Mindy Passmore (10:18)

Thank you, Stacy. I'm really delighted to be here.

Stacey Brown Randall (10:21)

Awesome. Okay, so I already gave the official bio when I was doing the introduction for this episode, but I think it's really important for the audience to hear from you just how you would explain your business and what you do for your clients.

Mindy Passmore (10:37)

Well, you know, Stacy, many business owners, when they want to exit their company to move on to bigger dreams, they think about selling their business. And many of them, unfortunately, don't get the results that they wanted after they sell their company. And also the preparation process for going through the sale is way more difficult and arduous than they had planned as well. And so our company has a proven process for helping business owners prepare for and sell their businesses. And we also help owners who want to grow and acquire on the other side, and we help those owners acquire companies as well as fundraise as needed.

Stacey Brown Randall (11:18)

That's awesome. You know, it's interesting. I've never really experienced, like, the selling of a business myself personally, except for when my husband sold 50% of his ownership in the restaurant to his business partner. So it was like we were selling to a known entity. It was like the business partner, we were just selling his 50% to him. That's my only experience with it. But, man, it can be a little bit like a roller coaster. Like, you have to have that person, I think, guiding you through that process. Because it's just if you don't do it often, like, there's a. There's a lot to it.

Mindy Passmore (11:53)

Yes, you're right. And most business owners only do it once. There are a few that are serial entrepreneurs that do it more than one time. But still, it really helps having an expert who knows current market conditions, deal structures, etc. Etc. Because a deal may be valued at the same dollar amount, but the deal structure could be very different. And that makes the value of what the seller receives completely different.

Stacey Brown Randall (12:19)

Yes. So true. So true. Okay, so when you think about your business, obviously you are a VIP client of mine. And so when you decided to work with me, you were referred to me by somebody else. That's a client as well. Melanie, Give her a little shout out. But you came to work with me because you ultimately knew without, like, before working with me, that referrals were really important to your business. So what has kind of always been your thoughts around why referrals are so important within the work that you do and receiving potential clients because they're referred to you.

Mindy Passmore (12:56)

Well, it's about trust, Stacy. Mostly trust is a big factor when people decide to hire my firm. It's people that trust the person who's referring me, but also because that person then has a relationship with me and referral partner, they also transfer that trust over to me. And, you know, if you think about it, it's probably one of the biggest decisions a business owner ever has to make is selling their company or buying another company and who is going to be their advisor and help them through this. And they want someone that they can trust. And so that is the number one reason why referrals are so important to me. And also on the other side of it is, you know, with. With the referral sources I have, they're all people that I love. They're people that I enjoy working with. They're people that have similar core values. And core values are extremely important to me and clients as well as people that I do business with all the way around. So that's sort of the second reason is just knowing the people knowing my referral sources, knowing the core values that they have. And then they refer people that have similar core values and that appreciate core values that we have. And also I like to refer back to them. So there are people, I'm a boutique firm. We don't have a huge staff. And so we like to refer back to people that we can trust as well. And many of the people that are my referral sources are also people that I refer back to.

Stacey Brown Randall (14:22)

Yeah, I think that's such a benefit. Not every business has that right. Not everybody who receives referrals from, you know, other businesses can turn around and refer back to them. Right. I mean, I've used this example before, but when I was a productivity and business coach, I received a number of referrals from different financial planners and financial advisors because if they worked with business owners and that business owner was like struggling or was having productivity issues or anything like that, they would refer them to me because they had a vested interest in their client, like becoming more productive and all the things too. But I always joked and like, I never knew enough people with money to refer clients back to all the financial advisors that also referred to me. So I think it's great when you are in a situation where who's referring to you, you can refer back to them, but it's not, I would say it's more unique than it actually is the like standard for most businesses in that way. So I think that's awesome that you can do that and really that you Pay attention. That is something you can do. And so you make it a point to do that. I think that's really important as well.

