Dropping the Mic and Achieving Time Freedom | The 8 Stages of Business Development (Part 4)

Audio Transcription

Attend the world’s best business podcasts workshop, claim your tickets by emailing his group that you didn’t and your contact information to cancel at drivetime show.Com, alright, bro we’ll go back to the drive time to show on your radio and say we’re breaking down the start here book my business podcasts amazon best-selling book. You can buy it on amazon, obviously, but you can also download the e-book version of the book for free by simply going to thrive timeshow.Com on page 52 of the book, we’re reading about the different phases, the 8 phases of business, development stages of business development and we’re going through each one of them. But before we do that, we have a kind of unique situation. Here is a we have. A member of the thrive nation is a guy. Who originally did you originally hear about thrive through the radio show or the or the podcast? Where did a friend refer you or the workshop? How did you hear about it? I heard you on the radio about a year ago now, and maybe your company is complete carpet. Yes, and you said that your company is now up 260. What percent 65% in like was it for months? Yes, that is correct. Okay for months so now wow. That’s awesome! You’re here in the studio kind of a surreal experience with dr. Z I would like to give you the floor. Where you can ask dr. Z any business question I have and it’s a it’s a it’s a eddie or who you had no time to prepare. No time to prepare. You kidding me I’m, prepared correct so now that you further ado, let’s make it happen. Okay, you know one thing that I’ve heard you talking about.

You know one thing:i do know one thing:there is a you just go along, you develop your business sense or your your gut and kind of make decisions based not just always on the outside data, but also your intuition. How much do you rely on that? And what do you use to develop that good business podcasts question? First of all, I would not recommend getting late night drinks from aubrey because that’s when it really I don’t mess up your help. So that’s your guests are gone wrong. Red ribbon will be a diuretic it’ll, be all those things factor into decision. You know you have the fax, you have the math right, give the science. You know this from autism. Kind of decision writer, missioner court reports of crime is up, and then you have over here. You have kind of the emotional part of it. Was that really I mean if I make a decision? What is it down the road if I make that decision? You know maybe a short-term gain here, but a long-term loss. You know, that’s all you have to do some deep thinking in there. So I think it’s it’s the thing about the more decisions you make and being a decision maker make those decisions fail fast.

Higher fast fire fast do as much things as you can as quickly as you can everybody in the world hates this line. Yeah, let me know yeah or don’t you know, I’ll circle back with the question again about that. For a while they’re done with the more you make the number one, the morgan develop it, the actual percentage of how much of it comes to that internal business podcasts guide will call it the emotional side of it verse the intelligent side of it, you kind of blend of two together and the more that you megan the more victories you have it that the more confident you get and in bed just go together, and so it’s almost hard almost impossible to break down decision, say well, this was 72%, math and 38 or 28% just got it. It doesn’t matter at some point. It’s going like when a person comes into your place of business, how they heard how they hear about you at some point. It doesn’t matter they’re there. I would say that there’s if there’s a process, I think I lost moses out there, which is a a process of gradual unconscious assimilation of ideas or knowledge and I find it that’s one way, probably the most effective way to learn to make good decisions is just constantly listening to a podcast like this and absolutely not hanging out with morons who knew around people that are successful on a day-in-day-out basis.

You begin to filter things through that I’ll give example chuck it’s jeff. This is disses biggie. If you seen this happen, when we first started doing the group interview and I first asked to marshall to do it, he didn’t know if someone was a good fit or not, he can interview hundreds of people and he could gas, probably 50% of the time whether the person you hired would be a good fit or not. It was just about it like this. It’s going to be a good man. Are they not now I bet, you eat bats 95 out of 100, it’s cuz he’s been around it so much and he’s seen how you would make a decision how to make a decision, so I would just encourage you, listen to this podcast until your brain, explodes I mean we break down so many notable business podcasts quotable in case studies and autobiographies and see that’s a great way to do it at all so say find a friend of his that you’re really good about surrounding yourself with entrepreneurs who or business people who get how life works. Yeah. How important is that for somebody, your network is your net worth of the words to that enter 5 inter 10in or 12, probably no more than that, because it’s just time constraints, but let’s call it 10 pick around number 6, whatever you think about it is it those are the people have the most influence on your life, they’re, the ones that you’re seeing their high-level decisions that they’re making.

Then you can tell me off of them. They see what you’re doing and talk to around yourself and give an idiot in that inner circle is going to pull you down and so and I say idiot, but that’s it., it’s, an appropriate word right leg match up. So what? If you know, if you have one just get rid of them, you’ll be nice if I get to go through, say, listen to minnesota, and then you, if you get a second hotdish, you wait for me up there. I want you to get up there to the boundary waters and it’s part of this faith building business podcasts relationship test and we’re going to do I’m going to give you just enough gas to get up north and then you wait up there make a hot dish and I’ll be there. Are you just wait, and then you just don’t know, but you do what you have to do sometimes have to let people know directly like we need to separate yeah. I, know I’ve done that before you know, if you find yourself running with the dogs, I mean you’re going to get fleas, and so it happens in life. But I think that that also helps your decision making process the more people you surround yourself that are high-level fingers that are good people that make good decisions. Then it helps you make good decisions. Advertisers show sponsors dr. Sibley, with a sibley chiropractic. We were talking off erin shop on soap.

