Business Success [Featured Guest Highlights]

Transcript

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The purpose of wealth talk is to educate, inform, and hopefully entertain you on the subject of building your wealth. Wealth builders recommends you should always take independent financial tax or legal advice before making any decisions around your finances.

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Welcome to Episode 188 of wealth talk. My name is Christian Rodwell, the membership director for wealth builders. And this week, we are mixing things up slightly, we are digging back into the archives over the last four years of wealth talk. Yes, can you believe it, we launched in 2019. And if you've been with us since the beginning, then thank you so much for your support. But it's all too easy to forget some of the amazing guests that we have had over that period of time. And so many of you I know, have just picked up on wealth talk in recent months, or the last year or two. And perhaps there are some episodes you may not have heard. So we are going to pull out some of the best bits from the different Pillars of Wealth kicking off this week with the business pillar. And we are actually putting together some special playlists to help you and to curate, your chosen pillars, your chosen areas of interest. And you can head to wealth builders.co.uk forward slash wealth talk to find those curated playlists. So whether you're interested in learning about property, or business, or investing or IP, or pensions or any of the other Seven Pillars of Wealth, head to wealth builders.co.uk forward slash wealth talk. And you can get hold of those playlists direct to your inbox. So this week, as I say, we will be putting out some of the best bits around the business pillar. And we're going to hear this week from guests, including Daniel Priestley, and from Terry Blackburn. But first off, let's rewind back to Episode 120. and hear from our founder Mr. Kevin Whelan. On the four types of recurring income businesses. We're focusing on the business pillar today. So we know that of the Seven Pillars of Wealth businesses, pillar number five, Kevin, and I also know that it's your favourite pillar. So why don't we start with that? Why do you find business so interesting? Well, I love business, because it enables you to think through the solution to problems and become

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a value creator. So it's the creation of business, it's looking at the very essence of what problems are you solving. And what I found to be the most interesting and enlightening, as a business owner, myself is that when you do that work, and you do it seriously, you can bring change, you can bring transformation, and you can bring a better quality of life to people you serve. And what better calling is there than that, I mean, some people call it selling well, in the end selling is persuading people to do something better for themselves than they do ordinarily. And in my experience, if you selling something, you're offering something, and if you carefully craft your offer, you're trying to find a way to give somebody better outcome. And I think better outcomes is at the core of a business. And therefore, the returns are not linked to the quality and the performance of a marketplace, like the stock market, the gold market, Bitcoin or anything else. It's entirely driven by your ability to create and craft a message, and then persuade other people that the message will serve their lives. And if they do that, your return on investment is infinite. There is no limit. But of course, like many people who get into business, they don't always come at it from that place more often than not, is the E Myth. The seminal book on this subject will tell us is most people get into business not to solve the problem of a customer, let's say, but to solve their own problem, or being frustrated with the job they're in. In also the what do you call it, the technicians suffering from an entrepreneurial seizure. And of course, because the technician does the work, they're so used to doing the work. And therefore the whole essence of doing the work is to be rewarded for work, which is we'll hear from our guests today, the very opposite of what you should be doing, which is almost everybody who provides some kind of a service. I think that's the essence of his message today, Chris, is they charge an hourly rate, which is probably the worst thing you could do. By far. Of course, we know a business as a true wealth building asset has to work without you. So there's only a couple of ways to do that really is obviously create value initially, but then you need

