Entrepreneurship interview with Danny Spann, owner of Spann Musical Instruments
My travels have taking me to Connecticut where I met a very interesting person who’s passion for music run in his blood, he is not only a very successful entrepreneur, but a very good artist, he plays the mandolin, guitar and any string instrument that crosses his path with graceful skill.
Spann Musical Instruments
Mr. Spann could you tell me a little bit how you started your company?
Hi Karina, sure my Dad and Grandfather are both luthiers (stringed instrument builders) and they got me interested and into the business. I guess you could say it ran in the family, (laughs). My Grandfather has built guitars and mandolins for more than 40 years. My Dad took up the craft from him and started building guitars about 20 years ago. Growing up watching both of them take a piece of wood and turn it into something that looks and sounds great was very intriguing and fascinating to me.
Could you give me some examples to illustrate the challenge you faced in starting your company?
Well I think one of the most challenging aspects is the financial and capital side. The raising money to get the business started and to fund operations. You have to make sure you have a solid business plan and decide if you want to solely own the business in which case you will have to put up the money or borrow it or if you want to incorporate and acquire stockholders. There are advantages to having stockholders in that they fund some of the money, but it takes some of the independence out of your business. I have decided to fund my business and be a sole proprietor for that reason. Instrument building being an art type business you need to have the freedom to practice the art as you see it.
How do you resolve problems when they arise?
I try to solve all problems using a logical approach, whatever they may be. If it is a business problem I insure I gather as much data as I can about the issue and work in a logical manner to solve it the best way possible. If it is an operations problem I do it in much the same way. Look at all of the data, determine the outcome I desire and then make a decision based on that.
How have the experiences that you have had during your entire career influence the way you run your business?
Well I have been fortunate to have had the opportunity to manage various businesses in a corporate environment. This has allowed me to gain tools and knowledge that have helped me run my business successfully. Although being an entrepreneur is significantly different, those problem solving tools have helped me a lot. The corporate experiences also taught some things not to do and enabled me to see the benefits of not being part of a corporate structure. For example the decision making process is much freer and that independence I mentioned allows me to make quicker decisions to react to my market more so than a corporation can.
How do you motivate and reward your employees?
I have found that managing and rewarding employees can be one of the most challenging aspects of running a business. I try to make sure that first of all the people are the right fit for the company. They need to be in synch with my vision and understand the goals and requirements my company has. They need to have a passion for the instrument business and understand that I desire and expect the best quality. This plays a significant role in making them part of the team. To motivate them you also need to understand what drives the individual. Some are satisfied by money, some a challenge others by the freedom to express themselves in their work. I try to motivate each person based on their driver.
How do you select people to join your company?
As a briefly mentioned earlier I look for people who share the same passion and drive to build the best quality instruments. Luthiers and wood workers are artisans and like all people have different personalities. I make sure I take this into account and understand this and I believe the different personalities and points of view make the end result better. One person make look at a totally different way of doing something than I would and that is a good thing, because may way is not always the best (laughs). I do demand respect; integrity and honesty form all of my employees and insure that I give that to all of them as well.
How do you keep up with best practices in your company?
Well I make sure that I and all of my employees are always at the top of their game. We continually look at new and better ways of building things to produce the best sound and look. We have a very strict quality control policy and I personally inspect and play each instrument before it is delivered to a customer. We hand build each instrument and I require all employees to continually hone their skills and encourage them to continue their education at all times. Not only in woodworking but also customer relations, business or any other skill that they feel that can help them excel professionally or personally
How did you first enter your line of work?
Well like we were talking about earlier my Dad and Grandfather got me interested in the business as a kid. After pursuing other careers for a while I decided that this is what I like to do and decided that it is important to work in something that you enjoy and get satisfaction from. After some years of other career paths I decided that I would start this business and have not regretted it since (laughs).
What advice would you give to someone who was considering a career in your industry?
I would say make sure you have a vision for where you want to go with the business. Get a good business plan together and make sure you know your goals. After you have your plan developed follow it and modify it as you need to make sure you are succeeding. Have a lot of perseverance and be determined that you are going to succeed and work very hard to make sure you do.
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