The Evolved Leadership Podcast

#34 It's Not About The Widget, with Chris Eldridge, CEO and Co-Founder of 4impact

• David McDermott

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My guest in this episode is Chris Eldridge, CEO and co-founder of technology services business 4impact. 

 

4impact serves customers across the eastern seaboard of Australia, in New Zealand and in Papua New Guinea, and employs people in four countries.

 

Chris believes in giving back to the community that has supported him, and is proud to support organisations like Opportunity Australia who provide micro-finance loans to entrepreneurs throughout Asia, and the charity Communify who work in the local community on multiple social initiatives.

 

Highlights of our conversation include the process of setting up a Board and putting a CEO in to run the business, the value of getting emotional commitment to outcomes, the impact of your parents on the leader you are today, the loneliness of the CEO position, and fleshing out the question of what really drives an entrepreneur to start and build a business? 

 

Enjoy the conversation 

 

To find out more about 4impact go to: https://www.4impact.com 

 

You can connect with Chris on LinkedIn at: https://www.linkedin.com/in/christopherpeldridge 

 

To learn more about what it takes to be an evolved leader, and to check out our other podcast episodes, go to:  https://www.evolvedstrategy.com.au

01:04.12
davidmcdermott
Chris welcome to the show.

01:09.41
Chris Eldridge
State it lovely to be here.

01:10.86
davidmcdermott
So let's kick off with what's your leadership journey been so far.

01:20.73
Chris Eldridge
Well, it's an interesting question to try and answer David. It's been it's been a long one. It's been an interesting one plenty of ups and downs along the way. Um, and I think the summary before I sort of go through a little bit of the story is about. Getting comfortable with actually being a leader and being a person at the front because I've probably been that reluctant leader for for a long time and so that's that's all part of the growing up journey I suppose that we all have to go through but I yeah um, ah trained as an electronics engineer. um at the University Of Tasmania so I grew up down south and um I I worked down there for a year and then I spent 4 years in Adelaide working ah in defence engineering working on interesting systems with a really cool local company over there. And then ended up in Queensland ostensibly for 2 years about twenty five years ago because I thought I'd come and hang out with my mates. Um I had an american american fiance at the time and who's now my wife and thought we'd end up in the states and but I'd got friends up here and thought I'd come enjoy the lifestyle because not much happens in Queensland.

02:29.69
davidmcdermott
See.

02:33.22
Chris Eldridge
And then I got up here and I got a job with Boeing working out at the air force base. Um, they weren't boeing at the time they yeah they were taken over about a month after I had my interview and been selected for a job and um. Um, I'm still here. Twenty five years later um never having moved on realizing. There's a lot more goes on under the covers up here than people give it credit for and it's been a great place to do business and a great place to live so I I yeah um I ended up ah ah with boeing as I said out of the air force base and then boeing relocated its headquarters to Brisbane. Um. Ah, the year after I yeah was I'd started and I thought rather than commuting out to amberly. Um, outside ibswich each day. Um I would rather have a shorter trip and so I I joined the head office in the city. Um on a rather large program and um, you know I I was part of the the technical. Leadership there I'd sort of started to get involved in that sort of thing and they yeah um, they got me identified as someone to to move through their their their leadership program so there was ah there was a good career brewing for me in that technical realm. But so I kind of didn't see my future as being a project manager I'm not sure why I enjoyed the technical but I I enjoyed the people side of things a whole lot more I'm sort of kind of social person I like being around people I like the people side of technology. Um, and so i.

03:58.31
Chris Eldridge
Went out on ah a limb and um, ah, refuted that and didn't join that that program and instead took my first job in sales in a completely different industry selling a product I knew nothing about and failed spectacularly. Um, it was the first time in my life that I had um. Actually failed at something and you know I was being judged for what I couldn't sell versus whether I was a good person so it was a real life lesson. So with my tail between my legs I went back into technology leadership with ah a credit card payments company back in the.com era um, they hired me with a view to build global r and d centres and things like that and then they ran out of funding in two thousand about a month after I got there had their first round of downsizing September Eleven came along and most of our customers in that in the us were when the travel related. Space so we had a further cut back. So I was having to manage on a shoes stream leading a team about 40 odd people and um, you know working how to do things be innovative with not much budget. Um and and try and make process improvements. So it taught me a lot about how to um, you know. Set up processes and systems and incremental improvement rather than waiting for a big chunk of change to do things that's kind of been my model all the way through um for my sins though. Um I was probably I was back in technology land um I was managing people which is great but um.

05:15.40
davidmcdermott
Move.