I’m super excited to get him on airway to hear the business podcasts stories oh yeah, but he actually has been the personal physician for a lot of big-name people, including wayne gretzky, the great one wow, that’s great, so wayne gretzky’s, the number one hockey player of all time in britain, the nhl professional hockey and his a chiropractor is one of our show, advertisers and tony. If you surround yourself with truly great people who are great at anything, weatherby hockey sports baseball business, whatever it is, you’re going to start to see that successful people are all very, very similar and there’s a certain way to do things and there’s a way not to do things. I did when you surround yourself with really good people, you’re going to start to build to make better decisions and so trip if somebody out there. So you know what I want to I want to go. Get my back adjusted by the same chiropractor that wayne gretzky has used up. How do you get a hold of dr. Sibley was simply chiropractic and you can give him a call at 918-749-5741. Again, that’s 918-749-5748 749-5741 or go to his website. It’s dr. John, sibley., combats, dr, j, o h, n s, I b l e y.Com and they’re actually going to do your first business podcasts chiropractic assessment and x-ray for free on whatever area of your body. That’s hurting right now and if you schedule appointment during the break I’m going to give you a free copy of my book, thrive I got a new schedule play with dr. Sibley between z. Now I want to come back, I mean what is a little bit of pressure here.

Little bit low pressure oil pressure make o’clock, you got probably 4 minutes, 4 minutes to schedule. Appointment, doctor’s appointment for a free copy of my book stay tune in radio attend the world’s best business workshop, led by america’s number one business coach for free by subscribing on itunes and leaving us an objective review senior tickets by emailing. His group that you didn’t and your contact information to info at thrivetime, show.Com, all right right, business podcasts listeners and thrive nation, welcome back to the business podcasts conversation is about time. Show on your radio on our final segment on today is a broadcast and podcast we’re talking about the eight stages of building a successful company and stage number 7. Is the elon musk stay to this stage of the business? You should start to view your team truly as partners and your goal is to cause they make sure that your top people are focused on their highest and best use at all times. By now, you should have coached her people up to be leaders. The leaders of your company needs to grow that company to dominate the marketplace. Your team should all work in concert with you to help you refine, build and create the duplicatable business systems that you are going to need to truly scale. Your business see you at this point in your business in your in your business life as you grow your company, you pretty much have a solid leader at each of the business. If you don’t it’s it’s a pain in the hiney, because that means that you still have to be the leader there.

Do you have to do the day today and you have to worry about what’s going on in or are they doing the right thing and they doing with z would do I mean? So if you don’t have someone there that that’s happening your ship, then you still got to do it. Let me ask you this:is it possible? Is it possible to run a successful business podcasts company if you have not to descale it? If you haven’t developed the leaders needed to run it when you’re not present, doesn’t know how long did it take you to develop a leader for me now you believe in everyone, your company’s. How long did it take you before you felt like? That was the case. Will my first one took the longest because obviously I was in there working and that would probably took 10 years before I really felt that i? Could you not be there on a given day, caregiving month or take a cruise and not worry about it, so it took you I mean awesome job for you, man, just one of the optometry clinics.

She started when she was what 22 23 and me or something like that, and she just had a college. She went into a hotspot things. Hospital administration was your degree because she was my wife’s boss when my wife was like 19 years old and she’s. Still there like 18 years, I think how long was it before you turn it over to her and let her just run the operations on daily basis, I mean i. Have a I’m also have one of my doctors is kind of a key person there too kind of looking over the doctors. If you got it but I’m for her, you know you just keep paying things off to them, because they is they do more. You know they scheduling, I mean the big thing, hey rob schedule and did all the doctors scheduling for years and then finally a handwritten. So now it’s pretty much has everything and I’m not sure exactly how long it took, but it took probably four five six years, if I really felt like you know how I will kill you, you’ve got everything now you know. Why did it take so long for the business podcasts delegate scheduling? Well because it was a very important thing and put a lot of moving parts to it and and the doctors will with wines little bit if they don’t get what they want and in there just a process to it and she was very intimidated by it and there you have your doctor. So therefore they couldn’t go out while I need that day off and it just it just listen to I had to go through some tough love. We had kind of groom on her and groom on the doctors and they kind of come in and try to sway her. You don’t want and get a different schedule than what we really had to go.