Mindy Passmore (15:29)

And I think your point is really good too, because I can't do it for everyone because like some people, it just wouldn't, it just wouldn't work. But I think it's a value to them by being able to refer someone who's a quality performer, someone who, who does what they do well, who's an expert in their field, who treats people really well. I mean, that's a value to the my referral sources as well as being able to know that they have a good go to person in my field and that I will do those things for their clients.

Stacey Brown Randall (15:59)

That's awesome. That's awesome. Okay, so we started working together summer of last year, summer of 2024. And I wanted to, first off, I know people are like, just tell us what the results were and how much success Mindy had. I know that's what some of the listeners are thinking, but we're going to make them wait. We'll get there in a second. You do have some great results to share. But I think what's really valuable is in addition to the results, of course, are the, some of the intangibles that you receive. When I work with a client and sometimes that's the aha moment you have or the light bulb that goes off of like thinking about referrals differently, looking at them differently than you ever have before. So what were some of like the aha moments you had about referrals when we started working together?

Mindy Passmore (16:43)

Well, it was really that I don't have to have a thousand referral sources and, you know, having to go to all the happy hours and all of that, you know, kind of thing. And I was spending a lot of time on business development, but it wasn't focused. And so having, I'm a process oriented person, I like having processes. So having a proven process and actually also recording it, you know, recording results, keeping track of it, tracking, you know, who we're meeting and what the results were. And, and it also, because we're of the proven process and the way that we're tracking, then expressing gratitude to people, which, you know, I would do sometimes and not always, unfortunately, we're all busy. So sometimes I wouldn't, I wouldn't remember to thank someone or follow up with them when I got a client from a referral. So all those things really helped me put together something really focused. It started getting results almost immediately when I started putting in place. And it really was a time saver for me. And because of the results, I felt way more confident that my business development program was actually effective.

Stacey Brown Randall (17:55)

Yeah, it was, like, headed in the right direction quickly.

Mindy Passmore (17:58)

Yes, very quickly. And some of the things I was doing were things that could be incorporated into it, and some I quit doing. But, you know, it really. It was good to really know that I was on the right path and get those results fast and those, you know, reinforced that we were doing it correctly. And then just the relationships that with people, you know, people appreciate the touch points if they're genuine, which they are for me, you know, and. And the relationships now when I see people in my referral sources or they'll just. The conversations we have are. Are really nice. They're. They're different.

Stacey Brown Randall (18:37)

Yeah, I think. I think that's the thing that people like, we understand, okay? Referrals come from relationships. I mean, it makes perfect sense. It's part of the formula. But I think when you actually start putting into practice taking care of your referral sources because you believe that it's the right thing to do, take care of those who take care of you, I think you start seeing relationships in a different way and understanding the true value behind them. So I think that's always a great aha. That people have as well and that it doesn't have to be a massive time suck, let's be honest, because we're all very, very busy. But I'm just curious. Okay, I'm going to put you on the spot because I did not prepare you for this question, so I'm gonna put you on the spot for a quick second. Do you remember one of the things that you used to do from a business development perspective that you just stopped doing? Like you mentioned, there are some things you used to do that you don't do anymore. Are you comfortable maybe sharing one of those since that you and I started working together? Hey there. Pardon the interruption. Would you like to experience the VIP experience the same way that Mindy has? Well, I would love to have a conversation about if the VIP referrals in a day experience is the right next best step for you. The quickest and easiest way to figure out is, hey, do I want to be the next VIP working with Stacy directly, one on one? If the answer is yes, then just go to stacybrownrandall.com VIP those are the letters. VIP. I would love for you to check out the information that explains how the VIP process works and then, of course, submit your application. Or you can just reach out to me directly as well. I will say Most of the VIPs that I work with are referred to me, but not all of them. So if you're interested, go on over to the VIP Referrals in a Day page and make sure you submit your application today. I only work with a limited number of VIPs because I come to you to work with you for two days, and I only do so much traveling in a year, so that limited number of VIPs will fill up. So please, please, if you're interested, submit your application now. Back to our episode.

