Planning Your Exit Strategy

Episode 884: Planning Your Exit Strategy, with Randy Tate

Planning your exit strategy anytime soon? Listen to Randy Tate’s advice to learn how you can start planning your exit strategy.

Have you considered planning your exit strategy? If you don’t, then it’s time that you should because it is something that every business owner must anticipate in case something unexpected happens.

Public educator, entrepreneur, and CEO of the financial technology company of iFlip Investor, Randy Tate combines Silicon Valley style with his partner and CTO Kelly Korshak’s Wall Street savvy, creating a software to help the ordinary investor preserve, protect and grow their wealth.

What you’ll learn in this episode about planning your exit strategy:

• What Randy and his team at iFlip have been working on since Randy’s previous appearance on Onward Nation in episode 658
• Why you need to start planning your exit strategy as early as you can
• Why iFlip is on track for 1000% growth this year, and how they have been developing a stock trading app that will be free to the end user
• Why diversification isn’t actually the secret to mitigating investment risk, and why the true secret is to avoid losses
• Why losses and fees compound dangerously and why that fact is aggravated by a lack of industry transparency
• Why Randy believes that every business owner must financially plan for life after their business
• How iFlip’s software anticipated the Q4 2018 market dip and had already moved 87% of the money the software manages into cash before the dip
• Why Randy defines “success” as the ability to continually create new possibilities for yourself
• How to start planning your exit strategy and what are the things you need to consider in this process
• How Randy has overcome fear in his own career, and why acknowledging your fear is the key to beating it
• Why efficiency is the key to iFlip’s software, as well as the key to its continued business success
• Why Randy suggests you automate everything you can as early as you can so that you can more effectively scale

Resources:

• Website: https://iflipinvest.com/
• Text “invest” to (480) 418-0300

Additional Resources:

• Start planning your exit strategy the right way by listening to this advice from David Fairley
• Sell With Authority by Drew McLellan and Stephen Woessner: https://amzn.to/39y7x13
• Predictive ROI Free Resource Library: https://predictiveroi.com/resources/
• Stephen Woessner’s LinkedIn: www.linkedin.com/in/stephenwoessner/
• You can also check out this podcast about planning your exit strategy from our guest, Michelle Seiler Tucker

 

 

Planning Your Exit Strategy: Full Episode Transcript

 

Get ready to find your recipe for success from America’s top business owners here at Onward Nation with your host, Stephen Woessner.

 

Good morning, Onward Nation. I’m Stephen Woessner. And our special on court guest today is Randy Tate. Randy is the CEO of the financial company I flip investor now I flip investor is a software that helps the average investor just like you. Just like me. Preserve, protect and grow their wealth so you can find them at I flip investor.com.

 

But here’s why I thought having Randy back for an encore was going to be super, super helpful. To you as a business owner, you know, we talk about this. Well, I would say somewhat on a regular basis here at Onward Nation that, you know, we as business owners, we have this, we have this sort of fanciful, this sort of dream of what it’s going to be like to exit our business someday.

 

And that could be that we’re going to sell that to or sell the business to a member of our team, or that a prospective buyer is going to walk in and say, here you go. This is what I’d like to pay you to buy the business. And then we get to ride off into the sunset, sit on a beach and drink margaritas.

 

But oftentimes for business owners, it doesn’t happen that way. Unfortunately, there isn’t a succession plan for most of us because we haven’t been intentional about that. The typical business owner is not intentional about a succession plan. They either haven’t groomed the leadership team, they haven’t thought about how they might exit the business. So there’s no plan around that.

 

If it happens, it’d be lovely to be able to reach the pot of gold at the end of the rainbow. But if we’re not intentional about it, begin with the end in mind. It doesn’t happen. And so what we need to do is be intentional about not only the exit, but if that exit never comes and the business has to be shut down to move on to that next stage in your life, we need be intentional between now and then so that you can create wealth outside of your business, whether that’s real estate, whether that’s investing in the market or whatever.