She ate it with me, so there’s that said process and now it’s kind of like you got it down, trying to figure it out. You know, what’s going on, she doesn’t get bullied by them anymore and I’m, not really bowling, but maybe manipulates better word aspect of your business to delegate was there a man that was really really hard to deal like that? That’s like a long time when parked I still haven’t delegated completely, is marketing I’m still very involved in the marketing side of my business. I, probably a lot of it because I enjoy it right. Do i, go alright if I ride a commercial every month and I take new commercials on the radio every month until that’s probably one that I haven’t yet turned over that I might one of these days and probably cuz I enjoy it. You know, but the hardest part of me handing over delegation. That’s a good question:i! Don’t i, don’t really wasn’t how many it wasn’t hard to handle any of it if it’s kind of like those are harder. I have in your son, mow your yard or do the dishes I’m like they’re, both great what does final stage I want to cover on business podcasts today? Should you take out the eight stages of growing a successful company from page 52 of the best-selling book, you can download the e-book copy of the book for free simply like going to thrive time show.Com.

This is the drop the mic face now in my first business dj connection, I worked as an entertainer and is an entertainer you going to every event with the mindset that you want to take each event to the next level, and you want the audience to leave so stunned and wanting more because you taking them to a business podcasts place that never gone before after you brought. This shows that you simply want to drop the mic with robbing laptop say, come on you’ve done and everyone’s cheering and you walk off. That stage is the entertainer I’ve had the pleasure of doing that a few times. Were you just your rocking, and you finish this show, and people like that was so awesome. I just want to clap your wedding, dj I wasn’t expecting it to be that awesome, but the show was so option are so so awesome that I I I feel like I need to clean up or something I mean that was great, and so what happened to the business owner? You want to get your business to a point to where you’re doing so well that you could sort of just drop it and walk away it. So here are some ways to do that. One is you can have a business podcasts company is dependent upon systems and not on people, but you got some guardrails in place to see so that way, if anything weird happens right, you know you can come back in and fix it and I think that’s one thing that you do really well everything you’ve established guard rails for your company’s correct and you are pretty good pulse on. What’s going on, so it’s not like you could leave america for 4 months at a time with no business podcasts problems, but it’s like you could be gone for a week and if you see one of the companies hitting the guardrail, then you can come back and in the start of exit on occasion, guardrails you have up in place for your business is where you know okay time to come back and fix it. Now, that’s a that’s a big one for me, profit and loss statement on a month. I have my accounting to prepare a monthly one. I mean look at that in you study at you can see little quick trends going on. In other words, maybe employment percentages out higher than it should be that month. Maybe sales were down that month. Maybe you know that the different things and I I keep a kind of a pulse on sales.

In my time to clean, pretty close and so they’ll just take a peek in there and take a look and see what’s going on a business podcasts system in place that allows you to store to drop the mic and move away. Is he you could have a partner and that partner to make the majority of your income off of profit splits? So it’s kind of like hey if the business is terrible, they’re not making a lot of running, and now they are somewhat of a self-policing guardrail to be like that, if somebody who’s making up in a pretty good return as result of the profitability of the org, absolutely I do and that’s one thing:i put up new businesses I left my key people that have been with me if they want to invest that they want to get a percentage of it going forward, then allow them to do that in new new startups. Okay, because we don’t have all the answers for those you know you’re hard to value a business. That’s on going I mean you could get a hundred guys and comes under different. You know numbers for it, but I tell him he’s going to gamble with me on this new thing. We can do it if I have several several mikey guys that actually make more on the business podcastsinvestment they’ve done with me, and they make on the salary that I give them cuz. You could say:i want to franchise my business, which means that other people can use the system that you built to open up in multiple cities.

Other people are using their money to expand the brand that you built, now. I’ll, be at they get the majority of the profits as they should, but you make a percentage of a small percentage of the residual income generated by each of the franchisees you’re, making a small business podcasts percentage of their individual efforts. You can say:hey, i, have small feet or large for you to be able to use the rights to my logo. Wear my brand already. That said that the move and jen is another movie. I want you to talk about this before I wrap up today show, and that is, you could sell the company now you’ve done that on a couple occasions. I believe and I want to ask you. How did you know it was time to sell the auction to cook the pig? As you say, with your with your with your auto auction? How did you know it was time to go ahead and sell that business? They made me a ridiculous good offer them everything for sale and when people approach you, if you were having success in your business podcasts and things are going well and there’s a lot of guys out there looking to buy businesses. That’s the mood for some people, big hedge fund, for the gathering.

Try to vertical integration. Fuel companies buy them at this. You know percentage of profit and they roll up a bunch of him and tell him we’re on our way. So be careful on that you can look at the tax structure. You guys look up with the really. The bottom business podcasts line is to your net net you’re going to go in your pocket and for me it was just the right deal. It was the right time. It was the right amount and you know it some point. It’s hard to say no I want to deal with so good. So, if you’re listening right now get your business to a level where you, at both time, freedom and financial freedom, regardless of what stage you’re out of the business i, would invite you to go to thrive time. Show.Com is it drive time? Should I come you’re going to find business podcasts? We are kind of every single broadcast of the podcast you’re, going to find thousands of video trainings from mentor to know the way you can learn from mentors or mistakes you can watch. Our videos will absolutely impact your life positively bird. You could have you could attend or in-person drivetime, show, workshops or number for you could schedule a one-on-one business coaching session to see if the 101 business coaching program is right for you in this show, with a boom to let me further and new folks at home. Here we go to get the broadcast.