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To echo Brett. As an owner/operator of SMBs, in specific healthcare clinics, it has taken me half a decade deep in the trenches.
Here are a few of my key takeaways...
(Lots more nuance here then the one-liner tweet, so feel to ask me to dive deeper) https://twitter.com/brentbeshore/status/1344717243024859137
Here are a few of my key takeaways...
(Lots more nuance here then the one-liner tweet, so feel to ask me to dive deeper) https://twitter.com/brentbeshore/status/1344717243024859137
You NEED to learn your business bottoms-up OR you likely will lose leverage will employees.
If you don’t understand a process yourself, you’ll be held hostage. Take the time to learn, even when it doesn’t seem worthwhile.
Holistic knowledge of your business is a MUST.
If you don’t understand a process yourself, you’ll be held hostage. Take the time to learn, even when it doesn’t seem worthwhile.
Holistic knowledge of your business is a MUST.
Learning for me took ~2.5 years.
In the next 2.5, I spent efforts “removing myself” from day to day operations.
Unfortunately, truly automating away day-to-day fires and randomness isn’t an overnight project through one hire...
In the next 2.5, I spent efforts “removing myself” from day to day operations.
Unfortunately, truly automating away day-to-day fires and randomness isn’t an overnight project through one hire...
To remove yourself, you NEED to recruit trustworthy, aligned individuals at a DISCOUNT to FMV.
You’re investing in a call option on their future potential once you’ve spent the energy training and teaching.
You’re investing in a call option on their future potential once you’ve spent the energy training and teaching.
If you buy at FMV, you’ll give away too much of the economics of your SMB IMO.
So identify trustworthy talent, train and provide an amazing opportunity to earn and grow.
So identify trustworthy talent, train and provide an amazing opportunity to earn and grow.
Notice trustworthy - to automate through permissioned leverage in highly variable day-to-day ops, TRUST is everything.
Everyday is different in an SMB, and if you can’t trust your operators and view them as family, you will find yourself diving back into the business.
Everyday is different in an SMB, and if you can’t trust your operators and view them as family, you will find yourself diving back into the business.
I’m in year 5 right now of owning/operating SMBs and can finally remove myself from daily ops.
This takes sweat, commitment, and TIME. If you are buying or planning to buy an SMB, be prepared to grind. You have to CREATE structures that allow you to remove yourself.
This takes sweat, commitment, and TIME. If you are buying or planning to buy an SMB, be prepared to grind. You have to CREATE structures that allow you to remove yourself.
The journey is rewarding. The earnings and equity are rewarding.
Your excel spreadsheet will come to fruition IF you fully commit.
Crush it!
Your excel spreadsheet will come to fruition IF you fully commit.
Crush it!
