October 02, 2020

How Much Do You Work per Hour?

21 minutes

In this episode of The Power Producers Podcast, David Carothers and co-host Kyle Houck talk about their per hour work rate and the significance of staying in your lane.

Episode Highlights:

How much is Kyle’s work rate per hour? (1:30)

David mentions that he made four dollars per hour at his first job. (1:53)

David shares a conversation he had with someone about the Grain of Salt theory. (2:47)

David mentions that back in the day, minimum wage was as low as it was because there wasn't much of a change. (4:36)

What’s the current minimum wage? (4:46)

David shares that this episode precipitated from a conversation that he had with a guy about the significance of staying in your lane. (6:02)

David thinks that a lot of people don’t stop and think about their rate per hour. (6:16)

Kyle thinks that the only time you do it is when it takes a long time to get the deal done. (6:33)

David talks about the conversation that he had with a guy that he knows well, but he’s not going to mention his name, and the guy was talking about his staffing company. (6:41)

David shares that the guy was blinded by the premium, but he wasn't seeing that he was the fifth agency those people had. (7:24)

In David’s opinion, if you take your time on the front end, it's not like you're investing days of your life. (8:37)

Kyle thinks that getting blinded by the premiums is natural. (9:27)

Does Kyle know someone who knows how much they make per hour? (9:38)

David thinks that if you're a producer, and you're not keeping a log of your time, you're ruining it. (11:37)

Kyle thinks that he ends up losing his time when he has to deal with the smaller business that’s either been referred to him or spending his time quoting, or answering questions and phone calls from them. (12:26)

David shares that if you want to be a trusted advisor and you have a value proposition, you have to identify your work rate per hour and figure out on the front end if those deals are worth your time. (13:15)

Does David have other formulas? (14:17)

Kyle mentions the only issue that always drives him crazy is when the insured is not willing to give the correct information. (17:15)

David mentions that once you've been in the business for a bit, once you've done some research, and you've been on a few calls, you know who you're going to have success with. (18:34)

Key Quotes:

“I got a raise to five bucks an hour and I thought I had made it.. I thought I'd made my ascension into the aristocracy at that point. It was fantastic. I was 15 making five bucks an hour. That was like legend status at that point.” - David Carothers

“You've got to define who you want to go after. And don't deviate from that.” - David Carothers

“I think that's where we fall, man. We have such an opportunity to be in a lucrative occupation where you're gonna just score serious coin if you write the right type of stuff, that we don't stop and look at efficiency and how we're investing our time and what we're doing.” - David Carothers

Resources Mentioned:

David Carothers LinkedIn

Kyle Houck LinkedIn

Florida Risk Partners

The Extra 2 Minutes

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By David Carothers

4.9

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