Should you be an entrepreneur? Are you ready to lead a business down the path of success? In today's episode of the Dropout Multi-Millionaire Podcast, we embark on a journey into the heart of entrepreneurship with a critical notion: Maybe you’re not ready to be an entrepreneur. We’ll talk about the pitfalls of inexperienced entrepreneurs, and how the sought-after title of CEO isn’t always what it’s chalked up to be. You’ll learn that working under someone who has already found success can sometimes be the perfect path to finding your own. Plus, don't miss out on an exclusive offer to join our new community on Skool for invaluable resources and networking opportunities. Tune in now and redefine your approach to entrepreneurship!

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Transcription

Thank you for tuning in to The Dropout Multi-Millionaire Podcast today. And today we're going to be talking about the fact that. Not everyone should be an entrepreneur. Not everyone should start a new business. And here's a crazy one. Maybe even not everyone should be the number one in their current company.

This is a crazy topic today. But before we get started. I want to tell you where you can find my free sales and marketing courses under a new program. I've just launched I have joined a program called school s k o o l. This is brand new for me literally just launched it today And i'm going to be building a community there It's got all my content, my courses.

It's also a place to interact with other business owners. these people are going through the same issues you are, as well as some of my clients who I'm coaching through my fractional COO program. You can see the link below. It's S K O O L. You can also go to school. com and look up the DropoutMM community.

But go there, check it out. It's free to join for now. We're gonna let the first 25 people in for free and then eventually we'll have some exclusive content that we're going to charge for. But right now the first 25 folks are free, the DropoutMM community. Okay, that's out of the way. let's jump right into today's episode and topic.

And again, I want to talk about being an entrepreneur or more specifically, Should you be an entrepreneur? I am of the opinion that not everyone should start their own business. Not everyone should be an entrepreneur, at least not yet. In fact, I would say that most people should not go down this path.

Again, not yet. And there are still others who have already launched a company. They should probably not be running it. They should not be the CEO. This is all about being the number one in your business or potentially being the number two. Personally, I started my first business when I was 21. And for the next 15 years, I was the number one in my company.

I was the CEO. And I made a little bit of money, but it never really made a lot of money. The truth is I just didn't know how. I did manage to sell one company for about a million dollars. But that money went pretty quick. A million dollars just really isn't that much money. Now I can already hear people say, I'm crazy, you're crazy for saying that.

But those people have probably never had a million dollar net worth. They just don't understand. For those of you that have actually made a million dollars in cash and equity, you probably understand what I'm talking about. It wasn't until I met my first mentor and business partner, Steve, that I personally stepped back down into the number two position.

And that is when we started making a lot of money. He knew how to make money. And what I did is I watched and I learned, and I stayed there for about five years before I stepped back up into the number one position. In a new company. Sometimes you need to learn. Sometimes you need to let somebody else lead who has the experience you don't have.

And then you need to watch and learn. I've made a lot of money in the number two position. Millions of dollars. Without all the problems that come along with being that number one. Now I've also made a lot of money running my own business as the number one. But I will tell you this, and I'm dead serious.

If the right person came along today with the right opportunity, and I could learn from them how to go to the next level, I would step back down to that number two spot and work for them, and I wouldn't even think about it for a second. There's an old adage I hear from people that says, I would rather be the captain of my own rowboat than the first mate on a battleship.

Now personally, I think that's a ridiculous statement, and it's usually made by an uneducated egomaniac who will probably never really succeed at a high level. Because let me tell you something, that battleship will roll over your rowboat. and not even know it's there. Battleships win wars. Battleships conquer enemies around the world.

Rowboats are good for fishing in little ponds. And if I'm the first mate on that battleship, I am in the process of learning how to be the captain. And one day, I will command my own battleship. And you will still be paddling around a pond somewhere talking about how you're the captain. By the way, that also applies to being the second or third mate.

Any of those positions is a learning process if you allow it. And eventually will push you up to where you want to go. If you truly want to learn the second half of my original statement applies to someone who has already started their own business and maybe they shouldn't be the number one. They shouldn't be the one running it too many times.

People who start a business are really the technicians in the business or the primary salesperson, and they are not the best choice to run the back end. Or what we call the business end of the business. And these instances, you are probably better off bringing in a good COO, just like you shouldn't try to be a CPA without the proper training.

You probably shouldn't try and run and scale a business if you've never done it. If you're not that detail oriented, it's going to be a problem. The COO and many times even the CEO is an administrative position. They are managers. I know it's a fun title to have and it's sexy. But you're really just a manager.

You manage people, you manage process, and you manage technology. And if you're not good at that, maybe you shouldn't be doing it. Your company will scale much faster if you do what you're good at and bring other people in. To do what you're not good at. So that's it for today. I appreciate you being with me on the Dropout Multimillionaire Podcast.

If you want more information, you can visit my new community on school. com. The link is below. Or you can go to my website at brianwillmedia. com. My books, my podcasts, my blogs, my newsletters. Everything is on there. You can communicate with me. But remember, if you're going to be in this game and you want to win it Then you gotta get in the game.

In today’s episode of The Dropout Multi-Millionaire Podcast, we’ll be diving into a few lessons from my upcoming book, The Invisible Multi-Millionaire, which revolves around scaling businesses, preparing for a sale, and creating generational wealth through profitable delegation. We’ll get into the key factors influencing business sales, such as location, revenue streams, and the owner's role. You’ll also learn about  the five phases of delegation which provide a practical roadmap for entrepreneurs seeking sustainable growth and long-term success. Tune in for practical and tactical advice on setting your business up for success in scaling and ultimately making a profitable exit. You don’t want to miss this one!

Transcription

And we are back with the Dropout Multi-Millionaire Podcast, it's the multimillionaire podcast, because quite frankly, anybody can be a millionaire, but it takes a little bit more to be a multimillionaire. And by the way, at the end of today's show, I'm going to give you a discount code so that you can get my free intro master class on sales.

It's on my website. So stay tuned. It's going to be free with the code today. I have an announcement. And then we'll get into the episode. First, the announcement. I am working on another new book. I gotta be honest, I didn't think I was gonna write one this quick, but, uh, funny story is I did a live the other day and I was talking about my book, The Dropout Multi Millionaire, and we were talking about delegation and how if you're gonna sell your company, you kinda need to pull yourself out of the organization.

And somebody in one of the comments said, sort of like The Invisible Multi Millionaire. And I thought holy crap that that's perfect. And that is the title to the book. I literally went and I started writing it That afternoon. So the invisible multi millionaire is a direct followup to my second book, which was the dropout multimillionaire.

All right. So it's going to be a subtitle is going to be scaling your business, preparing for a sale and creating generational wealth. So what's the concept of this invisible multimillionaire. That's easy. First, it's about scaling your business. Scaling a business that eventually doesn't require you to actually run it.

It is what we call the art of profitable delegation. If you are thinking about selling your business at some point, or if you are already planning on selling your business, there are absolutely some things that you need to do. The sale of your business will most likely be based on what we call a multiple.

That's a multiple of earnings. That multiple could be 10x, or even a 20x if you're really good. But the X factor is what's going to be the key. That X factor or that X multiple is going to be dependent on a lot of factors in your business. For instance, are you one location or multiple locations? Multiple locations gives you a diversification that if you lose one, you still have others.

The business doesn't go away. Is your business based on a recurring revenue stream or is it on one time revenue on whatever project you sell? Recurring revenue will absolutely drive up that X factor. Do you have an exclusivity of product either in your market or in the entire country? Do you have something that nobody else has?

Do you have a verifiable? Large market share or a killer marketing presence. People know who you are. You're a brand. How important are you the owner to the overall day to day operations? Do you have systems, processes? Do you have procedures in place? Do all of your customers, do they know who you are? Do you have a documented SOP, standard operating procedure? Or is the information on how to run your company in your head?

That's the worst place it can be. Do you have a management team in place that can operate the company if you disappeared for a week, a month, three months? One of my favorite ones is, if you stopped answering your phone for two to three weeks, what would happen to your business? Nobody wants to buy a business that has an owner that holds all of the intellectual knowledge.

Nobody wants to buy a business that is at risk of the owner leaving and then the customers following. Your multiple of earnings is greater when the risk of customer flight is lower or a number of locations provide you with diversity. As an owner, you need to be able to walk away if you plan on selling.

You need to be able to walk away, put the company up for sale, leave, And virtually nobody knows you're gone. If you haven't set your business up to do this from the beginning, you have some work to do. And it starts with a delegation plan. If you're planning a sale, it's not, it's time to start thinking longterm.

You need to think less about profit today and more about the exit strategy to get a higher multiple later. Here's the secret. If you are in this phase, this delegation phase, and you haven't built your business correctly from the start. By the way, your business will probably take a profitability hit short term in order for you to grow long term.

You need to stop thinking about today and start focusing on where you want to go and how you're going to get there. We call this reverse engineering. It's one of the tactical coaching tracks we do in my coaching programs. You have to understand that if you implement this, your business will probably make less money than it has been for a period of time.

Could be a short period of time. Could be a long period of time. That depends on how well you implement the strategy. Quite frankly, how willing you are to give up control, how willing you are to take a a profit hit. We generally implement this delegation phase into five areas. The first one being technical.

The technical phase is, are you actually doing the work of the company? If you're a plumber, are you, are you plumbing? If you're in the software business, are you writing the software? Whatever it is your business does, you need to stop doing. You need to hire people to do that. The second is the administrative phase.

One of the first things you should hire as an executive is administrative assistant. You need somebody to take care of the 15 to 20 an hour tasks that you're doing now that you shouldn't be doing. Because it's not where your time is best spent. The third phase is marketing. Are you out there doing the marketing?

You need to hire somebody to do that. Are you out there doing the sales? That's the fourth one. If you're the primary salesperson or in any capacity in sales in your organization, it's time to outsource that. Once again, nobody wants to buy your business if you're the main salesperson. And finally, the last thing you delegate is the executive phase.

You need to someone to replace you. You need to stop. Actually working, you need to get an assistant to handle your daily busy work tasks. Stop the marketing. Stop running sales. You need to hire all those positions. And then you need to hire a good COO, a chief operating officer. You need somebody to run the people, the process, and the procedures.

And then just report back to you for the 30, 000 foot oversight command and control. That's all you need to do. I know this is a very simplistic view. There are challenges and pitfalls to each one of those. We also know that your productivity will initially probably go down. People will not do the job as good as you did.

They will not do it as fast as you. It will cost you time, frustration, and money. Well, you get those people trained, but if you push through the implementation of these five areas, you will find that you can scale faster. You can scale bigger. You will generate more long term profits. And that X multiple we talked about that X factor will be worth a whole lot more.

And here's my shameless plug. If you need or want help implementing these strategies, that is exactly what I do in my tactical coaching programs. We teach people the five areas of delegation. We pull them out of their company. We show them how to scale. This topic is also by the way, what my new book is going to be all about the invisible multimillionaire.

We will cover in depth, how to scale, set yourself up, delegate, prepare for an exit, and eventually. To create generational wealth. We'll show you how to do that in a quicker timeframe than most people know how to do. This book's going to be written both from my point of view as someone who has built and sold multiple companies in multiple industries, as well as from my friend, Jeff's point of view.

Jeff is an M and a guy he's done, I don't know, over 25 deals in the eight to nine figure acquisition range. In the last four or five years, he's out there selling people's companies for 10, 20, 50, a hundred million dollars. People are creating generational wealth. He knows how to set these deals up. He does this for private equity and for individual business owners, the invisible multimillionaire will be.

My next wall street journal bestseller. So that's it for today. And by the way, I mentioned at the beginning, you could get that free masterclass it's based on my book. You got to go to the website, Brianwillmedia. com go to the coaching and training page, go down to the online training, go to the sales and negotiation class, click on it.