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to use leverage, leverage normally comes in the way of systemization or building teams. And that releases you from the day to day activities. But there's four types of recurring income business that you share insight. Wealth builds community, Kevin, so probably a good starting point. Just to recap on nice for everybody. Yeah, just before I do that, Chris, let me let me just touch on the world builders three pin, plug this and then you do with utility bills. But the fact that we know we have a thought, don't worry about being in business. And I speak a lot about really trying to design a business that provides outstanding value for money. And I mean, outstanding. So to be outstanding in a niche, so the kind of three pin plug, if you imagine the three key points here, the first one is be outstanding in a niche or choose a niche, choose something very specific, the more specific, the better. So you're not trying to serve everybody, you're providing a brilliant solution for a narrow group of people. So that's your niche. The second is to design the business in a way that you can gain recurring income, not trading time for money in an hourly rate kind of way, which, you know, obviously, Robin, a very expertly demonstrated the negatives of charging by the hour, was so sort of trapped, so many people fall into so recurring income as the second point on a three pin plug. And the third is to create the business in the end, that it can work without you, there's never going to do that at the beginning. Because at the beginning, you need to learn how the business works, what the systems you need to put into place to deliver the outcome you want. But in the end, the business needs to run without you doing the work. So you do the work, you set it up, you get your leverage, and then you know, you can operate it have it managed, or you could sell it either way, you get an outstanding value. Now, in terms of the different ways, business owners can think about the creation of a recurring income model. You're quite right, Chris, there are four recurring income model types. And the way to think about this is just trying to imagine stuff that you're doing in your life now and, and be more curious about that, see what you observe from either your own behaviour or the behaviour of others. So the four types of recurring income, number one, is the automatic delivery of a service. So are you buying anything that somebody is delivering a service to you automatically, they take the pain away of the renewal, they take the pain away of you having to be reminded, it just automatically delivers and automatically builds you? Is this something like that you're that you're subscribing to in terms of a service? Maybe, maybe it's you know, your alarm system at home, maybe it's the way you get your car service maintained or whatever. But you can see there are many ways that a business can provide an automatic service. Now what about automatic shipping, or delivery of a product? I always talk about wine, Chris, don't I because I buy wine. And I find it's easier for me for it to be automatically delivered to me. So I don't mind paying for it, I get the pleasure from it. But I don't need to be reminded the, you know, the product arrives. I'm also a subscriber to a kind of a meal service, you know, healthy, healthy food three times a week, and also an odd box, a box of kind of odd augments of vegetables, all sorts of things that we wouldn't know ordinarily tries and we get a box delivered every every week to our home. So what do you do? Is there an automatic product that you subscribe to, but so get some inspiration from that? See how they packaged that? See how they market that? See how they price that? And are you comparing everything? Or are you getting the pleasure of the convenience of that. The third is membership or some form of a programme where you're engaging people in a membership programme. And there's lots of examples of that offline online. Obviously, wealth builders as a membership programme. For those who have subscribed to that you don't need to subscribe to us. But you know, we'd be thrilled if you would, if not, you can consume our stuff for free. But our ultimate intention, of course, is to reach out to those people who want a little bit of extra help. So they can get that peace of mind and becoming financially independent rather than just tapping in to the occasional good idea. And then the fourth Chris is something we call a gateway, which is what is your niche? Can you understand your niche so deeply, so richly, that you can see all of the things they they need all of the things they would buy all of their knowledge they

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would get all of the services and products and so on, that they might use and then create a website or a pathway that people go through to get access to all of that. And there are examples of that in particularly around things like pets, and, you know, unique services that individuals might want to use. And you can look, what did they do before? What did they do do during the service? What did they do after the service. And you're, you're basically providing a pathway for anybody who's interested in a specific thing, to get access to all sorts of different things that you curate and put together. But then you become the kind of central hub of all of this information to make it easier for the customer. So they're the four different ways Chris, and I hope, you know, somebody gets inspired to think about how they might craft their business in a way to do that.

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On Episode 145, we had Brad Sugars, founder of the multimillion pound franchise, action coach, and best selling author.

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Probably the most oft quoted phrase I've heard from action coaches that I deal with, is we're here to teach you how to create a commercial, profitable enterprise that works without you, right, you must have heard that said millions and millions of times. And I've got a couple of questions on that. I mean, why do you use the word enterprise there? Instead of a commercially profitable business? Why do you use the word enterprise because we're defining what a business is, we're defining a business, the definition of a business is an enterprise, it has to sell something. And that's where, you know, too many people think of a business as an, if I can go back two steps and be very blunt. Most people given don't have a business, they've bought themselves a job. They've built a job that whereby they work, they thought they worked for an idiot before. Now they know they do, you know, and it's like, they're stuck, they are stuck in that. And so what we try and teach people how does is how to build an asset, how to build a saleable enterprise, how to build something that you can actually, it's run under management, it's not run by the owner, see, if something's run by the owner, it's not a business, it's, it's pretty, you have to show up. And people are surprised because I teach them that, you know, and today's a Thursday, why because I work Tuesdays and Thursdays are the only two days at work, I run 11 companies in two days a week.

