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“More gold has been mined from the brains of men than will ever be taken from the earth” – Think & Grow Rich
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Before we get started Living in Las Vegas since 2002 NO income tax, Lots of SUN, Wife and I are Foodies Your NETWORK = Your NET WORTH Please connect with me via Linked In (Scott Fritz) Presentation applies to all Exit Strategies Strategic Planning = EXIT Planning (we will ALL exit) How far along are YOU? www.40hourquiz.com Recommendation NOT Solicitation I will recommend AN INCREDIBLE RESOURCE today
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The Beginning 1997 Spent 8 months creating biz plan to launch our PEO SBA loan for $150,000 (personal guarantee etc.) Opened in September 1997 10 month window to “make or break” Signed first big client after 4 months Cash flow positive after 6 months Paid off SBA loan at end of 1998 $8.5 mill in sales by the end of 1998 First pay received out of company at end of 1999
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My Focus Filter Enjoy Life Transition from working ON my business to the role of passive investor and advisory board member Make Money Position my company to run as a self sufficient profit machine, capable of growing through utilizing its own management team and systems Do Deals Acquisition focused business ready to begin acquiring other companies and prepared to create an investor exit for maximum returns
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Mindset Philosophy Exercise Do you have a Focus Filter? What is it? How many hours do you “work a week”? How many hours are you at the office each week? “Face Time” What ONE WORD would your best employee, best friend or spouse use to describe you? (text)
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Transformation of my Mindset 1997 > 1999 Doing it Mom & Pop business (graph) Do Deals, Make Money, Enjoy Life 90+ hours per wk. “working IN my business” 50+ hours per wk. “face time @ the office” Focused
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My Mirror Moment December 1999 18 closing appointments in one week Passion, Focus and ……. TEAM 80 / 20 / 5 (Viability Filter)
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Ownership Paradox Owner IN the business 100% Company Value $$$$ Company Value $ Owner IN the business 0%
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Transformation of my Mindset 1999 > 2004 Coaching others to do it Small business Make Money, Do Deals, Enjoy Life 40 hours per wk. “working ON my business” 50 hours per month “face time @ the office” Leader
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Transition To implement the BIG question: you MUST have a transition plan To implement the Transition plan: you MUST have the right people – key leader To get the right people: you MUST have the right attitude Willing to let go of EVERYTHING day to day Willing to hire or train THE NEW CEO Willing to PAY WHAT YOU AGREED TO PAY
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My Transition – The Journey Standard Operating Procedures – SOPs Decision Matrix Decision Filter People Plan Forecasting Letting Go Tracking Metrics “Your achievement can be no greater than your plans are sound” -Napoleon Hill
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SOPs SOPs Completed by department and position Every employee involved in the development process businessdesigncorp.com – Touchstone | TEXT “SYSTEMS” TO 707.800.3603 Must be ARMD – Actionable, Realistic, Measurable, Dated Starts at the hiring process – Search, Screening, Selection Tied to reviews and evaluations for feedback and alignment throughout the company Evaluation twice a year – Using the Action > Monitor > Modify rhythm Messaged SOPs to clients, vendors and prospects
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Decision Matrix Developed in early 2001 2001 - Owners involved in 29 of the 48 key decisions End of 2003 – Owners had only 7 boxes checked!
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Decision Filter | Values 1st 1.Company – Will this increase the value of the company and is it in alignment with our Mission, Vision & Top 5 priorities for the year? 2.Owners – Will this increase owner wealth without increasing business or personal risk beyond our tolerance? 3.Employees – Do we have the team, talent and budget to pay our employees to execute on this decision and do they have the right MINDSET?
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My People Principles Friendly NOT Friends In Control NOT Controlling Delegating NOT Dumping Firm BUT Fair
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The Transition Continued Forecasting Sales Math correction leads to accurate budgeting Letting Go Commitments are key, partners are a challenge Owner Wealth & Company Value Am I building a business or an asset? Leverage the filter, lose the emotion! Tracking Metrics What gets measured gets done, metric tags 95% Rule
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Tracking Metrics 10 Key Areas Profit Target Markets Growth Service SOPs Culture Retention Cross Selling Productivity Technology
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Tracking Metrics | 10 x 5 YOY | QOQ | MOM | WOW Profit | Target Markets Total Mo. Gross Margin $ / Total # of WSE Growth | Target Markets Total Wkly & Mo. Gross Payroll $ / Total # of Clients Service | SOPs | Culture Total Wkly & Mo. Payroll Errors / Total # of Clients Retention | Cross Selling Total Mo. WSE Benefit $ / Total # of WSE Productivity | Culture | Technology Total Mo. Internal Payroll $ / Total Mo. Client Payroll $
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Transformation of my Mindset 2004 > 2007 Letting others do it – GET OUT OF THE WAY! Enterprise business (building an asset) Enjoy Life, Make Money, Do Deals Visionary The 40 hour work YEAR!
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The 40 Hour Work YEAR! 18 hours per year “Inspecting what I EXPECT” 1 ½ hours each month on the phone reviewing key METRICS 16 hours per year “driving & focusing the vision” 2 day strategic retreat 6 hours per year “taking the pulse” 1 day mid year check up
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Begin with the End in MIND Would you buy your own company? What would you pay? What is your number to exit? What are the terms? Do you love what you do? DEFINE IT!
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THANK YOU! How close are you to living the 40 Hour Work Year? Take the FREE Quiz at www.40hourquiz.com
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