05:30.54
Chris Eldridge
Ah, had an itch to sort of see could I do this business thing. Um, there was you know I there's no there's no background there that was just was I good enough and I I sort of armed an art over this and thought I can just I can stay the course and take the safe path or I can try it out. Um, which is what I did so with 2 other partners started for impact in 2005 um, and effectively I had to learn what was a recruitment business and I'd never been involved in that sector you know I was a technologist. Um, but I saw saw it from a different perspective and you know over the years there were. 3 partners went to 2 which then Len went to one which was me um and always say that you know the the fact that I'm 1 founder left out of 3 either makes me incredibly smart or incredibly stupid and I'm still working on that one. So the joys of joys of business but all along that journey path I'd probably been.

06:23.71
davidmcdermott
See.

06:29.59
Chris Eldridge
Um, I'd been there near the top but I never quite I never took the reins as the leader because there was always someone who's going to be better than me with better skills. Um, you know I was kind of the the ideas person with with vision about what we could do um but I probably never put my hands on the cup. As it were and um and lifted the cup that sort of changed about eighteen months ago um you know I'd I'd set up the board I had a Ceo running it um put proper governance process in place. So I thought um and during covid.

07:06.89
Chris Eldridge
The business conditions changed for us greatly. We we're working to the insurance sector which had tightened up. We were um, a key provider at the start of covid um, ah to tier one insurers they stopped spending money on new programs and new processes and so we got squeezed. Um. And and ah essentially we we had a lot of unbillables. We were actually going through a negotiation of a sale of part of that business and um, you know had to face the challenge of a business that was right on the back foot again and um, so I had to step back in. We sold the business off. Ah. You know to a ah key key. Yeah organisation tier 1 organisations people all got looked after which is great and had to go through restructuring the business which has required me to actually step in and be that leader that I've um, always been capable of but never quite stepped into. It's a little bit of the journey I'm sure we'll pull out a little bit more of it as we go along. But that's kind of a little bit of a short snapshot.

08:08.30
davidmcdermott
Yeah, we will um and you know, really fascinating to hear your journey so far which is you know what? what? we're always curious to explore as as the first part of the of these conversations. So before we get.

08:20.58
Chris Eldridge
And.

08:22.48
davidmcdermott
And more focused on for impact the business that you've you've built and and what it does now and where you want to take it. Can you tell us a bit more because you know that was a quick snapshot of I know in our you know from speaking previously as ah if I understand right? you founded the business with 2 other.

08:28.39
Chris Eldridge
Then.

08:39.45
davidmcdermott
Um, founders in 2003 is that right? Um, so okay, so like what what were some of the greatest challenges and also you know some of the greatest wins.

08:44.85
Chris Eldridge
2005 but pretty close.

08:57.82
davidmcdermott
I Know you just talked about you know the business being on the back foot and um and you stepping out and then having to step back in to you know to save it if if that's the right word to use and but what what were some of the other um you know challenges? Yes, but also some of the greatest highs you know in the.

09:09.27
Chris Eldridge
E.

09:16.99
davidmcdermott
In the time I guess up to now the history so far of the business and let me do a very bad coaching technique and ask a double question before you answer that question. Can you just also for for listeners. Let them know what? What actually does for impact do like what what is its. Ah, Marco and what are its customers and what's the service. It provides.

09:39.42
Chris Eldridge
Um, sure. Sure sure yeah and it's it's it's evolved over the years which I think businesses have to do You can't rely on what work for you once working for you forever. Um, so we started off effectively being an alternative to the T two consultancies. So we found um we we had ah used a premium contracting model whereby we could work with the the top consultants who didn't want to work for the tier ones and the tier Twos anymore. Um, because they didn't like the business models which effectively required good consultants to have to sell once they got on site to the customer and the whole land and expand type thing which is you know, um, a way a lot of these professional services from work. They want to just do a good job and we we said to them you go in and do a good job. That will be the thing that will let get the the extension and the next piece of work so we were pretty pretty transparent with them about how we were going to make money how they were going to make money and um, you know that we we built that up quite rapidly and it was actually one of the challenges. Um, Because. We we were so consultant friendly in what we did um and you know it resonated in the market that we were growing very very fast and of course then there's a whole issue about cash and all those sort of things and cash can get you on the growth side and also on the on the the.

11:06.15
Chris Eldridge
Failing side as well. So that and that was pretty exhilarating I I was consultant number one you know to get the business started and I remember walking down queen street in in Brisbane the day that I'd stopped doing an actual consulting gig and I was back in the business to actually help grow it from the business development perspective. And I just walked down queen street and I watched all the people walking the other way into their offices and things like that and I had this moment which was um, either it was it was it was just like this epiphany that. Um. The opportunity around and what what I could see in terms of things that could be done and that was that was really exciting at the time. Um, so what? what? that really was a labour hire contracting. You can boil it down I argue a lot of professional services firms at the end of the day if you're putting people in consultants in it's a labour hire of of sorts.

