Tom Krol: The Coach's Coach

Unlock the true potential of entrepreneurship with Tom Kroll, the revered coach's coach, as he shares his journey from job dissatisfaction to becoming a real estate investing powerhouse. This episode promises an arsenal of strategies for nurturing a business that flourishes on its own terms—imagine a garden that blossoms with minimal toil from you, the gardener. We navigate the realities of entrepreneurship and partnerships, offering hard-earned wisdom on initiating uncomfortable dialogues and the importance of transparent agreements. Tom's life-changing insights on business growth and autonomy are sure to ignite a transformation in your professional landscape.

Ever wondered how the most successful individuals measure wealth and success? Here's your chance to redefine these concepts for yourself. We dissect the common misconceptions surrounding wealth, uncovering that it's not about comparison but about achieving your own standards. I also share my personal toolkit for maintaining confidence in the entrepreneurial arena, with strategies like weekly net worth evaluations and a focus on consistent revenue generation. This episode will equip you with the financial acumen and personal fortitude required to forge a path to true success.

Prepare to elevate not just your business acumen but also your personal growth, as we underscore the profound influence of your inner circle. With anecdotes from industry mavens such as Chris Jefferson and Robert Winsley, we stress the importance of authenticity and the power of a daily reading habit. Furthermore, we dissect sales and communication techniques that can reshape entire conversations and businesses, revealing how a simple "BAM" can make all the difference. Join us for an episode packed with actionable insights designed to sculpt a monumental shift in your life and career.

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Transcript

Speaker 1: 0:00

Hey guys, welcome to the Titanium Vault. I'm your host, rj Bates III, and today I have the honor of sitting down with the coach's coach, mr Tom Kroll. How you doing Tom Bam. There you go. We each got our bam bells.

Speaker 2: 0:20

I'm doing well. It's great to see you. It's great to see your face, it's great to hear your voice. I love your energy, brother, so it's good it's such an honor to be here. Thank you for having me on.

Speaker 1: 0:30

Yeah, one question before we get into everything Did you shave before coming on the?

Speaker 2: 0:36

podcast? I did. I was in my garden, so my cotton candy Jamaican cherry tree is loaded with cherries I've got about a thousand but papayas are ready to pick. My pineapples are putting out little sprouts on the pineapple, so I've got one ready to pick. My avocado tree is not no fruit, but I was in my garden and brother, I'm going to let me. Can we start with a controversy like right out of the gate? Yes, all right, right out of the gate. Let's use a nice like getting people off the fence right.

Speaker 2: 1:08

The best business analogies and life analogies and metaphors come from gardening, not from sports. I love sports. There's nothing wrong with sports, I know, I know, but we're going to divide your audience. Right on the first 30 seconds which I see, all these guys with these sports analogies and everyone's giving bill, uh, belichick a whole bunch of praise. And then all of a sudden it was tom brady and I'm like all those books on defense. I read what the heck happened with the garden man. You know why I could go on vacation with my wife for three months? Because I got an automatic irrigation timer in my garden. There you go all right.

Speaker 1: 1:44

So, as the sports analogy guy, I do respect it because you're right, gardening does offer, uh, quite a bit of analogies there, uh. But the reason why I asked you if you shaved this is like I thought that was hilarious. You said, hold on, let me shave real quick. Then I'm like, of all podcasts that you didn't need to shave for, it's mine. It's mine, brother, we're okay with you.

Speaker 2: 2:05

I love that you got strong beard game brother. Yes, I was like mine was a whole process shower shave. I was old, I had muddy hands, but yeah, I've got beard envy for sure when I'm on this show.

Speaker 1: 2:18

Well, I appreciate you sitting down with us today, man, and, like we were talking about before, you're going to share some tips today on how to essentially for lack of a better way to put it put more money in our audience's pockets. Right, that's what everyone wants. But before we get into that, break down kind of your story and what is your relationship with real estate investing. Because, man, you've had a crazy journey over the past, however long it's been.

Speaker 2: 2:47

Yeah, super quick, I'll just say this I started off. I was miserable working. I have the hero's journey right, so it was like the same thing. I went broke. Everybody has the same story. So just in your mind, just say I have the same story, right, okay?

