69. Building a 12-Time Fastest Growing Company with Irfan Rajabali
In this podcast episode, Dwayne interviews Irfan Rajabali, from EB Box Company, about his journey from a corporate role to leading a family-owned business that became one of Canada's fastest-growing companies for 12 years in a row without a traditional sales team or a modern website. The discussion delves into key aspects of entrepreneurship, such as identifying market gaps, providing additional value, focusing on customer needs, and building scalable processes and teams. Rajabali shares insightful strategies for managing crises, emphasizing consistency, and continuously investing in technology and people to sustain growth. This episode offers an in-depth look at practical steps and mindset shifts necessary for business success, providing invaluable lessons for aspiring entrepreneurs and business owners.Time Stamps:00:00 Introduction01:32 Meet Irfan Rajabali02:26 Journey into the Family Business05:13 Navigating the 2008 Financial Crisis05:55 Focusing on the Food Sector06:32 Delivering Value to Clients09:37 Early Challenges and Consistency16:50 Evaluating Risk and Reward21:55 The Importance of Industry Size and Scalability30:31 Organic Growth and Client Relationships38:16 The Importance of Quality and Technology in Business38:57 Unpacking the Success of a Sales-less Company40:00 Transitioning to the Food Packaging Industry41:15 Understanding Customer Needs and Optimizing Production43:08 The Impact of Crisis on Business Strategy44:45 Building a Customer-Centric Business Model45:47 Scaling the Business: Processes and Teams56:26 Investing in Technology and Equipment01:07:51 The Entrepreneurial Journey and Business PhilosophyKey Takeaways• The importance of identifying market gaps and delivering consistent value• How to transition from a corporate career to running a family business• Strategies for scaling a business without a traditional sales team• The power of reinvesting profits for long-term growth• Building a customer-centric business model in the packaging industryStrategic Business GrowthCrisis-Driven Decision MakingUsed the 2008 financial crisis as an opportunity to identify market needsRecognized that food industry remained stable during economic downturnsFocused on solving specific customer pain points in food packagingValue Creation FormulaIdentified and filled gaps in service and deliveryMaintained 20% spare production capacity to handle urgent customer needsFocused on delivering all three elements: price, quality, and serviceCustomer-Centric ApproachBuilt direct relationships with customers as the business ownerProvided personal cell phone number to ensure immediate responseCreated systems to support consistent service deliveryScaling MethodologyFocused on removing internal bottlenecks before external growthInvested in technology and equipment that adds customer valueBuilt robust processes before expanding customer baseNotable Quotes"Ultimately entrepreneurship, at least in my journey, was about showing up, about having some consistency, about understanding that problem and the values that existed.""The box in and of itself is somewhat of a commodity. It was about delivering that value that allowed them to accept orders, to allow them to react to changes in the market that allowed them to grow.""Being an entrepreneur is probably the most expensive MBA he could have paid for.""I remember telling my wife, I'm going to close my eyes, put my head down and work at this till I'm 40.""If