Welcome back to Making Bank. On today's episode, we have Antonio Garrido who is the author of My Daily Leadership, a powerful Roadmap for Leadership Success, and founder and president of My Daily Leadership. He has over 25 years in senior leadership positions with world-class businesses and is an expert in leadership transformation, shaping high performance leaders out of highly stressed and overworked leaders. 

Don’t miss this episode of Making Bank with Antonio Garrido.

(3:21) Background

Antonio didn’t come from a business background. In fact, his own father never had an education. However, his father would advise him to start his own company because it is better to be the owner of something small than just a random somebody of something big and this kick started his career. He started, sold and retained about six or seven businesses.

(6:53) Biggest Lessons

Allow room for failure and learning. You will not succeed or learn much if you do not allow yourself to fail. However, you must learn from the failures and try harder and smarter the next time. Wisdom comes from evaluated experience and not just time served. So, if you don't evaluate the experience, you lose a valuable lesson.

(14:07) Emotional Intelligence

A lot of leaders rely on MBAs, CV, resume and experience as the barometer for success when somebody's recruiting or hiring. But emotional intelligence is also very important and some say it is even more significant than your IQ. Because it also includes social skills and impulse control which are very important in business.

(18:33) Evaluated Experience

Take time every day and if you don’t journal, start doing it. Because unless you actively take time every day to try and improve and record these things in your journal to build self-awareness, to figure out how you could have responded better in the moment then you won't eliminate your blind spots.

(22:02) Leadership Insight

Start having two affirmations, two really solid beliefs, two commitments for the day which you won’t compromise. three things that you are going to develop,  one thing you're going to explore and one thing that you're going to fix for the day. So, you've got affirmations, beliefs, commitments, things you're gonna develop, explore and one thing that you're going to fix.

(26:23) Mindset

Have a mindset of abundance versus scarcity and always remember to be grateful. You're in a tremendously fortunate position, so try and build your gratitude bank because you can't have a positive life if it's filled with negative thoughts.

(28:34) My Daily Leadership

If you want to take a leadership health check or take a business health check, and if you are sufficiently concerned with what you read then take a leadership assessment and then fix what needs to be fixed. Head over to www.mydailyleadership.com for more information.

Links

www.mydailyleadership.com

Welcome back to Making Bank. On today's episode, we have Brett Berish who is the president and CEO of Sovereign Brands, a family owned international wine and spirits company headquartered in New York.

They sell a portfolio of products in more than hundred countries globally together with a proven ability to create powerful resonant brands. The international partnership, Mr. Berish, has created some of the world's finest wine and spirit and has given sovereign brands an extraordinary and unique portfolio of wines and spirits.

Don’t miss this episode of Making Bank with Brett Berish!

(2:05) Background

Brett’s dad was in the liquor industry for 45 years at the same company as kids. That's all he talked about. His brothers and him would sit around the dinner table listening to their dad talk about. That’s what inspired him to go into the liquor industry. He loved it and has a tremendous passion for the industry.

(3:23) People Build Brands

People build brands. At the end of the day, you have to find people who believe in what you're doing and you build your army. Getting people to embrace brands is the key. You got to get in their soul and it's by getting out there and talking to them. 

(4:57) Brand Connections

Try to get people to be aware of the brand, and if it's a good brand, they'll talk about it. It’s called organic brand building because it's not in a transaction. It’s a relationship. Make it real. Make it authentic. To everybody you will ever work with, they should be your friends because of the brands. It's not because you saw some data.

(9:48) Brand Story

“In the 14th century, merchants would travel to the West Indies and they didn't like the taste of traditional rum. They'd call it grog and they'd blend their own out of it. And what that was referred to was bumbu. We brought that brand back to life and now this brand has eight different sugar canes from eight different countries and we bond it and distill it in Barbados, which is the original rum island. And we don't have to filter the water because it's all natural and it's got authenticity and it's real.”

(11:49) Secrets To Success

“I don't have a black box. I think it's, I think our success is blood, sweat, and tears and we're all in and it's night and day. It's constantly educating and constantly talking to people. The package has got to stand out. The name's has to be different. The look and feel has to be different. It needs to have a story. You need to have a beautiful package.”