Speaker 2: 3:03

Next, my older brother taught me how to do a little niche of real estate investing. I was all in because I was at my wits end and I went all in, I crushed it, I did, it was awesome and it was good timing. It wasn't just because I was so gifted, but grit, it has a lot to do with success Went on to then coach that little niche, created the number one coaching program in that niche. Thousands of students it was phenomenal Ended up selling that business. And then what started to happen is a lot of entrepreneurs and coaches and all sorts of people said, hey, you know, I want to have a business that runs without me and I want to. You know, I would love to be able to either, you know, have a business that's profitable and growing and it's funny. Actually, I've had now multiple exits.

Speaker 2: 3:51

But I will say this the first time I went into the broker it was, it was literally out of, like a, it was out of a storybook, like a TV special for PBS it was. It was an older guy, he was a sweetheart, he had a suit on. You know the whole thing. And when I went to the broker, he got up in the middle of the meeting he tapped me on the back and he was like son, you don't have a business, you have a job. And he walked out of the room and he didn't say another word, that was his whole sentence. He said no, you don't have a business, you have a job.

Speaker 2: 4:20

And he left, left, and then I was sitting there with, like, his assistant and my assistant, and, oh man, but then I learned through, uh, some amazing people, uh, through some amazing organizations, there's only two types of businesses. There's one that you run and there's one that runs you. And everybody says, uh, that they have the one that runs without them. Until you ask their spouse and they're like no, no, he doesn't know. Like we can't, we can't do anything. What do you mean? That's awesome.

Speaker 1: 4:48

What a humbling moment, though. I mean, you're sitting down with a broker to sell your business and it's basically like we have nothing to talk about, right yeah, literally, just literally nothing at all, but that's sometimes what you need.

Speaker 2: 5:02

you know, that good punch in the gut is is for a guy like me, which is yes.

Speaker 1: 5:07

All right. So you said before you want to break down, like from a 50,000 foot level, some things that people, actionable items that they can take to put more money in their pocket. So let's, let's break that down.

Speaker 2: 5:19

Yeah, anyone who's listening. So, brother, let me just say this I appreciate you haven't let you having the space to share this. As a business consultant, one of the greatest advantages I have is that I get to see the P&Ls of all of my clients' businesses. So I don't want to see anything about the Lambo and the plane and the rented yacht. I get to see the actual P&L and so everything that I'm going to give you.

Speaker 2: 5:48

If you're listening, guys, if you're listening to RJ's podcast here, take a pen and paper and take this. This is not satirical, this is not just pulled out of thin air. This is what is working right now in business. And, of course, it's all the old rules, right, all the old stuff, and I'll just go through them. I've got about 88 rules in business. We're not going to go through all those, but I'll give you like the top 10 that I developed over time of being a coach, a consultant and things like that. If you take all the most successful people I know the most successful people I coach this is what they're doing, and the ones who are struggling and suffering, this is what they're not doing or not doing correctly.

Speaker 2: 6:26

And I will say too, rj, the thing is, if you look at entrepreneurs, you're like, well, what brings down these entrepreneurs? There's five primary things that bring down entrepreneurs. It's debt, divorce, health, legal taxes. This is like the top five. There's another two which makes it seven total. It's like bad partnerships and insurance mismanagement, depending on the industry you're in, but those are like that's it, and a lot of those we can avoid and we don't have to fall into those traps. So what I'm going to give you is key, and the first thing I'm going to give you is not even the first rule, which is guys, this is what you got to do if you want to experience success and wealth. You got to measure your net worth.

Speaker 2: 7:06

I think a lot of people, especially who come from real estate, they get into this mentality of cash flow, and there's nothing wrong with cash flow, but you know who makes decisions on what they can afford month to month by cash flow Poor people, not wealthy people. So there's nothing wrong with cashflow. Cashflow is great and fancy and all that stuff, but when you go to make a decision, you've got to make a decision based on how is this going to affect my net worth, not just my monthly cashflow. You've got to one of the rules that you've got to allow in business is you have to make sure that every single time the business earns a penny, you've got to make sure your net worth is going up. If, when your business earns money, your net worth doesn't go up, something in your finances is broken, severely broken. That's a red flag, nine alarm, fire, whatever you want to call it. And you've got to measure your net worth every single month, every single week, to start, especially if you think you're, like, really wealthy and you don't have to, or especially if you think you're fine, or especially if you don't want to because you don't want to know what it is.

