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Welcome back to the Business of Beers podcast. Your daily dose of strategies, tools and tips to help you build an eight figure business. Today's episode is a clip from one of my YouTube lives. If you'd like to hear the whole thing, there's a link below in the description. Cheers.
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And then finally, you know, above this, right? So above 20 million, what, what happens at a certain point is it really becomes, it comes down to a couple things. It's building out a really strong C suite, which is like, you know, coo, cfo, you know, if you do real estate development, cdo, chief development officer, assuming you stay in the CEO role. For me, you know, I decided at a certain point that I didn't want to be the CEO of our auto division anymore. Right. I have big aspirations of what I'm trying to build and impact millions of people through content building, portfolio building more of a partnerships. For me, I view our auto repair business as kind of the foundation to then catapult into multiple other things. And so whether I made that decision or if I decided to say, hey, I am going to stay and all I'm going to do is, is in this business is auto. Either way, you have to build out a solid C suite, right? And so, and these are some of the hardest hires that you will ever make because you really have to let go of the reins not only from like, you know, down here, it's a little bit easier, right? When I said how this was really hard for going one to five, right? These are the direct people, like leading, like hiring the stores, dealing with customers, right? It's all the operational things. But when you get to the top here and you're like, I want to build out this C suite, these guys, they're setting sail for the entire direction of the company with you, right? These are the guys who you have to feel like it's kind of like ride or die, right? Because if they mess up, right. Or if they do things that just aren't aligned or you don't have the synergies or like it's a total cluster because this is the entire leadership of the company. So it really matters to nail these and what's. Well, I'm going to kind of go through them as the way I see it and maybe the order of importance and we kind of go from there. So you know, the CEO, so this is going to be you and the context of this maybe could apply to larger businesses. But you know, I'm assuming for you guys and me, like it's smaller businesses, people who've built this thing from the ground up. You know, you could see these labels and you think of like publicly traded companies, these big companies and all this stuff and you know, it's similar but like, listen, I don't run that. So like my perspective of what this may be a little bit different, but this is for somebody who's actively building it. So the CEO, right? So in most of the cases this is, you know, this is me for many years. This is going to be you, right? Whether you give yourself that title or not. Where the job of the CEO really comes down to vision, right? It's the vision of the company. It's what direction are you taking us in? This is your job, this is your North Pole. People want to be part of something bigger. People want to know that their efforts are towards something. And really great CEOs do an excellent job in terms of like that direction. That vision for us, it's about getting customers home safely. It's about leaving cars safer than they arrived. We're huge on our impact to society from people's day to day, right? That's the vision that we have that we talk about all the time with our people is our job is to help customers get home safer than when they arrived. And if we can't do that, then like, you know, we're doing terrible. And that vision resonates with a lot of our people, a lot of our, our, our technicians and our managers, you know, in confidential surveys and all this stuff. That's the feedback. They're like, we really love the like customer centric and safety focused and, and like everyone's on the same page. So like that's your job as the CEO to establish of what's the vision of the company, where you're taking it. You know, you might have heard the term visionary, right? Like you're the one that sees it, right? And you're going from there. Then the CEO or the coo, which stands for Chief Operating Officer is all about execution. Okay? So it's like the CEO is the one who has the vision of what we're going to do. And then the COO is going to be the person who then runs the playbook. So this is like the person, if you're back down to these districts, if you think about it from a company structure, but you think of it like you've got these pods, like these are your stores. How many can I fit on here? That's 15. Oh, hold on, I gotta, I gotta make some space here. Alright, so pretend you've got, you know, These, these are these pods, districts, whatever you want to call them. So each one of these has like a district manager. So the key person that's over it. Then your COO would be the person that like generally these, these people would report to in this, in the simplified model. Now it could, you can get more complicated as you grow. You can have regional people. Like if you've got like east coast, west coast or north, south or like whatever, there's like multiple layers that this can go. But this is like the basic structure, right? And then you've got like CEO. So this would be like your super basic structure to start. And I'll build this thing out so you guys can see it. But CEO, that'd be you at the top. CEO. So you got the vision. This is the direction of the company. This is where we're going. COO is going to be the guy who's focused on execution. So the day to day, this is the guy who's got to have the playbooks. I hold everybody accountable who's going to see the things and see the problems and get solutions. And they're really leading the district managers who are then going to be, you know, the guys and girls in the field who are then like taking that, those messages and ensuring, you know, they get dispersed and followed in their, you know, in each one of their pockets. So that's the role of the coo. And you know, these two people have to work, have to have a really, really great relationship. Because if not like if the, if my vision of what I think the company should do doesn't match the execution or vice versa, there's gonna be a lot of friction, right? And there's gonna be like, well, he wants, Brian wants me to do this, but like you know, Collins, our COO/CEO right now, but you know, but Colin wants me to do that, right? Like, but Brian says this and Colin says that and like you get all this friction, right? And then they don't know who to listen to. And by the by default, most people are gonna listen to the boss, like the CEO. They're gonna listen to the boss, the boss, boss, the owner and totally undermine then the coo. So then if you constantly do that to any of your, I mean this applies to like anybody who has people below them, like in some sort of org chart. If you constantly undermine people below you and override them, then people are going to lose respect for that person. They're not going to listen to them and then they're going to constantly refer back to you. So all that power that you want to delegate and all those things that you want to do through get completely thrown out the window the second you undermine them. So it's really important to not speak poorly of anyone below anyone who like, reports to you, especially to somebody who reports to them. And if you have problems, if you have friction, you address it one on one in a private setting. You don't make it public, you don't do anything to undermine that. Otherwise, like, their credibility is going to be thrown out the window and you just like shot yourself in the foot. And like, if you continue to do that, person after person that you hire, they're never going to listen to the new person you put it either, because they're going to be like, oh, well, Brian's just going to fire this guy in six months. So I'm not going to listen to anything he says and I'm just going to do this. I'm just going to do this, this and this, right? And so then you got to like, whatever, don't do it. Okay, so execution specifically related to operations. So the operations of the business day to day of like the execution. All right, then you've got a CFO that stands for chief Financial Officer. Now the CFO is going to, is going to vary tremendously in a company depending on the, how do I say this? Like, it's like what really makes the company like, tick. All right, so for example, our cfo, we have a pretty big back office. So we have like 15 people, as I mentioned, they're all global, that do all of our books. Now we have a decently sized team with a lot of bills. So like, we do, like we do, let's say, let me think about this. 20%. So we buy like $10 million or so of what I'm gonna say just cost of goods, like lots of little parts. And that $10 million is spent in roughly hundred dollar increments. Okay? So just imagine the number of bills. I can't do the math, but it's like, what's that, 100,000 bills? I guess that CFO, he needs to plan out every single, every month. They need to look at the cash flow that they cut that they have coming in on a recurring basis. He has to build out models that say, you know, we're gonna spend X amount of dollars per month on here's all the operating expenses. And then we're need X amount of down payments and we have a line of credit to tap. And like, you know, he's kind of playing this chess game between all these different, you know, all these different timelines and periods and things and ramp up periods and pre sales and like think of like the massive financial like spreadsheets you'd have to build to be able to project all this stuff out. So that's, that would be the role in a cfo. So as you get bigger you start to learn like these are the different types of people we need and there's other roles too but these are the big ones. These are the three big ones that people generally do. The other ones are related to real estate development. Right. It could be a role that's like leads development. There could be someone who drives sales. If you're like a heavy sales organization there could be one who does admin. So if it's like especially if it's like lots of insurance and admin and like things like that. So but somebody at a C suite level so like leadership of the COVID that really drives things forward. So those are you know, the levels of the game.