 

So that’s why I was really excited for Randy to come back to the show. I was thrilled when he said yes because he’s going to be able to share his insights from his team, his research and what they’re building at. I flip investors to help people like you and me, business owners, to be able to build wealth outside of our business.

 

So we’re going to talk a lot about that today as well. Some other things that I think are going to be helpful to your business as well. Now, you may remember Randy in the wisdom he shared during episode 658 of Onward Nation. But if you haven’t listened to, studied and applied all he shared during our first interview, which was awesome because Randy is off the charts.

 

Amazing. I highly encourage you to add episode six, five eight to your list of vital priorities. So without further ado, welcome back to Onward Nation, Randy. 

 

Get to know more about planning your exit strategy by getting in touch with Randy here

 

Planning Your Exit Strategy: Randy’s Introduction

 

Thank you man. I’m super happy to be back. And, having a conversation with beyond Onward Nation, folks, that’s, you’re a fantastic person to converse with, and I’m happy to help in any way that I can.

 

Well, thanks again for saying yes. To come back for the encore. And I’m super excited for us to dig in and be able to help Onward Nation business owners, as I was just describing and, and all the things that we covered in our re chat. But before we do that, some really exciting things have been going on and taking place inside your business and your team in the last, maybe year and a half since we had a chance to record our first interview.

 

So, let’s start there. Bring us up to speed with what’s new and exciting in the last 18 months, and then we’ll dive in. Sure, sure. Well, a couple of things we did in the last 18 months. One was we brought on a full time marketing team. But one of the things that the marketing team did was, you know, update our website.

 

All of our online presence. You know, our Iflip Invest site is fairly new. It’s only about eight months old, and we’re getting a lot of traction that way. The other thing is, you know, we grew last year at over 200% and we’re on pace for 1,000% growth this year. Those are good numbers. Yeah. We’re actually a little nervous about it to be honest because that’s what can be a problem.

 

Yep. You know, fast growth. It does. There’s a tidal wave effect. You know, it’s great to surf the big waves, but when the wave gets too big, you don’t want it to land on you. Well, indeed. But then also, I think if I understood you correctly in our pre-interview, I think you guys have an app that is rolling out in the second quarter.

 

Is that right? We do in Q4, we are rolling out an app that will be free in Q4. You will be free to the end user. They’ll be able to download it on an Android or an iPhone, and they’ll be able to trade for free for people that know Robinhood, very similar to them. They have a great idea.

 

They have an awesome concept. They’re a great company. And so we like what they’ve done. And we’ve done what they’re doing. We’re adding a twist to it. We’re putting the algorithms and the automation on it as well. So it won’t just be something you can trade for free that will be there, but it will also include all the mathematical algorithms and the automation features that our online product has now.

 

It will cap it at a couple of thousand dollars. So it’s not going to be for every investor in the world, but it will give some of those Gen Z and, you know, younger millennials an opportunity to start participating in the markets. 

 

Get to know more about planning your exit strategy by getting in touch with Randy here

 

Planning Your Exit Strategy: Acting Like a Market Insider

 

So let’s dive into, I don’t know if it’s right to say dive into the technology, but as again, as you and I were in the pre-interview, you know, chat in the green room before we started recording, you said something or several things to me that were very compelling, that I put it in my notes that I want to slice apart with you for on Renaissance benefit.

 

But when you said, you know, being able to participate in the market, like a pro and I interpreted that as okay, this sort of levels the playing field for me. This gives me an opportunity to be kind of like, if these words are right, kind of like a market insider without being an insider. Right?

 

You know, because I don’t have a $50 million portfolio, but it kind of gives me the opportunity to sort of act like that. Is it or am I overreacting or is that kind of on point? No, you’re spot on. We have leveled the playing field and we like to say we’ve done it through efficiency. You know, there are only so many experts.

 

And when I say experts, I mean real experts because I have no problem with the so-called experts. But the reality is 85% of the quote unquote licensed experts can’t even beat the S&P 500. That’s craziness, including Warren Buffett. He just acknowledged that he can’t do it, and hasn’t been able to do it. And we know that we can.