(13:41) Taste Profile

“We created this blend. It took three years to create, but it's wild. It’s specifically different from everybody else. And if I can achieve what the profile I'm looking for, I think I'm the average consumer. I think I'm now giving myself to somebody who wants to try something different and something unique in a different profile, something completely different.”

(16:37) Biggest Challenges

You can't put pressure on a brand. You have to let it grow at its own pace. The biggest challenge will be having to have patience for it to mature. If you rush it, it will not work and you will end up falling short.

(18:40) Key Tips

You have to trust your instincts. Don’t assume everyone is smarter than you or that everyone knows better than you. At the end of the day, if you're going to jump into a business, it has to be your decision. You can take people's input, but trust your gut.

Links:

@BrettBerishceo1 

@officialbelaire

 @brettberishceo 

@Brett Berish

www.sovereignbrands.com

Welcome back to Making Bank. On today's episode, we have Pace Morby,  an entrepreneur who has spent over a hundred thousand dollars on bad advice. But it all started with a $1 million bankruptcy letter that essentially derailed his construction business. But what looked like an omen was actually a turning point. This path led him to creative finance, the most effective and affordable way to get started in real estate. Now it's Pace's job to spread this message, teach others to build generational wealth and show people how you can reach the finish line from any starting point.

He's inspiring entrepreneurs and investors to make a massive impact. Don’t miss out on this episode of Pace Morby in Making Bank!

(3:18) Background

Pace Morby grew up in an entrepreneurial household that consisted of a family of 12 children. So right from a young age, Pace Morby was already in the habit of working hard and living a life of hustle. So he began life as a contractor and then later in his life went all in in Real Estate Business. 

(6:32) Key Business Tips

Don't partner with anybody remotely close to your own personality style. Don't exchange time for money, rather exchange your money for time. 

(9:46) Real Estate Secret

There's a company called ALE Solutions that actually will place people who have been displaced from their rooms and they need a place to live. The insurance company can pay you to house them. If the insurance company pays you 70 grand for a three month booking, so over $20,000 a month on a property that you took over a $2,500 monthly payment on then your net profit on that deal every month is like 15 Grand. And none of it was from your own money.

(12:45) Changing Your Mindset

It's never how you did anything. It's always who showed you it was possible.  Find mentors. Find ways to learn from their ways and to be better than them. Adapt their strategies, hang around them. Think like them and what you can do to be better than what they did. 

(20:03) Creative Financing

Don’t go to someone who does not even make money for financial advice. There's free Facebook groups. Every single city that you live in, whoever's listening to this type in Facebook group, your city name, wholesale real estate, and you'll get 15 opportunities to go and network with people that are out there finding off market deals. Use these platforms to find the best methods of creative financing.

(33:21) Owner Financing

Pace explains in detail how you can buy a property, fix it up and then get it to earn for you without having to spend your own money using creative financing. You just need to really have the mindset to want to do this and just change everything you already do and keep working hard.

(42:31) Building A Team

Go and learn skills and you'll dominate, and you'll look forward to and pray that the market trends downward, because it's only more opportunity for you. It's all about what skills you have in your pocket. That makes you feel confident or fearful in an upcoming market crash. 

Links:

Twitter: @PaceJordanMorby 

Instagram: @pacemorby 

Facebook: @pacejmorby 

Welcome back to Making Bank. On today's episode, we have Alex Sonkin who is the founder of the Due Diligence Project and the virtual family office hub. It's a revolutionary platform of vetted resources that supports hundreds of leading tax focused CPA firms and the family offices around the country.

This episode talks about exactly what that is and how that's going to benefit you being an entrepreneur and owning your own company. 

Make sure to listen to this Episode of Making Bank with Alex Sonkin.

(2:58) Background

Alex Sonkin came from the Soviet Union at the age of seven with his parents and graduated from University of Michigan. He started as an options trader in Chicago. He then took what he learned from that and went on to work with CPA firms and building family offices. From there on he worked with many other clients, started what was called the Due Diligence’s Project and has been helping different clients ever since.