And where it says coupon code, enter the word partner. P A R T N E R, partner. Enter the word partner, you'll get the class for free. Take it, drop me a message, let me know what you think. All of my books, my podcasts, my blogs, my newsletter, my training programs, everything is on the website, brianwillmedia.

com And finally, as I end all my shows Remember, you have to be in the game to win the game.

In this episode of the Dropout Multi- Millionaire Podcast, I’m joined by my friend, fellow entrepreneur, and author, Steve Beecham. Steve has 40 years of experience in sales and entrepreneurship across various industries and is the current president and founder of Home Town Mortgage in Alpharetta, Georgia, where he has been thriving for 25 years.

Tune is as we delve into Steve's rich business journey, sharing anecdotes and lessons learned along the way. We’ll touch on topics like the importance of building a referral-based business, managing the ebb and flow of industries, creating a solid exit strategy, and the power of changing the conversation about your brand in the community. Steve also shares details on his incredible books, including his upcoming book, "A Few Big Ideas," where he shares valuable insights and actionable tips for success in business. You don’t want to miss this conversation!

Connect with Steve: https://www.linkedin.com/in/steve-beecham-1958733/ 

Check out Steve’s books!

Bass-Ackward Business - https://www.amazon.com/Bass-Ackward-Business-Helping-Without-Hustling/dp/B081CVB3X7/ref=sr_1_1?crid=1AY6G6AJU1T93&keywords=steve+beecham&qid=1703778263&sprefix=steve+beecham%2Caps%2C145&sr=8-1

What’s Your Buzz? - https://www.amazon.com/Whats-Your-Buzz-Creating-Business/dp/B0823JPYS8/ref=sr_1_2?keywords=Steve+Beecham&qid=1703778297&s=audible&sr=1-2

The Tapes We Play in Our Head - https://www.amazon.com/Tapes-Play-Our-Head-Conversations-ebook/dp/B08H3TRVRK/ref=sr_1_1?keywords=Steve+Beecham&qid=1703778320&s=audible&sr=1-1-catcorr 

Transcription

We are back with the Dropout Multi-Millionaire Podcast. My name is Brian Will and today I have a special guest, Steve Beecham on the, on the, on the line with me here. Uh, and we are going to be talking about business today. So real quick, I want to tell you about Steve. Not only is my, is he my friend, lives in my hometown, but Steve has a list of accomplishments here that I can't even read all the way through.

So I'm going to have to hit the highlights. And if there's anything I miss good, Steve, you're going to have to jump in and say, Hey, what about the time I rescued the queen from drowning in the Nile river? Uh, and so here's Steve, 40 years of sales and entrepreneurship in various industries. I didn't know you were that old, Steve.

He's got three business books. So do I. So we were kind of tracking there. What's Your Buzz? I got that one off my bookshelf here. Bass Ackward Business, The Power of Helping Without Hustling. I like that. And The Tapes We Play in Our Head. Great title. I actually have Steven Tyler's book downstairs called Does the Noise in My Head Bother You?

I love that title. He's the president and founder of Hometown Mortgage in Alpharetta, Georgia. I've been doing that for 25 years. Past president of the Georgia Association of Mortgage Brokers, Who's Who in Finance, Atlanta Business Chronicle, Top Five Loan Officers. Let's see what else here. I got to skip like three or four paragraphs.

Used to own a clothing store. Let's see. He's an engaging speaker, storyteller, has spoken to sales and marketing organizations for Edward Jones, Merrill Lynch, Traverters, Prudential, John Hancock, Mass Mutual, Wells Fargo. And the list goes on and on and on and on. Steve, you make me look like a chump over here.

How are you doing today? I'm fantastic, man. It's a, it's a great day to be alive and alpha damn red of Georgia. You always know Steve's coming. Cause he's got this bright red, old pickup truck that he drives around town. What's in a truck? Is that Steve? Well, that's a 66 Chevy. So. Yeah, there's a whole story behind that.

I used to, when I, when I had my, um, first got into mortgage business, I bought a, um, H2 Hummer and I logoed it up and I'd get at the ballpark with my kids and all the kids would run over there and then I get to meet their mom and dads, you know, and then I wore that darn thing out and then I didn't do anything for a while and then I bought a truck.

And now the old guys come see me instead of the young guys. I used to have an H2. I love that truck. I absolutely loved it. I can remember when I bought it, I was hauling my boat one day. And I hooked the boat up to the back of it. I was going to pull it from Tennessee back down here to Georgia. When we pulled up out of the marina and I was, I was driving away.

I looked down at the little gauge. It gives you your miles per gallon. And it was like 10, 9, 8, 7, 6, 5, 4, 3, 2. I was getting two miles to the gallon. I can a 20 gallon tank. I'm thinking I got to stop for gas every 20 minutes. This is going to be crazy, but it was fun to drive. Wasn't it? I, it was comfortable. I, I, I actually love that thing.

My, my, my ex wife got that in a divorce, unfortunately. So I lost, she liked it better than I did. So I lost the Hummer. So, so real quick, Steve, you have a huge business background. You do a lot of speaking. Tell me about, tell me about some of the businesses you've owned. What have you done in the past? Well, you know, I guess the main thing is what's interesting and you probably, and anybody else that's been in several businesses, the cool thing is when you're doing a business, you know, and then you leave that business to go to the next business, it's amazing how much of the stuff from the previous one you can bring to the next one, you know, so more businesses actually, I think, make you a little better business guy, but, you know, I remember the first job I took was selling cars and after about three months I realized they did lie And so I said I can't do this.

It lasted a week when I tried it, you know, so three months You were better than three months. I think that was maybe when my little base salary ran out, you know, but I, uh, I got into clothing business and, um, wait, wait, wait. I gotta, I gotta tell you a story. I go to sell cars. This is my funny car story.

And I, it was Nissan. I was selling for Nissan cars. My buddy got me this job and I'm probably 20 years old at the time. One of the many jobs I got fired from. And I go in there and, and I get this person, he wants to buy a 300 Z. If you remember the old 300 Zs, that was like the, And the guy came in, I talked to him for probably 34 minutes and guys like, all right, sounds good.

I need, I'm going to take off. I'll get back with you later. And the guy walks out the door and I walk over to my office and I hear on the intercom system, Mr. Will, please come to the manager's office. When I walk into the manager's office, he goes. What happened to your client? I said, Oh, he's going to think about it.

He's going to go home. He goes, why didn't you to him? I'm like, T O M I don't even know what that means. It means turnover, by the way. I said, T O M guy wasn't ready to buy. He's going to, you know, think about he's coming back and he goes, I love this. This is the first time I've ever heard this. And I've used it so many times since he goes, pack your shit, Skippy and get out.

Yeah, that was the theory. Right? If you walk out, you're never coming back. Right? Yeah. Yeah. I mean, the longer they can keep it. I mean, that's so stupid when you think about it. It's just absolutely insane. Yeah. But I didn't I didn't like that car business. And so then I got in the clothing business and um, And then I thought I was smart after 2 years and I convinced my dad to go in business with me and we opened a clothing store and we ran that for 8 years.

And then I wasn't making any money and I was working 6 days a week and now we had sort of, it was a men's and ladies traditional. clothing store. So we had, that was back when suits and sport coats and dress slacks and ties wasn't much sportswear like they do today. They had a lot of, you know, that inventory on suits is, you know, about the most expensive clothing inventory you can get.

But anyway, so we, we messed around with that for a while and it just, you know, it didn't lose any money, but it didn't really make any money. Just kind of paid me a manager salary and I decided it was time to move I was about to get married and I said, I got to get a real job and Anyway, um, I closed that down and, and, um, when I decided to close down, I met this, uh, admit this guy previously.

And I called him and said, Hey, I'm gonna do it. He's like, Oh man, let's do the going out of business sale. He said, you'll make a lot of money. Anyway, I made more money in three months going out of business that I made the previous eight years that I was in the clothing business. And I learned, I learned more about the clothing business in three months than I did the whole time.

And then I got in the business of doing, going out of business sales. And that was a trip because that's where I really learned that most people are in a hobby business. They're mostly doing a business because they like it. They think it's fine. And I realized that people buy stuff for their business because they like it.

They've never done a market survey or anything to determine if anybody else likes it. They like it, everybody must like it. So that was a big lesson in that. And then the going out business business helped me realize that you can't eat your inventory. If you get, you know, you got to get your turns, you got to make it happen.

It also showed me that if you buy right, you can sell right. Never. I never really thought about that concept before. So there was some lessons there. And then I got into the recycling business. Because nobody was doing recycling and I had read a couple articles that it was coming. So I started, I was the first guy in North Fulton and Forsyth to pick up recycling and then I realized that you couldn't make any money on recycling when I took a whole tractor trailer load of glass down there and the guy gave me 40 bucks and I had to pay the guy like 140 to deliver it.

So then I started charging people for recycling and nobody wanted to pay. So then I got into garbage business and then I brought in a partner and then I sold that and that was the first business I'd ever sold and I made a little money. I go, okay, well, that's kind of cool. And then I got into shutter business, the plantation shutter business.

My best friend was had a manufacturing facility and he wanted to open up location. So, since I knew something about retail, we got into that and I learned about expanding and, and more salespeople and. Doing all that and then by accident, I got in the mortgage business and I've been doing that 30 years and that's really been fun, but I was able to take all those previous lessons and apply those to the mortgage business.

So the mortgage business has been been a good run for me. And, um. And now my son's in the business with me. And so he's taking what I'm doing and he's taking it to another level. And so he's doing really well. So that's kind of, well, how is the mortgage business these days? You know, rates shot up now they're coming down a little bit.

What's going on in the business. Yeah. And that's, that's to me, that's the weirdest thing about our businesses is that. You can be doing everything you need to do, but you're really not in control. It's not like you've got this business that just goes on this projectile, right? You know, we go like this.

Right. You know, and it has nothing to do with if you're, you know, marketing or if you've got good relations or good staff. Just, it's all about what's going on. It's like being a builder, right? You're either rich or you're poor. If you're rich, you're headed to poor. If you're poor, you're headed to rich.

It's just whatever the cycle hits. So. You learn to try to skim, skim some money off the top during the good times to make it through the low times and you learn how to set your business up to, to be able to do that. So that's been the big lesson for me on that. And your son enjoys being in the business with you?

He does. And we're both very social people. So we have a marketing, uh, sort of presence as a very social presence. It's about being out in the community. It's about social media. And, uh, he's like me, he's not scared to do that. And that's kind of how we've, you know, really how we've grown our business and it's, it's, it's working for us.

Talk a little bit about that 10 a little bit. I basically he and I are the two sales guys. We have a, we have another sales person that sort of part time person. But then we've got 3 staff people that support us. So we've learned how to set it up to where we can focus and spend our time on selling.

Because it's like, I just had lunch with a guy and I was telling him, I was like, if I owned your insurance company, what do you, what do I want you doing every day? Or if you own my mortgage company, what do you want me doing every day? Okay. And this, uh, this was a, a, a thing that I learned that was really helpful to me.

It's like, I, I decided that if, if you call me, Brian, and you want me to do your loan, I thought about, I said, how much time do I spend with you on that loan or working on that loan from the time you call me to the time you close? And my personal time is about an hour. So I said, okay, how many, if I, if I spent an hour a day doing a loan, And I did one a day and I did 30 loans a month.

I would be probably the biggest loan producer in the state of Georgia. If I did 30 loans a month. So all I need is that one hour every day. So what do I do with the other seven hours? And so if Brian will loans, hometown mortgage, what do you want me doing? If I'm your sales guy, you want me selling. And so I had to come to this thought process that says, if I'm not marketing those seven hours to see when that one hour opportunity is going to present itself, Then I'm really not spending my time wisely.

