Loading summary
Transcript1 lines
- [00:00]
A
Last week I hosted 12 owners for an in person event here in Philadelphia and people traveled from all over the country. We had a guy from New Mexico, Miami, Dallas, somebody drove from Connecticut, and of course a couple local guys as well. But the funny part is, is that most of them actually had no idea what they were signing up for. And on one end of the spectrum, we had a multi unit franchisee who's going to market for an eight figure number to a PE company to kind of buy out majority interest of his business. Amazing, amazing life, life changing exit. And then on the other hand, we had an 18 year old who's hustling seven days a week, building his first business and everything in between. But the funny part is, is that while there's many different stages and experiences of all the members, that there's something that we shared and it's that we're all on the same journey and all of us had the same problems related to three things. People, process and profit. And this week on the pod, I'm gonna go do a deep dive into some of the most common topics that we discussed while it's still fresh. Plus some of the big aha moments that I had, plus, you know, what some of the other members had shared with me. And the best part was at the end of the two days, every owner walked away with massive clarity and written action plans to solve their biggest pain points. And today I want to talk through the model itself and why it's so fricking effective. And we'll go from there. So what I run is called a hot seat model. Here's how it works. We small group. This one is 12 members. I've done these up to like 20 or so, but relatively small right in the world. And each member comes prepared to sit in the hot seat. And we go around the room and they quickly give context to the biggest challenge they're facing. A frustration, a bottleneck, a fear, an opportunity. Right. Whatever is on their mind that they want the group's help in solving. And what comes next is the most important part that the group doesn't just jump in and tell them what to do. Because nobody, especially entrepreneurs, like being told what to do every day. So instead the group spends time asking a bunch of clarifying questions, which is like, well, if we fast forward six months and this problem is 100% solved, what is that outcome look like? Why is this important to you right now versus six months ago or six months from today? Is this a strategic problem where you're not sure what to do? An execution problem where you don't know or don't have the time to do it? Or is this fear, like, do you know exactly what to do, but you're just afraid to pull the trigger? Are you holding on to things that you shouldn't be doing because you haven't documented the process? Or is there another reason? Right. If you walked away the business completely with zero Internet access, one, what is the first thing that's gonna break in your business? Right? And what you find is that sometimes you vocalize a problem that you have, but that's like a surface level problem. But the real problem is a couple layers deeper than that, and you only uncover it by asking more questions to really get to the bottom of it. Then from there, once we have, like, total clarity on the true problem, that's where we can come into suggestions. Because if you're only talking about a surface level issue, and then you spend all this time solving a surface level issue, they didn't actually solve the problem, right? Which, like, in some cases could be, you know, someone who, you know, they micromanage a lot and they know they do, and they have high anxiety for, like, letting go of things. They have to be involved. And, like, it's really the fear that they have of if they let that go, that they'll make more money, like, less money, and that, like, it's really getting to that point and figure out, okay, well, that'll make sense. Like, what specific roles are you willing to give up so you can start to do this? Maybe because you're. Maybe you're surrounded by a bunch of people who just can't do it, and that's why you have to do it. But if you can find better people who can take over these things, you will feel more relaxed to be able to give some things up. So, like, it's kind of walking through these things to find the truth. And this is a big reason why my hot seat model is so effective versus traditional workshop models. And, you know, one of the guys said that he had been to Alex Hermozi's Vegas workshop, I think three times, he said, and that he got more out of my event than he did from Hermozi's, which is like, you know, obviously a huge compliment, but it's more because of the way it works. Because in a lot of these events that people have, and there's like, you know, 100 people, 200 people, whatever it is, you know, you sit in a room, they'll have multiple speakers come up on multiple topics. They have a bunch of PowerPoint slides. And you know, some of it applies to you, but then you know some of it doesn't, right? Also, some of that stuff that they go through, you could have just like, you could have just been like home YouTube, like listening to it. Like why fly there to watch PowerPoint presentation, right? Versus in this hot seat model, the entire room exclusively focuses on your business. Like there's no curriculum. Everything is custom built around the exact bottleneck or issue that that person's facing. Number two, it's hyper efficient, like so efficient. Because if it's a presentation, you got to sit through a three hour thing that may or may not be relevant to you about marketing or, or about technology or whatever. And that doesn't really help you with your actual