Mindy Passmore (20:57)

Yeah, sure. So going to random happy hours. You know, go. I'm way more focused on which organizations I'm in, those that I can build more relationships with people as opposed to knowing, you know, 100 people, you know, getting to know three or four really good, good connections that I really like, you know, working with. And it's just changed my whole. My whole day, really. If you think about it, it's, you know, what I do during the day now in business development is different. You know, I might call a person and talk to someone who's a referral source. I look at developing new referral sources differently. I'm way more picky about that, you know, about who I meet with and my time. And it's become more of a much more disciplined process than just kind of a shotgun. Oh, I got an invitation to this event. I think I'll go to it. No. Now it's like, okay, I know what I'm doing because I have my plan. And so is this fit with my plan or not? Or if I'm going to do it, should I add it to my plan? If not, the answer is no, then I don't do it, and I don't feel guilty about not doing it before. I used to feel like, oh, I should be going to that happy hour. And, you know.

Stacey Brown Randall (22:10)

But it's only your 18th one that week. But you feel guilty. Yes, I think people do. Right, Right. Oh, but then you go to it. You're like, why am I here? I knew better.

Mindy Passmore (22:22)

Exactly. And then I just want to leave.

Stacey Brown Randall (22:26)

And then you got to drive all the way back out to the farm. So that's a drive for you. Like, it's you. It's a commitment for you. So I love that. Okay, cool. So most people who listen to this podcast, they know that there's a couple of different ways to work with me. One of them, that building a referable business, the BRB group coaching program. And then there's the VIP Referrals in a day experience, which is what you did. What was kind of the reason why you decided to go the VIP route and work with me at that level? What were your deciding factors?

Mindy Passmore (23:01)

Well, the main deciding factor was the, the quick ramp up. So in other words, having a complete program put in place quickly so that, and then, you know, I just had to maintain it. I didn't have to architect it or, you know, obviously you, in our session, you, we co created it together, but you use the framework that's been proven over time that you have. So I didn't have to go and figure it out. I didn't have to drag it out. I really wanted to really kickstart it because I felt like I was. My personal energy was being drained by so many business development events and my business was picking up and so I had to optimize my time and so I felt like it was the most productive way. And from a return on investment perspective, you know, the quick start of the cost of the VIP program versus, you know, just one new client, you know, two months ahead of what I would have gotten them. For example, doing it the old way or doing it the longer way, you know, was a payoff. So. And the other thing I will say is I did, I do have the staff, the team to help me. So that was an important consideration, knowing that I had someone to help some. A team to help me and it wasn't just me doing it all.

Stacey Brown Randall (24:22)

Yeah, that's really important. Like I had people reach out to me and they'll say, I want to do vip and I'm like, who's on your team? Because at a minimum, you've got to have an assistant or a marketing director or coordinator or an operations manager. You've got to have somebody that can help you. Because when I show up, like I came to you in Dallas for those two days when I show up and I'm like, it's built. Let's go. Like, let's put this in place. Let's co create what we need to, but let's get moving. Like you and Jenna, you guys were like ready, but you could have never moved that quickly if it were just you, Right?

Mindy Passmore (24:52)

Exactly. And I think not just the team member having a body, but it's a person that has an interest and has the passion and enthusiasm for it, you know, as well. So a the right team member.

Stacey Brown Randall (25:05)

True. I mean, everybody's a Jenna in their life, let's be honest.

Mindy Passmore (25:07)

Yes, that is true.

Stacey Brown Randall (25:09)

Hi, Jenna. I know she'll listen to this. Okay. I'm sure she will. Let's talk about what I know. Everyone's like, okay, tell us what the results have been. So it's been about the time of this recording. It's been a right around the six month mark, maybe a little more, a little less. People know I do not try to do math in my head and publicly because I always get it wrong. But we're around that six month mark. Talk to us about the results that you've had with referrals received in the first six months from working with me.