Speaker 2: 8:17

Dan Sullivan teaches us that the number one thing for entrepreneurs is to protect your personal confidence. This is part of that. Do it with your spouse, your partner, your significant other this is a family activity with your partner. Every single week, measure your net worth. Basically, your holdings should be 50%. If you take a look at what everyone teaches us in all of these different books, a great little breakdown of where your savings is sitting 50% real estate, 20% cash. I know that's high. I know that's high. 20% cash, 20% S&P 500, 5% physical gold, 5% high risk speculation account. So high risk, high reward Bitcoin is fine for that, but that's a really safe, good, honest, wholesome way to grow and experience compounded success. So before we go into any of those rules, measure your net worth and when you do that you're like, oh man, $50,000 for a car I can afford. That, not a $50,000 car is 20% of your net worth. You cannot afford it. So little thing like that Does that right, easy, peasy, lovey queasy.

Speaker 1: 9:27

Yeah, I was going to say, all right, well, that was a great interview. You already gave everyone enough, just on that. That's not even rule number one.

Speaker 2: 9:35

That's not even rule number one. All right, we'll go through some of the top 10 rules to keep you safe, make you more money and bring a lot of peace and stability to your household and your life. Because, remember, guys like, hustle is a season, it's not a lifestyle. You want to meet miserable people, meet people who keep chasing cash and they try to like, monetize every relationship and every single conversation and they're in hustle mode. In their 50s, 60s, 70s they're they're miserable. They have some money Sometimes, most of the times they're broke. But even if they have some cash, they're just miserable human beings. So hustle's a season, not a lifestyle. Here's rule number one.

Speaker 2: 10:09

Rule number one revenue in first position, especially if you're a new entrepreneur. But even if you're a season one, remember that the structure of your day first revenue, revenue first Revenue is how you have happy customers. Revenue comes first. Structure of your day is revenue in first position, then fulfillment. You got to bust your hiney to take good care of the people who paid you their hard-earned money. Third part of your day is numbers. That's the structure of your day, whether you're just starting or you're already the operator or the owner of multiple corporations. The owner of multiple corporations. So revenue in first position. Not logos, not domain names, not websites, not your signature embossed on a gold card for part of whatever branding is which I still, to this day, I have no idea what the word branding means. All I know is a lot of people waste a lot of money. I need to open a branding company because you make a lot of money in branding. No results and fancy colors. It's like, oh, I'll charge $30,000 for that. So number one revenue in first position.

Speaker 2: 11:09

Number two rule is a little harsh, but just realize, guys, everyone's full of poop. I'll just say Everyone's full of poop. Don't compare yourself to anybody. I know this is common knowledge, but just assume everyone is full of poop. Right, it looks like I have an amazing dog back there, luna. She pooped in the foyer so much the other day, like she looks great online, right, but this dog is a beast. She is not completely housebroken yet.

Speaker 2: 11:36

So, even though everything looks great online, it's not always Number three is that number three, and this is such a big one. If you really want to experience success but you never stop doing what works, like brother, you would be absolutely blown away by the conversations I have with clients. They'll say well, I did this and you know we made $180,000, but it was like this one time, like, and we never did it again. Like what, what do you? Or or it was like this one time and we never did it again. Or sometimes they'll hire a marketing agency and the marketing agency sales pitch is like everything you're doing is totally wrong and we're going to fix it. And then they just stop doing what works and they abdicate some marketing agency. So rule number three never stop doing what works on that one tom.

Speaker 1: 12:23

yeah, I, I want to add kind of blend, uh, two and three together, uh, just because two has uh poop in it. Yeah, I, I always like to talk about it's uh, the, the analogy or the story of you know, if you have a bottle of water like I've got my bottle of Prime here, right, and if you were to drop one little tiny particle of poop in this bottle, you would not drink it, right, it ruins it. But in business, 99.9% of this is good. It's just that one little particle that ruins it for you to drink. But in business we do the same thing. Everything could be going great in our business.