 

So that’s one thing we’ve done. So the other piece is that if you look at institutions and billionaires and the way they participate in the markets, they don’t take adverse risks. None of those folks are invested in mutual funds. They’re not invested in big index funds. They move too slow. They’re not you’re not able to move them around and avoid risk with those.

 

You’re relying on diversification to manage the risk, which is one of the biggest myths of Wall Street, is it? Diversification is the best way to manage your risk. That, in fact, is not true. 

 

Get to know more about planning your exit strategy by getting in touch with Randy here

 

Planning Your Exit Strategy: Absorb The Ups and Downs of The Market

 

Okay. So let’s stop there because like I’ve believed that for decades. So how is that not true? That sounds really profound to me.

 

Well, it’s simply not true because the more diverse you get, the more you become the market. Therefore, you must absorb not just the ups, but the downs and the secret to beating the market, and the secret to growing wealth faster than just putting your money in and holding it is losing less. Sounds funny right? However, if you lose 50%, you don’t need to gain 50% to get back to zero, you have to gain 100.

 

So now when you absorb losses, look at 1987. 1987 is a year that had one of the largest single day drops in the history of the market. Okay. The market that year was up. The funds. However, most of them were not because they couldn’t recover from that loss. Let’s look at January 28th. I mean, February 2018, there was a one week period where the market lost 10% in a week.

 

So most of the people didn’t recover. Out of that, they now, even though the market ended up higher because of the need to exponentially beat and win more, you can’t make it up. So losing less is much more important than guessing right? And trying to hit the home runs. Like the random Netflix. Well, it’s interesting you mentioned that actually, because that just brought back a lesson that, when I spent some time in Topeka, Kansas with the Advisors Excel team, Cody Foster was our great guest, one of the co-founders back in episode 81 of Onward Nation.

 

And in talking about, well, okay, let’s say that you have a 50% gain one year and then a 75% drop the next year, and then a 25. And so kind of mapping it out over five years and like on the surface of that, oh okay, we’re up 25%. It’s like, no you’re actually negative in the portfolio.

 

Like but how is that even possible? And because like most people, I think just kind of innocently not even thinking about the compounding of the losses, like what you’re talking about. So like a 50% drop and then the next year I need to have 100% win to get back to a level like that. That’s a little bit counterintuitive, right? It is. 

 

And then so that’s on the risk side. And now you coupled the fact that you’re paying your fees from the account that you’re trying to grow. Now you’re completely delivering that asset building in a compounded loss. It’s not 2% per year. It’s not what it costs you over time. You know, for instance, a simple $50,000 investment at 2%, you’re paid more in fees by year 11 than you actually invested.

 

Get to know more about planning your exit strategy by getting in touch with Randy here

 

Planning Your Exit Strategy: The Importance of Transparency in Your Business

 

Wait a minute. Okay. So let’s break that down because that’s a staggering number. So you’re saying like, if I had $50,000 and I was going to, you know, give it to, you know, pick a mutual fund and I was and I had a 2% load plus management fee, whatever. And then I think, well, okay, so I’m going to payout, you know, 2% of the $50,000 this year as part of fees and management, you know, blah, blah, whatever.

 

You’re saying that if I did that every year for 11 years, the way that those fees compound and the loss of opportunity because that 2% is not invested each year, therefore, that 2% can’t grow that by a year, 11 that 2% and the loss of opportunity would be $50,000. It would surpass the 50 grand holy bananas.

 

It’s interesting when you do the math, how it really does stick out, but we don’t do the math and we don’t notice the fees coming out of our account because try and find them on your financial statement. They’re not easy to find. No, there’s a lack of transparency in the industry. We are trying to bring transparency to make sure that everybody sees and knows exactly what they’re paying for the service that they’ve purchased.