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Because I'm the owner of companies, I'm not the CEO, I'm not the person who works in the business, I work on the business, I own it. And so the commercial profitable enterprise goes back to our six steps to Kevin, in our world, we take people through six stages of building their business. The first is mastery. And there's four areas of mastery. And these are all in my book, the business coach, that's the name of the title of that book. But the four areas of mastery allow us to get it to be a commercial operation. So it's actually now running properly, it's actually it's not the tail wagging the dog, the the owner can run the business rather than the business run the owner type thing. The second stage we go into is the profitable commercial, profitable enterprise where we get into their marketing their niche, and how do they do that. And we have our five ways formula for methodology of increasing the profitability, the organisation, then when we go into the next phase, a commercial problem enterprise that works, that's where we go into the systemization of the organisation to leverage How do we create a systemic approach, and there's nine stages to doing that. And then finally, at the lip, fourth level, we actually get to a commercial probably organisation that works without you. And that's where we build the team and the management leadership and all of that side of the organisation where if you go back to the strategy of any business, the first part of any strategy is leverage work once paid forever. So get a customer once and keep them forever. I go into companies like there's a UK company that my team was working with, and they came into an event with me and we're chatting with them and their achieved business. Now they used to just be in the milk business of you know, that cows and they sold the milk to the thing and they realised it wasn't enough profit in that and they were in the cheese business. I said, Well, show me your cheese, your cheese club. And they looked at me said, What are you mean, your cheese club? I said, Well, what's the name of the club where I sign up and I get cheeses sent to me every week or every month? So well, we don't have one of those as well. That's the dumbest thing ever. Why wouldn't you have a cheese lovers club, you know, and so all of a sudden they start the cheese lovers club, on just buying a share of a cattle business here in the US. And one of the things that we have it's, you know, the states that we sell American wagyu and it's like, Well, where is the monthly box? And what levels of monthly box can I have $1,000 A month box and a $500 a month box and a $2,000 a month box? What's where's my box that shows up every single month whether I like it or not. See, leverage is important not just in what you do. It's important in every aspect work once paid forever, or at least long term and it also defines

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What an owner should do an employee work. Employee work is work once payments. Managers work is work once paid long term, owners workers work once paid forever.

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You'll make money based on whether you do an employee work. If you're doing employee work all day, every day, you make the same as your employees, you're doing managers work, you make the same as your managers, once you start doing owners work, you start making owners money.

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And it's great to be talking about these big stories, you know, so they'd like anybody would talk about royalty, which always sounds a very fascinating source of income, but only a few people can write a song or write a best seller. What do you think are the lessons that a small business? Who's thinking about? Well, look, I'm working once getting paid ones? How can I add a little to my recurring income, just something I could do to get started? So instead of having nothing, everything's work once paid ones, they could do something next month, and then something the next month? You mentioned that with the cheese company thing? But any any other examples? First? First of all, you got to think of how do I get a customer once and keep them coming forever? Or at least long term? How do I get a customer that's on a recurring purchase every single month? What do I what do I have to do to get those customers back month after month after month? And sign up for that? You know, like, the guy that trimmed the trees at my dad's house, and I stood there with him one day, and I said, How often do you come in? He said, I every time your dad calls, I go, why don't you just say I'm gonna come every six months? And do your trees and turn up every six months and send in the bill? Yes, Oh, that'd be a great idea. To me, that's just natural thinking what I want to do. And also sometimes Kevin, you have to get back to the model of your business, sometimes you have to look at the strategy behind your business. Some businesses are designed to be one off sales, and you need to change your product or service models so that you are actually into a different style of model. Like if you're an air conditioning manufacturing company, there's not too many people are going to put in a second air conditioner very soon type thing. But if you're the air conditioning servicing company, then you're there every few months, and you're doing all of that sort of thing. So it's often looking at it from that particular basis. How do you do that? You don't need that to be 100% of your business, you can just look at your eighth grade customers that top 20% and say, how do we do it for our eighth grade customers? How do we build in that long term model for our eighth grade customers? I think that's an important part. But then the flip side of that Kevin is you got to start pulling some of your cash out of your business and start putting it into other things that create a recurring level of income. It's why I teach real estate investing. You know, I spent the day yesterday teaching a bunch of my people real estate investing, because when you sit down and look at it, what do I want to do, I want to do the work once get paid forever. So I buy the house once you know and I don't even buy it, all I do is pay 20% of it. I never I've never bought one piece of real estate and paid 100% for it. All I've ever paid is 20 cents on the dollar because I put in the deposit the tenant pays the rest of the mortgage I own in 20 years time. What why people don't do that blows my mind, Kevin. I mean, obviously you need to learn real estate investing, but it just blows my mind when people get it like you give 20% Over the next 20 years someone else pays the other 80%. And you get to own 100% of it. explain to people why you wouldn't do that again.