11:57.25
davidmcdermott
Move.

11:57.98
Chris Eldridge
Um, as much as I hate the term what we then evolved to was to be able to deliver projects so we could we could bring bring the capability together. Um, and um, build capability in particular technologies which is what we did in the insurance sector. So we became known in the region. Um for our ability to deliver projects so it became a system integrator. At that applications level and then what we've been striving towards is then how you package that capability into solutions. So we started work to do a lot of work now with the mutual banks who have a real legacy issue provide a magnificent service to their members but are constrained by 30 year old technology prohibitive contracts and things like that. So we're working with them to give them a path away from that because again we think if we can um unlock those mutuals that makes them provide competitive with some of the ah the usual big 4 suspects um in town and kind of a theme of what we try to do with our professional services in that technology spaces.

12:45.77
davidmcdermott
Oh.

12:54.50
Chris Eldridge
Give the little guys a bigger chance against the bigger guys.

12:56.90
davidmcdermott
And a really really cool space to work in and that you know touches on. Yeah yeah, yeah I was just saying It's a really cool space to work in and and um and it resonates with the and the intent of this podcast which is.

12:59.98
Chris Eldridge
So I don't know if that summarize it so cool.

13:13.93
davidmcdermott
You know, talking to successful business owners and executives who make the world a better place in some way and there is I'm I'm I'm hearing and some of the language of mission there. Um in terms of helping ah helping the little guys be able to compete with the with the bigger players and.

13:22.45
Chris Eldridge
Um.

13:27.73
Chris Eldridge
Um, yeah I.

13:31.71
davidmcdermott
Can you? yeah can you explain a little more about some of the the stories of success that that you've had with whether it's with the mutual Banks or other other customers.

13:45.94
Chris Eldridge
Um, yeah yeah I think um, ah you know we we've one point we we bid for some project work in in Brisbane um, and to a panel and we we ended up on this panel. With a bunch of the the other consultancies and um, you know in the we a couple of those consultancies complained to the organization and said um yeah, why is this 4 impact mo ah mob on there because they they would just look at as contract labor hire why? Why are they here and the response to them was. Because when I engage for impact I get emotional commitment to my outcomes. Um, so that was you know it was lovely to hear that ah back in the day I think the other one which was back in 2015 we'd been invited along with um, all of the partners in this insurance technology.

14:21.38
davidmcdermott
M.

14:38.68
Chris Eldridge
To um, bid for the earthquake commission. Um claims project. They were replacing the system that had been used to manage the 2011 earthquake in Christchurch and um, you know there were some of the usual suspects. There were incumbents whose you know it was their right to win and um. With a little upstart from Brisbane who who partnered over you know we we flew over to Wellington you know, rang rang one of the local providers and said we need your help and he said right? I'll meet you in an hour. Um and you know got involved there put together a partnership and a friendship that lasts to this day. Um. With with them and we bid for that project and I remember being sent a message from the Cio ah the the day before saying we'd like to get on a call with you tomorrow morning. You can have either eight o'clock in the morning or four o'clock in the afternoon which slot would you like for the briefing on the outcome. And I sort of said well you might as well give me the bad news upfront so there I was at 8 am I was sitting sitting in the office at seven thirty waiting move shuffling for shuffling papers and things like that and um, you know if they came on. They said we'd like to let you know that you've you've won this tender so that was pretty exciting because we.

15:34.67
davidmcdermott
Season.

15:54.10
Chris Eldridge
We we hadn't really done work in New Zealand before we had to go over set up an entity over there I spent did about forty forty five trips into Wellington over 4 five years made friendships there as well and that's what I I like as well about it all and ah you know I remember fondly. It's it's never about the project.

16:00.55
davidmcdermott
M.

16:12.20
Chris Eldridge
Yeah, you got deliver the outcomes it's about the the experience of that delivery and the relationships that are formed along the way. Um, and um, you know I remember coming out after that and a couple people looking at me like because I was looking like a stunned mullet. They said what happened I said with bloody one this thing um and that was that was one of those special moments as well.

16:25.16
davidmcdermott
For season.

16:31.72
Chris Eldridge
And I think that's that's kind of the the thing for me who was a technologist. Um, you know where the people bent I and I told the story before we started of my first um roll into sales and abjectly failing and i. Ah, basically this business. Yeah I guess I got a chance to redeem myself because whether we like it or not um, sales is a key part of any business. Um, and you have to be comfortable with it I used to go oh this is the dark side. It's the dark side but I'm quite comfortable now saying hey look I'm a salesman I'm here to have a conversation. What's the problem. You've got to solve. Have we got a way to do it and getting comfortable in that as being part of that journey as well. Um, and so I get excited by those those conversations and and being able to unearth an opportunity and join the dots and a lot of the time. It's not joining the dots so that I win. It's joining the dots. So other people win. Um. And I think being patient and playing a long game there and recognising if you do good bye other people it'll come around at some some point as being part of that leadership journey as well and which sometimes takes some real patience because I ah do see some pretty poor behaviour out there from a number of organisations and I shake my head and go how do these people keep going.