 

Okay, so then what does it sound like? Sort of a desperation question. What does a business owner do? So what are we as business owners who want to build wealth outside of our business. Just in case we’re never able to sell the business. If we sell it and have built wealth outside of a business, then that’s just awesome.

 

But if we’re not able to do that, like, what does a business owner do, like what? What’s the option? Well, and you might remember from our last show, I’m an entrepreneur. I’m a high school teacher turned entrepreneur turned corporate executive and consultant, and now I’m the CEO of this particular company. So, I stand on the soapbox, if you will, that we must plan for life outside of our business.

 

You said that a couple of times, and I believe that’s critically important. Although we all believe with all our heart that everything we do is going to make us the millions we want. Fact is, it might not. So what do we do? Well, we could stick our money with a local professional advisor and let it grow. That will help.

 

Get to know more about planning your exit strategy by getting in touch with Randy here

 

Planning Your Exit Strategy: Assessing And Managing Risks

 

We can learn how to do the markets ourselves. And I know most entrepreneurs have so much free time. They want to sit around and learn. You know how to read a mac, their statistics and understand how to buy and sell stock and the, you know, joking, obviously. That was because of my background and my partner, which we’ll touch on at some point in this interview.

 

I want to make sure that the entrepreneurs are not discouraged and they have an avenue that doesn’t suck up a bunch of their time. They don’t need to learn a lot of new things. And it’s very straightforward, flawless and transparent so that over time they can have a worst case scenario, and it’s not hard to show somebody how to get to $1 million of liquid cash, and have a liquid account of investment.

 

That’s not real estate. They’re not having to fix a roof on a leaky rental. They’re able to just set it, forget it, spend a tiny amount of time on it knowing that they’ve got a A plan B, that’s also a plan A, you know, why wouldn’t you do both. And so that’s the foundation this platform was built on.

 

We want to make sure that the entrepreneur and the little guy and the average person gets to participate, like the big guys, without having to put their blood, sweat, tears and life into it. Okay. So how okay, so, you know, both of those scenarios plan A, plan B sound really good? Of course. How does a business owner manage the risk in that scenario?

 

Because they’re obviously still in the market. Right? So there’s still inherently some risks. So how do they protect themselves risk wise? That’s or is there no way to do that. Well, so let’s put it this way. There’s no such thing as zero risk. Right. But the way we do it is we use mathematical algorithms and then let me just put an exclamation point on the importance of who built the algorithms.

 

My partner, Kelly. Kelly Korsak. He’s a guy that has advanced degrees in statistics, mathematics and finance from places like Stanford and the University of Chicago. And, oh, by the way, he went to Stanford when he was 16. Managed billions of dollars for some of the largest institutions in the world with his mathematical algorithms. So we use those mathematical algorithms to hedge people’s money out of the market.

 

So this is how you do it. When the mathematics determines that it’s statistically likely that the price will go down. This allows the customer to avoid the big dips like 2008 or Q4 of 2018. In fact, in Q4 of 2018, by the time the big dip started, 87% of the money that our software trades managed had been moved into cash, not even in the market.

 

So that’s how you do it. You do it with mathematics. Well, it’s fascinating. And the other compelling piece that you shared with me is that you’re kind of blowing my mind during the pre-interview chat, you said, look, we didn’t invent trading, right? It’s like, this is essentially we’re doing essentially what Netflix did to blockbuster.

 

Get to know more about planning your exit strategy by getting in touch with Randy here

 

Planning Your Exit Strategy: Learn How to Identify Efficiencies

 

So, tell us Onward Nation and me a little bit more about that. I mean certainly it’s disruptive. But tell me a little bit more about what you mean comes down to one word. And this is universal for everybody listening. That’s an entrepreneur that has a business. That means every one of you has a widget of some sort.

 

Do you sell? What we’ve done is create efficiencies. It’s very important to be able to identify efficiencies. What I mean by that is that blockbusters did not invent watching movies. They just made it easier to do so. I mean, yeah, Netflix, they just had the market cornered. They were efficient. You could drive down to the store and get it.