(7:48) Family Offices

Real benefit of a family office is it's truly one point of contact for the affluent business owner and traditionally, family offices were for very wealthy families. What you're doing is you're building an office. You have your CPA firm, your law firm, you have advisory all in one spot and when you have a problem you just need to contact one source and you are done.

(12:04) Income Taxes

The one specialty that seems most complicated of everything in the world of finance seems to be income tax. Because we're dealing with a document, no one knows how many pages there are. It takes special licenses to understand it and it takes a certain number of hours. It takes at least 10,000 hours of experience in audit and tax court to really understand the risk and to really understand income taxes. 

(14:47) Tax Strategies

The key to this is not the strategies themselves. The key to this is having your CPA, your most trusted tax advisor, plug into the network, the Due Diligence Project where they get exposed to the community and certain strategies are going to work well for certain people and certain types of fact patterns.

(17:44) Who’s It For?

 The target is the tax advisor. It's the CPA. After the business owners are introduced, meeting their CPA is advised and encouraged so they can get plugged into the network and really work accordingly to help the business and be really diligent at their work. 

(19:52) Zero Taxes

It is done by taking reviews every year. Focus on what can be improved based on feedback or questions from many of the CPA firms that are within the program. If there is a problem with the strategy it will be fixed and cleaned up, or the strategy might get revisited altogether. 

(23:03) Common Mistakes

Very common mistake is that most business owners have a difficult time differentiating. Many business owners aren't aware of that fact and so they're asking the wrong people the wrong questions, failing to remember that the financial world is very complex and there are specialists for every aspect. 

Link:

Alex Sonkin

@grouplombardi 

www.linkedin.com/in/alexsonkin 

www.duediligenceproduct.com 

www.vfohub.com 

Welcome back to Making Bank. On today's episode, we have Chris Naugle, a man who has dedicated his life to be America's number one money mentor.

Chris has built over 16 companies with his businesses being featured in Forbes, ABC House Hunters, and his very own hgtv. He is currently the founder of the Money School, which teaches you to be your own bank.

As an innovator and visionary in wealth building and real estate, he empowers entrepreneurs, business owners, and real estate investors with the knowledge of money, how it works, so they can solve their money problems as well as take control of their money. Chris is also a nationally recognized speaker, author, and podcast host.He has spoken to and taught over tens of thousands of Americans delivering the financial knowledge that fuels lasting freedom.

Make sure to listen to this Episode of Making Bank with Chris Naugle.

(3:01) Background 

Chris talks about how he started working in a farm at 14, which he later then got into a job at an Italian restaurant at 16. He quit the restaurant due to poor working environment and then proceeded to start his own clothing brand called Phat Clothing. He started selling his brands to school, to shops and eventually earned enough money to open a shop in a mall. This was how his days as an entrepreneur started.

(10:08) Chasing Your Own Dreams

Most of the time our dreams won't align with others and many times other people will put us down when we talk about our dreams. Chris faced the same thing. When he wanted to be a professional snowboarder, he was told to give it up. However, he stood by his dreams and although he did lose some friends along the way, he stood by his dreams. 

(16:05) Pro Snowboarder To Entrepreneur

During the period of recession, Chris’s business sank forcing him to look for a job. He applied to many firms and he got accepted to only one and that was Wall Street firms. This was the beginning of his transition from a snowboarder to a businessman. He quickly started picking up and started learning about the corporate world and he worked hard everyday to be successful today.

(22:12) How To Plan For A Recession

Get your mindset right. A recession may be bad but if planned properly, it can turn into one of the biggest business opportunities. You'll be able to grab more market share in a short period of time than you could ever do spending massive amounts of marketing. Go into a preservation mode, keep your business going, try to grow, but don't shoot for those big numbers. This will be the greatest opportunity of most business owners' lives if they get ready right now.

(26:03) Strategies For Your Money

If you put your money into a regular bank, the regular bank's in control of your money. Imagine you had a place where you could put that same savings that you kept in a regular bank but you just changed one thing, and that's where your money goes. Now you’re getting a guaranteed interest rate till the day you die, plus you’re getting dividends on that money. But the best thing is, you can purchase what you want to purchase but your money actually never left the account.