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On episode 67. We invited Daniel Priestley award winning entrepreneur and author of books such as key person of influence over subscribed and the entrepreneur revolution. You know, people always ask the question, if you could go back and give your younger self some advice, what advice would you give? And that question is based on the idea that over time over decades, we form a view of the world a more complete view of the world and map, I guess you'd say, If only you had the map sooner, you'd do better in life. So entrepreneurship is a little bit like that. And I've been really fortunate when you work with 3000 entrepreneurs ranging from early stage startups right up into the billions of revenue, you actually get a very clear picture of what the map ends up looking like. And, and therefore it's a lot easier to build businesses very rapidly, multimillion pound businesses very, very rapidly. So there's a few key stages. There's obviously the startup phase, where you're getting the concept, right and you're doing validation. There's a phase called the wilderness, which is first contact with the marketplace to see if your ideas survive. Then there's the boutique phase, which is three to 12 employees or three to 12 people on the team. And what you're trying to do is establish a boutique that punches well above its weight, you want to boutique, where three to 12 people are really kind of making some waves and disrupting things and gaining influence. If you can get up to 12 people you enter a very difficult phase which is crossing the desert. And the desert I described as too big to be small, too small to be big, and it's between 13 and 40 people

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This is a difficult phase where the business is no longer this kind of self managing small boutique, but it's also not ready to have a leadership team and, you know,

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you know, kind of

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expensive software and expensive offices and all the kinds of things that you need to run a proper business a bigger business. So you're kind of in this weird, no man's land of not small, not big, from 13 to 40 people, which doesn't sound like a big jump, but actually, when you're in it, it's a huge jump that lasts a couple of years often. And then you, you then basically enter a new phase of business, which is scaling from about 40 to 120 people, where there's another little desert in there as well, we kind of have to go through it again. But essentially, there's these key phases that you go through. And if you don't know, these phases, some of sometimes the horrible thing that can happen is that you can have a wonderful business that's just doing so well at 12 people, and then you go 1314 1516 people, you get up to 16, before you realise that you actually needed to do a lot more planning than you thought, in order to go past 12. So those kinds of things kind of creep in. And when you know the map, you know what to expect, would you say now more than ever, certainly the millennials, right? I'm sure are thinking more about being business owners, you know, straight out of school, then they're not going through that traditional education system that the older generations have done. But even obviously, people you know, in their middle ages are now looking at the security that a job can provide and obviously being quite worried about that. And and looking at other opportunities and in how can you make that shift over to a business owner, start thinking like an entrepreneur? Are you seeing that shift just accelerating as well. It's definitely accelerating. And my first book was entrepreneur revolution, which was around, you know, the fact that we're all going to end up as entrepreneurs, and we're all going to have to make that shift. So entrepreneurship has always been really hard and difficult and terrible, and a slap in the face, and a punch in the nose, and risky and exhausting, and all of those kinds of things.

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But it's always had a higher potential for upside, it's always had the potential for freedom and the potential for

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abundance, and, and, you know, and creativity and all of that baked into it. The problem was that up until recently, there was an extremely good alternative to entrepreneurship. So

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you had to kind of weigh up, do I want to be an entrepreneur, or do I want a good stable solid job that just pays the bills, and you know, I can, I can get a decent mortgage, I can pay off the mortgage, I can take a holiday each year, I've got stability, I know that my job is going to be around for many years. So essentially, people had to weigh up the two options.