 

Netflix went up to them and said, hey, just order it. We’ll ship it to you in the mail. And as soon as technology notices the connection technology makes efficiencies. With technology, they’re able to just stream right to your house. Guess who else did it? Motorola. You know, Motorola didn’t invent the phone. They invented the cell phone. Uber. Uber did not invent transporting one person from place to place, but they made it more efficient.

 

If you can do something better, faster and cheaper, you will win every time. And that is the value prop. And we do it better, we do it faster and we definitely do it cheaper. And so we take our AI and we manage the risk for the individual. It’s fascinating. So okay so we’re going to shift gears here in chat a little bit about your definition of success.

 

Get to know more about planning your exit strategy by getting in touch with Randy here

 

Planning Your Exit Strategy: Managing Wealth Outside of Business

 

But before we do that I just want to say thanks because like again as you and I were talking about in the pre-interview and how I introduced you to this, this is a problem for business owners being able to manage their wealth outside of the business. And yes, we all need to onward to make investments in the business, and absolutely people can make the argument that investing in your business, doubling down on the investment you’ve made in your business is the best way to bet on you and your long term success.

 

I don’t disagree with that at all, but we also have to be smart too. And think about how we’re managing toward a horizon and a timeline, and we need to think about what’s going to be smart for you, your family, your teammates, and so forth about getting some of that cash out of the business. If you don’t need it to grow and you don’t need it to expand and whatever, give that cash out of the business and invested into something, other assets that will essentially give you the ability to be your own bank if you need to, but provide you with that stability into the future.

 

So, let’s shift gears. And one of the words we did not talk about during our first interview was success. And more importantly, your definition of that word. And sometimes that word is difficult for us as business owners to define. It feels a little squishy, maybe a little bit nebulous. So oftentimes, you know, hearing somebody else like Randy share his definition of that is kind of like, oh, okay.

 

Get to know more about planning your exit strategy by getting in touch with Randy here

 

Planning Your Exit Strategy: How To Determine Success

 

You know, I heard Randy define it this way. And that kind of resonated with me. So, Randy, how do you define the word success? This is one of my favorite things. And I write this on a lot of stuff. But success is determined by your ability to continually create new possibilities for yourself. And that can only happen when you look at every problem, roadblock and hater.

 

Not from a right or wrong perspective, but from a position of extreme curiosity. Okay, so tell me more about that because that seems like, well, one, I’ve never heard anybody define success like that. So that’s cool. But it also tells me that sort of when you meet obstacles or whatever along the way, you’re having like this paradigm shifting moment, either consciously or subconsciously to kind of reframe whatever’s taking place.

 

So take us deeper there. Absolutely. It’s about reframing. And a lot of my private, coaching clients or executives, I’ve used to still do some executive coaching on the side. And one of the biggest challenges they have is being right. Whether you, the CEO of a $1 billion company or you’re managing, you know, four people at your bakery, it doesn’t matter when you have a situation where there’s a problem, something’s, there’s a roadblock where somebody is just hating on what you’re trying to do.

 

You know, with everybody that started a business has had a family member tell us we’re not smart for doing that or a good friend. Oh, you don’t want to do that. Nobody makes money doing that. But instead of being right, wrong, right, wrong energy causes all kinds of grief internally. It really, it’ll eat you alive when we can change that energy and come from a position of extreme curiosity, literally instead of going, that’s not how I do it.

 

That’s not right. You’re wrong. If we can change the internal talk track to say, oh, that’s interesting, I wonder how it’s occurring to them. We can just do that and seek to understand. It doesn’t mean we’re being wrong. You know, I didn’t say just being right. It’s right. Wrong. Just curious and understanding. And you’ll find this is something I teach.

 

You’ll find that when your leaders and in your companies, in your business start doing this, they will be able to disagree and commit and stop the right, wrong conversation. So when you are open enough and they believe that it’s safe to bring up a situation to you, they will do it from their heart. They will do it with good intent, and then they will await your response, knowing that you’re not just going to judge, make it right or wrong because you said so.