Speaker 1: 13:06

But the one time something goes wrong maybe it's a bad lead or a bad deal or something like that we get so laser focused on that and then we decide all right, we're just going to make this huge swing, we're going to stop doing that lead generation tactic, we're going to stop doing those types of deals, because that one time that went bad. And then it's like from the outside, looking in, you're like that's so foolish, like you. Just it's like you made two hundred thousand dollars doing that. Why? Because one time it didn't work out for you. You know, uh, I see that time and time again, specifically on coaching wholesalers. Uh, wholesalers love to do that more than anything. It's like I ran $5,000 direct mail campaign. I didn't get any deals, so direct mail's dead and I'm out. And it's like no, no, no, no, you're just going to watch, the leads are going to come in later on, but if you just move away from it, it kills it. So I just wanted to add that in there, because I'm like yeah, no.

Speaker 2: 14:01

Brother, I totally, 100% agree. I think that the other thing specifically to your point that you have to be careful of there, right, is statistical anomalies. If you send out 5,000 pieces of mail, you may get three deals and then your math will tell you that, oh, if I send out 10,000, I'll get six. Well, no, you can send out 10,000 and get zero, right. So whenever you got to follow, you got to follow the rule number seven, the seven rules of marketing. The first it's got to be copied. It's got to be big, because nobody wants to sell their house and most people don't want to sell their house. Most of the people who do want to sell their house don't want to sell it at their your low bowl offer, right. So it's got to be copied big. It's got to be a singular channel. All be copied big. It's got to be a singular channel. All people who suffer and are miserable or I want to be everywhere People who are making a hundred thousand dollars a month dominate one channel at a time. It's got to be consistent to your point. It's got to be fast response. We know for a fact from AB split testing your conversion rate falls off almost 50% per day every 24 hours that you wait to reach back out to people. It's got to be trackable, right? No branding it's dollar in, dollar out. Every time I spend a dollar in 90 days in marketing, I need $2 back or we kill the channel, right? Just simple little things like that instead of like all this complicated stuff. And it's got to be delegated right, it's got to be. The owner is the worst person to work on marketing. If you're doing your own marketing and you don't have a VA for $8 an hour making sure your stuff is is being consistent, then every time you're working on fulfillment or deals, your marketing is. If you look at the people who suffer, they are always breaking one of those seven rules. Right, it's. Either it's, it's. The rules are big, it's copied. Big, singular, consistent, fast response, trackable, delegated. That's your marketing. You are either following the old old rules of marketing or you're breaking them.

Speaker 2: 15:56

Oh, I designed my own postcard. What are you talking about? We've got 15 million postcard mailings. We know exactly what works. Why would you?

Speaker 2: 16:06

This is not your hobby. You have a responsibility. A business is a group's collective talents, collaborating to love God's other children. You do not. This is not your. Those amateurs do that. You're a professional. Your business acumen needs to come up.

Speaker 2: 16:19

This is don't do what you love and you'll never work a day. You do what you love. Yeah, you'll never work a day in your life is right. You'll bring no one value. You'll be an amateur.

Speaker 2: 16:28

We don't monetize what we love. Only rookies do that. We monetize what the market loves so that the market can pay us, so we can do what we love. We don't have to monetize things we love. We will find things we love in the good work of serving the market.

Speaker 2: 16:42

But this whole idea of like, anyway, I don't go off on a tangent. Yeah, let's go Coming in with the fire this morning. I love you, brother, my goodness gracious. Business is easy. Owners are complicated. So, yeah, rule number four. What's number four? Oh, brother, never partner when you can hire, never. Yes, let me can I ring the victory bell for a little NLP interruption here. So everybody remembers this rule, guys never partner when you can hire.

Speaker 2: 17:14

You think the likelihood of you going out of business as high as an entrepreneur? Try partnering, you're almost get every I could count. On one hand, I mean, it's unbelievable. Do partnering is a lie. It starts with a lie of like oh, I'm good at this and RJ is good at that, and RJ is good at that and Tom is good at this, and so we make a perfect pair of 50, 50 partners. Let's go. We've been friends since high school.

Speaker 2: 17:39

What, what, no, no. If anybody, what, no, no. If you're listening to this podcast and you have a partner, have the awkward conversation right now. No one has ever built anything great without awkward conversations. Call the partner right now. Cancel the partnership. Be respectful of the other person. There's no such thing as 50-50 partners. Could you imagine people being that equally yoked? You know I love partners. Yeah, if, look, if, if, uh, you know, mr wonderful from shark tank says I'll do, I'll introduce you my network and I want three percent equity and a dollar for every sale in perpetuity. Give it to him, because you can't hire him. But you don't just partner with some random person.