Links

@thechrisnaugle

https://moneyschoolrei.com/tmm-j58526478

Welcome back to Making Bank. On today's episode, we have Larry Brinker Jr, who is an award-winning entrepreneur, impact investor and mentor. He serves as Chief Executive Officer and President of Brinker, a group of family owned and operated commercial construction service companies responsible for several billion dollars in construction projects. The company played a critical role in the transformation and revitalization of Detroit. He also serves as the CEO of the Brinker Family Asset Management Company. 

Don’t miss this episode of Making Bank with Larry Brinker Jr.

(1:20) 2nd Generation Entrepreneur

Larry is a 2nd Generation entrepreneur who was raised in the environment of entrepreneurship by his Father. His father started off as a carpenter but then he moved to owning companies. Larry has owned restaurants, nightclubs, music production studios etc. Entrepreneurship has always been in his DNA.

(2:17) Success Lessons

 Preparation plus opportunity equals success. You have to have the preparation. You have to have the opportunity. When you get the opportunity, you have to work extremely hard to be successful. Don’t waste any opportunities and work every time one comes along your way.

(5:11) Capitalizing Opportunities

You can get an opportunity, but it's what you make of that opportunity after it, which really sets the course going forward. If you waste it, if you don’t work hard for it, no matter how many opportunities you get along your journey, it won’t matter. However, even if you get just one but you work extremely hard for it, you will bear the fruit of it. So always capitalize on your opportunities.

(9:27) Spotting Opportunities

Always remain humble. Always be open with your time to someone. Never think you are more important than the next person. Recognize that we are all the same and there's a different level of how you can relate to people that makes you comfortable giving the time. Then you can spot opportunities easily. 

(13:54) Biggest Challenges

Building a team that is strong and smarter than you is a crucial move in the business world. However, the biggest challenge is trying to get non entrepreneurs to think like an entrepreneur. Not everyone is all about the grind. Most people want a day job and that is it. That is not the life of an entrepreneur. Biggest challenge is finding people who will stay motivated to work as much as you will.

(18:01) Working With Passion

Whatever you do, have the passion for it because if you have the passion for it, you're going to work harder, the money and the success will come. If you do something only for the money, you won't have a passion. You're not going to work as hard, and typically you're not gonna be as successful, and you definitely won't be as happy either.

 (21:35) Building Your Team

 One thing that is super important for entrepreneurs is to not only build your team the right way, but to trust your team and give your team accountability. Give them the autonomy to feel invested in what they're doing. Give your team the autonomy to feel like they're invested, and then don't be a micromanager. 

Links:

@Larry Brinker, Jr

www.larrybrinkerjr.com

www.brinkergroup.com

Buying A Business: Strategies & Pitfalls to Avoid  #MakingBank #S7E36

Welcome back to Making Bank. On today's episode, we have Jonathan Jay who has been an entrepreneur ever since he dropped out of the university at the age of 19, now 50 years old. He has built businesses and publishing, digital marketing, adult education, coaching, preschool education, and has sold each of those. During the pandemic, he made 48 business acquisitions to create the fourth largest group in his sector in under three years. He now helps other people buy businesses, helps him avoid the expensive mistakes, as he says, he has made all of them.

Make sure you check out this episode of Making Bank with Jonathan Jay.

(2:11) Becoming An Entrepreneur

Jonathan talks about how he has always been an entrepreneur all his life. He has never worked for anyone. He only had his own business to run and has been doing that for 30 years. He has done many things, some went wrong and some went right. Overall he has a very successful career as an entrepreneur even if it was challenging sometimes.

(5:08) Why To Buy A Business

Look for a business that's been running for at least five years, that makes solid, reliable profits every single month. Buy that business without risking any of your own cash and then once you've got that business, that business will continue to make solid, reliable profits month after month. This is much better than starting a business from scratch and risking the chances of it failing.

