The Personality of a Business will Mirror the Personality of its CEO/Owner

Hi everyone, Carl Gould here with your #70secondCEO. Just a little over a one minute investment every day for a lifetime of results.

In business, will mirror the personality, the team will mirror the personality of its leader or its owner. So let's test it out, so you got a really organized owner, what kind of business does he have? Yeah. Don't overthink it, just shout it out - “organized. If you have a schizophrenic owner, what kind of business do you have? Twitter! right!. So that's like the best example ever, like a good example of the personality of a business mirroring its owner and all that. “Oh my gosh, can we find a better example?”.  What's the first thing that Jack Dorsey does when he sells the company? He apologizes to all the employees. “Audience, so sorry about what's about to happen to you”. Elon Musk says “Get all of you, you know, soft employees out of here”, right? What is Twitter going to look like a year from now? I don't know but it’s going to be a lot like Tesla. And it's gonna be a lot like Elon. And so I–people ask me all the time like, “Is this a good management tactic? What is he trying to do?” Like, he's just gonna hold the company in his own interest, that what’s he’s going to do. The first CEO did it and the second CEO’s about to do it and you have all done that to your company too.

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Difference Between Growth & Scale

Hi everyone, Carl Gould here with your #70secondCEO. Just a little over a one minute investment every day for a lifetime of results.

What's the difference between growth and scale? Okay, so if you identified as a stage one, two or three business, right, you're in the growth side of things, your entrepreneurial managed, right, you can grow, you're not quite there ready for scale yet. You're driven, personality driven. You're the owners goals, the owners, the operator, you need flexibility and creativity in order to grow, right? Then stages four through seven, those are the scale stages, that's when it's your managing on metrics, on processes, okay. It's more about controls and checks and balances and analytics. The owner is now a coach or a mentor or a leader. Alright, so there's a, I mean, I could do a whole bunch on this, but I'll leave it at that for now. You know, so if you want to go from entrepreneurial management to professional management, you don't have to, I just want to draw the distinction, because there's a big difference between growing a business and scaling a business. And the big difference is there's comes a point where you might have to sacrifice both revenue and or profit. You don't have to, but you might have to, in order to get past that hump, and get to scaling.

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You Can Sell a Business That Revolves Around You

Hi everyone, Carl Gould here with your #70secondCEO. Just a little over a one minute investment every day for a lifetime of results.

I want to sell my business, but it revolves around me, can you scale and sell a celebrity business? And the answer is yes you can, look at Dale Carnegie's leadership. It was built on the principles of the Dale Carnegie wealth principles. And they created a training franchise around it's a global training company today. Now, it's not more than a Carnegie family, right. But as a training company, it's worth more today than it was then, when it was just about Dale, right. The Blue Man Group started out as three guys who didn't have jobs, and they wanted a weekend gig. Well, they ran into a problem on one of the guys actually got a job. I like well, what the hell are we supposed to do now? The group's gone. So that's when they came up with the idea to put the blue makeup on, and then they could substitute in players. And now I think the company sold for like $60 million to the company that owns Cirque du Soleil, I believe, I forget who owns them, but they sold for big bucks, right? Just three guys, but it was based on their principles, their systems. It very much can be done.

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Build a Legacy Business

Hi everyone, Carl Gould here with your #70secondCEO. Just a little over a one minute investment every day for a lifetime of results.

Stage seven is the succession stage. We build a legacy business at this point, and you get to fire employee number one. Guess who that is? That's right. You get to number one, the founder that's right. You get to put a new title next to your name. You're now the chairman of the board, chairwoman of the board, right? And when you insert a new CEO in your place, the value of your company actually rises and you've built yourself a legacy company.

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Saleability

Hi everyone, Carl Gould here with your #70secondCEO. Just a little over a one minute investment every day for a lifetime of results.

You may say I don't want to sell, but maybe I want to acquire, maybe I want to be a buyer. Maybe I want to do a roll-up, maybe I want to have a strategic alliance, maybe I want to be the platform firm and I’ll be adding businesses onto mine, maybe I'm going to do an IPO. Those are all exit strategies, folks, right? Exit strategy doesn't mean that you are just selling and walking away. Exit Strategy also means you're just exiting, what kind of business you are now, and you're going into another type of business. We went from an independently owned company to a partnership, partnership to a franchise, and franchise to an ESOP. You name it. You're maximizing your saleability.

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Stage 6 - An Asset is Born

Hi everyone, Carl Gould here with your #70secondCEO. Just a little over a one minute investment every day for a lifetime of results.