Mindy Passmore (25:40)

Well, the results really have been dramatic. Now not only do I get referrals, but I expect them that it's just been, I've more than doubled the number of referrals in six months that I got the whole year before I started. And it's, it's, it's just been a big win all the way around. And they come in spurts. And so a couple of months there last fall or last summer, fall, I had so many referrals going I could barely keep up with the clients. So it's been a really a big difference. And not only that, not only the number of referrals, but the quality of the referrals in terms of my business, what I actually am evolving my business into in terms of services, doing more of certain things and less of certain other things, it's really helped, you know, get that the focus on what I. My business as it evolves and you know, being able to communicate properly with people and all of that has really helped, I believe as well. And a lot of the referrals are actually from repeat partners. So that's a really cool thing. So I'm not having to go out. Yes, I am developing new referral sources because that's part of the program. But a lot of the referrals I'm getting are actually from the same referral partners. And just strengthening that relationship has made a really big difference.

Stacey Brown Randall (27:03)

Yeah. So I always like to put in context results like that, that happen really quickly. So you know, when you think about the fact that you got double the number of referrals and a six month period, when you're comparing that to a whole entire year prior. Right. That, I mean for a lot of people, they're like, whoa, right. Like that's a lot in terms of regardless of what the numbers are, like, it's just a lot in terms of volume and like to your point, like they like to, they like to show up with partners and pairs. Like they don't just like one today and One in two weeks and one two week? No, they're like four today and then maybe none next week. Like, they like to like show up with their friends, which is kind of awesome. But you know, I think to put that in context, right, for some folks to understand, when I have clients like yourself that have that initial boom, like that uptick that are going to happen with referrals, it's because when I did my investigation into your business and you completed that lengthy assessment, right, and you did your data dive into figuring out who your referral sources are, who they could be, and then you're kind of looking at your numbers in the past and all that assessment stuff that you complete for me to build your strategy for the VIP days. The truth is when I look at that, I can tell, oh, Mindy's been sitting on some low hanging fruit. And I know exactly what we need to do, exactly what levels we need to like push and pull, right? Let's get those levels going. Let's make sure that we do what we need to do quickly. And what I loved is that you guys were doing one of them. We're not going to say what it is because always that's what I do with my clients. But like, you guys, you and Jenna were doing one of them before I even left to for the airport. You guys were like, okay, we're gonna do this, we're gonna stay here and do this thing we gotta do. And I think a, that goes to show that you were a fast action taker and you were just sitting on the potential of some low hanging fruit. And I'm just so glad that we got to work together because we just got to capture that quickly and now you're just building on it moving forward.

Mindy Passmore (29:01)

Yes, that is true. That is true. I think, I think many entrepreneurs, especially folks that, that do business to business consulting and things like that, have a lot of low hanging fruit. A lot of us have our expertise, but we're not referral experts.

Stacey Brown Randall (29:15)

Could not have said it better myself. You are. I always tell us, the folks, you're an expert at what you do, right? And sometimes we need to bring in other outside resources, outside experts to be an expert in an area within running business that maybe we're not great at. I mean, to be honest, I don't know the first. I mean, I'm not, I always say, like, I'm not stupid, I know what my finances are, but I would never do my own bookkeeping and my own taxes. Right? I mean, of course I would bring somebody in for that. Like, there are people who can do that better than me and can probably find savings for me as well. So definitely. Experts inside your business are so important. Okay, so in wrapping up, I just want to end with one final question. If you were having a conversation with someone who was considering. Considering working with me or you were considering referring them to me, what would you say as to why they should hire me?

