In this episode of The Way of the Wolf, Sean Barnes sits down with entrepreneur James Rasmussen to unpack the real story behind building, scaling, and exiting a business in the oil and gas services industry.
James shares how he and his brothers launched a company out of necessity, scaled revenue aggressively in the first year, and navigated the realities most entrepreneurs are never warned about, including cash flow strain, slow-paying customers, payroll pressure, and the emotional weight of being responsible for employees’ livelihoods.
The conversation goes deep into hard-earned lessons on saying no to customers, structuring credit, building trust with buyers, negotiating an exit without ego, and why timing can matter more than valuation. James also reflects on leadership during downturns, the impact of COVID, and what he would do differently if he were building again today.
This episode is an unfiltered look at entrepreneurship, leadership, and exit planning from someone who has lived it.
Podcast Show Notes – Episode 262 | 12.30.2025
Episode Title: Why Giving Matters More Than You Think!
Key Moments
00:00 – Sean introduces James Rasmussen and why he respects his character
01:05 – The real reason James started a business: “We were tired of getting laid off.”
02:12 – Discovering a market gap: API standards and non-destructive testing
03:16 – Educating the industry and building a niche with little competition
04:53 – The bank story: asking for $80K and getting a $17K line of credit instead
06:30 – Bringing family in: James hires his mom to get the books right
07:32 – The certification grind and becoming “unstoppable” once trained
08:36 – Integrity moment: choosing people over money because his brothers use the equipment
09:41 – Six months in: ramping to $150K–$200K/month revenue
10:08 – How he scaled fast: part-time help, hiring smart, and paperwork discipline
11:25 – The cash-flow reality: customers dragging payments out to 180–190 days
12:42 – The hard skill: saying no and setting credit limits
13:33 – Sean’s “worst customer” story and why cash flow is survival
14:58 – “It’s a gift until they pay you.” (game-changing mindset)
16:18 – Corporate vs field tension in oil & gas—and why it hurts vendors
18:06 – Exit wasn’t planned: how the opportunity “fell in their laps”
19:48 – Trust builds the deal: friendships formed before negotiation
21:23 – Negotiation: low offer vs “I want $10M” and then getting serious fast
23:32 – Why it worked: alignment, not greed, and they really wanted the people
25:17 – The hidden stress of leadership: 15 families depending on you
29:26 – Biggest lesson: buy assets to increase valuation
30:29 – Exit advice: negotiate employee contracts like your future depends on it
31:02 – Timing matters: sold in Nov 2019, COVID hit months later
33:44 – COVID layoffs + whiplash rehiring: brutal leadership reality
38:09 – Final advice: be goal-oriented, be fair, and make sure both sides win
Key Takeaways
Guest: James Rasmussen
LinkedIn: https://www.linkedin.com/in/james-rasmussen-374847257/
Host: Sean Barnes
Website:
https://www.wolfexecutives.com
LinkedIn:
https://www.linkedin.com/in/seanbarnes/
https://www.linkedin.com/company/wolfexecutives
https://www.linkedin.com/company/thewayofthewolf/
LinkedIn Newsletter:
https://www.linkedin.com/newsletters/7284600567593684993/
The Wolf Leadership Series:
https://wolfexecutives.com/wolf-leadership-series/
YouTube:
youtube.thewayofthewolf.com
Twitter:
https://x.com/the_seanbarnes
Instagram:
https://www.instagram.com/the_seanbarnes
https://www.instagram.com/wolfexecutives
https://www.instagram.com/the_wayofthewolf
TikTok:
https://www.tiktok.com/@the_seanbarnes
Email: Sean@thewayofthewolf.com
Audible:
https://www.audible.com/pd/The-Way-of-the-Wolf-Podcast/B08JJNXJ6C
Spotify:
https://open.spotify.com/show/2BTGdO25Vop3GTpGCY8Y8E?si=ea91c1ef6dd14f15