17:47.10
davidmcdermott
Yeah, yeah, it is indeed well that is truly fascinating and to hear you know that and that particular story you know where you know you were you were heavily involved following the the Christchurch Earthquakes and and.

17:49.66
Chris Eldridge
But that's ah, that's probably a whole nother podcast.

18:06.93
davidmcdermott
And what I also hear in in you in your description. There is you talked a number of a number of points about the friendships that you've built and through business relationships and I mean success in business primarily is about nurturing and and cultivating quality relationships which. And absolutely can turn into friendships. We haven't discussed this particular topic before on the show. So I want to I want to ah unpack it a bit with you I mean there is this idea out there that in a professional capacity. You know we should remain professional which means there's sort of certain a certain point at which you know. Ah, we we shouldn't broach over. It's It's sort of just ah, you know an idea out there that that um you know can um, can influence and and ah you know everyone can interpret that in their own way. But and you're talking about go. Breaking that mold and actually building friendships I'm guessing with key customers and you know as a relationship builds things moving Beyond Ah and ah, having that professional boundary. Can you talk a bit more about you know how the value of building friendships in business.

19:25.29
Chris Eldridge
Yeah I think um, I'm in the professional services world. So this might not apply to everyone who's listening but I think um in in this world anyway, today's client could be tomorrow's consultant. Um, and vice versa. So today's consultant could be tomorrow's client so it is recognizing that we're emotional creatures and ah the best technical solutions. Not always the solution that's going to um to win. Um, you know, ah. I think you there's missed so many cases of the the best team on a sports field. You know the individual brilliance losing to the best team and so if you put that in a business context. It's about how you gel the people together um to actually deliver it I always say the computers do exactly what you tell them to It's just people that don't so. If you put it in that context relationships matter people matter so being able to spend a bit of time with someone and go well what makes you? what makes you tick what makes this work and if I were you? What would you know and I were trying to solve the problem in your place. How would I do that you can't do that by you know, not. Asking some questions of a personal nature or to explore things go because people turn up to work. You know they're for 8 hours a day but for 16 hours a day there's somewhere else and those those things are driving them and their behaviors. Um, as much as we'd like to tell ourselves. They're not so.

20:53.92
Chris Eldridge
Understanding that and being able to empathize with that seems to me natural. Um not to use in a cynical way but to use to say hey I can drive a better outcome by knowing these things and also knowing the interaction of these people together. So That's that. Ultimately, if you ask those types of questions and you explore enough. It inevitably is going to enter some sort of level of friendship.

21:16.74
davidmcdermott
Yeah, yeah, I totally agree and um, yeah, my experience has been the same and I mean when when I used to work with firms. My friendships were were built primarily with my fellow consultants and ah. And coaches you know and and over time as we work together more and more friendships would naturally develop and very close friendships customers at that time. not not really but when I founded my own practice in terms of evolved strategy and and ah you know started getting in a way. Much deeper in with clients and particularly because when I left the last firm I was with second road I I took the coaching skill set that I had and the consulting skill set and I combined them which and second road didn't want to do and it's one of the primary reasons I left and when i. Was working with clients much more using both the coaching skillset and the consulting I was going deeper and I was doing a lot of group coaching with leadership teams and as well as private coaching in addition to the strategy consulting work which is more intellectual and I was finding and and continue to that relationships too deep and I mean. Just last weekend. My wife and I had um had a a client I've been working with for some time the founder and Ceo of a really cool business local to to Queensland but an international focus had them over for lunch. He and his wife and had a lovely afternoon. You know, whiling the hours away not

22:41.48
davidmcdermott
Not talking about work at all just fascinating life topics enjoying and some beautiful red wine made by my dad and yeah it was. It was just extraordinary and and and I I totally resonate with your comment there.

22:46.70
Chris Eldridge
Right.

22:56.87
davidmcdermott
And something I've I've discovered more running my own practice than in in my days working as an employee of firms running my business I've actually gone deeper in terms of those relationships where clients have become friends and it's ah it's a beautiful thing and the fact is it's great for business too.

23:17.62
Chris Eldridge
Um, yeah.