(6:32) Risks Of Buying Business

The risks of buying a business are always high. The wrong method is going to a bank and asking for a loan using property. This is high stress and high risk. The best way is to find a business that is already striving but has an owner that is ready to sell it and is highly motivated to let it go. The chances of this business being successful are higher as compared to the first option.

(10:37) Convincing Sellers

You need to know why they are selling the business and try to ease in on that. Remind them why they wanted to sell in the first place. And also it is important to approach as many sellers as possible. Not everyone will say yes. Some will say no. Hence, at the end of the day it's actually a numbers game and the chances of success highly depends on the numbers of sellers approached. 

(13:33) Business Buying System

The tendency is to play it small, play it safe.But, when you buy a bigger business, you're actually buying a better business. You're buying a business with better financial controls, with better marketing, and probably a better product because it's reaching more people. More people are buying it. All of these things make a better acquisition.

(17:55) Key Tips For Buying

You have to get really good at what we call the discovery call. The discovery call is that 30 minute phone conversation with the owner where first impressions matter. The next step after that is you want to get them to send you some basic financial information. Then right at the very end is selling the business and this will put more money in your pocket than you've ever had in your entire life, and that's when you can really start making a difference in the world.

(23:49) 48 Acquisitions In 3 Years

Links:

www.dealmakers.co.uk

https://www.linkedin.com/in/jonathan-jay-3556b230

How Entrepreneurs Can Reclaim Their Time & Freedom Back #MakingBank #S7E35

Welcome back to Making Bank. On today's episode, we have Dan Martel who is an entrepreneur, angel investor and he became a highly sought after coach in the SAS industry after exiting three tech companies within a 10 year period.

He's also an athlete and Ironman philanthropist, husband, father of two boys, and lives an amazing life that he's created for him. 

Make sure you check out this episode of Making Bank with Dan Martell.

(3:29) Increasing Life Quality

Most of us have the tendency to overwork and really commit ourselves that we lose our most precious resource. Time. That is why many fail to withstand the pressure life throws at them. It is important to get back your time and never lose it because if you can buy back your time, you can definitely increase your quality of life and performance as a whole.

(6:54) Time Assassin

The most common time assassins are the Self Medicator, the Saver, the Supervisor and the Staller. All these different attributes exist as individuals in a business and they really have the tendency to slow down or interrupt the growth of a company and workflow as a whole.

(12:07) Time Worth

If you do anything that you could have paid somebody else, that buyback rate or less, you're literally working against yourself. You can't build a $10 million company off a $10 task. There's not enough hours in the day. And also instead of hiring more people so you should hire people that will help buy back time out of your calendar.

(14:52) Buy Back Time

Instead of hiring two people to do multiple things thinking it will be efficient, it's better to just give the most valuable employee more roles to take because one efficient employee is better than having two of them doing tasks that can be easily done alone. This is how you buy back time efficiently.

(17:08) Hiring Order

The hiring order is Admin, then Delivery, then, Marketing and then Sales. These should be the order of hiring in order for a business to prosper. If the order is changed, the flow won’t be effective anymore. They have to be in this order.

(20:00) Zero Inbox

Dan Martell talks about how he follows a zero inbox policy. He doesn’t do emails. Doesn’t do inbox. He sends voice messages because most people don't realize that our typing speed versus our talking speed, our talking speed is way faster and it will be clearer and it will save more time.

(21:30) Playbook

A playbook is a very important part of handling a business that most CEOs do not even follow. It is important because it has all the necessary guidelines to run the business and also for every employee to be able to follow the guidelines. If it's not followed the business will just crumble and the employee might just lose a spot in the company. 

Links:

@Danmartell @danmartell

www.buybackyourtime.com

Unlock Your Business's Potential By Utilizing Data-Driven Decisions #MakingBank #S7E33

Welcome back to Making Bank. On today's episode, we have Jeff Smith. His company was founded to extend the legacy of the family cattle ranch that was homesteaded at this location in the early 1900s.The ranch has been a continuous operation since 1913, and being born through the fifth generation of family ranchers, Kara, Jeff's wife, also has an inborn love and passion for the cattle industry. Their story is super authentic. What they do and how they raise their beef, how they connect with agriculture, their environment, and being able to produce an amazing product for everyone.

