Summary

This episode focuses on the business takeaways from Alison and Phillip’s Smoothie King study. 

A big takeaway from the study is to make sure you have a clear understanding of your “why” and then make the upfront investment necessary to be successful. It is also important to pay attention to the numbers and make sure you have a good professional to help you stay on top of those numbers to assist with your business growth. Additionally, look for trends that you can invest in and make sure to pick a business that you are passionate about. Pooling resources with friends and family is also an option, but it is important to make sure that everyone is equally as motivated and passionate about the business.

Emotional clarity is important when taking on a business partner, whether that partner is a friend or family member. Having a CPA, as well as a good attorney to draw up a buy-sell agreement to ensure that everyone is on the same page. If both parties are not equally passionate about the business venture then they may not be a good fit as investment partners.

Chapters

0:01:13: Conversation Summary: Smoothie King and the Benefits of Healthy Living

Quotes

• "Know your numbers. And if you don't know your numbers, you're never going to know if you're going to be successful or if you're going in the right direction. And I do think that Smoothie came with their innovation of marketing approaches, from their romance novel to their smoothie bowls and just their drinks in general, that customers love. And again, relentless focus on driving profitability through implementing technology and innovative products and how to keep costs down or even just bringing the drive through model only."

• "Yeah, I just love investing in trends. Right. I feel like a lot of times if you're running a business or you're investing, there's like an investment saying that I'm going to say 90%, I don't know the actual number, but some big percentage of your return comes from asset class if you look at the long term returns. And a lot of times we tend to think it's individual intellect, right, that can overcome anything. But I'm like, well, for example, last year it didn't matter how great of a CEO you were. Last year you lost money, whether it was bonds, whether it was stocks, because the economic tailwinds for that year was tailored, or even over the last decade, even some of the best CEOs at banks."

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