23:21.10
davidmcdermott
So Chris in a previous conversation with you I'm just going to rip us out of you know this particular line of thought now to another topic you shared you, you shared with me that um in terms of your parents that your dad was a lecturer in southeast asian politics. And your mom was awarded a no am for her australian asylum seeker work now you know I was really interested to hear that and you didn't go deeply into that at the time. But um, what I'd like to ask is you know how how have your parents being the people that they that they were and ah have how have they shaped. Your leadership journey in terms of the leader you are today.

23:58.40
Chris Eldridge
So.

24:06.52
Chris Eldridge
Yeah, um, ah, it's a good question I think ah depending on the answer I come up with and you know in terms of all of this. Um I think actually you might want to you might want to scratch that one out. Let me start that part again. Um, it's a good question. Um I think.

24:09.30
davidmcdermott
Even.

24:17.55
davidmcdermott
Um, yeah, that's fine.

24:24.81
Chris Eldridge
I think um, because of my parents. Um, who were you know the english middle class came out here in the 60 s my dad came out here for 3 years as part of he'd been offered a job at the University Of Tasmania he'd be able to get his ph d and he was true. Academic. Um, and. My mother was a teacher in the Uk and she came out here in the 60 s and you think about it. There's no support networks. Um, so she had to find things to do and so she did um she was a strong woman. Um, she ended up she did radio plays for the abc back in the 60 s. Um, she then got involved in looking after students naturally for you know, an extension of my father's work at the university a lot of students who come out to study at the University Of Tasmania and so she would find them families to do events with um and um, ah the people from Fiji people from Cambodia. Um, Malaysia Indonesia you know Hong Kong all through the region. Um, ironically many of them went home. They came as scruffy. Um teenage you know, young adults in the early so late 60 s early 70 s many of them are ministers. Now up in the in the governments in places like Cambodia and Laos. Um, my mother goes up there. You know to help teach english or she did tell a few years ago and you know these people will give her a big heart because of you know the the help that she gave them.

25:38.72
davidmcdermott
M.

25:48.78
davidmcdermott
M.

25:51.68
Chris Eldridge
And I think what it showed me I spent. Um, she did a lot of work when she first started teaching adult migrant english with the vietnamese boat people and um, my my story is that I I say I spent my teenage years in the back of the das and while mum was dropping off clothes and food to vietnamese boat people who'd just gone into their first houses having. Having come out of the the hostels and so that exposed me to a different set of culture to a usual um australian boy. Um, and so I saw different people Christmas day was always full of all the overflow. So there'd be about 20 what people doing mums roast turkey and Christmas pud. From all over this southeast asian region. So at that exposure so for me that was always important I I loved what my parents had done but I was more of a technical person. Ironically I've come back on the people side and um so with the business. It meant that I wanted to build a business because I've got those capitalist tendencies. But I've also got the socialists tendencies in terms of you know, wanting to help people. People's rights and things like that. So um, yeah, we got involved with ah a charity about 4011 called opportunity international. Um, who would do microfinance loans into the third world particularly India and Indonesia and that really resonated so we we actually came up with a structure of how as the business grew we would give a little piece of our billing each day to that to opportunity national.

27:23.25
Chris Eldridge
And those rather than it being charity. It was it was they were more small loans that repaid so whatever we had contributed would rebe be repaid every twelve months and as we added more that meant it was a bigger loan size that they could give and I used to joke at the time and say well you know even if 4 impact goes out the back door. The money that we've given up to now will continue to be recycled as part of this ah this program and um, you know we nearly did go out the back door. So um, that that came home to roost. But that was for me. Um, really important to find a way even in a business. To be making a contribution and the way I saw it is like I'm an entrepreneur I started a business and I went to the field 1 time and I thought the time oh we're just giving money to for these people to you know, do whatever they do and I I was in the village and I saw this one particular lady because most of the loans go to go to females. And they're bloody good at what they do and I saw her talking to the person who was in charge of the loans and she was looking him in the eye and I saw that I saw that entrepreneurial spark in her eye and I got this isn't charity. This is a loan just like me going away and said. Westpac to try and get money to fund my business. She's doing exactly the same thing this is entrepreneurs funding entrepreneurs and that just you know that really resonated and I think for me, um, the connection back to my family was was really important. But my sister said a few months ago um to me Um

28:50.41
Chris Eldridge
And she was a public servant in canberra she worked in the department of immigration foreign affairs and all so stuff. So there's a real theme. You can see the rest of the family I'm I'm a little bit the the 1 sitting to the side except I'm not um, she said you know when you went into business I I couldn't understand how that ah allied with.

28:59.36
davidmcdermott
So.

29:09.49
Chris Eldridge
You know who we were as a family and I always thought that you know social good work was about charity and you know that had to be done from public service and what have you? you've shown me with the stuff you've done with your business to help other people that there is another way. Capitalism commercial. Ventures don't have to be a bad thing in terms of the impact they can make on other people's lives so that was that was really nice.