Boy do we love stages six and seven, thank God for technology. Technology has made it so much easier, so much more approachable, accessible, and feasible for people to sell their businesses merged with others, and stayed six is that stage. At stage six you maximize your saleability right now. My mom, Nancy Gold, is the queen of the garage sales. You want to go to a garage sale, Riverdale, New Jersey, you set your timer, go to my mom's house, she'll run the world's longest, you know, longest tenured garage sale. As a matter of fact, in little old Riverdale, they changed the rules about garage sales because my mom had too many garage sales. Like Nancy, you can't be running a store out of your driveway, right? And so they changed the rules, you have to have a permit now for a garage sale and Riverdale. You're welcome, okay? And so anyone can run a garage sale and you can sell your business and all the aspects of it and the assets in it for pennies on the dollar or you could sell it at a premium, that was stage six is all about. Stage six, we say an asset is born. Stage six is kind of like stage three. Remember all the way down to stage three, you are building your implementation team. Well, at stage six, you're building your management team. In other words, they are going to run the day to day.

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What are You Known For

Hi everyone, Carl Gould here with your #70secondCEO. Just a little over a one minute investment every day for a lifetime of results.

What are you or can you be known for, in addition to the utility of your product or service? So for example, in our business, one of the things that we do is we introduce our clients to each other, and most of our clients are working together, right? We'll say, well as soon as they come in, we'll say, you know what, here's who I know needs your service, you don't have to sell yourself believe I'll take care of that. I'll say you take care of them on pricing service because they're in the family, now you're in the family. So we are known as much for that as anything else. You walk through the door, and you've got a handful of clients because we introduce you to everybody else that we work with that could use your services, and vice versa. So they're all working together all the time, right? And you can have other things as well that you're known for, right? Is it your cause? Or is it the people that you help? Are you saving the planet? Are you making sure everyone has a home or no one else has to go into one at a certain age? Like what is–are some of the things that you're known for? What is your how? We're also known for how, we've trained over 7000 business coaches on this methodology are parts of it. Over the last 20 years, we've been behind-the-scenes architects, for many of the coaching systems that you know of today. We've advised most of them at some point or another. I won't point where the architects are behind three of the five largest coaching programs on the planet, right? So what are we known for? We are known for showing coaches how to earn six figures right out of the gate, and we've been doing it since 2002, right? And we also service our clients, we're also managing consultants and coaches, great. I say management consultant and coaching, right? But if I start to talk about the other stuff, like Whoa, that sounds pretty interesting.

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A Franchise is born

Hi everyone, Carl Gould here with your #70secondCEO. Just a little over a one minute investment every day for a lifetime of results.

Now, this is probably the most popular of all the stages that by our clients when we first meet them, technology has come in and allowed for stage six and seven to be more reachable for the average business. But stage five is the sustainability stage. And this is when we say a franchise is born. Now it doesn't have to be a literal franchise, when we say a franchise is born because you can now have multiple locations, multiple products, multiple revenue lines, and a lot of our clients like that to say yeah when I open up a new location, or I do want to franchise or I want to license or certify or become a distributor network. Sustainability, you know you're a sustainable business when you are known for something other than the utility of your product or service. Right? So think about what I just said there. Oh, wait a minute, Carl. I'm a mechanic. What else do I need to be known for? Rather than being a mechanic? Well, guess what, 4ocean.com is a bracelet company. Did any of you think of 4ocean.com as a bracelet company until I just said that now you think of them as the dudes who clean up the ocean and the beach right? And they just sell bracelets to do it.

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The Throughput

Hi everyone, Carl Gould here with your #70secondCEO. Just a little over a one minute investment every day for a lifetime of results.

You are now documenting, you are now process mapping, you are codifying, you are figuring out and creating the blueprint for what they call your throughput, right from the time you get a lead to the time you get paid and everything in between, how you fulfill the order, how you satisfy your clients. That's called your throughput, you determine and systematize your throughput. I'm a huge fan of scripts and so you want to script out as much as possible. Virtually every business there are very few exceptions. There are very few businesses that are not capable of becoming an assembly line and you want. Essentially in your business, you want to build an assembly line with the most amount of certainties possible, and you want to standardize and create the most consistent results possible in your business. Okay, that's stage four.

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The Grave Yard of Most Small Businesses

Hi everyone, Carl Gould here with your #70secondCEO. Just a little over a one minute investment every day for a lifetime of results.

Somebody comes into their business and said, look you can eat off the floor. I'm like, Oh, my God, we got a problem. Systems too early slows down the growth of the business, you want just enough that your synergy team can handle the task at hand. Now, once we've proven this out, we go through this little jagged line, you see that between three and four, we get to go to stage four. Stage four is the system's stage and this is where you decide not only on the systems of your business, but you decide the ecosystem. What kind of business are you going to become? Are you a partnership, a franchise, a license, a certification, a virtual company? What are you and how are you? How do you operate? What is it you're all about? Because that will determine the type of systems you put in, right? And so this stage three to stage four, we call the graveyard of most small businesses. That's where people try to scale. They either had systems too early or they didn't put them in right. They got big, they got poor, they went down to small so they can make some money again.

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