Speaker 1: 18:21

So hey, listen, as someone that started as an entrepreneur in a partnership with cassie and we've been partners for 14 years, it has been hard. There's nothing that's been easy about this, and here's the other problem. Uh, we didn't listen to tom um and so we didn't. We didn't know rule number four. So we tried to partner time and time again, and the downfall of titanium was one. I was a bad leader, but I also made a bad decision in trying to partner over and over and over again with different people in different locations and different businesses. Every single one of those failed. The only partnership that has worked has been me and Cassie Right, and it's been miserable going into those different partnerships. I completely agree, all right.

Speaker 2: 19:08

Rule number five Just one quick point, because if somebody is in a partnership or thinking about it right now, we're catching them right before. Three important things this is not a handshake agreement. You go to a trial attorney and you have them write the agreement. It's in writing or it doesn't count. If it's not written down, it doesn't count. Trial attorney writes the agreement. Number two you write the divorce before you write the marriage. So decide on how you're going to break up before you get started. Number three is have the hard conversation of what matters most, and you know what matters most. Hey, rj, I'm really excited. I'm looking forward to this partnership. Here's what I'm not going to do. Everyone's so excited talking about what they're going to do and what it's going to look like.

Speaker 2: 19:46

Start with what you're not going to do. This is the. This is the. This is the little seed that grows into the oak tree that kills. It is that you've got to start with. Hey, I've got five kids, I've got a wife, I have a dog, I, I, I just, brother, I'm going to tell you right now. I'm good for about two hours every other week. You'll have access to my network, which has a lot of depth and breadth. I'll do a consulting call with you. I'm not going to be traveling. I can't do sales calls. Don't expect more than two hours a week. Start with what you're not going to do. Rule number five. Rule number five I wish there was a course in high school that taught rule number five, because it would save so much.

Speaker 2: 20:22

And this is you know. This is what are we really talking about here. Right? Why did? Why do people, whatever your you know there's two. I don't even know what to say because it's so. I really it. Honestly, it breaks my heart because I see so many people suffering.

Speaker 2: 20:38

Entrepreneurship is is really, really easy. Wealth is something that you guys, if you're listening, should write down as this. Wealth is a comparison to someone else. Right On this call. Right now, either RJ has more money, health, relationships, mobility than I have, or I have more than him. It's comparative For one of us to be richer than the other. One has to have more money than the other or some resource. Success is the total polar opposite. Success is an internal comparison to our ideals. So who's more successful? I have no idea. I don't know what's important to RJ and how much time he gets to spend with who he loves and his hobbies, or maybe he has a particular goal in mind. So, wealth, external comparison to others, success, internal comparison. So here's where to your ideals. Here's where rule number five comes in.

Speaker 2: 21:31

Whatever you're doing in your life, only take feedback from five people. Here's our. Here are the people. They have to fall into one of these camps Are you? Just keep turn them off. They either love you, which is a very small number I know most entrepreneurs think that there's going to be 10,000 people at their funeral and, like the fire trucks are going to be shooting water, like in stopping traffic. It's not going to happen, right? So they either love you, they pay you, you pay them, they regulate your industry, or they're already where you want to be. That's it. If they're not in one of those five, not only am I not going to take feedback from them and their opinions, right, and this is not because they're bad people. They're not nefarious. They might be good people.

Speaker 2: 22:13

But Jim Rohn teaches us that you are the average of the five people you spend the most time with. Almost nothing is more true in business than that. And if you think that you're a people pleaser which, by the way, if you're a people pleaser. You're a people pleaser which, by the way. If you're a people pleaser, you're a liar, right, so stop doing that today. But if you're a people pleaser and you think, well, I'm just going to spend time with these people and it won't rub off on me, try going swimming without getting wet. You don't even realize you want to hang out with good people. The first thing you got to do is stop hanging out with the wrong people. That's the secret. So rule number five is key. Those are the only five people.

Speaker 1: 22:47

Tom. On that note, I'm going to give a perfect example of this. Okay, yeah, since September, when we joined Family Mastermind, we got to hang out with you for a little bit. There I got approached by people that I look up to and I will listen to. I'll give one example. Well, I'll give two Chris Jefferson and Robert Winsley. Okay, so, chris Jefferson, friend of mine, highly successful coach, robert Winsley I repeatedly call him the Elon Musk of our industry with what he's created with InvestorLift.