29:37.11
davidmcdermott
And that is um, a direct link I mean I don't know how how formative you you know what you observed with your parents was in terms of you know the business that you've built now but particularly that.

29:43.30
Chris Eldridge
1

29:51.20
davidmcdermott
That aspect of you mentioned donating to opportunity international australia and it sounds like that you know at least partly was significantly influenced by that experience. You had with your mum. You know when when she was working with asylum seekers and. And being exposed to that despite having strong capitalist tendencies to build a business and you know build something that I guess um, yeah, can be a legacy and I want to ask so ask? ah a bit more about that particular ah topic at a moment but um, it's it's really interesting. How our formative experiences influence the leader we are today and that's why I asked you you know and what? what are you aware that your parents have contributed to to the leader that you are today and and I'll I'll put this to listeners know this podcast um is ah.

30:45.97
davidmcdermott
Is um, primarily listened to by business owners and executives mainly across the Eastern Seaboard of Australia but also internationally and ah you know consider for listeners. How have your parents influenced the leader that you are today. You know the fact is that some of us have. And mildly or even quite seriously traumatic upbringing with one or both parents some have a ah very harmonious, upbringing and everything in between and and you know my experience has been that you know when you learn from your experiences. Whatever they were. You know they they usually shape the person you are and in terms of organizationally that means shaping the leader that you are today and it's ah I found it really useful in my own journey to actually go into this and in terms of particularly the parental implements in in the leadership development programs. We run. We actually. Ah, go through what's what's called the world of transactional analysis. It's one of the modules in the program where it's totally about what what was the influence that your parents had on you and how does that make you how how did that contribute to the person you are today? Um, so.

31:54.24
Chris Eldridge
Big.

31:58.86
davidmcdermott
And and I will just shout out to opportunity International Australia because they've they've been a client of mine and they I coached a number of most senior execs and ran some coaching training with it and with with ah a group within the organization and they're a wonderful charity in the microfinance space and.

32:13.22
Chris Eldridge
Um.

32:18.14
davidmcdermott
And they donate about $10000000 a year into um you know around the world as you say primarily in india and um and ah and indonesia and they really are doing extraordinary work and just very briefly the math for those who. Aren't familiar with the world of microfinance. We also contribute to microfinance institutions and we love. We love the the model the the way it works is you make a donation of however much let's say a hundred dollars um that is not ah, a gift. It is a gift from you but it's not a gift to. The the recipient the recipient as you say chris is usually a person in a third world country often. A woman who's um, you know an effective slave a cycle of slavery to and you know to some landowner or you know someone running a bit of a syndicate. The money enables them to buy enough things to extract themselves from a cycle of slavery and usually set up their own enterprises and as ah, an entrepreneur and the loan is repaid and the the percentages are usually around ninety ninety nine percent plus for repayment rates. So the money comes back and then it can be lent to someone else to free them. Also. And if you're a regular giver every time you put in $100 the the money just builds and builds the amount of money that's available because it's you know, 99% or more repaid and as donations come in the money just keeps circulating and freeing up more and more people and taking them out of effective slavery and.

33:45.14
davidmcdermott
And encouraging entrepreneurship in in tough settings. So it's a really cool model and and I just want to shout out there. You know if you if you like the idea and you can you know apportion some of your a small percentage of profits or personally contribute opportunity. International Australia is a great place to start. You know there are other microfinance institutions. But.

33:58.91
Chris Eldridge
Um.

34:04.68
davidmcdermott
Yeah, they're doing magnificent work. So Chris can you talk a bit more about the capitalist ah drive because you've mentioned that a bit and you know at the very start of this conversation. You said look you set up a business. Ah for for no other reason really that look.

34:21.56
Chris Eldridge
Book.

34:23.16
davidmcdermott
Can I can I do this can I have a crack and I resonate with that I've I've done the same in the past when I really charged hard into the entrepreneur space. So tell us about that drive. Where does it come from and again a double question. You know what have you learnt now after.

34:29.73
Chris Eldridge
Off.

34:40.65
davidmcdermott
And however, however, long, you've been an entrepreneur about the you know how how how much that drive has been satisfied like what's your maturity on that understanding now.

34:42.22
Chris Eldridge
It.

34:55.75
Chris Eldridge
Yeah there's there's a bit bit to unpack in that question. Um, so why? why did I have the urge I don't know. Um as I say you know watch my parents I was in an environment. They did not have a commercial brain in their you know business mind in their bodies that was not them. Um, ah my first business venture didn't last I think it lasted for a couple of weeks at school was down at the local canteen where people would always be short of money to buy a lollipop or a pie and I happened to have money one day and I lent.