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And in many cases, for really rational reasons, people would choose to have a good job. However, as we've gotten further and further away from that reality being true for many people, there's hardly anyone who would describe their job in those terms anymore.

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You know, even when we hear about these concepts of full employment, someone who's driving an Uber, on, you know, on an effective rate of eight pounds an hour is classed as having full employment and a full time job. That is not someone who's got,

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you know, job security or anything like that. So

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because of the, because of weighing up the two options and weighing up the alternative, there is no real alternative now, like you have to be and if you want any chance of owning a home, if you want any chance of having fun and freedom, and making the most of the times that we're in, and the ability to kind of change and pivot and get the most out of life. You know, most rational people are saying, well, you know, there's really no choice I need to kind of either be on an entrepreneurial team, where I'm kind of bought in and I've got equity or I've got an opportunity, or I need to go and start my own. But you know, but there is no kind of big stable safe job waiting in the wings.

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In Episode 60, we welcome to Guy Bartlett, author of business magic and UK is number one business buying coach and asked the cold hard reality. So most kids don't want to buy their parents company. They're not interested. management teams are used to being employees and don't want to be an entrepreneur or take on the risk. So the only realistic exit is is a trade sale. A lot of business owners don't want to sell to a competitor because they know that the competitor will just asset strip the company.

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They care about the legacy of their company massively so they're looking for, you know, good relationships with honest buyers of their business, their baby that they've spent, you know, 1520 3040 years building up to

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To look after it for them and take it to the next level, and that's our whole approach to look at our website, you'll see that that's the whole ethics, the values driven approach that we have to buy in companies. But from an investment point of view, if you're a SAS pension holder, there's a massive market opportunity to get into that, you get the same alpha returns that you might get safe from a property option. By option, I mean, you know, perhaps one of the, what do they call them the peer to peer lenders, you know, these kind of syndicated opportunities,

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or just a straightforward investment to a developer, for example, or a portfolio purchase or whatever. The difference I would urge people to think about though, is in properties, property can only give a finite return. And there's a strong case to argue that prophecy might well get spanked in the upcoming recession anyway, so values might be dropping, rather than growing. But let's assume that that property is okay. For a moment, property still only can grow with a very finite amount. So the value of property is dictated largely by equity values. And they they haven't grown much in the last 10 years in truth,

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or the quality of the tenant if it's commercial property and the tenure, or the quality of the residential customer. So there are limits to what you can do with property, you can you can tart it up, make it a bit better. But after that, there's not much you can do the market dictates to growth value. But in business, it's infinite. And if you're good at business, and you grow that business, they can grow and grow and grow. First Company We acquired was doing 3.2 million. After two years, it's 5 million

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pre Coronavirus. So you can't do that with property. But you can grow businesses if you get the processes, right. So the opportunity both for cash revenue and equity value is considerable. And so I really recommend SAS pension trustees to start to think about that emerging asset classes as very

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under utilised very under identified almost because the businesses that we look at are between typically kind of 2 million to 20 million revenue, and there's lots of them.

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But private equity

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funds tend not to go down to that level, because they they're chasing the big returns for their investors for their funds, they've got to make, you know, a lot of money. And the time that they'd spend to buy a 5 million pound company just wouldn't give them the return that they need. So there's not a lot of people fishing in that pond, but there's a big need in that pond to to exit. So now is an amazing time to look at those businesses and find the business to business companies that can ride the recession, strong balance sheet, good client relationships, 2030 year old established companies that can be taken and grown. So that's that's my strong advice. And we've been really busy working on how that can be developed with some of our partners as well. And

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you know, business can be infinite. In terms of its return, if you can spot what really makes a business of extraordinary value. And I think he hints at some of those. And I don't mind covering some of those as well. If if you want me to touch on them. Yeah, well, absolutely. I mean, one thing we've talked about many times on wealth talk is the ability to generate that recurring income stream inside your business, while a business that's valued is almost always valued

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mathematically by accountants and other trained professionals to be some measure of a mathematical formula, generally speaking, between