Check out today's episode with Jeff Smith on Making Bank.

(2:26) Background

Jeff Smith grew up in eastern Oregon. He went to school at Colorado State University, has a degree in agricultural business with minors in finance and accounting. He went to work for a big company called Cargill and was an operations manager there. He went from company to company doing multiple jobs to finally deciding to start Colorado Craft Beef.

(6:55) Business Assessment 

With his wife having a master degree in cattle nutrition and also being better positioned geographically along with some industry knowledge, Colorado Craft Beef started in 2017. Beef shipping began in 2018, with a ton of focus groups.

(12:28) Colorado Craft Beef

Due to lack of having a mother cow, Jeff partnered with four or five ranches that they work with directly. They help the cow calf producers with genetic yielded data to help them make business decisions that make their cattle more efficient.

(16:10) Business Growth

When you sell the cattle to the processor, and then the processor sells the meat and it goes to a wholesaler, and then the wholesaler sells to a retailer, and then the retailer sells. Everywhere along that chain, there's a percentage taken. Jeff Smith said they've been able to actually keep the pricing about the same for the end product, by retaining all those margins in house.

(20:57) Mindset

Jeff Smith says that Agricultural people are fiercely independent and sometimes they drive him crazy because of that. It's a mindset shift that a lot of people need to have, whether it's just in agriculture or elsewhere. And that's something that has helped them to be a little more mobile, a little more nimble, and a little more transparent with the people they talk to.

(23:07) Regenerative Agriculture

What we do at our ranch is different from what our neighbors do because we're in different spots, even though it's literally just over the horizon. If you want to support a different food system and you want to support different things and you want to be informed, do it and vote with your dollar because that is what's gonna change this system.

Links:

@colocraftbeef @jeffsoptic @coloradocraftbeef

The Business Growth Guru #MakingBank #S7E33

Welcome back to Making Bank. On today's episode, we have Cameron Herold.  He's known around the world as the CEO Whisperer, as well as the mastermind behind hundreds of companies’ exponential growth. Cameron Herd has built a dynamic consultancy. His current clients include a big four wireless carrier and a monarchy. He earned his reputation as The Business Growth Guru by guiding his clients to double their revenue in just three years or less.

Check out today's episode with Cameron Herold on Making Bank.

(3:32) Background

Cameron Herold talks about how he coached well over a hundred real companies, typically 50 to 500 employees. He mainly works with companies that are on the verge of having high growth and then teaching them how to scale up, how to actually build strong teams, and how to build strong cultures.

(5:07) Nomad Entrepreneur

Cameron talks about how for him, the first thing is practicing the habit of getting rid of one thing he does not need before getting anything new. Secondly is that he can call anything a home and make it good and lastly he prioritizes who he hangs out with, people that are good for him and help him in his entrepreneurial life.

(7:47) Second In Command

Cameron stated that when you're then hiring your first Second In Command, the title should be based on the roles of responsibilities and the compensation that you're willing to pay and the size that your company really is today. Be careful with giving out titles that are too big too early.

(14:50) Finding The Right Person

It is important to hire the right people ahead of time because it’s going to give them time to understand the business, understand you, understand the people to get up to speed, so that in 12 months, they could be a real COO and the good part is they already really know the company well.

(16:42) Working With  A COO

You sit down before the COO because you have to advance all the stuff that you're gonna get off your plate so that you can recruit somebody who's already good at the business. Then the CEO's job in the first few months is to make sure that they are available to that COO who's going to be trying to figure it all out.

(20:14) Business Growth

When you go from 30 to a hundred employees, that's when you hire your first leadership and they don’t necessarily report to you anymore. They are hired to handle that area. Your job is to align people, to grow people, to remove obstacles from people. We also need to invest in our people.The more we grow their skills, the more we grow their confidence, the more they'll grow the company for us.

(23:37) Leadership Team

Leadership team consists of people that understand strategy. These are the people that understand and know how to align different business areas while focusing on a functional area.

Links:

www.investinyourleaders.com

@cameron_herold_cooalliance

@CameronHerold