Mindy Passmore (30:04)

Well, first of all, I would say that you're really an expert in what you do, that you're the real deal. Everything that. That they hear on your podcast or that they've seen on your website, there's a lot of substance and quality behind that and quantity of proven practices. And so that means that, you know, there will be work for the person who engages you. But that's good because it means that they're doing things that are changing their. Their. Their business for the best. And it also helps that you're just plain joy to work with, that you're a fun person, you care about your clients a lot, you're a super good listener, and you're super good communicator. So you're really able to understand and. And really address people's questions and concerns, or, you know, everyone goes into this and kind of like, oh, gosh, well, really, does that work? Do I really have to do that? You're able to explain, you know, why. And then also, I think you just. You hold people accountable, but in a really, really nice way. And. And so. And. And that's important. We. We have to be accountable, you know, to get results. And. And then I would say just, you are very strategic partner. So, you know, I feel like you're someone who I, as a. As an entrepr entrepreneur and the founder of a company that I. You're on my level. I can work with you as a strategic thought partner, and you provide a lot of value to me and to my business.

Stacey Brown Randall (31:28)

Oh, gosh, thank you so much. I may just listen to that on repeat over and over again. That was so sweet. Or like, when my kids are like, don't hold me accountable, I'll be like, let me just tell you what my client Mindy said about the need for me being really good at the accountability, because I'm sure they'll be like, no, thank you, mom. Thank you. And I have to say, you know, a lot of people will ask me the question before they decide to work with me, why is someone not successful after they've hired you? And I will always say it's because you either come in not expecting it to work. Like, almost like you're trying to prove me wrong every step of the way. And that is just not putting out good energy and the ability for anything to happen. And then it means you're not doing the right things or saying the right things because you're trying to make it not work or that you just don't make the space to do the things that you need to do. And you and Jenna did. You guys made space, and you continue to make space. I mean, I think when I came back from Dallas after being with you guys for those two days in August, like, Jenna was in my inbox almost every week, sometimes multiple times a week. And that is what I want. I tell people, like, you cannot email me too much, not when you're working with me. We need to get your answers. We need to get them sold. We need to get you moving forward, because I don't want your momentum to be stalled out while you're waiting to get an answer or to get something that you need. And so when I came back from Dallas and, like, Jenna started showing up in my inbox, I was like, oh, I got a good one. Like, this is a great. Mindy and her are going to do great things. They're going to make it happen. They're asking quality questions. And it was really. I wasn't surprised at all when Jenna would, like, give me updates like, oh, Mindy got some more referrals. I was like, of course she did, because you guys are doing the work, and I think that's so very valuable. And then I got to see you in December, too, when you guys came to the end of your retreat that we do for the BRB and VIP members. And that was great, too, to see you guys kind of like, lock in. It was like, five months in, and you're like, okay, now we're just gearing up for 20, 25. But it was great to see you guys, like, lock in and get ready to take that to the next level. So I can't wait to see what happens for you throughout this year.

Mindy Passmore (33:33)

Thank you very much, and we really appreciate all your help. Stacey. It's been really wonderful working with you. And if someone asked me, would you do it again, I would say yes.

Stacey Brown Randall (33:42)

Thank you so much. I appreciate that. Well, and thank you for taking the time to come on the podcast as well. You were lovely to chat with again.

Mindy Passmore (33:50)

Thank you.

Stacey Brown Randall (33:52)

Well, I hope you enjoyed that interview with Mindy. As much as I enjoy doing it, I love spending time with her, and I am sorry I could not convince Jenna from her team to be on the interview as well because they are a wonderful, wonderful partnership. They are a great company and I'm so privileged and I'm so pleased that they are clients of mine. So the Show Notes page where you can learn more about Mindy if you are interested. Definitely. If you want to connect with her that information is available. We will put that on the Show Notes page for this episode. I'll link to her website and her LinkedIn profile and you can find all of that on the Show Notes page for this episode@staceybrownrandall.com 350Woo. I can't believe it. All right, so my friends here we go. We're on the path now to another 350 episodes. So we're back with another great episode next week created with you and your needs in mind. Until then you know what to do my friend. Take control of your referral roles and build a referable business. Bye for now.