carve out time as a manager to be a maker