How Perma-Seal Balances Purpose and Profit

Capitalism needs a PR makeover - the best way to do business is walking the walk, talking the talk; this is the new way of doing business, says Roy Spencer of Perma Seal Basement Systems.

When Roy Spencer started Perma-Seal 40 years ago, he was walking into, what he describes as, an ethically challenged industry.

As a young person from a humble and hardworking background, Spencer “fell into” his role as a contractor, and then as a business owner, starting out on his own in the home improvement industry. He started out on his own. However, it was navigating his exposure to the industry’s ethics that proved to be not so simple; it challenged him to the core, quite literally.

“I had a moment where I thought, ‘I can’t do this’, I wasn’t brought up this way; we grew up with ethics, wanting to do the right things by our employees and our community,” he shared recently with Impactika Consulting, recalling the early days and watching some of the industry’s practices and processes in action.

He made a conscious decision early on to drive towards a higher purpose: he wanted to do business and make a living the right way, and he wanted to do it by being himself.

It became a way of being for Spencer from day one - or the day he ran his first estimate. “I did it myself, and I looked the customer in the eye, and I told him I stood by it; that honest and straightforward approach became the way we did things.”

Spencer’s approach has worked. 40 years later, Perma-Seal now employs 260 people; they’ve served over 400,000 homeowners in the greater Chicago and Northwest Indiana areas.

In doing so, he’s changing the industry by striking his balance of working towards a noble purpose and making a profit.

Here’s how they’ve done it.

RESPECT FOR PEOPLE

Right off the bat, Spencer notes that the most traditional way of doing good is to create jobs.

From there, it’s about attracting and engaging the right people - people who are looking to join a purpose-propelled organization and a culture where it’s clear how and why they make work happen; people willing and eager to show they, too, care about the higher purpose. If it feels too lofty for a home repair business, it’s not. It’s about building a team with an intuitive sense as to how to do right by and for the customers.

“It has to come through the way employees conduct themselves and show customers they care about them. People have to see that we are indeed authentic, compassionate: they have to believe that we actually do care,” he says. “That comes out in our people.”

PRACTICING INTENTIONALITY

What’s unique about Spencer’s philosophy is how intention and purpose have been a part of Perma-Seal since day one. It’s a unique approach in a day and age where ‘doing good’ is something to ‘do’ down the road.

“Many businesses think, ‘I am going to do good, but I will do that later. I need to concentrate on payroll and growing,’ - but, for me, this was an intentional choice,” he notes.

As steadfast and committed he’s been to intentionality, it’s also been something that’s grown with him. Ten years ago, Spencer’s wife asked him what Perma-Seal stands for. he question launched a new way to approach intentionality for the company and a recommitment to mission and vision. The founder went on to write down not only the mission and values, but also how they infuse those core pieces within their ‘tribe’ of employees. That active intentionality has trickled down into all aspects of the business.

COMMUNICATE THE MESSAGE - BUT, MORE THAN ANYTHING, LIVE BY IT

There’s no doubt Spencer is willing and eager to drive the message of intentionality and conscious practices, but it’s how it’s lived and practiced that he’s truly committed to. “Customers do business with us because they sense we’re genuine, authentic, compassionate. They trust us.”

The biggest challenge - or opportunity - is how they continue to educate their customers on Perma-Seal’s approach, but also the larger picture.

“Our biggest challenge is the public perception of our business. People can see us doing things differently, and it’s important for us to shine our light and encourage others to conduct the same way,” he notes. “Capitalism needs a PR makeover - the best way to do business is walking the walk, talking the talk. This is the new way of doing business.”

Surrounding yourself with other like-minded people and businesses is 21st century business support for organizations like Perma-Seal. “There are so many great points of light out there who encouraged me and our tribe,” he shares. “Knowing that you’re not the only one and there are resources and support is incredibly important.”

Spencer makes no apologies for balancing purpose and profit. His belief in pursuing a noble purpose and making a profit is conscious capitalism in action because it creates value for all. In that sense, it’s shifting culture.

“You don’t have to be a social impact company. This is all about building a conscious culture.”

CONCLUSION

There’s no doubt that Spencer’s approach has delivered sustainable success and value. It also delivers something incredibly important to how business moves forward - hope. “We need to build better business and improve public perception of business,” he notes. “How nice it is to have hope in the world, and conscious capitalism practices give me hope. Capitalism will solve the world’s problems - that gives me hope and energy to change things.”