And so that's, that's, that's been a big aha moment for me. And I teach a lot of people that, you know, like this insurance agent, I'm like, you know, that's what you need to be doing. If you wrote 1 deal a day and you wrote 30 deals a month, I mean, isn't that pretty good? He goes, yeah, I'd be doing really well.

And I'm like, well, then the other 7 hours, if I own your company, I want your butt out there meeting people. Right? Right. So that's kind of now the books you've written, are they kind of, are any of the books you've written centered around that concept? You got three books out there, I think, or two, three.

And you got one of the works. The first one I wrote, Bass Aquid Business, what, what, uh, what that book was about is I decided, you know, I read a lot of marketing stuff like, like a lot of people have, and the thing that stuck with me, I think it was Zig Ziglar, if you help enough people get what they want, that some of them will help you get what you want.

And I said, you know what, I hate cold calling. How can I just go whole hog into that to build a referral based business? I don't, you know, I don't want to. Do a lot of stuff in the mail and TV and radio and all that kind of stuff. I just want people to call me and say, say, Steve. So Brian told me to call you.

What do I need to do? And that and that's what my whole focus on all my marketing is. Is somebody to call me and not question my rate, not question my closing costs. They just like, do my deals right? And because they know I'm going to take care of them. I'm going to do that. So the mass accurate business book was about.

Hey. This is different than what most salespeople teach you to do. This is not about going in there, making, beating the prospect, getting the prospect list, hammering, um, you know, trying to close the deal, blah, blah, blah. This is about giving first and, and hoping that some of those people will send it back.

And so reciprocity kicks in when you give to other people. And so that book is predominantly about how do you do that in your village, your village, meaning your sphere of influence of the people that you know, that you're in contact with. And so I, uh, I developed this thing I call be the mayor of your village.

So you want to be the go to guy for what you, you know, for your, your area of expertise within your people. So that when somebody, in my case, thanks to mortgage call beach, you know, so that's, that's what that whole book's about. And then the second book that I wrote was Buzz and what. I realized was there were there's a conversation going on about you in the community, and you may or may not be aware of that conversation.

So I remember I went down I was talking to these real estate agents, and I was, I finally asked him I'm like, you know, Miss. Miss Turner, you know, I've known you my whole life. I went to high school with your daughter. I'm pretty good mortgage guy. Why have you never sent me any business? You know? And she's like, well, I've never, I've never gotten over the fact that you trenched my yard in high school, you know, and I'm like, how old 20 years ago, you know, or another lady was mad at me because I didn't invite her daughter to the prom and another lady was mad at me because.

You know, she wanted me to, um, room with her son in college, and I said, you know, now I'm rooming with another guy. So people hold these grudges sometimes in local communities, and, but then I realized, so there's a buzz about me, but there's also a buzz about my company, you know, like if I work for IBM, they might like me as a salesperson, but they might dislike IBM, or they might like, you know, my, or the opposite, and so people need to understand there's a conversation going on, and then how can you change that conversation?

How can you, How can you, uh, address the bad buzz and make it good buzz? And then there's the thing I call dripping the buzz. What we don't do is when we're in a conversation with people, we don't drip in our greatness. Because if I don't tell you about things that I've done, then there's no way that, you know, in order to go out and tell other people about me.

So, I have to learn to, um. Slowly drip that in and conversations with other people about things that I think are important because I've got to give you that information for you to be able to repeat that information. Right. The 3rd book I wrote was called the tapes you play in your head and I realized that the game changer for most of us is the internal conversation we're having.

Are we having a positive conversation or a negative conversation and most of us are having more negative talk than we're having positive talk. So how do you. How do you change that conversation and what are some steps to do that? And so that's what the 3rd books about. That's actually a pretty powerful one.

You know that, I mean, that's publicly based. I mean, there's been all kinds of books about what you say to yourself and affirm personal affirmations and self image, self worth and how it's affected by that, that that's, that's a really powerful, uh, Proverbs 23, seven, how a man thinketh in his heart. So he will be, yeah, that's a powerful one.

Most people don't get it from. Yeah. Yeah. If you ever read a guy, a book by a guy named James Allen, it was written like in 1890 and a lot of people hadn't read it. It's online books, like 40 pages in old English, but it's, that's his whole, that's his whole thing. As a man thinketh. Yeah. That's a great book.

One of the first books my kid, my daughter pulled off my bookshelf when she was probably 14, cause I had this giant bookshelf of books and she said, what's a good book I can read daddy. And so I pulled off the little book and gave her that. I said, this is one you need to read first. You can do it in 10 minutes.

And she was like, Like that was the best book. She's probably read it, I don't know, 20 times in the last 10 years. That's fantastic. Great book. More people need to get their kids to read that book. And don't you have a fourth book here in the middle of writing right now? Yeah, so I just, I kind of finished it.

It's in proof mode. It's called A Few Big Ideas. So what I, what I realized is, you know, when I go out and I speak and stuff, you know, usually the guy that's hiring you to speak, he's got a message, a certain thing he's trying to get over a theme for the year, stuff like that. But I always, I'm always thinking, but if I'm in the audience.

I just need some nuggets to take home, man. If you give me at least one nugget that I can help me change my business. So I started writing down those nuggets and most of those nuggets can come from coaching or mentoring other people. What are some things that you can do that might get you? Well, do share, Steve.

Give us some of the nuggets. So. The first one is I came up with this idea called the top 100. So make a list of the top 100 people that you don't know that you want to meet next year. And these people have nothing to do with your tip or your, uh, your typical person like for me, a typical person would be to meet a real estate agent.

So I'm not trying to meet, you know, uh, 1 on 1 prospects. I'm just trying to meet people in the community and the more of an influencer they are in the community, the better it is for me. So, like, maybe you don't know your mayor or your city council person. Maybe you don't know your kid's principal. Maybe you have, you go to the same dry cleaners and you've never met the person that owns the dry cleaners.

Maybe you have a restaurant you go to and you really don't know the owner of the restaurant. How, those are people in the community. that you need to meet Maybe it's a policeman. Maybe it's a fireman. Maybe it's a business you drive by and you go, man, that looks cool. And that guy's business is hopping. There's a lot of cars.

I'd like to know about that. So I started doing that every year and it's been fabulous. And I just go to people and I go, Hey, man, I'm just wondering about your business. I love it. It's great. Or I patronize it or whatever. I'd love to, Know about it. And so one of my concepts is is don't go to people with your agenda go to go to people with your Assets and so i'm going to people and saying hey, I'd love to meet you.

I've got a mortgage company You know I do a couple hundred loans a year and some of those people might need what you do or might have Might want to know about this school. Can I have them call you blah blah blah So i'm never i'm never leading with hey i'm here to meet you because I want to You know, I want you to do a mortgage with me and so then regards always down there's down So top 100 is one of my favorite other thing is uh, I call it a to g And so in the old days when I first got into mortgage business, it was slow I went in and talked to one of my mentors Guy named Ed Wheeler.

And I said, Ed, I said, what, what are you doing in a slow time? He said, well, I used to be in this business. And the guy used to say. If you, if you slow, get your Rolodex out. That was back when we had those Rolodex. Yeah, I remember my Rolodex. Get your Rolodex out. He said, start at A and just start calling everybody.

He said, you'll never get to G before you'll have a deal. And I've done that a billion times and it worked. If you just start calling people, and none of the people that you called will call you about a deal, but if you just start, it's like we used to say the mortgage gods will smile on you if you just do that simple task.

And I do that all the time I'm having a slow day. I'm like, all right, I just pull out my phone. I just look at hold on a 2nd. What about. 8 through Z, you never call these people. They think you forgot about them. Sometimes. Yeah, what I do is like, I go, okay, I stopped it. You know, I don't know, H, or something, you know, I'm going to start at H, and I'll go that way.

And, you know, sometimes I'll start at Z and work backwards. But, but, yeah, you're right. I've changed that now what I've done is I put everybody I know. Oh, my calendar. With the time to call them. So everybody I know gets typically at least one call a year for me. So now I'm doing a through G on a daily basis.

And it takes some of that, that roughness out of it. But anyway, it's a great little thing to do. And then the other thing I tell people about is GoPro in your sport. So. It's like I was reading a book and the guy was talking about, hey, you know, how many high school kids go to college and play football, and then how many of those go to pro?

And then if you go to, how many of those go to the pro ball, right? That's the ultimate. And are the people going to the pro ball doing the same things that the people that didn't go to the pro ball go to and they quit? And the answer is no, they're doing extra stuff, right? You take a guy like Jerry Rice, right?

He's training, running up and down sand hills. He's the first guy to start flipping those big tractor tires. Anyway, he's taking ballet lessons. They're doing all this extracurricular stuff, watching more film. They're just trying to get better. They're trying to be the best they can at their sport. And I think enough people out there are just going through the, uh, the motions and they're not saying, hey, I need to be the best guy in my sphere, in my village.

At what I do, what are the things, what are, where am I deficient? You know? And so one of the things I do is I talk about being 360 around you. So like, if I'm a mortgage guy, do I know a lot about surveys? Do I know a lot about appraisals? Do I know a lot about real estate closings? Do I know a lot about being a real estate agent?

And if I don't, then I need to call my appraiser and say, Hey, dude, I want to ride with you a day. I want to spend time learning what you're seeing, how the water comes in. How you, you know, how you decide what are, what's a good comp, what's not. So that way I'm smarter when I'm talking to my customer, because I know that side of the business and most people don't do that.

So like when my son, when he came on, the first thing I did is I said, you're going to go spend a day with appraiser. You're going to go spend a day with a closing attorney, you're going to go spend a day with a surveyor. So that's a really good thing. And you get to be. If you're growing in your, in your business at trying to be the best, most smartest guy you can, you're gonna, you're gonna feel more confident.

Therefore, you're going to get more business. Let me ask you this. You're talking about this. Well, hold on. Let me touch. You're talking about this A to G and reaching out. Um, I mean, We don't use Rolodexes anymore. Today we use social media, right? So has that changed? Are you still like physically going back into your contact list or do you rely on social media to, to push that message out to bigger audiences?

So I call them developing marketing habits. So you develop a habit. Once you, once you start something to make it a habit, once it becomes a habit, you add another marketing thing. One of the first things I did is I said, I'm gonna start a habit of doing a newsletter. And every time I meet somebody, they're going on that newsletter.

Then I'm going to start a habit of trying to call everybody I know on a regular basis. So I put them in my calendar. I took the 5, 000 people that were in my phone and I put them one or two on every day of the year. So that, uh, they, you were, Brian Will is going to show up at some time on my calendar and I'm going to say, yeah, I want to talk to Brian today, or no, maybe I'll move him off and talk to him next week.

But once a year, you're going to get a phone call from me because you're one of my contacts. So that, once that became a habit, I moved on to the next one. The next one was, alright, I'm going to post it on social Facebook once a week, and then once a day. Now, what we do is we do, we have a video day. So I have a guy that I hired that comes in.

And a half a day, once a month, we sit down, my son and I, and we knock out mortgage videos just as fast as we can. And we've gotten to where we do them so much. It's like one takers, right? And we will knock out 10 or 15 a piece. And then that guy will post those. Through the month, and then we do it again, and then we learn to do them as education.

We started just doing them. Then we said, no, the key is to educate your customer because then if you can teach them something, then they think you're smarter. And then, in addition to that, there's always something new to talk about going on in your industry, or, or, yeah, in your industry. So now what we do is we're conscious about when somebody calls us and they ask us a question, you know.

Hey, what's the rate? If I get that like two times this week, then I'm making no to that. And then on video day, I'm going to talk about rates or hey, you know, how much should I pay in closing costs or how much earnest money should I put in? Whatever the question is, I'm writing that down. And then that's a minute or less video.

So that's another habit is to sit down and do that. So. I have like 10 or 15 of these marketing habits that just occur all the time because it's just like brushing my teeth. I just do it. So that's how I do it. Do you think, and I talk a lot about the difference between self employed and business owners and scaling and building intrinsic value.