35:28.42
Chris Eldridge
Ah, lent forty cents so what it was with interest to be paid back 45 and all of a sudden had a little business with people coming up to me to borrow enough money for the the tuck shop and I was making making money that way. Um, it didn't didn't last but my sister gave me a book by Noel Whittaker at the time who was one of the most most foremost investment writers in the country back in the 80 s and I was probably 17 or 18 and she gave me a book and um it was ah called money money made simple or something like that I remember a few years later going to ah a seminar in Adelaide.

35:57.52
davidmcdermott
In.

36:05.75
Chris Eldridge
And he was out. He was signing his books and I said oh can you sign my book of money money money made easy and he said Chris it's money made simple. It's never easy and and it kind of just you know, got me into a mode.

36:12.77
davidmcdermott
Can save.

36:20.75
Chris Eldridge
Of okay, what could I do you know how and I started doing a bit of work around property investments and some shares and things like that which opened up the space to have the capital to start the business and you know why did I want to do it. Was to test myself I really went in there not to make money but to learn about myself and was I good enough. Um, and you know I think the answer has generally been jet yes I mean for I can you know I've got stories of ups and downs. But for all the the downs. There's there's a lot of ups as well. And. Um, I've learned a lot about myself in this process. Um, you know I think that business magnifies your strengths and your weaknesses. Um and you've got to be prepared to confront that and it can be hard. Um, and so you know I found out various things about myself that I don't like particularly um and I have to deal with that. Um, and you know, ah, there's 1 common factor now in this business for 18 years of all the successes and all the failures and it's me. Um, so ultimately, there's that accountability which is um, it's hard to deal with when I started the business I had an old mentor and Ceo.

37:20.83
davidmcdermott
In.

37:31.76
Chris Eldridge
Pull me aside said, you're about to start a business chris I'm going to give you 2 pieces of advice. You said the first thing being a Ceo is very lonely and that's been true. It is a very lonely place because you see everything and you you can see the outcomes and you know makes it hard. You want people to succeed and fail who are working for you.

37:42.10
davidmcdermott
And.

37:50.99
Chris Eldridge
But if that if that decision they're about to make is going to cost you million dollars you step in in some way shape or form and the way you step in either makes you a micromanage or an outstanding leader and it's a really fine line. The second thing you said to me is um, you've got to be proud enough about what you do and how you do it to tell your grandmother. And um, his grandmother lived to a very old age. Um, but that's always resonated with me as well. It's not just about the outcome and what you achieve at the end. It's it's about how you do it and you've got to go to your grave proud. Ah proud of how you did it a proud of how you fought the fight. Ah, how you got on the on the on the playing field and that at times can be really difficult but that really for me is you asked about legacy. That's the legacy because if I can do that hopefully my kids see enough of how I operated who I was that that will make them.

38:32.53
davidmcdermott
And.

38:47.96
Chris Eldridge
Better in their own Journeys I don't particularly you know am I hung up about the brand lives on and I create some great big family Empire. No I'm not um, but if I do the journey right? It'll have an impact on other people hopefully that helps them in their journey. And I I get to learn a few things and have a bit of fun along the way.

39:08.13
davidmcdermott
Well really cool to hear and thank you for um for sharing so openly with us you know in this interview Chris and your your insights there on legacy and why why entrepreneurs.

39:09.10
Chris Eldridge
But.

39:22.49
davidmcdermott
Start businesses in the first place is is really really fascinating. And yeah, you know I'm just reflecting as you speak on my own drive. You know when I've and started businesses myself and you know now the the business I run evolve strategy evolved strategy was an evolution but the the first businesses it was. And even evolved strategy. You know, leaving second road I remember I had a burning desire just to be independent just to call the shots and ah you know not be in that employee mold where there was a certain amount of leave per year and you know having to request certain dates. Um, you know if if I wanted to take a holiday and you know having to attend meetings that I knew um know there was just no value whatsoever but and didn't have much say in it and those sorts of things were really bugging me when when ah you know I I left the final employed role I had.

40:17.17
davidmcdermott
In 2016 started an evolved Strategy. So I really resonate and it's It's really interesting to unpack where where does it begin but I I believe evolved leaders evolved businesses not usually at the very beginning but do get to the point where. They they build an enterprise where there is a vision that's more than just independence for me Personally, you know and and not having to be an employee often. That's ah, that's a significant factor at the beginning. But as your journey evolves and you quickly realize there are a whole host of other challenges that come. That you don't have to face as an employee and that often at the tough points you look back and go Jesus to be easy just to be an employee you know a highly paid leader of so-and-so so publicly listed company and and those are the points where you you know you really have to go deep and go Well why? Why do I Do this. You know why? Why do I run a why am I building this? What is the vision and then it has to be something more than just and Independence because when it's tough being an employee is way more stress lower stress and and and and enjoyable in terms of you know lifestyle. But ultimately and.