 

They will help you. When you come from that position, you cannot help but have success because you’re enrolling the masses and you’re enrolling the people in your cause, and you’re enrolling people in what you want to do. And people believe that your decisions that you make as the leader are rooted in what they have to say and how they feel.

 

And that creates power inside of an inside of a culture that is unstoppable. Isn’t it interesting how if we just take a breath and think, how about number five? Seek first to understand then to be understood? It can be a game changer, right? Yeah, it is a game changer. And the better we get it. Mastering language.

 

Get to know more about planning your exit strategy by getting in touch with Randy here

 

Planning Your Exit Strategy: Knowing That Language Is a Key Component in Understanding Your Discussion

 

You know language is a key component in understanding how to speak the words, matters a lot. You know, it’s actually the only tool we have that will allow us to avoid ambiguity. You know, one of our biggest right wrongs come from our ego driving us to be ambiguous, to live in assumptions and what’s obvious?

 

Anybody on this call? If you’ve ever been in a position where something didn’t go the way you wanted because you assumed somebody knew, thought or understood that you would communicate it correctly, oh, that never happens. Yeah. So you got to give that. That’s you. That’s who I’m talking to, which is everybody. Yeah, exactly. And so understanding that process will help you build the culture, the business and everything you’re doing and as a leader, as someone that’s an entrepreneur running your own show, it’s not about being the boss, it’s about being the roller.

 

And the better you can enroll the more successful you will be. You guys are doing some really, really cool stuff. I flip investors, but. And what I mean by that is about growth. And so like, when you were mentioning to me, you know, beat the S&P 500 by, you know, 12% last year because the Q2 roll out of the app, you’ve going to grow, you know, on pace to grow 1,000% this year.

 

About to, you know, close on some funding, some financing. And I think, oh my gosh. And you’re right, you know, earlier when you said it’s like growth is great, but the reality is Onward Nation, is the more businesses go out of business from indigestion, meaning too much opportunity and starvation because there’s not enough. And so like when you’re sharing all these points like, that even makes me a little bit fearful, right? It’s like, oh wow, this is coming really, really fast. Using your tidal wave analogy. Yeah. 

 

Get to know more about planning your exit strategy by getting in touch with Randy here

 

Planning Your Exit Strategy: How To Push Fear Away

 

So let’s talk a little bit about fear and because I’m really interested to know if you have any tips, any strategies, any things that you have used Randy successfully to essentially push those roadblocks, push those obstacles out of your way, and just move forward with the plan without being fearful.

 

So do you have any tips and strategies that you can share with Onward Nation business owners around fear? Yeah, first and foremost, acknowledge it. It’s really easy to try and not acknowledge it. And do the tasks that we’re not afraid of. It’s a common thing that I see people do. That’s a big scary thing over there. And I have that discussion with that vendor because I need more stuff or I need terms, or I need to renegotiate the deal.

 

You get afraid of it, so you avoid it, and when you avoid it, it just gets bigger and bigger and bigger. And then it causes all kinds of problems. It’s just not good. So first and foremost, you must acknowledge it and then make a plan. Make a plan. Whatever you’re afraid of, you need to put into place what’s going to happen when you conquer it, not what’s going to happen if the monster eats you.

 

How are you going to slay that monster? Right? We spend all the time thinking of what it would feel like if the alligator bit us on the way. No, no it’s not. Think about the alligator biting us on the leg. Let’s think about what it looks like to, you know, catch the alligator. Move the alligator. What? You know, I’m using a crazy analogy there, but the concept is you must face it, acknowledge it, and then plan to beat it.

 

Because if you don’t and you leave it up to chance, you’re probably going to manifest something bad happening that you’re afraid of, which just reinforces the fear. You know? It’s a hard thing to do, especially when you look at the big wide world. But when you said to make the plan that actually, I have no idea why I haven’t thought about this meeting for years, but that for whatever reason, that triggered a memory deep in my mind about being in an on site meeting with a client.