Do you think that your business has the ability to move on if you personally stop doing it? I understand your son's doing it as well, but it's hard. It would be very hard. So I had at 1 time. I had probably the 2nd largest mortgage brokerage firm in the state and then the crash happened in 09. everybody left.

They couldn't make money. It came down to just me. My wife become became my processor and that's when I made a change. I was reading some stuff and it's like either, you know, either, either you're growing a business to sell it or it's a lifestyle business. There's only so many exit strategies. Right. And so I decided that time to be like the local family doctor in the community or the local CPA is the lifestyle kind of business.

I want to. I don't need a big business anymore because in the mortgage business, you can only sell a mortgage company at a peak and it's hard to want to get out at the peak because things are really trucking and you're making money and people, the multiples aren't there unless you've got a tremendous amount of people, a real ingrained marketing system that's not dependent upon the loan officers.

Because that's really what you're buying as a loan officer. So, um, there aren't many of those that are real valuable, um, in my world. So I just decided to do that and said, my hope was that one of my kids wanted to get into business and then I could transition to them picking up where kind of where I left off and that's happened, so that's my exit strategy is each year I'm selling my son 10 percent of my business so that in the next 10 years it'll be his and I'll work for him if I'm, you know, still want to work.

Interesting. So this is the last business you're going to do. No, no, it's funny because he and I were sitting here talking last week and he's like that we got all this data. We got all this social media. We got all these people that we know. Why aren't we doing a side hustle? And I go, you know, that's a damn good question.

We need to do a side hustle. So we've been scheming for the last couple of weeks and actually had a friend of mine showed up yesterday and goes, I've had this idea and I went, oh, my God, I've had a similar idea. We could put these two ideas together. So I'm working that now in my mind, Hey, is this a viable business?

That I could do, that I wouldn't have to be there, but I can lend my expertise to. And I think it is, I think I've got two or three I'm looking at, so. Typical entrepreneur, your brain never stops, right? Yeah, yeah. So let me ask you something. All this experience, 30, 40 years of experience, I understand you also go out and you do speeches, you teach classes or something like that.

Talk to me about what you do there. Well, you know, what's fun for me is to go talk to people. My purpose in life is to help other people get from where they are to where they want to go. So, if I can go somewhere and speak to some people and give them some of my stories and my experience and it can help somebody in the audience, I'm all in.

So, it's fun for me to go speak. So, I get a lot of people that are really professional service people that I do a lot of speaking for. So, it'd be like financial advisors, bankers. real estate groups, uh, insurance, PNC or commercial insurance. So people that are calling on people in their community, small business people.

I do a lot of coaching and mentoring. I don't really, most of those are free. I just do it because they're friends of mine in the community. But, um, but I do, I do do some outside coaching, but I love going someplace and speaking because I'm in a weird situation. I'm like, I'm right here in Alpha, damn right of Georgia.

And my office is behind my house and I don't get to go. Right? So when somebody calls me and says, Hey man, can you be in Chicago next week? I'm like, I'm coming now, baby. I'm ready to go. So for me, that's fun to get out and go do that. And so I do a good bit of that. So. And so I got two questions as we wrap this up.

So I ask these questions a lot to folks. So best piece of advice you can give somebody who wants to start a business. And the second one is best piece of advice you would give somebody who's trying to scale their business. Two different people, someone who wants to start and someone who is scaling.

What's the best piece of advice you can give them? I sprung this on you. I know I got you on the spot here. So if you're going to start a business, you got to figure out where. In the box, you fit like the E Myth kind of box, right? And you might, and you got to say, I'm about to start a business. And if it gets, if it gets to the level that I want, I'm going to start a restaurant.

And right now I might be the chef and the bottle washer. And the waiter and blah, blah, blah. But where, which box do I fit in the best? And so I'm going to circle that box. And my objective is I'm going to do all these boxes right now, but my objective is to just focus on that box and hire these other people as soon as I can to do that job for me.

So that's, that's, that was, I call this the four personalities in my book. And I stole some of that from the email, but yes, who are you in your business and who are you not too many people try to be someone they're not, and that's why they fail. And like I was telling you about when we were talking with this guy I just had lunch with, it's like, I told him, I said, so.

You got it. You know, if I owned your business, which box do I think you belong in and where you bring the most value to the company and that's where you need to be. That might be the chef. It might be the guy that's ordering the food. I don't know, but that's where you need to end up as quickly as possible.

And then, um Scaling the business, I think, I think the best advice I've gotten on that is the rule, what I call the rules of the game. And I read this somewhere, and I can't find this anywhere where I read it, but the guy was talking about in professional sports, you never see a coach complain when he gets fired.

You hardly ever see a player complain when he gets, when he, when he gets, uh, you know, they put him on the bench. And he said the reason why is everybody's extremely clear what the rules of the game are. If you're the offensive coordinator and you're not scoring more points than the other team, you can't stay.

If you're the defensive guy and you're getting worn out, if you're a lineman, if you're an offensive lineman, your offensive line coach is going through the film and saying, if you didn't do what you were supposed to, 95 percent of the plays. You can't stay. We got to bring somebody else in because we can't have a successful thing.

The coach knows when he's hired by the rich owner. Hey, we went, you know, five and five last year. If you can't get me seven or eight wins this year, you can't stay. And so nobody complains. And so I think the biggest problem we have is when we hire people. We don't lay out the rules of the game clearly enough to them to where they know if you can't, you know, if you do this, you get to stay.

If you do this, if you step out of bounds or you can't score, you can't stay. If you do these things and you're really successful here, here's how you get paid more. Here's how you move up the ladder more. And so people don't really know. And I think entrepreneurs. They, they know that they know what that looks like, but the person that's working for them doesn't know what that looks like.

It's not really, really clear. And so, as I've gone through all these businesses and hired all these people, that's the biggest takeaway for me is if I'm going to really make my business work, And today I have that with my employees. They're real clear on how they're, how they get to keep their job and how they lose it and how they get paid more.

And so nobody's having that conversation. And if they're not up to speed, I never have to fire them. They come to me and say, Hey, I can't make, I can't do what you want me to do. I need to go find another job. And they quit. So I don't have crystal clarity, crystal clarity on communication and what the job takes.

Yes. And that's how we succeed and, or that's going to be how we fail. That was awesome. Good note to end on. Steve, any last words? Yeah, here's the biggest, one of the biggest lessons I'm learning in business is when, when the ship's going down, when things are going slow or your business is not successful, the number one thing you got to do is shuck your shit as fast as possible.

Cause I've been there. Four or five times and you want to hold on to that house and you want to hold on to that car and you want to hold on to that lake house and you want to hold on to that boat, those four wheelers and motorcycles or whatever your crap is big anchors. You got things are going south, sell that crap and the faster you sell everything you have, even if you got to move in a realm, the faster you do that, the faster you recover.

That is an absolute fact. Those anchors will take you down. Listen, Steve, I appreciate you being on the show today. It was a good show. Uh, everybody, I appreciate you listening to the dropout multi millionaire come back next week. And as I always say at the end of every episode, remember you have to be in the game to win the game.

So let's get in the game.

In this episode of the Dropout Multi Millionaire Podcast, we’re talking about failure, and how learning from failure will ultimately lead to your success. We’ll challenge the “fail, fail, fail” mentality that online business gurus preach, and get into creating a failure analysis that actually helps you learn from your mistakes and move forward into success. You’ll also learn about developing your personal success filter, and the 100 lessons that every entrepreneur or business owner must go through in order to find success. Listen in for important insights on success and failure!

Transcription

And we are back welcome to the Dropout Multi-Millionaire Podcast. I'm your host, Brian Will, and today we are going to talk about failure. Now I love this topic of failure, because as you've probably heard, the root of all success is failure. The challenge is that most people don't really understand the point of failing.

I hear gurus all the time. Talk about, you know, fail, fail, fail. The faster you fail, the closer you are to success. And I got to be honest, I call bullshit on that. Failure does not. Lead to success. Failure does absolutely not lead to success. Okay. Failure leads to failure. Now you're sitting here saying, hold, hold on a minute, Brian.

You just said a second ago that failure is the root of all success. And that is true. It's the root of success, but it is not the failure that is going to lead you to the ultimate success. Here's the key. It is learning from the failure that is going to make the difference in your business. And quite frankly, in your life, learning from failure is how you move forward, not the failing part.

I talk a lot about your personal filter in my books, and your personal filter is developed through success and failure over time. Your personal filter is what makes decisions for you in your subconscious, behind your active thinking. Your subconscious, your personal filter, is developed by the successes and failures you have over time.

If all you ever do is fail, then all you will ever know how to do. So your job as a business person, or in your job at work, or quite frankly, in any area that you want to get better at is when you fail to do a post failure analysis, a post failure analysis simply says, Hey, this is what went wrong. How can I not do that again?

Quite frankly, we also do post success analysis, but in this case, I want you to do a post failure analysis. Every time something goes wrong, figure out what you did wrong, and then don't do that again. That's called learning from failure. Now, how does this relate to business? You know, uh, I talk a lot about people who are either starting or scaling their business.

And I also talk about this ladder. I call it the hundred steps to success. Wherever you are now, wherever you want to go, there are a set of failures or lessons that you are going to have to learn. And you're going to have to go through all of them, and that's just the way it is. How much you have to go through, however, depends on you. I don't know where you started.

If you had money and a good education and the right parents and people helping you, you might get to start at lesson 50 on the scale of 100 lessons. If you had nothing, like me, my first book was called How to Start a Business with No Money, No Education, and No Clue. I started at zero. I had to go through all of them. Anybody can succeed as long as you're willing to go through every single lesson necessary, every single failure necessary, to get you from where you are to where you want to be.

In my case, I had a lot of lessons to learn. But the key was, I kept pushing. I went through every single one of them until I figured it out. Alright? You can cry and whine about how many lessons you need to learn, and why it's not fair, and why somebody else succeeded faster than you. And at the end of the day, that is all irrelevant.

Your success and failure will be dependent on how many lessons you have to learn, how many failures you have to go through, and how many times you don't quit, learn the lesson, do the post failure analysis, and move on. Okay? What did you do wrong? Don't make that mistake again.

Here's how you can skip some of those lessons. You want to skip some of those hundred lessons? You're at zero, you want to jump to fifty, or you're at fifty, you want to jump to a hundred? It's really easy. Here's what you need to do. You need to find somebody who has been there and done that. Somebody who has had the success that you're looking to have.

And you need to bring them in as a coach or a mentor, and let them help you. Let them show you the mistakes you're about to make. Let them steer you in the right direction. Alright? Let them tell you what you're about to do wrong. And then don't do that. Now, part of this is going to be putting your ego aside.

Part of this is that entrepreneurial ego that says, Hey, I'm the entrepreneur. I have to be right. I have to have all the answers. I can't look like I don't know what I'm doing, so I'm not going to take advice from anybody. I'm not going to listen. And that is the fastest way. for you to have to go through every single one of those lessons.

Alright? You've got to put your ego aside. You've got to bring somebody in who can help you. You've got to find somebody that has been there, done that, that will show you the mistakes you're about to make, so that you don't have to make them. Then, the next time that situation comes up, You just don't make that mistake again.

Now that doesn't mean you're not going to make any mistakes again. You'll probably make mistake after mistake, after mistake, you're going to have to learn lesson after lesson, after lesson, but if you keep learning and not doing that again, eventually your success filter will kick in. Your business will take off.

Things will start to rock and roll and you will make a lot of money. That's when everything's going to click. That's when it's going to work, and that's how you succeed. Don't buy into this fail, fail, fail thing. That's not the key. It's fail, learn, fail, learn, fail, learn. And then succeed. That's how you become successful.

