EMA Journal • Fall 2025 • Money Matters

Meridian Associates has been partnering with family-owned petroleum marketers for more than 30 years to remove barriers, accelerate business growth and reduce stress levels. We’ve equipped more than 4,000 leaders to grow their business and help their families thrive through our combination of high-impact business coaching, petroleum-focused leadership events, advisory and precision company valuations. Meridian helps petroleum leaders build their legacy. Discover how Meridian can help your business thrive by visiting www.askmeridian.com or calling us at 817.594.0546.

Life tends to feel pretty good when volumes keep hitting records and margins are on a smooth, upward trajectory. You can feel quite invincible! But what happens when volumes are merely treading water and, worse yet, margins are eroding from silly competitors, all at the same time? That can feel frustrating or even a bit depressing.

Well, kick yourself out of any pity parties and get back on track with these five practical profit-making steps.

No matter where you are in the country, something is growing! It may not be in the products and services you market now, so keep your mind open. Many of Meridian’s clients have diversified into highly profitable ventures outside their traditional offerings with immense success!

If you aren’t sure what’s growing, talk to your Chamber of Commerce. The reality is, if volumes are flat, unless you do something new, don’t expect to grow your top line.

One of the great things about family business is service. It’s typically extraordinarily good. And you like to hold others to your standard! When a family business feels an outside service provider is too slow, too unreliable or is getting too expensive, I’ve witnessed major profit wins and big excitement when they decide to do it themselves. Not only are they better off, but many get good enough at it to sell that service to other businesses! Wow! Wow! Wow! Not only a problem solved but an entire profit center created!

While I’ve seen this happen repeatedly, I was overjoyed when a client on a coaching call said, “this can’t be that hard,” and then researched the certifications and training and figured out it was within reach. Pretty neat to see how that side of the business has now grown!

You would be amazed at family businesses that have developed new growth strategies just by talking with their “best customers” about their business model, their suppliers, etc. They take a great customer to lunch and simply let them talk about their business. By asking a few questions like “Where are you crushing it?” and “What causes you frustration?” they often uncover previously hidden opportunities.

People love to talk about themselves, and their businesses, given half a chance. By asking a few questions, and listening intently, you may find your next product!

It’s interesting to me to watch new-to-us people who may be a little stuck and frustrated rub elbows at our Meridian events with someone who was in the same position and got themselves unstuck. I’ve learned in my three decades, I can talk sometimes until I’m blue in the face without result — but sit that same leader down next to a peer where they hear the same story and, bingo, the light goes on that they can do whatever that person is doing successfully themselves. It’s magically fun to watch!

The other thing that makes me happy is when noncompetitors share the exact steps they took to move forward — I love that! It’s like they get the “secret sauce” plus a big dose of confidence.

These breakthroughs are what keep me and my team at Meridian still doing family business events three times per year. It’s very rewarding!

Multigenerational family companies can easily fall into the “we don’t charge for that” rut. And that’s fine when the bottom line is fat. It’s not so fine when you’re the one getting squeezed in a flat-demand market.

This is where market intel can be helpful to find out what competitors are doing. If everyone around you is charging and you’re the last one standing with it free, that’s great as long as it’s helping you. But often you’ll find you’re losing out on significant revenue.

I can’t tell you how many times I’ve heard, “I never thought we’d ever charge for that but now it’s making us $X per month!” Now I’m not suggesting you go crazy with myriad new charges that will drive customers away, but I am suggesting you do your competitor analysis, your cost analysis, and at least see if you have a hidden profit opportunity.

In summary, whether you do one of these steps or all five, just do something! What got you where you are, no matter how successful your company has been, won’t get you to “there,” that future profitability you desire and deserve.

Business is changing at a rapid speed, so it’s time to embrace innovative ideas. I hope to see you at our next Meridian event!