Speaker 1: 23:28

Him the Elon Musk of our industry with what he's created with investor lift and, uh, just a, a great friend and, and you know, mentor to me, even though he doesn't realize it, right, right, they both came up to me and they said that, dude, why are you not like pushing that? You're the king closer with your education? Like that's what you're known for. You've got to change the the the narrative on how you're the king closer with your education, like that's what you're known for. You've got to change the narrative on how you're trying to sell your coaching program. And I listened and I could have been stubborn and said no, no, no, I know better. We had been running our two-day bootcamp for three years and I'll tell you.

Speaker 1: 24:04

The worst part about running the two-day boot camps was the sales process. I constantly felt like we were trying to convince people to come and why we were better than everyone else. The moment that we shifted the narrative to it's not a two-day boot camp, it's not called the titanium crucible, it's about the closers formula. It's about I'm the king closer, this is what I'm really good at. We teach you. We immediately sell out everything. Some process is is super easy.

Speaker 1: 24:35

Why? Because of what you just said, I listened to someone where, hey, they're where I want to be right, and they said this is what I would do if I was RJ Bates. So we came back and we did it and then all of a sudden, boom, massive results followed. I could not agree more, man, because you know, I mean people try to give us advice on what to do. Oh yeah, everyone, everyone, everyone. The dude handed me my, my Taco Bellican pizza wants to give me advice. You know, I mean, it's like it's just, everyone wants to give that advice and and it's important that, as an entrepreneur, you listen to the right people, not just whatever you want to hear one, I think. I think that's what most people want to do. They wait until someone says what they want to hear and they say, well, that's what I'm going to go do.

Speaker 2: 25:27

Oh yeah, we're all constantly building evidence for whatever we believe. So that's our whole, basically, life, right? We add the origin. You know, in my opinion, the origin of every result is a belief. People are like well, change what you think about, that's almost impossible, but change what I believe, I can do that in two seconds. Right about, that's almost impossible, but change what I believe, I can do that in two seconds, right. So I think that, um, yeah, and I, I totally, I totally agree, brother, because just sometimes it just takes one little insight from the right person and, uh, yeah, I mean, we could talk about that for hours. I did.

Speaker 2: 25:58

I did a thing once where I wrote on my board Um, this was now many years ago, maybe seven or eight years ago and I heard the Jim Rohn advice you're the average of the five people you spend the most time with. I made a list of the five people and I said, okay, outside of my family, who am I spending the most time with? Would you know, man, literally I was dead average on net worth, income, health, weight, fitness, like all my physical act. I mean. It was even like the fact like married with children and like like one single guy rest all married with, like I was the average. I'm telling you, if you want to up your game, this is yeah, and it causes a lot of suffering if you don't do it. I love that, all right. Rule number six oh man, can we talk about another? Perfect, all right, I'm just going to say this one I don't care how good the people involved are. When I know I go fast, I'm going to slow down.

Speaker 2: 26:55

When everyone involved in a project is part-time, the project will fail every time. So, whatever you're working on right now, if you've been suffering, if you're taking a lot of time, if your spouse is angry with you, if you're not making money, you know consistently, you know a good net income. If you're not doing that, I am telling you right now, go to, you know onlinejobsph or upworkcom and you have got to hire a full time executive assistant right now. Whatever the project is, I don't care if you're oh, my goodness, I'm so excited because this guy and this guy and even RJ Bates is going to be a part of it. I don't care who they are when everyone is part time and no one's waking up in the morning thinking about the business, going to bed thinking about the business. When there's not that full-time person, the project will fail every time.

Speaker 2: 27:51

And an executive assistant, just as a side note, should be everyone's first hire. If you are an entrepreneur and you don't have an executive assistant, read Jan Jones' book. Jan Jones teaches us about that. She was the executive assistant for Tony Robbins. Read her book called the CEO's Secret Weapon. Here that she was the executive assistant for Tony Robbins. Read her book called the CEO's Secret Weapon.

Speaker 2: 28:08

Here's your executive assistant. They must already, just like all people you hire. They must already be working or you don't even bother interviewing them. Number two has to have a bookkeeping background. And number three, they have to have a college degree, because most entrepreneurs don't or they don't, follow through in routine. So a college degree shows a certain level of follow through and a certain level of intelligence. But and the best way to do it is interview a whole bunch of people get down to two or three.

