Scaling the Gap Ep 58 | Matt Millsap: How One CEO Turned Crisis into Triumph

Being a CEO means navigating constant pressure, especially when scaling your business. Now, imagine this: you're sitting on the edge with everything on the line. The stakes are high, and failure seems inevitable. So, what do you do? In this episode of Scaling the Gap, host Madeleine MacRae sits down with Matt Millsap, CEO of Build Co. 7, to explore how he not only weathered the tough times but built a thriving business rooted in leadership, integrity, and growth.Matt’s journey wasn’t without its hurdles. After discovering he was $250,000 in debt, he turned to seasoned mentors and made bold moves that transformed his company—and his mindset. He shares the invaluable lessons he learned about leadership, company culture, and financial management, plus his “rule of two” approach that’s empowering his team to solve problems with solutions.Join us as Matt reveals how turning a crisis into an opportunity became the foundation for his company’s success. Let’s dive in!Key TakeawaysBuilding a strong team and company culture is paramount to successFinancial struggles can teach invaluable lessons in accountability and integrityDelegating effectively and empowering your team leads to better resultsStrong client relationships are the backbone of sustainable business growthContinuous learning and personal growth are integral to leadership successIn This Episode[00:00:00] Introduction to Matt Millsap[00:01:06] Importance of building a team[00:02:04] Refining leadership skills[00:03:00] Letting go of weaknesses[00:05:02] Inspiration behind starting the business[00:06:27] Navigating the 2008 recession[00:07:23] Focus on historic renovations[00:09:08] Choosing the right clients[00:11:01] Defining ideal clients[00:12:24] Learning from difficult clients[00:13:41] Monitoring financial metrics[00:14:29] Facing financial challenges[00:16:01] Overcoming financial challenges[00:16:46] Learning and growth[00:17:17] Honoring obligations[00:19:33] Building trust with bankers[00:21:57] Unexpected team loyalty[00:23:37] Creating Construction Coach[00:26:37] The rule of two[00:29:22] Success reflectionNotable Quotes[00:02:04] "Once I realized that the focus needed to be on a healthy company culture, things really started to blossom." — Matt Millsap[00:06:27] "I remember I wrote it out with him as long as I could and I looked at him one day finally and I just said, 'Boss, you know the captains got to go down with the ship, but the first mate doesn't.'" — Matt Millsap[00:16:01] "I owed a lot of people a lot of money, and I never dodged a call. I would just pick up the phone and say, 'I can't pay you today, but I'm going to pay you.' It was one of the toughest times of my life." — Matt Millsap[00:17:37] "I had a situation where I couldn’t pay my taxes. We lost a key client, and I couldn’t afford my bills. But I honored my obligations, and I paid it anyway. The owner of that company wrote me the most heartwarming email when I paid the last payment." — Madeleine MacRae[00:21:57] "An unexpected delight has been the team that I’ve built over the past years. They support me because they see the value in what I do for the company. That’s probably one of the surprises I would say." — Matt MillsapOur GuestMatt Millsap is the founder of Build Co. 7, a Nashville-based contracting company with over 16 years of experience in design, construction, and investment. The company specializes in remodeling and renovating older and historic homes, as well as undertaking small-to-medium commercial and retail projects. Their services include kitchen and bathroom remodeling, detached garages, additions, and new constructions. Build Co. 7 has been recognized with multiple awards for client satisfaction and is known for its meticulous pre-construction and construction processes.Resources and LinksMatt MillsapWebsiteLinkedInMadeleine MacRaeWebsiteLinkedInInstagram