 

And we were talking about a particular strategy, that kind of stuff. And we could feel the kind of fear sort of building in the room, like there are too many things to do in too much time and or the timing was too critical. And I like lots of different stuff. And so, you know, the business owner said, okay, you know what, let’s whiteboard it.

 

Let’s get everything down, all the priorities down into a plan like, excellent. That sounds like a great idea. And there ended up being two things, two things to it. It was like we needed to do number one and number two and then he set up back down at the table and he goes, gosh, I guess it actually isn’t that big of a list, right?

 

Get to know more about planning your exit strategy by getting in touch with Randy here

 

Planning Your Exit Strategy: Take A Breath and Acknowledge the Situation

 

So there was just this it kind of went crazy in his mind about all the different things that would need to be done when reality was actually just two things. But it’s easy to do that to ourselves, isn’t it? Oh man, it’s so easy to do that, you know? Oh no, the release isn’t ready for the app.

 

We told everybody it was going to happen. What do we do? Or, you know, a bigger one that we get caught up in is if we lose a team member, you know. Oh no. Who’s going to do all the things that they did? I don’t know how it’s going to happen. We’re not going to get it done yet.

 

If you stop, take a breath, acknowledge it. Okay. Hey, we got a situation. I’m with you. Let’s map it out. And I love what you just said. I do that all the time, and I sometimes think it might drive my team a little crazy, but I am a whiteboard to death kind of guy. Everything out there, and then let’s go.

 

Okay, so if I can only do one thing on this whiteboard to get to that end result, what’s the most important thing? And then just start prioritizing the lift it needs to get done. And then your job as the leader is to delegate that. All right, team, hey, I need you on that project team, be on this project.

 

We’re going to reconvene in a week, see where we’re at. There’s a great chapter in the book, Extreme Ownership, written by Jocko Willink and Leif Babin. And the first chapter is about prioritizing, executing. And, you know, it’s to take a breath, look around, make a call. But it’s about prioritizing, executing. And sometimes Onward Nation, we as business owners prioritize.

 

Get to know more about planning your exit strategy by getting in touch with Randy here

 

Planning Your Exit Strategy: Know About the Players in Your Team

 

We reprioritize, we lament, we shuffle things. We have conversations instead of just prioritize, execute, prioritize, execute. That’s a great way to just knock down the fear dominoes, right? Randy. Oh, man. That’s a great analogy. Fear dominoes. It’s impossible to just go to the end and knock down the last domino. You know, if you think about it, you want them to be sequential.

 

So hence the word prioritizes critical words. I agreed. So, when I asked you at the top of our, you know, conversation, you mentioned one of the things that was new, inside the business was that you had hired a marketing team. And so let’s chat a little bit about the players. You know, because we hear that as business owners all the time, kind of having a players kind of having players.

 

Totally agree. But I’d like to get your take, your interpretation, like when you think of a player, how do you define a player. All right. Here’s this might be a unique answer like my success one for it. But this is how I function. And anybody on my team will tell you it is true. Number one, they must believe in the cause more than the check.

 

Meaning what? Not what are you going to work for? But what would you work for out on the street? You could get 100 grand. We worked for me for 70. Do you really want to be here? I didn’t mean I’m going to pay you 70, but would you do the job for 70? Because if they can’t, if they’re.

 

If an eight player is not only there for the check, do you have to pay them? And should you pay them? Well, yeah, absolutely. It’s not what I’m saying. The buy-in to the cause and the mission must outweigh the ego’s desire to get paid. I use Tom Brady as an example all the time. Would you agree?

 

He’s pretty good. Yeah. You know, I would say he’s marginal. Okay. Can’t. I’m kidding. Of course you do. He’s also in the middle of the pack of pay. I did not do that. Okay. You know why, So that they have more money to hire other people, so that they can make the team better. That doesn’t surprise me. That’s interesting though.

