Business Lunch with Roland Frasier

Podcast Notes Key Takeaways

• When evaluating a business, Marcus Lemonis examines the 3 P’s (people, product, and process)
  • Product: You want a relevant product that customers need today and is high in demand by the market  
  • Process: Your process is how you develop the idea, test it, roll it out to customers, and continue to improve your ideas 
  • People: It’s important to remember that people work with you, not for you. You want to be collaborative and thoughtful as a leader.
• Never do a deal that’s 50-50. Either be a majority or minority holder in the business.
  • Either be the minority holder because you trust the other person to take the lead and believe in them, or be the majority holder who drives the business 
• To be a better leader, take care of yourself
  • In order to be a better leader and make better decisions, Marcus had to find balance within himself through getting more sleep and eating healthier
• Follow through on your word
  • The fastest way to lose a client or potential acquirer of your business is to not do what you said you were going to do
• Marcus might run for some form of office in Florida later in life, but for now, he believes he can have more of a positive impact as a business leader than a politician
  • “You can change the world more as a business leader than you can as a politician” – Marcus Lemonis

Read the full notes @ podcastnotes.org

This is your seat at the table, with. Marcus Lemonis. A Lebanese-born American businessman, television personality, philanthropist, and also a politician! You’ve probably seen him on the hit TV series, ‘The Profit’. So, if you're looking for insight and encouragement on your entrepreneurial journey, you've come to the right place. This episode with Roland Frasier will deliver just that.

Lemonis shares his thoughts on post-2020 business, partnerships, working with investors, and more.

“If you’re not capable of thinking differently about people, you probably shouldn’t be a business leader” – Marcus Lemonis.

Did You Know

March is a 'Power month' for Business Lunch With Roland Frasier. Why? Because we're celebrating 250 episodes and a whole ton of downloads! So, make sure you go back and listen to our  'power episodes' with business Titans Sir Richard Branson, Arnold Schwarzenegger, and Sara Blakely.

“Don’t try to tell a fictional story about yourself to other people. Instead, be your true self, and convey that to others”. Lemonis.

Marcus Lemonis's Advice For Working With Investors And Partners

• If you’re going to partner with someone, make sure they bring capital, expertise, or contacts. Lemonis considers money to be the least important.
• Never do a 50/50 Deal.

“Either be the minority holder because you trust the other person to take the lead and believe in them, or be the majority holder who drives the business.” Lemonis 

The Three P’s To Evaluate In A Business

(And why this universal framework helps Entrepreneurs)

1. Product: You want a real-time, relevant product that adapts and changes. It needs to be driven by the market and not your emotion.
2. Process (How you develop the idea, test it, deliver it to customers, and continue to improve on it).
3. People: It’s important to remember that people work with you, not for you. Collaborative and thoughtful as a leader.

Plus, Listen For

• Why he is attracted to ‘Turnarounds’ and businesses that are ‘broken’.
• When to walk away and cut your losses (and why he sticks with people longer).
• Why he’s sometimes nicknamed ‘the Mayor’

“You can change the world more as a business leader than you can as a politician” – Marcus Lemonis.

• The fastest way to lose a client or potential acquirer of your business.
• What to expect (and accept) if you choose to work with family and friends.
• Why you must have gender and racial diversity in your business (and it’s not just to be politely correct).

And more! Thank you for listening on Apple Podcasts.

You can also find us on these platforms here. 

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Who Is Roland Frasier

As the Co-founder or principal of 5 different Inc, Magazine’s fastest-growing companies (e-commerce, e-learning, SaaS + real estate), Roland is a serial entrepreneur who has built or sold over 30 businesses with adjusted sales ranging from $3 million to just under $4 billion. He’s a mentor and investor and an excellent podcaster too! Read more about Roland here. 

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