41:17.70
Chris Eldridge
Um.

41:28.53
davidmcdermott
The driver has to be in alignment with um with who you really are and and eventually you can build something where you do have a good lifestyle if you set up the business properly often a better lifestyle than um than a highly paid executive who is usually still doing pretty long hours and and having to do a lot of things they wouldn't normally. Do if they were if they were a business owner but it's a journey of evolution that everyone has to has to go on and make their own decisions along the way.

42:02.35
Chris Eldridge
Absolutely absolutely think? Um, if you unless you, you're wanting to wrap it up I Guess the the last couple observations just ah around the journey and you you sort of touched on it there where you talk about the times where it might look a bit easier to to go. Go back as an employee at times and certainly you know I look at that. Um, and um, you know it is ah it is a long journey and it's hard and a lot of people I think start the business for the wrong reasons or they they think that they've got a better widget than someone else and it's all about the widget. And ultimately one of the key learnings of Business. It's not about the widget. It's all the other things that go with it so be prepared to educate yourself in areas outside your comfort zone. Um I Think that's that's ah you know that's that's a key part of of the business I think the other thing.

42:51.96
davidmcdermott
M.

42:56.58
Chris Eldridge
Um, what keeps the drive going as well. Um, for me, it's like it's unfinished business and we changed the we changed the tagline of the business and it really is the purpose um about eighteen months ago when I step back in and I could ah put my mark all over it rather than worrying what other people would think or or what have you. Um, really update it to be unleashing potential and um I sort of said that 1 time and a couple people said well, what do you mean by that. So well I look at I look at this business I look at our customers I look at our consultants I look at our employees all of the things and they're like batteries and a battery has 100% potential but it can run at 0 and and ultimately what we do with our solutions what we do with the way we operate the the way we work. You know we build our business and make it better. It's about unleashing the potential in that battery. Um and getting it charged so that we can all operate to the best level. And if we can do that for our customers through the services we provide they they're going to do better. We're going to do better. Our employees are going to have more fun. Our consultants going to have more fun and that's that's a key part of it for me is like you know it's it's got to be good journey. It's got to be fun journey otherwise why we're doing it.

44:00.11
davidmcdermott
Yeah.

44:06.15
davidmcdermott
Yeah, yeah, and a question to finish you know on on that point is if you if you look ahead and let's say 5 years from now 10 can sometimes be a bit long but 5 years from now in an ideal world. Where would you like for impact to be.

44:22.39
Chris Eldridge
Um.

44:24.73
davidmcdermott
Ah, would it be doing exactly what it's doing now roughly the same size of teams serving the same type of customer in the same geographies or would anything be different.

44:38.40
Chris Eldridge
Yeah I think um I think the the challenge with services work by itself is that you um, you have to turn up each year and sell the book and sell the book and sell the book. You've you've got to sell the same set of services. And as we all get older. We don't have the same energy to do those things so in 5 years time I would like us to have a bunch of services more repeatable more products or managed services hence the the work we're trying to do with the mutuals. Um, so that you know we do less of the.

45:01.77
davidmcdermott
Is.

45:10.75
Chris Eldridge
The the slogging around town you know, hey what? what people do you need? what people do you need and more and more of the let's manage these solutions. Let's enhance these solutions and if we can do that in the Australian context Why can't we do that in a broader context and you know I'd love to bring that.

45:13.36
davidmcdermott
M.

45:26.56
Chris Eldridge
Some of that home to the southeast asian region in terms of our backdoor which would allow me to tie that back to my own journey as well. So a little bit of ah you know, ah you know so hundred three sixty degree there.

45:33.81
davidmcdermott
That'll be.

45:38.21
davidmcdermott
Yes, that would be that'd be really cool and I hope you achieved that so Chris we're at time but for listeners who'd like to reach out either to you. You know personally to ask a question or to learn more about for impact. What's the best way for them to do that.

45:57.75
Chris Eldridge
Ah, look. It's probably Linkedin drop me a message connect with me and just let me know hey I was listening to the old pod cop vol podcast I'd love to chat? Um, that way you'll distinguish with yourself from all the people who are trying to sell me stuff or those lead Linkedin Leadin Lead marketers

46:13.93
davidmcdermott
Um, me the.

46:14.29
Chris Eldridge
Which you're probably all getting in your inbox. Just let me know if that's the case. Um, happy to chat happy to happy to um, help in any way that I might and you know I'll get to learn something as well. Which is always the good part.

46:20.38
davidmcdermott
Cool, well fantastic. Well thanks so much again. Chris we really appreciate your insights. It's been really really fascinating

46:34.23
Chris Eldridge
Thanks I've.