So that's it for today. If you want more information, you could find everything at my website, brianwillmedia.com. There's also a free intro masterclass to my sales course called the psychology of sales and negotiation. If you go to the website and enter the coupon code sales, S A L E S, sales, you can get that course for free.

Check it out. If you have any questions, leave me a message on the website and hope you guys come back for the next episode. And remember. You have to be in the game to win the game.

In this episode of The Dropout Multi-Millionaire Podcast, we’re jumping right into a conversation about money— who has it, who doesn't, what to do with it, and how to achieve the ultimate goal of not just being rich, but being truly wealthy. Whether you find yourself in the fortunate position of having money or you're still working towards financial security, we encourage you to look beyond the surface of lavish lifestyles and fancy gadgets. Through cautionary financial tales, we'll explore the difference between being rich and being wealthy, sharing insights on smart investments that maintain balance and focus on the long-term goal of being wealthy, not just rich. Listen in as we unravel the myths surrounding money and guide you toward a path of lasting financial security!

Transcription

And we are back with the Dropout Multi-Millionaire podcast. And today I want to jump right in and I want to talk about money. Who has it? Who doesn't? If you do have it, what you should do with it. And if you don't, how you can get some. I see so many people who are out there, particularly online, on social media, and they are flashy rich.

They are showing the cars, the clothes, the clubs. You would think they've got a lot of money. But if you pull back the covers on most of these folks, you will find out that it is just an illusion. They are what I call bulls rich. They play the game. They have those cars. They like to drop money when they're out.

But truth be told. They're broke. And by broke, I mean that while they may have a good income, they don't have any financial security to back it up. And they are one bad month away from no cash and being in trouble. Now don't get me wrong. You can make a lot of money and be broke. I said this on a, on a reel the other day and somebody said, well, I make a lot of money.

I'm not broke. And I, and I said, there is a difference between being rich and being wealthy. Being rich simply means you make a lot of money. Being wealthy means you have a lot of money. And I would rather be wealthy. I can tell you in my first business, and this goes back to 30 some years ago, I was this guy.

I started having some success. I started moving my lifestyle up to match my income. I was living that financial lie. I was trying to impress people that didn't care about me with a lifestyle that I could barely afford. And here's the truth about that. By the way, most people that are doing this aren't trying to impress everyone else as much as they are trying to impress.

themselves. They're trying to overcome their personal self image issues. You know, if I have a Mercedes, I must not be the loser that my subconscious thinks I am. And so here's the lesson there. Don't be impressed with what somebody else has. Until you find out what they really have. Is it real or is it Memorex?

Now I just dated myself cause that was a commercial like from the seventies and eighties, but is it real or is it fake? Is it bullshit rich? Now the flip side of that is people who actually have money. My first mentor, who also turned into be a business partner of mine, was a guy named Steve. Steve had money. Steve was making millions of dollars a year and lived in a 200, 000 house when I met him. And he drove a pickup truck back and forth to work.

In fact, I remember when Steve built his first big house. It was about 13, 000 square feet. The thing was a monster. But he still drove the pickup truck back and forth to work. Steve had sold his last company and was probably worth 10 to 15 million dollars at this point. When we started our company, I was probably worth a couple hundred thousand dollars.

And I asked Steve one day, I said, Hey Steve, what's it like to be rich? What's it like to be wealthy? And he told me something that I have never forgotten. The best part about having money, he said, is not having to look at the price of anything that you want or anything that you do. He said, I go to nice restaurants, I don't look at the price.

If I go to a concert, I get the best seats. I don't care what they cost. If I play golf, I play on the nicest courses. If I go to a football game or a basketball game, I get the best seats. I'm in the clubhouse or in the front row. If my friends and relatives need something, I help them out, and I never worry about asking for that money back.

He said, I have enough money to live the rest of my life and never look at price tags if I don't want to. And that struck me when he told me that, and I was like, holy crap. I have a new goal in life. I don't want to look at price tags either. Now this is a guy who had called me one day and he said, Hey, you know, let's start this business.

The one I was just talking about, he said, I'll tell you what I'm going to do. I'm going to throw in a half a million to get started. You don't have to put anything up. Um, and I tell you what, when we start making money, we'll just pay me back then. And I remember thinking, Holy crap, this guy's just walking in here.

We've never done business before, and he's just going to throw a half a million bucks in. And, you know, we'll pay him back when we make money. Three years later, we sold that company to a private equity firm. It was an 80 million acquisition. And I was able to begin living that life. That I said I wanted that Steve had explained to me for the rest of my life. Now I'm not a billionaire. I'm not a hundred millionaire.

I don't have a jet, but I got a Cirrus SR 20. I don't have a yacht, but I do have a boat. I don't have a beach house, but I do have a condo on the beach. Don't wear expensive suits. I never wear a tie. I have a Ferrari, but it's not new. It's used. I bought it for half the price because I got it, you know, it's a couple years old, but I also don't have to go to work.

I don't have any real debt, not in relation to my income and assets. I can live the rest of my life and not look at price tax. That's the life Steve showed me. That's the life I wanted, and that's the life I got. So don't be fooled by flashy people. Most of the time you will find that under the covers of flash, it's just not real.

So what is it you want? Do you want the flash, or do you want the security? If you're coming from the bottom up, by the way, like I did, the flash is probably what drives you. That's just human nature. Just make sure that if and when you get there, you don't let all the toys take over. and ruin your opportunity for having lasting wealth.

I can tell you personally, I went from 100, 000 a year to a million a year in one year and then it went up from there and I blew through a few million dollars when we did that. I did it both quickly and I did it over time. I can tell you sitting in my garage at the time was, uh, An SL 600 V12 twin turbo Mercedes, a Hummer H2, a BMW 650, two motorcycles.

I had a boat out at the lake, two wave runners. I had an airplane down at the, at the airport. I had a house on the beach, a house on the lake. I lived in a 10, 000 square foot house. House had seven fireplaces, six HVAC systems. You know how much it costs to service an HVAC system? I had six of them. We had four separate surround sound systems in different rooms of that house.

Full house automation, a heated pool. Twelve hundred bucks a month to heat the pool, by the way. Two hot tubs, because, you know, you need two hot tubs, right? I had stuff, and that stuff constantly broke. As I used to say, the more stuff you have, the more stuff breaks, the more stuff costs. That house had, think about this for a second, that house had 240 light bulbs.

Go around your house and count how many light bulbs you've got. I had 240 plus an outdoor illumination system. It was ridiculous how many light bulbs I had to change every month. The cars, the wave runners, and the motorcycles, all the batteries would go dead. They'd constantly be dead every time I tried to use them because I couldn't drive that many vehicles all the time.

It was honestly ridiculous. Maintaining all that stuff was really expensive. I mean, really expensive. I was literally trying to have everything I ever wanted in life all at the same time. Fortunately, I came to my senses at some point and I started selling all that stuff off. I uncluttered my life. I got back to basics.

I cut my expenses, but not before I went through about four million dollars in lost value. And maintenance costs on all that stuff. I personally fell into the trap of having it all. And that was a product of getting a lot of money really quickly from a couple companies. We sold. I was fortunate enough, however, that I got out of that trap before it was too late.

And then I went back to work, created a few more companies, created more wealth, secured my future and learn that you don't need to own everything to have your best life. So what is it you want? You want to be rich. You want to be wealthy. Wealthy is better. Here's the deal though. You got to be rich first so you can make enough money to become wealthy and you got to do that for an extended period of time and then you have to start investing that money properly to create that wealth.

Personally, I like real estate. Real estate is my favorite investment these days between the tax advantages, the cashflow, the equity appreciation, but you need money to do that. So first, if you're trying to build wealth, you need to invest in yourself and your business, whether it's your business or somebody else's.

That is the single greatest income source you're going to have. Most of your wealth will be created by investing in business, not in stocks. It's funny. I, this goes back to my first business. Again, it was landscaping and I was landscaping for one of the baseball players here in Atlanta. His name's Terry Pendleton.

And I remember talking to Terry one day and we were talking about why all these athletes lose all their money, right? What's the average net worth of an NFL player five years after the NFL? They're broke. And I said, Terry, why do all these athletes lose all their money so quickly? And he said, Brian, most of these guys have no financial background, don't know what they're doing.

Uh, from a financial investment standpoint, suddenly become multimillionaires and think that they are now financial geniuses and they're going to turn their millions into billions. And so they invest in all kinds of crazy, risky things that are never going to work. He said, I make my money playing baseball, not.

Investing in stocks and bonds. He goes, I will make my money playing baseball until I can't. Until then, he said, all my money is sitting in treasury bills and bonds. My house is paid for, my cars are paid for. I know when I stop playing baseball, when my income, my massive income production stops, all my cash is still going to be there.

And I'll have enough money to live for the rest of my life any way I want to live. And oh my gosh, that stuck with me for the rest of my life. I love that story. He said too many athletes don't do that. They think they're going to become billionaires, and they end up doing stupid stuff, doing stupid investments, and they lose all their money.

So, what I'm saying here is, stocks and bonds, while they're a decent long term investment, bonds for long term income, stocks for, for potential growth, that's not where you're going to create your wealth. That's what you're going to put your wealth into. to take care of you in the future. So investing order for wealth, invest in you, invest in your business, invest in real estate.

There's really no other investment quite like that. Then stocks and bonds to secure your future. Now, I'm not saying don't buy toys. Let's be honest. This is we're humans and we need to have fun. You know, we don't want to die tomorrow having never done anything fun. Just don't be crazy about it. Remember the long term goal.

The long term goal is being wealthy. Not being rich. So that's it for today. I appreciate you being with me on the dropout multimillionaire podcast. If you want more information go to my website That's brianwillmedia.com or the dropoutmm.com and remember you have to be in the game to win the game.

In this episode of the Dropout Multi-Millionaire Podcast, we pull back the curtain on the often-glamorized world of entrepreneurship, delving into eye-opening statistics about business success and failure. While highlighting the critical importance of understanding business math for sustained growth, we’ll also focus on four fundamental questions that serve as a compass for your business. Tune in for a reality check on entrepreneurship and gain valuable insights to propel your business forward!

Transcription

And we are back with the Dropout Multi-Millionaire podcast. I am your host, Brian Will. And today we're going to talk about why starting your own business may not be the answer to wealth creation. Now, I know everybody's heard online, you listen to all the gurus. If you want to get rich, you want to get wealthy, you want to make money, your best opportunity is to start your own business.

Well, today we're going to talk about why that may not. Be the right answer. And by the way, stay tuned at the end of this episode. I'm going to give you a discount code to get a free copy of my intro masterclass in the psychology of sales and negotiation. It's a one hour summary course. I'm giving it away for free to you today, just for listening.

So let's start today's podcast with this statement. Business is tough. Most businesses fail. In fact, we know that 20 percent fail the first year, 30 percent the second year, and over half of them will fail in the first three years. And by the way, I own a chain of restaurants. Restaurants fail at twice that rate. Okay, most businesses fail.

And most of the ones that don't fail, by the way, I'm gonna give you some statistics here in a minute, they don't make any money. So why am I telling you this? Why am I being so damn negative about business? I mean, I'm a business owner. I build businesses. I coach businesses. And the answer is that most people only want to tell you the good stuff.

They want to make it sound sexy. You're going to be an entrepreneur. You're going to be a CEO. It's all going to be good. You're going to make a lot of money. But they forget to tell you the bad part. They forget to tell you the challenges you're going to have. Okay. And so today I want to walk you through some of those challenges and some of those statistics so that you have an honest, uh, understanding of what it's like to own your own business.

All right. So here we go. In America, roughly 5 million new businesses start every year. In fact, there are 33 million small businesses in America today, and that is a lot of businesses. And because we have such a big pool, we also have a lot of good data. So, we know, for instance, that 99. 9 percent of all businesses in this country Small business.

