Supercharging Business Success
How to Build a Business, Not a Job – in Just 7 Minutes with David Finkel
What You’ll Learn From This Episode:* Avoiding self-employment trap* How can you have a business that doesn't 'own you' but you own business* How 'Controlitis. by far is the number one constraint to people growing beyond just themselvesRelated Links and Resources:I've arranged my staff to give them a full month of free coaching. This is straight-up coaching; two one-to-one sessions, several small group sessions. Access to several of our best tools and they can get that at www.mauimastermind.com/freemonthSummary:David Finkel is the Wall Street Journal and Business Week best-selling author of 12 business books. David wrote his current bestseller, The Freedom Formula: How to Succeed in Business Without Sacrificing Your Family, Health, or Life. He co-authored, SCALE, with Jeff Hoffman, co-founder of Priceline.com.David is the CEO of Maui Mastermind®, North America’s premier business coaching company which helps business owners grow their companies and get their lives back. Over the past 20 years, David and the other Maui coaches and advisors have personally scaled companies with an aggregate value of $63 billion.His syndicated column on Inc.com and Forbes.com garner million readers every year. His work has been featured in such prestigious media outlets as the Wall Street Journal, Bloomberg Businessweek, Fox Business, MSNBC, and Inc. Magazine.Here are the highlights of this episode:2:46 David’s ideal Client: Three levels of building a business; level 1 start-up, level 2 owner relying company, and level 3 is an owner independent company. We tend to work with people in that Owner reliance stage. They started to build a business but it's totally circumscribed by them. Generally, sales of maybe half a million to 20 million dollars a year. They want to grow but more importantly than just growth or at least equal importantly, they want their lives back.3:23 Problem David helps solve: I'm going to give you two. First one I called it 'self-employment trap', they build this business but it all revolves around them, all roads lead back to them. They don't have a business; they have a self-employment job. The second one is that they start to break part of that but they are still relying on what I called 'hit-by-a-bus' test. If something happens to them or if one key person in their company, they are in a world of hurt within 30 to 60 days. Their business is out of business. That's generally the biggest problem that we solve.4:09 Typical symptoms that clients do before reaching out to David: It boils down to two things; stress and overwhelm. They have businesses that work, it's profitable, they've been doing this for a while, but everything falls back to them. Before we start working with a client, before we work with them, 60 to 80 hours or more per week is a very typical work week. Generally, if they take any vacation before we work with them, it's not really a vacation. They still check in everyday with email, text, and other app feeds. And so, the questions now become "how can they actually have a business that doesn't own them but they own their business?" that's generally what it is that they’re feeling. They're feeling out of control with this part, they feel like their business literally has this 'hooks' into them. They're appreciative that it supported them as well as it has but there's this low level that if something happens to them, their businesses is gone. And they're really feeling overwhelmed and tired before we even start working with them.5:19 What are some of the common mistakes that folks make before finding David and his solution: I got two quick ones; they biggest one is that they're trying to 'brute force' their solution, "oh if I need to grow, I'm going to grow by working harder, longer work nights, on the weekends, I'll bring a little bit of work on my vacation because no one's calling me...