problem, which may be hiring a COO or making some other, an acquisition deal that you're trying to stuck on should I do this or not? Or diversification or selling or whatever. But this hot seat is like there's surgical precision here because you only have a few minutes and you gotta be able to be clearly vocalized and explain exactly what you're going through. And the funny part is, is sometimes that time forces clarity which ultimately helps you realize what the true problem is. Right? So we get straight into the open wound. You also learn from every seat. So just because you're not on the hot seat doesn't mean you don't learn from other people getting grilled on their cash flow and margins and team structure and growth plans and process and hiring and all these different things where like almost every guy, I mean, I walked away with like pages and pages of notes based on other people's stuff, which is really cool. And finally, instead of getting the perspective of just one person. So if I got up on stage and I said, hey guys, I'm gonna teach you all my growth plans and hiring things and this and that. Great. I know a lot of things, but there's also a lot of things I don't know or I don't have experience in. And then our model, you get the feedback from every other person in the room. And that cross pollination is experience and industry and income is very fruitful. Because, you know, like, I've been in this game a long time, right? I've built a pretty big business. I kind of forget some things of what it's like of the fear and all these things from going to 1 to 2 to 3. And there's things that somebody who's literally just done it is going to be a lot more helpful than somebody who you know it was 10 years ago. Right. And there's other cases where I can provide some insight to guys doing multi million dollars of how I'm thinking about or what I'm seeing or how I'd approach it. It's pretty awesome. I've done six of these events now over the last two years. Each one gets better than the next. And the funny part is not to say I have trouble selling them because I always get enough people. We always have a great time. But I've done a really bad job explaining what the heck we actually do sometimes. I've called it a master. Like, people don't know what that means or they think it's gimmicky or something. And so my vision for this is I would host these hot seat events all over the country. Like I would love to do, I don't know, eight of these a year in places like Dallas and Nashville and Miami and maybe Phoenix or California, maybe one up in Chicago. I don't know. Really, really depends on, you know, where people live, where I want to travel to. And it'd be really awesome to get all these people in and we have a great time. Like this one, we golfed. So we actually, eight of us went out and golfed the day before. And then we had nice dinners. And you leave there with friendships because one of the guys had this great quote, he said we're just gonna suffer in silence and that most of us don't have people that we can share all these things through or get the brainstorm to make decisions that are really important, decisions that could alter the course of your life. Right. And I'm really happy that I get this opportunity and I'm very grateful. And I know that everybody who attends these things, they leave fired up, their friends are connecting afterwards. A lot of these guys are in my eight figure group. And so it just bonds, builds relationships and people bond. Anyhow, I hope this makes sense. If you've heard me talk about it in the past and you were kind of curious of what it looks like, this is it. It's a great time. It doesn't matter where you are. You don't have to be necessarily winning either. I mean, we had some guys in the group who are on tough times. It's like the business isn't doing what it should. Cash flow is tight. They feel like they're behind where they need to be. I've talked to some people who are like, I don't think I should come because I'm not crushing it. And I'm like, no, no, no, you should come. Because I'm pretty confident that if you get in a room with a bunch of other owners that within two days we can help you gain clarity on the exact next steps that you need to do to fix the script, to fix your margins, to make whatever decision you have to that helps move the business forward. It doesn't matter where you're at, it's just a matter of you committing and you wanting it bad enough to come up and sit in the room with me and a bunch of other, a bunch of other owners and lay it all out there, full transparency, hold nothing back. There's no egos, there's no one trying to impress anybody. It's just a bunch of like minded people who want to see each other win and want to have some fun around it. And so the next one I'm going to have is in Charlotte in September. And so if you're interested in attending, in the podcast description there's a link, it says send me a text. If you click on that and shoot me a text, you know, name, give me your phone number because I don't get the phone numbers when people send this thing in your business and anything other details you'd like to provide. And I can send you a form, you can get on the waitlist. As soon as I have tickets open, you know, we'll send it out. There will be like a limited number here because I said, you know, these are intentionally small. Like this isn't some massive thing. Like this is really meant to have high, high, high impact and value for the people that come. And so anyhow, that's what we're up to. I'll see you tomorrow. As I continue to break down more of the stuff that we dove into and so you can get an idea of what it's like. Cheers.