I actually didn't realize that when I read it, but here's another, here's another number for you. 80 percent of those have no employees. 80 percent of all businesses have no employees they're one man shops or consultants. Now how about this? We know the average salary. If you have a job in this country, the average salary is 54, 000.

However, the average small business with no employees, remember that's 80 percent of all small business. That's the average business. with no employees only does about 47, 000 in revenue, not income. That's gross revenue. 54, 000 average salary, 80 percent of all small businesses, 47, 000 in gross revenue. By the way, that means they ain't making no money.

The other 20 percent of those businesses employ about 50 percent of all the workers in this country. Half of the people in the U S. Work for a small business. In fact, 65 percent of all new jobs created every year are created by small business. We know that by the way, here we go again, only 40 percent of all small businesses, which are by the way, 99.

9 percent of all businesses, 40 percent of small businesses are profitable. That means 60 percent or not. That's a crazy number. 60 percent of all small businesses. Don't make any money. We also know that only 6 percent of all businesses in this country, only 6 percent will ever do over a million dollars a year in revenue.

So if you start your own business in America, you have a 6 percent chance of doing over a million dollars in revenue. 6%. The average small business owner in this country Looking at all of them makes about 60, 000 a year. Now this is someone who has invested their life savings. They're out there killing themselves 40, hours a week.

They're taking financial risk and they average about 60, 000 a year. By the way, you remember that average salary if you just go get a job is 54, 000 with no risk, Only 14 percent of small business owners Make over a hundred thousand dollars a year. So if you start your own small business, you have a 14 percent chance of making over a hundred thousand dollars a year.

And only 1 percent Remember all those people that tell you you're going to get rich starting your own business? Only 1 percent of people that start their own business make over a million dollars a year in profit. Only 1. So here's the deal. Why am I telling you this? I'm telling you this because I want you to understand that business is tough, but if you have a business, by the way, and you have employees and you are doing over 1 million in revenue, that means you're already in the top 6 percent of all businesses nationwide.

You, my friend are a badass in business. If you're in that top 6%, however, but you're not making what we would consider a lot of money, or you are not creating the wealth that you thought you were going to when you started, or if you're out there killing yourself working 40, 50, 60, 70, 80 hours a week just to maintain what you're doing, maybe it's time you step up your game.

Maybe it's time to bring someone in who can help you scale, become more efficient, and make more money. Maybe it's time you try to move from the top 6 percent to the top 1%. And start creating the wealth you dreamed of when you started this venture. Making money, or more money, is not hard, but it's also not easy.

It's really both. There's an art and a science, by the way. The easy part is that creating wealth and making more money in your business is a math problem. And this is something nobody's gonna tell you. I've never heard another financial coach or consultant tell you this. But creating wealth, making money, and building your business is a math problem.

Okay? It's all about the numbers. The hard part of building your business is the understanding of that math. Following that math, instead of your ego, instead of your feelings, instead of your general lack of understanding about what you're doing, it's following the math. Okay? Here's the secret. If you are not where you want to be, and you're not getting any closer, and you don't understand the math, the truth is, it's because you just don't know how.

And you need some help. So that's a lot of negative. How about some positive, right? How exactly do you level up? How do you learn the math? And it all starts with what I call the four questions. These are the big ones. I ask anybody that comes to me that wants to do consulting these four questions, and so I'm going to give them to you today.

Okay? Now, the answer to these questions will be different for every single business that I ask it to, but the questions are always the same. And so here they are. Who are you in your business? And who are you not? In my book, we talk about the entrepreneur, the manager, CEO, the salesperson, or the technician.

That's four different people. The problem with most small business owners is they think they can be all of them. And unfortunately they can't even more. Unfortunately, they're probably trying to be the wrong one. Okay. Just because you start a business doesn't mean you're a CEO or a manager. If you're trying to be the wrong one, or you don't understand who you are in your own business, and you're not willing to bring in the people to help you.

Your growth will be stunted. Second question. Why should anybody buy your product? And why should they buy it from you? This is a critical question. If you don't have this answer, you're nothing but a commodity and you'll never grow. Okay. Why should they buy your product and why should they buy it from you?

Number three, we're going to get into some of that math, a tough part. Remember, what are your historical core metric trends? What do they look like? And what do they tell you about your future? What do your historical core metric trends look like? And what do they tell you about your future? That's a big one That's one of the training tracks we do in our coaching programs. If you are not using pattern recognition on your historical core metrics Then you are absolutely guessing at what decisions to make in your business and most of those will probably be wrong Okay, that's a big one And that's math.

Number four. And again, back to math. Have you built your goal proforma? Your goal proforma. And what does it look like? What steps is it telling you to take to get where you want to go? And if you haven't built this goal setting tool, I'm going to tell you right now, your growth is a crapshoot. Once again, you're guessing with no basis in fact.

So one and two, three and four, and three and four are the math ones. Now, if you can't answer these questions, and your business is not where you want it to be, then you might want to look at getting some help, okay? If you're ready to step up your game, if you want to grow this thing and make a lot of money, you need to bring in a consultant or a coach that knows how to do those things, that understands the math and can show you how it works. If you want to move from that top 6 percent to that top 1%, you need to find somebody who has been there and done that. They can come in and show you how. Okay. And by the way, shameless plug, that is what I do in my coaching and consulting practice. I help businesses grow, become more efficient and make more money.

I helped them learn the math behind scaling revenue and profits. Personally, I've built multiple companies into the eight figures of revenue with evaluations and the nine figures consulted for companies with billions of dollars in revenue, trained thousands of salespeople who sold billions of dollars in sales.

I've been there, done that. I do this today for other small businesses. This is what I do and I can help you. If you're ready, make the decision and let's go.

In this Dropout Multimillionaire Podcast episode, Brian delves into the pivotal question of "why" in business, emphasizing the importance of defining why customers should choose your product or service and why they should choose you. Through compelling stories, he highlights the need for a unique value proposition to stand out in the market. Tune in for actionable insights on business strategy, sales teams, and building a successful enterprise.

Transcription

Welcome to this episode of the dropout multi millionaire podcast, where we talk about tactical business strategy, building high performance sales teams and growing your business. If you're ready to break free from the status quo and join the ranks of the Mavericks, the rebels and the renegades who refuse to conform and instead build multi million dollar businesses, then buckle up.

Here we go. What's going on everybody. We are back the dropout multimillionaire podcast. As always, this podcast is based on my bestselling books, the dropout multimillionaire, which is 37 business lessons and how to succeed with no money, no education, and no clue. And my latest book, which is no. The psychology of sales and negotiation both ways.

Both of those are Wall Street Journal bestsellers, number five and number three. Today, I'm actually rerecording a podcast I did a year ago. It might have been the first or second podcast I'd ever done, and it was on a New Year's Eve when I was staying home instead of going out and then everything to do.

So I recorded like six podcasts, but we've gotten much better at this since then. And so we're gonna rerecord this one 'cause I think it's a good one. And this podcast was about the question, why, and I've covered a lot about this question over past episodes. Um, but why we've talked about, why are you here?

Why are you in business? In today's episode, we're going to talk about why people should buy from you. Why should they buy from you and why should they buy your product? Okay. This is kind of a tricky question and I'll be honest with you. A lot of business owners can't answer that. And even more salespeople can't answer that.

And that is a challenge. Building a business is both an art and a science. And the why question is a little bit of the art. So I want you to think about that question. Why is your product unique? Why is your selling unique or is what you're selling or is your business just another commodity? Are you the only company in town selling what you sell?

Are you the only salesperson out there selling your product? What makes yours different or can they get it from anybody? So, I want to tell you three stories to kind of highlight where I'm going with this. The first one, Uh, I was working as an interim, uh, president of this insurance company out in Portland, Oregon, maybe 10 years ago.

And I had left the company, had come back to Atlanta, and one of the salespeople who worked for me out there had left, and he was starting his own agency. And he called me one day and he said, Hey, Brian, can you help me? I'm trying to figure out how to get past the gatekeeper to get in and talk to the decision makers in these companies that I'm pitching.

And by the way, if you're in sales, that's a pretty common thing, right? We've got to go through these gatekeepers trying to get to the people who make these decisions. And I said to him, I said, Matt, let me ask you a couple of questions before I, I help you here is why should they buy from you? He was selling insurance at the time.

He's trying to sell group health insurance. I said, why should they buy your insurance from you? Why? And he said, well, because I give better customer service than everybody else. And I'm kind of a harsh guy. I said, yeah, who cares? I mean, that, that means nothing to me. Everybody says that the walks in the door, every salesman says I give the best customer service.

You need something better than that. And he said, well, I care about your employees. And I got to be honest, I almost laughed about that one. How can you possibly care about my employees? That's just, doesn't even make sense. Why would you even say that you don't know my employees and you don't care about them?

All you want is. My money. I said, so that's not going to work either. So you're going to have to give me something better than that. And he said, well, I don't know. I mean, that's why I called you. What should I say? I said, Matt, here's the thing. If you can't tell me why a customer should buy your product and why they should buy it from you.

Then they probably won't. You're the one selling it and you have no idea. You need to go figure that out. Talk to your friends, your wife, your spouse, your… Figure out why anybody should buy your product and why they should buy it from you. And when you figure that out, you're going to have your answer.

That's how you get past the gatekeeper. The next question, or the next story, was, uh, mine actually. I was, I have a little chain of restaurants, uh, that I own and we were looking at opening another one and I was kind of debating on where and… I was sitting in my hometown here in Alpharetta, Georgia, and I was sitting at a restaurant, sitting at the bar, watching football one night.

I think it was Superbowl season several years ago. Bunch of dudes were all sitting at the bar and the game's on TV, but we're listening to, you know, music. In the background and one of the guys grabs a bartender says, Hey man, can you put the game on? I mean the sound for the game on so we can hear what's going on and the bartender said no that's against company policy We're not allowed to play the game We're only allowed to play this specific music and remember like three guys looked around each other like there is no place in this town Where we can go and watch a game and listen to the sound This is ridiculous.

And I was sitting there and I was thinking, aha, if you're looking for a reason why people should come to your business, there's a reason why, right? There are no sports bars. In Alpharetta, Georgia at the time. So, I went out, I found a space, I built a sports bar, it's called Central City Tavern. And guess what?

We are the place to go to watch sports in this town now. One of the most successful restaurants down here. Because we found a reason why, okay? Third story, my editor when I wrote my last book. I remember, I would, it was my first book actually. I had written this book and I needed an editor to help me and I was looking all over the internet.

And looking at publishing companies and editing companies and I found three companies that were out there. And That, uh, did book editing and they wanted, you know, five, 10, 15, 000 to do all the work and get your book published. And I remember I posted something on social media, I think it was Facebook. And I said, Hey, I'm, I'm looking for an editor.

And lo and behold, the same guy was just telling you about Matt, about the insurance, uh, guy sends me a Facebook message and he says, Hey. You need to talk to my friend Hillary. Hillary's an editor. And so, I looked this woman up and I, I found her and I called her and I said, Hey, I'm, I'm looking to have a book published.

Need to get it edited and published and, uh, I've looked at three big companies and my friend Matt said that I should talk to you before I make a decision. So, that's why I'm calling. And she said, that's awesome. Were you looking at XYZ company and, and, and… And I said, yeah, that's what I'm looking at. She goes, yeah, actually they want me to come to work for them, but I don't want to.

And I said, that's interesting. I don't understand what you mean. She said, well, they use all subcontractors to do the work for them. They don't really do the work. They get your money and then they hire me to do the work. They pay me. And then of course they keep the override. And she said, I know what I charge and I know what they charge.

And they charge way too much. And I said, so you're telling me that if I hire them. They're going to hire you or someone like you to do the work, or I can just skip the middleman, save half the money and have you do it directly. She said, that's exactly right. And I was like, well, that is a deal. That is why I should do, that's why I should have you do my editing.