 

Get to know more about planning your exit strategy by getting in touch with Randy here

 

Planning Your Exit Strategy: Hiring The Right Person with The Right Skillset for Your Team

 

So when you think about that and you put that analogy into play, particularly if you’re a small entrepreneurial business, you know, we’re not intending on doing small things. By the end of 2021, we’re going to have 3 million users. Now that’s mind boggling. But why are we going to be able to do that? Because instead of hiring one marketing guy, because of their desire to be on the team and work for the cause, I get to.

 

So now the productivity of the two is double for the same cost. Now, is that just about Randy making the most money? Nope. Because guess what? I’m the lowest paid guy in the company. And so when we think about hiring the right team, the right team has to be willing to do what’s necessary. And that is that, again, that’s just one piece of it.

 

Okay. So then you need to make sure that the metrics you need that person to do are something inside their skill set. It’s got to be something they do. It can’t be your buddy from high school or a nice guy you did in a previous job, or someone who knows a little bit about marketing. No, no. You need to get good ones at whatever it is they do.

 

They’ll try to stuff a sales guy into a customer service role, or some person that does computer programming into a sales role, to make sure that their skills are aligned with the thing you’re asking them to do. And if you put those two things together, you can’t help but grow and be successful. 

 

This has been awesome, my friend. Again, this is exactly why I was super, super excited Onward Nation when Randy said yes, for these types of perspectives and insights and wisdom that that was really, really great.

 

So I know we covered a lot, Randy. And I want to be conscientious of the compression of your schedule. But before we go, before we close out and say goodbye, any final advice that you want to share? Anything you think we might have missed? And then? And then please tell us the best way to connect with you.

 

Get to know more about planning your exit strategy by getting in touch with Randy here

 

Planning Your Exit Strategy: Final Advice and How to Connect with Randy

 

You know, the best advice I can give people is to automate everything. Automate as much as you possibly can as early as you can. This will allow you to do one thing, which is scale. If you’re unable to scale, all you will do is create yourself a job inside your business. Don’t confuse being an entrepreneur and a business owner, which is building a job.

 

So when you start to automate and you start to be able to scale, you can really start replacing yourself and stepping back and back and back. That’s the way you grow out of your business doesn’t mean you want to leave. You can still do whatever you want because it’s yours. But just be conscious of scale. Don’t build systems and processes based on people that you can’t scale.

 

That’s what would be a top piece of advice I would give folks, especially if you’re starting out. And then the way you can get Ahold of us is pretty simple. Our website you mentioned earlier is iflipinvest.com, with all kinds of information videos on there. And for those of you that are yeah, particularly if you are actually we’re in we’re in plenty of countries so it doesn’t really matter where you are, but you can if you have interest in looking at our software and just learn a little bit about it, you can get on our calendar for a private interview about it and private lessons, only 30 minutes.

 

But they’ll, you know, show you what we do. You can simply text the word invest. INVESTt to (480) 418-0300 text the word invest and you can learn all about what we do. It’s not a sales call. It’s not a sales presentation. This is something we do to help educate people, to understand that the way they’ve participated in the market in the past is not the way they need to do it in the future, and that they do need to be participating.

 

It’s great. And, you know, you said yes and came on for this encore to to teach and to share and to really peel back the curtain, no sales pitch at all. And, and I love that. I’m really, really grateful for that. And Onward Nation, no matter how many notes you took or how often you go back and listen to Renee’s words of wisdom, which I sure hope that you do.

 

The key is, like we talked about before, prioritize and execute. Take what he so generously shared with you, take it and build the wealth outside your business. Prioritize and execute. And Randy, we all have the same 86,400 seconds in a day. And I’m grateful again, my friend, that you said yes came on to the show. You are our mentor and guide for a second time.

 

Thank you so much, Randy. You’re quite welcome. Thanks for having me. This episode is complete, so head over to OnwardNation.com for show notes and more food to fuel your ambition. Continue to find your recipe for success here at Onward Nation.

 

Get to know more about planning your exit strategy by getting in touch with Randy here