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multiple a profit, so the profit and the multiple radii. The degree to which you can see a business though with a high degree of recurring income, and then you can show that business owner how to remove the dependency of that business on the owner, you can dramatically affect the multiple. And of course, by creating recurring income, you can affect profitability. So if you can work on both of those and compound both of those, and that's a skill. And it's not always a skill that the original business owner might have, Chris, and as I

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think he puts it, you know, you can have distress in businesses, or distressed owners, but you don't have distressed businesses, the businesses can be in good shape. But the business owner, himself or herself, have become weary. So instead of walking away from their business as wealthy people, they want to walk away. And very weirdly indeed, so by helping them get a bigger and a better value for a good business that you can see. It means learning how to spot recurring income and business

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and how to spot a business that can be systematically turned around from depending on the owner to not depending on the owner at all. And those are the two biggest variables to me that have the biggest degree of impact on the ultimate value of a business.

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Episode 41, featured Mark Perry wealth builders member and action coach franchisee, talking about the six steps to building a better business.

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But first of all, I'd encourage anybody owning running a business at this point to decide what actually their fixed endpoint is, whether it's an exit strategy, so if you go back to the podcast, and Richard Perry, this may be about building your business to sell. Or it may be about building your business to leave as a legacy to the next generation if you have family that want to come through. Or it may be about building a business that can run without you so that you can build a passive income, maybe this is part of your retirement plans, who knows. But whatever it is,

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it's really important that you get that end in mind as a business owner, because without that destination, without that direction of where the business is going, you may or may not get there, you'll get somewhere, but it might not be where you wanted to go in the first place. So it's really important that we start with the end in mind. And if you look at the destination part of the mastery level, we talk about building a really good business plan.

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So I'm not talking about a 14 page document that you we like once every so often put in front of the banks. And then for the rest of the time until you go into the bank. Again, it sits in the drawer of the finance comptroller's office, and talking about a business plan that you can use to show and motivate your team inspire your team to help them move their business in your business sorry, in the right direction and get it where it wants to go.

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We also look at okay, so what are the 10, five, three and one year goals for your business? Now, some businesses don't have 10 year goals, one of the businesses I'm working with at the beginning was absolutely very clear. They wanted to build a business that could sell within three years that was it done finished. They weren't looking at five years, 10 years, they were out of the business at that point. So it's whatever the long term future is for your business that counts. And then, once you've got your one year view, where do you want to get to in a year, we'll look at how you break that down into quarterly chunks. So what do you have to do in the next 90 days to get your business a quarter of the way to where you want it in that first year. Because if you managed to do that, you'll manage to hit your first year, then you'll manage to hit your third year, and then you take your business to where you want it to go. So the destination theme is all about building a really clear vision for you, your business and the rest of your team about where the business is going, and what you need to do to get there. And that's what we mean by a business plan. It's not the traditional 40 Page unusable document that you were like for the banks. Actually, you stopped being the business owner. And if you if anybody's read, Rich Dad, Poor Dad by Robert Kiyosaki, this is the transition from business owner to investor if you like. So what you've created here, and we call this the results level is the results from the business that you've grown and replicated. And you'd no longer have to be working in for all of your working week, to be able to generate the leverage in terms of financial leverage systems leverage and time leverage, going back to the wealth builders first system to be able to invest more rather than run the business. So this is when you become the investor. That might be more outlets in your business that might be other businesses. It might be property, it might be stock market investments, it might be some other form of passive income. But that's when you stop being the owner of a business and you start being an investor with that business in their portfolio.

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So there we go. I hope you enjoyed our whirlwind tour there through some of our previous business focused episodes. And if you want to hear more of those, then head to wealth builders.co.uk forward slash wealth talk, and you can subscribe to our curated playlists, and we will handpick some of the best episodes across our Seven Pillars of Wealth, whatever you're most interested in learning more about direct to your inbox. Okay, that's it for today's episode. We'll catch up Same time, same place next week. So yeah.

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We hope you enjoy today's episode. Don't forget that we are constantly updating our resources inside a wealth builders membership site to help you create, build and protect your wealth. Head over to wealth builders.co.uk/membership right now for free access. That's wealth builders.co.uk/membership

Transcribed by https://otter.ai