So I ended up hiring her. She had no idea what she was doing. She was instinctively giving me in our conversation, the reason why I should use her service and why I should use her, her specifically as a hell of a story. I actually wrote that in the first or the second book. I can't remember, but that's an exact example of what made her unique, same product, same service.

Less money. That's a deal. So those are three stories. Um, I'm going to have to cut that off cause I only did two stories. So that was right at eight minutes, by the way, you're going to go backwards. Um, what was the third story? Oh, that was the three stories. Okay. I'm going to, I'm going to jump back in here.

So those are my three stories of why. Okay. Why should anybody buy your product and why should they buy it from you? If you can figure out the answer to those questions, you will create something that is unique in the market that will draw people to you. It will allow you to stop being a commodity. Which is they can buy your service from anybody, anywhere, and it will allow you the opportunity to scale because of that uniqueness, that is the why.

So that's it for today. Uh, if you're interested in any more, any more information on me, uh, you can go to my website. It's brianwillmedia. com. Uh, my books are on there. My podcasts, my blogs, my sales training courses. Uh, in fact, by the way, I have a sales training course. It's called the masterclass to sales and negotiation, which is based on my last book.

If you go to the website, you go to the coaching session, go down to the training session, click on the sales and negotiation tab, enter the code sales, S A L E S. That will give you a discount coupon that will bring that cost down to zero. You can take that class for free if you like. Uh, if you do drop me a message, let me know your thoughts.

If I can help you in any other way. Let me know. Otherwise we'll see you next time on the dropout multimillionaire podcast.

In this episode, we explore the essential principles that can make or break a business venture. Learn the 5 keys to success in business and how these keys also serve as potential pitfalls. Some key takeaways include understanding the business aspects, identifying your role within your enterprise, mastering financial insights, and seeking guidance from mentors or coaches. Listen in to understand why success often hinges on continuous learning, staying humble, and being open to expert advice. Whether you're a budding entrepreneur or an experienced business owner, this episode offers valuable insights for building a thriving enterprise!

Transcription

And we are back. How's everybody doing out there in podcast land today. Welcome to today's show. And let's jump right in. I wrote an article, uh, four or five months ago, it was published in Forbes magazine and it was called the five keys to success in business. And coincidentally, these are also what I call the same five keys to failure.

Now Forbes and their infinite wisdom decided to change my title before it was published. And today it's called why do so many business startups fail and ways to set yourself up for success. Personally, I like my title better, but Hey. Who's going to argue with Forbes magazine. They have a little more experience in this than I do.

Anyway, in that article, I talked about business startups and the fact that the U S census Bureau tells us that 450, 000 new businesses start every month, not every year, that's every 5. 4 million new businesses start every year. They also state that 50 percent of those will fail in less than five years, and 70 percent will never see year 10.

That is a huge failure rate. By the way, I also own a small chain of restaurants. Restaurant failure rate is twice that speed. I think it's 50 percent in the first year. Business failures are staggering. So the question is, Why are all these businesses failing? And as you know, I do coaching and consulting for businesses all the way up to Fortune 500 companies.

And what I have found is that most businesses do not fail for what we call technical or mechanical reasons. Most fail because the owner just doesn't know how to run a business. And to use an example in my book, I talk about Joe, the plumber. And by the way, that's the dropout multi manner book. That was a wall street journal, bestseller and Joe, the plumber.

And my example, we have this guy named Joe, right? Joe works for a plumbing company. And Joe's making 50 bucks an hour working for the plumbing company. The plumbing company bills Joe out at 150 bucks an hour. And Joe does this for years. But one day Joe wakes up and he says, you know, why am I only getting 50 bucks an hour when they're charging 150 an hour for my time, I am going to quit my job and I'm going to start my own business.

And so Joe quits and he starts essentially Joe's plumbing. Now, here's what we know. We know that if Joe's plumbing ends up failing because it follows. The statistics that the U. S. Census tells us. It will not fail because Joe doesn't know how to be a plumber. Joe is clearly a good plumber. Joe's plumber, Joe's plumbing will fail because Joe doesn't know how to run a business.

And that. Is why most businesses fail. It's not for the technical. It's not for the mechanical. It's not because they don't know what they're doing in whatever it is they're selling. It's simply because they don't know how to run a business. So with that in mind, I came up with what I call the five keys to success in business, right?

Things that Joe needs to know or Joe needs to learn.

So if you are first starting out, here's what you need to know. You need to know that you have no idea what you're doing. That's number one. And I'm not talking again about the technical side. Joe knows how to plumb. If you're a chef, you know how to be a chef. You know how to cook. That's not what we're talking about here.

What I'm talking about is you need to understand the business side. Things like paperwork. Things like banking. Estimated payments on your taxes. Matching taxes. How about marketing and sales? That's business. You understand labor costs as it relates to revenue. How about customer relations and a hundred other things that can trip you up?

This is what we call the business side of business. And you need to understand how that works. If you're going to succeed, if you're going to succeed, because if you don't, you better find someone else to bring in as either a partner or an employee that does know those things before you have created such a mess in your business.

That's something or anything can eventually take you down. So rule number one, understand what you don't know and get some help, a mentor or a coach or hire a professional manager, whatever you want to do, but get some help. Number two, if you are starting out or if you are already in business and you are not growing like you want.

You're not as profitable as you want. Here's a little secret. You, my friend are probably the problem. It's probably not your business. It's probably you. You are probably not making the right decisions about how to grow your business. And here is the reason why, and I'm going to be redundant here. But the reason is because you don't know how once again, if you've never built or scaled a business successfully, you just don't know how, unless you have experience in growing a business, unless you have failed enough.

to learn your personal filter, which is in your subconscious making decisions day in and day out without you even realizing it. Your personal filter is just guessing on what to do. Now I have another episode I did called the personal filter, so I'm not going to go into the details. But if you're interested, you can go back and find that episode and learn more about what that personal filter is.

The quick and dirty here, you don't know how to succeed because you've never done it. You don't know the correct decision making process because you've never done it and most of what you're doing is just a guess. Business is both an art and a science. The science is the actual work. The rest is an art form.

So how do you fix this? Okay, so okay, Brian, you've told me I don't know what I'm doing. How do I fix it? Well, same answer I gave you a few minutes ago. You need to bring in a mentor or a coach to help you learn how to make the right decisions, or just to tell you what to do so that you do make the right decisions.

You need to find somebody who is 10 to 20 steps ahead of you and get their help. You need to borrow their success filter until yours is up to speed. We talk about borrowing someone else's filter in the other episode. Rule number two, hire a mentor or a coach. Yes, I know it's redundant, but it is that important.

Business lesson number three, and this is a big one. You need to figure out who you are in your business, but even more importantly, you need to figure out who you're not. Okay. Now if you're self employed and it's just you and the company, then you're everybody and you're good for now. But if you really want to build something big, if you want to scale, if you want to build intrinsic value, If you want something that you can eventually sell, you can't do it alone.

And chances are you may not be acting in the correct role in your company. Too many people think they started business. I'm the entrepreneur. I'm the CEO. Just because you have started a business does not make you a CEO. By the way, a CEO is a managerial, uh, tasked job. Okay. I did another episode again called the four personalities.

You should go back and listen to that one. So you fully understand what I'm talking about. Basically your business should have four personalities. It should have an entrepreneur. It should have a manager, it should have a salesperson, and it should have a specialist. That's the person who does the actual work.

Now, as an example, I find that most people who start businesses are specialists. They're like Joe the plumber. Joe was a specialist. He was a plumber. But he started a business, but Joe was still the plumber. Joe was not the CEO. He's not the manager, probably not the salesperson. Joe needs to do what Joe is good at and bring other people in to backfill.

Where he is not. The challenge is, again, most people that start businesses are not CEOs and they are not entrepreneurs. Sales people, as an example, are terrible managers. Entrepreneurs are great sales people. Technicians are terrible CEOs. Okay? You can't be everything. Figure out who you are, figure out who you're not, stick with that, and then backfill.

That person can either be a partner or it can be an employee, but either way you need to bring them in or you will not grow. You will not build value. You will not build something that somebody else is going to want to come in and buy at some point someday. So number three, check your ego. Get really honest with yourself.

Find out who you are and who you're not, and then bring in the talent you need to grow. Number four, oh my gosh. This is huge. You need to know your numbers. You would be shocked at how many people own companies. And I'm talking zero to 50, 60, 70 million in revenue who don't understand how to analyze a profit and loss statement.

They don't know their numbers. I've said this in so many podcasts and I'm going to say it here again. You need to track your numbers and you need to understand what your PNL is telling you weekly. At the very least monthly, you need to understand every cost, every revenue dollar, every percentage on every line in your PNL.

In fact, I did another podcast once again, called your magic crystal ball. You need to go back and listen to that one. Your PNL is a crystal ball. It will allow you to time travel into the future of your business and tell you how your business is going to do. So many businesses fail because they have no idea what's going on.

In fact, one of the, one of the things I hear from entrepreneurs all the time is, Well, I'm not good with, with the numbers. Okay. Well, you have two choices. Either get good with the numbers or find somebody who is good with the numbers and bring them into your organization. Because if you don't, you're probably going to fail.

And I love this story. I had a guy come to me. I own a little chain of restaurants and he had been in my restaurants, found out who I was and he came to me and he said, Hey man, can I, can I have 10 minutes of your time? And I said, yeah, sure. I'll meet you, uh, next week. But before we meet, he told me he had a restaurant.

He wanted to talk to me about building restaurants. I said, before we meet, I need you to read my book. And he said, okay, no problem. Well, the next week came around and I came out to sit down with this guy at one of my restaurants up in Sugar Hill, Georgia. And we sat down. I said, how you doing? And he said, well, I almost didn't come today.

And I said, why not? He said, well, because I read your book and I know the first question you're going to ask me. I said, okay, what question is that? He said, you're going to ask me for my numbers. And I said, you are exactly right. Because until we know what you have today, until we know how it's been performing historically, there's absolutely nothing I can say to you and no way I can help you unless we know what's going on and your numbers tell the story.

I said, are you telling me you don't have PNLs on your business? And he said, no. I said, how are you operating? I said, are you making money? And he said, I don't know. I said, okay, I don't understand what that means. You don't know if you're making money. I said, did you pay your taxes last year? He said, I filed a tax return.

I said, did you pay any taxes? He said, no. I said, okay, so you're probably losing money. I said, how much money did you take out of the business personally last month? And he said, nothing. I said, well, how are you paying your bills? Your business has been around for two, two years and you're not taking any money out.

How are you paying your bills? He said, well, my wife has a good job. I said, okay, let me get this straight. You called me and said that you have the best burrito shop in the state of Georgia And you want to build it into the next chipotle and then you sit down with me and you tell me that you don't even have A pnl since the day you started but you want to go and ask me to help you raise money Now we are five minutes into this conversation and I said I got to tell you This and not trying to be mean but this is a waste of time I said you go do your pnls for the past two years and when you have them done you call me And then we'll sit down and we can have a discussion on how to help you.

And he said, okay. And he left. That was a year ago. I've never heard from him since. And that business has since gone. All right. You can't be in business for two years and not know what your numbers are. You can't be in business for a year, six months. You shouldn't be in business for 30 days if you don't know what your numbers are, because if you don't, you are just guessing at everything you do.

You have no idea what's going on and you are probably going to fail. Rule number four, track your numbers like a maniac. And if you're not good with numbers, you better learn how to be good with numbers or hire somebody who is get a mentor, get a coach, find somebody that can help you before it's too late.

Okay. Number five, and I'm going to use another story here. Number five goes back to, you need to hire a coach or a mentor to help you. You need to bring somebody into your business and in your world who are. Who have been there and done that, who can help you make decisions because of their experience, not because of your guesswork, okay?

