(Riverton, WY) – Transitioning a business from startup to stability is one of the most important – and difficult – steps an entrepreneur can take.
In the latest episode of Fremont Founders, host Jett Odle talks with Mike Bailey, president and CEO of Bailey Enterprises, about planning for growth, adapting to change, and investing in the community.
Bailey grew up in the family business, repairing bicycles as a child, pumping full-service gasoline at 12 and working full-time by 16. His father, Ron Bailey, began leasing a two-bay Riverton gas station around 1960. The company eventually expanded into convenience stores, automotive and tire service, petroleum distribution and the Speedway Café.
Mike became company president in 2002 after a transition planned over 10 to 15 years. Even with that preparation, he learned that change remains one of the hardest parts of business.
“Sometimes you just have to jump off the cliff and hope your parachute opens – and go,” Bailey said.
The episode’s central lesson is that entrepreneurs need a road map, but they must remain willing to change direction.
“You can’t be so focused on following the plan that you drive off the road because there’s a little turn to the left and you thought you were going to go right,” Bailey said.
Today, Bailey Enterprises employs around 160 people. Bailey says finding good employees and placing them in work they enjoy is among the greatest challenges – and rewards – of building a stable company.
He also believes successful businesses must help strengthen the places they serve.
“None of us live in a vacuum,” Bailey said. “We all live in a community.”
Fremont Founders is a Central Wyoming College Bootstrap Collaborative and County 10 podcast, available for free on Apple Podcasts and Spotify.