Speaker 2: 28:32

Let your spouse do the final hire because, for a few reasons, they're usually a better judge of character than we are and because you're going to be spending a lot of alone time with that person. And it's inappropriate if your spouse isn't involved in that hiring decision. But get an EA immediately if you don't have one. And if everyone's part-time, get out of that project. I don't care about how cool it is and who's involved. Jump. I cannot tell you how many times this has saved my butt. I was in. I mean I don't want to go into it, but I will tell you this has saved my butt and my client's butts so many times when I'm like, okay, so who's full-time? Well, he's doing this and she's got a project she's wrapping up and this one has a TV show. But he's really popular and no one's full-time.

Speaker 1: 29:18

Every time. That's the key. All I'm saying is I can't believe that this podcast is free. I feel like I'm the luckiest person right now. I'm just getting I'm like getting a master's degree. I'm like, yeah, yeah, we're not doing that one, right.

Speaker 2: 29:31

Oh no, no Taking notes over here I learned from you, brother. I learned from watching you. That's good stuff.

Speaker 1: 29:36

Yeah, awesome, so that's six. Right, that's four over six. It was seven the seven of marketing, marketing.

Speaker 2: 29:46

Seven rules. We already went through them. Easy, lemon, squeezy, all right. Number eight, oh, number eight, okay, this is why the top 10 are the top 10, right, because if you take all of my successful the most, if you said, tom, of all the people you've ever worked with, of all your peers, your colleagues, this is going to be true for you. There is almost nothing, except for a handful of things. That is always applicable, right.

Speaker 2: 30:13

For all the wealthy and successful people, or at least the people that appear to be successful, and I know who's wealthy based on their P&Ls right. What are the commonalities, the common threads that run amongst all of these people? Well, they have a few things. First of all, if they're an operator in their business instead of an actual visionary or founder or, you know, an actual owner, they only they embrace the power of the one thing, right? Daniel Lappin teaches us this, gary Keller teaches us this, scott Alexander teaches us this, right. So all the great men who went before us and women, teach us the power of the one thing. Focus more on fewer things. But what do they also have in common? Every single one, and there's not been a dissenting opinion in over 2000 years of recorded history. Every single one reads, every single one. I cannot stress this enough Commit to eight pages per day.

Speaker 2: 31:05

If you are failing as an entrepreneur, if you're failing, if you're, if you're, if you forget generational wealth, all this, oh how much money. You're not the Rockefellers, nor would you want to be, because they had to break a lot of laws to become the 1% of the 1% are never good examples. No one should want that sort of goal. That's not really a good goal. So what is generational wealth? That's not how much money. The least of these things, the least thing that you has to do with generational wealth, is how much you leave your children. That's nothing. That's if you, if you, by the time you die, if our kids are in their forties and fifties and they're have low self-esteem and low self-worth and they have bad impulse control and bad willpower and they have. If your kids haven't made it by the time they're 40 or 50, the worst thing that you could do is leave them a lump sum of money. Generational wealth is generational wealth is them learning by example, them watching you, read them, watching you how you work, how you treat people. Are you kind to people? You're worth ethic, turning off work at a certain time. This is generational wealth. You reading is generational wealth, not you leaving them a million dollars or 5 million. What is that going to do? It's going to ruin their life. Yeah, so read, commit eight pages per day.

Speaker 2: 32:21

Um, and there's a little system I use on all of my books. This is one that I'm going through right now by bill glazer. It's called outrageous advertising. It bill glazer's a genius, by the way. Um, I use a little tab system in all my books. There's like three tabs. It tells me like hey, this is a word I need to know. This is an action step I should take. This is something that's good for a client, but just, I mean every there's. So this guy's such a genius. By the way, this is Dan Kennedy's guy partner, or whatever.

Speaker 1: 32:47

That book is full of tabs right there. That must be a good one.

Speaker 2: 32:51

This is Bill Glazer is a. All the best books are old books, and this is. There's not a dissenting opinion, brother. There's nobody in the world who ever says, oh really, and this guy, these guys, here's the thing. If you oh my goodness, I could go for an hour, do you really don't? Even, brother, if you just read, if your audience reads eight pages per day, the advantage that you have by the neurons in your brain building and connecting is so phenomenal you will be light years ahead of everyone. Because nobody reads. You know what they do? Oh, I'm an audio or a visual learner. It's already been disproven by science. There's no such thing as audio or visual learners. We all are audio and visual learners.