The problem we have as entrepreneurs sometimes is our ego gets so big that we think that either A, we have to know everything, or B, we already know everything. And everything that we think, eh, it's gotta be right, because I thought it. And that just unfortunately isn't the case. And I'll give you, uh, a quick example.

I wrote my last book. It's called No. Psychology of Sales and Negotiation. And I remember I took it to the publisher after it was done, and I sketched out a, a, uh, cover for the book and sent it to her. And she sent it back, she said, this cover isn't going to work. And I said, yeah it is. I mean, I've already got two best selling books.

This is the cover I want to go with. And she said, Brian, this cover is not good. It's not any good. It sucks. And we proceeded to argue for about two minutes. About why I wanted to use my cover and her telling me that it wasn't going to work. And suddenly it dawned on me as a guy who sits here and preaches to people day after day that you need to bring in somebody that knows more about this than you do.

It suddenly dawned on me that this woman had probably published a hundred books, I don't know, five hundred books, and I'd published two. And I said, you know what? You're right. I apologize. You know more about this than I do. And we went with her cover. And by the way, It was awesome and the book hit number three on Wall Street Journal, okay?

I don't care how good you are how smart you think you are if somebody else is in the room that is better at Whatever it is you're trying to do you need to listen to them. So rule number five hire a coach It can be a relational coach a technical coach or a tactical coach and those are three different things by the way But bring in someone to help you see the bigger picture.

So that's it for today. Everything I talk about is in my books, the dropout multimillionaire and know the psychology of sales and negotiation. You can find all my information on my website, which is brianwillmedia. com the books, social media, podcasts, guest appearances. There is also an intro masterclass to sales and negotiation based on my last book.

Uh, this is a course that I've taught for 20 years. In fact, Uh, I've taught probably over a thousand people this course. It has done billions of dollars in sales and products and services, and you can get the intro to that class for free. If you go to my website, brianwellmedia. com, go to the coaching tab, go down to the, uh, the training class tabs, click on training class, go to sales and negotiation tab, click on that, there is a coupon code.

If you will enter the word sales, S A L E S, that will get you the class for free. You can have it. Take the class. Come back. Drop me a message. Let me know what you think. Hopefully it'll help. Alright? So, have a great day, and as I always end my podcasts, here's what you need to remember. People say all the time, well, I, I wanna do that, or I wanna, I can't believe you've had this much success, or I'd like to be able to do that.

Listen, you gotta be in the game to win the game. So go get in the game.

Is your business growing as planned? Are you as profitable as you should be? In this episode of The Dropout Multi-Millionaire, Brian Will tackles the issue of business growth and how to overcome stagnation. You'll learn the three phases of stagnation, with an emphasis on the significance of delegation, overcoming fear, and attaining clarity. Listen in for the keys to unlock your business's potential and break free from stagnation.

Transcription

We are back with the Dropout Multi-Millionaire podcast. Because anybody can be a millionaire, but it takes something more to be a multimillionaire. And by the way, at the end of the show today, I'm going to give you a discount code for my Intro to Masterclass in Sales. It's on my website.

Stay tuned. I'll give you the code at the end of the show. And today I want to talk about business growth. Love this topic. And I'm going to start the podcast with three questions. Alright? Number one, is your business growing the way you want it to? Number two, are you as profitable as you want to be? And number three, or more importantly, Are you as profitable as you should be?

And three, have you ever worked with a tactical coach? Not a relational coach, not a technical coach, but a tactical coach. We'll get into that a little later. All right, let's jump right into these. Is your business growing the way you want it to? I have found that stagnation in business growth is generally a three phase problem that people move through.

And as I go through these three phases, I want you to look at yourself in your business and ask yourself if your business is stagnant. Which one of these phases are you in? Okay. Phase one. We have an entrepreneur who is trying to do everything in the company. They're wearing all the hats. And when you run out of bandwidth, the growth stops.

In other words, you start your business, you're working 40 hours a week. You're successful. Everything's good. The business starts to grow. You're at 50 hours a week. It grows some more, 60 hours, 70 hours, and you're making good money. But the problem is you eventually run out of time and bandwidth. And the business stalls out and doesn't grow.

This is a problem with delegation, not a problem with the business. And then as an entrepreneur, you tend to get frustrated. Okay. You get burned out, burned out as a cliche. It's an entrepreneur cliche. There are books, websites, podcasts, trainings, coaches, all about this burnout that entrepreneurs go through.

And the problem is this burnout is primarily. Because they never learned to delegate. What's worse is if something happens to you and you can no longer put in the 50, 60, 78 hours a week. Now it's not just growth that stops. You're actually going to start going backwards because nobody else in your organization.

Can pick up the slack. This lack of delegation is generally caused by a lack of understanding on how scaling a business works. Big sentence. Okay. It's a lack of understanding on how scaling a business works. The entrepreneur doesn't understand that. Scaling a business is not about perfection. It is about delegation and there's a difference here.

All right. And here is the dirty little secret. If you are in this phase of the business where you're doing everything and you have not learned to delegate yet, or you don't understand delegation, it is because you did not build your business correctly from the start. And unfortunately, if you're going to move past this stagnation phase, your business will probably have to take a profit hit short term.

In order for you to grow longterm, you need to stop thinking about today and start focusing on where you want to go and how you're going to get there. We call this the reverse engineering phase. It's one of the three tracks in my training program. Okay. Once you understand that you need to delegate, however.

We come to phase two of the problem. Phase two is fear. The entrepreneur says, okay, well, I understand I need to get delegate. However, I am afraid to either hire two new team members or to train new team members and turn over the tasks that I am already doing. And I'm afraid. Probably about two different things.

Okay. I'm afraid that my new team members will not do things exactly the way I would have done them, or they will not do them as fast as I would have done them, or even as good as I would have done them. All right. It can also be a fear of loss of income. The entrepreneur can be afraid that they can't afford to pay these people to do the job.

And that is because this entrepreneur is personally consuming all of the profit. Out of the business. If you are consuming a hundred percent of your profit, then there's nothing left over for you to have the ability to expand with. You can't hire somebody else. There's no money. There's no money because you're consuming all of it.

All right. You have to understand that if you implement delegation again, your business is going to take a profit hit for a period of time because you have to hire that person and you got to pay them and you got to train them before you can let them take over and allow you to go. Grow the business. All right.

Now, how long that takes could be a short time or it could be a long time. And that depends on how well you implement the delegation strategy. Okay. Again, this is what we do in the coaching track. You need to get this delegation piece, right? Or it will not work for you and you will just get frustrated and you will probably quit.

All right. Lack of delegation and fear will stop growth in its tracks. Which is fine if you're making money and you're happy, but if something happens to you and nobody can pick that slack up, you're going to get hurt. Okay. Now that fear I talk about, the fear of the delegation is usually a product of what I call phase three and phase three of stagnation is a lack of clarity.

It's a lack of clarity in both the longterm vision of the company and where you want to go. And it's a lack of clarity in the specific steps needed to accomplish the goals that you set out to accomplish. It is the lack of clarity that causes the fear because it is an unknown. It's a lack of understanding why you're doing something and how you need to do it.

It's a lack of understanding on what's going to happen if you do do it, alright? So, in other words, let me give you an example. Let's say that I want to go from Atlanta to LA. I'm sitting in Atlanta right now and I want to drive to LA. Now, I know that L. A. is west of here, so I could literally get in my car right now and start going west, all right?

I'm gonna be going on all kinds of crazy back roads, I'm gonna hit dead end after dead end, I gotta back up, I gotta go a different direction, I gotta go forward, hit a dead end, but in other words, it would probably take me a month to get to L. A. If I just tried to drive West, all right, now, a lot of times when we talk about change in business, we think, well, I need to grow my business.

And if I'm going to do this delegation, then these are the results I need to get, but I don't really have a specific clarity and how that's going to work. And so if I try it, it generally fails. If I try it without clarity, if I try it without a plan, it will generally fail. The reverse of just going West is I can actually go from Alpharetta, Georgia.

I can go South. I can go south on 400, then I can get on 285 east, and I can go east for a while. By the way, those are both exactly the opposite of what I'm supposed to be doing. I need to go west to get to California, but to do that, I got to go south and then I got to go east. And then if I go far enough down in about 45 minutes, I can hit 20 west and I can zip all the way across the country.

I get on that highway and now I'm flying. All right. This is what we call reverse engineering. Your business and your goals to create the specific steps needed to get you where you want to go. Just like when you're driving, you have a GPS. If you have the GPS, you say, I want to go to California. And it says, great, you got to go South and East and then go West.

You go, Oh, perfect. I understand the goal. I understand why I'm going the wrong direction. I understand why I'm going the wrong direction for an hour. It's because I have to go the wrong direction in order to go the right direction. Same thing with delegation. If we build you a plan, if we reverse engineer where you need to be and we bring it back to where you are today, I'm telling you, your business is going to take a hit.

You're going to make less money. You'll probably have to put in a little more work, because you have to get yourself in a position where you can hit 20 West and start zipping across the country. and get your business to really grow. All right. Clarity in the plan will overcome the fear of delegation that you absolutely need to do to get from where you are to where you want to be.

And that is, that is the bullet point you need to memorize. Clearly, clarity will overcome the fear of delegation that you need to do to stop the burnout, to stop the stagnation, to get from where you are today. to where you want to go, alright? So we've talked about these three phases of stagnation. The first is...

I either don't know how to delegate or I am afraid of delegation. That's fear and I'm afraid of delegation because I don't understand how to do it, how it's going to work. And that is clarity. And all this brings me back to my last question. Have you ever worked with a tactical coach or really any coach for that matter?

We talk about three types of coaching, right? There's relational, technical and tactical relational coats are going to relational coaches are going to talk to you about how are you doing? How's your staff? How are you getting along with everybody? What's going on in your business? How do you feel? That's relational coaching.

Technical coaching is you have a software company and you bring in a software coach or you own a daycare and you bring in somebody who owns daycares to show you how to run your daycare specific to your daycare. That's a technical coach. And then there's tactical tactical coaching is operations, sales structure.

It's. actionable steps to move your business forward based on your operations, which are generally general, I guess we'll call it to every business. Okay. Have you ever worked with a coach? Was it a relational coach? And you said, Hey, it's relational coach. That's great. But they didn't help me out to grow my business.

It's because it's not their job. If it's a technical coach, it might be specific to your industry, but do they really understand P& L analysis and reverse engineering and historical P& L analysis using pattern recognition to predict the future? Do they understand operations in your company? What I do is tactical coaching.

I focus on the operational side, P& Ls, organization, tactical sales training through what we call the psychology of sales. You work with me, we will dissect your business. Build you a plan to make those necessary changes to accomplish whatever goal you have. If you have never worked with a tactical coach and your business is not growing like you want, maybe it's time you bring somebody in with company building experience and coaching experience to help you move your business to the next level.

And as an example, we're going to talk about Tim Cook. Tim Cook currently runs Apple Computer. One of the biggest companies on the planet, the guy's clearly a genius and yet Tim Cook has a board of directors that comes in every quarter. Basically, it's eight or 10 or 12 people. I forget how many and they all sit down and they say, Hey, Tim, what's going on in your business?

And Tim tells them and they say, okay, based on all of our experience, here's our advice. Here's what we think you need to do. And Tim takes all that knowledge and all that advice. And he uses that to help him move Apple forward. Tim also has a personal coach. He has a personal coach that comes in outside of the board of directors.

In fact, the board pays for it. That helps him on the other stuff, not just the business, but personal and how are you doing and how you feeling and what's going on. So if Tim cook running one of the biggest companies out there and needs both a board of directors, as well as a personal coach to help him run his business, what in the world.

As a entrepreneur with a much, much smaller business, what in the world do you think you're doing not having at least one coach or mentor helping you? All right. So that's it for today. And as a final thought, here's the deal guys. If you want to win the game, You got to be in the game. See you next time.

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