Episode Description:
Owning a business isn’t all fun and games. It comes with hard decisions such as letting employees go and evaluating if your work environment is driving away talent. The CoLab hosts Megan Marsh and Andre Munar are joined this week by Sam Parker, owner of My Credit Guy, to explore the meaning of being a bad boss and the sensitive subject of when and why to fire an employee.

Show Notes:

When you start a business, it’s easy to only think of the good things that come with it. Then reality sets in and you realize you’re now responsible for navigating issues with underperforming or negative employees and having to let them go if there is no improvement. Or you’re concerned about being the bad boss that is driving out talent.

As former employees and current business owners, The CoLab hosts Megan Marsh and Andre Munar have faced all of the above. They want to help you overcome these challenges and have invited a special guest, Sam Parker, co-founder and CEO of My Credit Guy, to help.

As an entrepreneur and business owner, you get to set the rules and standards of your work environment. It’s up to you to develop a supportive and productive environment instead of a toxic one. The CoLab team is here to provide you with tips for finding that balance between being a “cool boss” and a hardlined business owner.

Ready to dive in? Here’s a preview of this episode of The CoLab:

[05:13] Welcome special guest Sam Parker, founder and CEO of My Credit Guy.
[08:48] Reasons for firing employees typically fall into the areas of lackluster performance or poor attitude.
[16:04] As a business owner, if you’re not addressing issues head-on and not trying to correct situations with one individual, it can lead to your other employees becoming unhappy. There is potential for unaddressed issues with one employee to create a negative chain reaction among other team members.
[18:30] Working for a bad boss can inspire people to leave and start their own business. As many people learn, leaving a job isn’t always as easy as presenting a two-weeks notice. There can be drama and even firings.
[26:29] Some people never learn to be better bosses. They had a bad boss and became trapped in a mentality of being a bad boss. Instead, you should learn from bad bosses. Learn how to not to act, what not to do, and how not to treat people. Don’t become what you hate.
[28:28] “I think that people leave bosses, environments, and cultures more than the job for sure. Those items are controlled by the boss. [As a boss], it’s my job to make sure no one would ever want to leave here. That I would never lose a talented or intelligent person or a person with a growth mindset because I can accommodate them every step of the way.” — Sam.
[33:50] How can people who have been fired move forward with their career path in a professional way? Be honest and explain that you recognize the need for growth and are looking for the opportunity to do so.

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