We caught up with the brilliant and insightful Rod McDonald a few weeks ago and have shared our conversation below.
Alright, Rod thanks for taking the time to share your stories and insights with us today. Let’s start with what makes profitability in your industry a challenge – what would you say is the biggest challenge?
Recognizing the music industry is a “penny business”. You have to focus on what outcomes you want from each marketing, promotional and performance efforts. You have to be thinking strategically as you plan your work.
Awesome – so before we get into the rest of our questions, can you briefly introduce yourself to our readers.
I started early in life as a drummer with my father. I played my first live concert at the age of 5. My first glimpse into a professional musician’s career was at 14 when I played with Rance Allen. His music director knew my mother and asked if I could play his concert. An experienced the propelled me into producing and the business side of the music industry. Ive worked for the legendary Al Bell from Staxx Records, Al served as a mentor for me. I’m currently producing and playing drums for “Kindred Jazz”, a smooth jazz band here in Dallas Texas. We have a new release scheduled for April 12th.
Can you talk to us about your experience with buying businesses?
I believe in having multiple streams of income. I also start or invest in other businesses. I recently sold my interest in a local business. I had no experience in the day to day but I did have experience in developing and planning required to be successful. When my partners and I purchased the business and property it was losing money, after 5 years it is now profitable. It was difficult to build a plan to get funding for almost 2 million dollars. Look back it was worth the effort in working with the lending institutions.
Do you have any insights you can share related to maintaining high team morale?
Any successful business must focus on the team, the people, as well as the bottom line. My advice would be to treat people fairly and with respect while clearly communicating expectations.
Contact Info:
- Website: KindredJazz.com
- Instagram: @Kindredjazzband
- Linkedin: Rod McDonald
- Youtube: https://youtu.be/TxdJZKlI_L4