Last Thursday I spent over an hour talking with Chris Senske and Mike Rorie, two great industry veterans (webinar recording here).
Many great ideas came from that conversation; one that stuck in my head is when Mike said that his personal wealth came from building his team.
I have often stated that building one’s leadership team is the silver bullet to building one’s business, and Mike confirmed this when he declared that the value of his business was directly tied to the value of this team.
Notice it is not tied to your balance sheet or equipment. Nor did Mike say it was tied to his client base or property, though surely when you sell your business those are valuable assets people are buying. But what is creating that value?
It’s your team; they allow your company to expand, innovate, develop and implement systems, and take advantage of our great economy.
Plus, a great team will help you navigate when the road gets bumpy. A good friend and long time client John DeLisle of Grasshopper Gardens reminded me that he grew all through the great recession and has been growing right along. His long standing team has led the way.
You don’t need to be the smartest person on your team, as Mike said; you just have to be smart enough to hire the right people. As MIke’s profit grew, he reinvested it back in his business and scaled up his team…and his company.
Thank you Chris Senske and Mike Rorie for both sharing such great intel.
In a few weeks on March 28th, we will have Part 2 of Start The Year Strong, with two more industry veterans. Register here. These are the smartest people in our industry, you don’t want to miss it.
Your Challenge: If you have a clear vision for growth, then you will be more apt to hire the best people when they come your way.