Speaker 2: 33:30

If you can read street signs, you can read a book. Pick up a book. Start with easy books like Rhinoceros, success, the Dip by Seth Godin, dream First, detail Laters by Elaine Bennett. Read a simple book the Four Spiritual Laws of Prosperity by Edwin Gaines. Commit to eight pages per day and nobody reads. They all listen to Audible. Audible is great, I love Audible, but it doesn't replace reading and you'll be ahead of the game by miles and people are like well, you have to implement the book. Don't listen to silly advice. Read books. Don't worry about implementation. You'll learn how to do that later.

Speaker 1: 34:09

Your vocabulary will get better. If you get tired when you read, stand up when you read, I don't know what else to say about it. Here's the other thing about reading. I mean sometimes when you read books, it will transition your mindset to make such a massive change in your business and your life. To make such a massive change in your business and your life For me.

Speaker 1: 34:28

I can point back to several books that did that, where it's like it wasn't necessarily that the entire book like for me. I love the book Relentless by Tim Grover. Okay, yeah, but why? Because it spoke to me. I'm a cleaner, that's my personality. That might not necessarily be like a book that like moves the needle for Tom Kroll as much as it did for me, and it's a story about Michael Jordan and Kobe Bryant, dwayne Wade I mean, it's really nothing about I don't play basketball, right, but it was a mindset thing and me embracing who I am, and it gave me energy to make a change at the time when I needed to make change in my business. So the implementation came from the inspiration of the words and the conviction in which he spoke about how great these individuals were and how they became great 1,000%, and that's why sometimes people think it's like well, is it the exact instruction?

Speaker 2: 35:28

I could not agree with you more. It allows you to make new connections. It allows you to see things from someone else's perspective who's been successful. So you don't necessarily need a book, and actually I have something for your audience. I just thought of this right now. But coachinginccom forward slash 21 books. Coachinginccom forward slash 21 books. Coachinginccom forward slash 21 books. Go there, do not pick your own your first 100 books. Do not pick your own first 100 books or, god forbid, you'll read something like I won't even name because it's so popular and it's so full of BS. But just like rule number two, guys, right, everyone's full of poop. Well, so are 80% of the books written, and if you have a fancy cover and they're new, they're probably not good. So read the books your mentors read, read. And it's not about how many books you read, it's about how many times you reread the same books. So get good books that actually are not trying to just sell you something, but have something to say from a successful person, and that will make a big difference.

Speaker 1: 36:25

But yeah, so I'm just going to make a little innuendo here and I'm going to judge it based off of your reaction, but I feel like this interview is really starting to gain traction. Let's add some rocket fuel to it here and move on to question number nine. I don't know, I didn't get the reaction. I don't think I got the book there. I was going. I always give traction a hard time.

Speaker 2: 36:52

Oh, traction EOS. You mean Vern Harvish and Gary Wickman, right, and those guys Well, I prefer. I like the E-Myth a little bit better. Eos is not on my top 21 books. I think that the problem with EOS in this particular industry is it's very, very, very heavy. So I think that the E-myth is a little bit easier for implementation.

Speaker 1: 37:18

I just know, like four or five, six years ago, every single one of my friends suddenly became the most ultimate visionary of all time and that felt like that meant they didn't have to do anything in their business anymore. Right yeah, they were like we have to have an integrator.

Speaker 2: 37:33

I was just going to say. I was just going to say they started throwing around that word integrator and it's like what is it? What is this? But yeah, no, I agree, I don't recommend EOS. I do have some clients who use it, but I think on EOS you should really be. You should start to be at like the $5, $8, $20 million range before you start doing that.

Speaker 1: 37:53

There's still good things in there. I mean I still enjoy it, it's just overall. I saw a lot of negatives from it. Okay, yes, last two. Rule number nine.

Speaker 2: 38:02

Oh yeah, rule number nine is the money is in the database. Oh yeah, rule number nine is the money is in the database. I mean, the money isn't. I'll just leave that right there and I'll just let it sit, because the money's in the database and this is a basic rule that the money's in the database, I'll just leave it at that. And the amount of suffering that this causes by not realizing that of it keeps you in chase mode. It keeps you instead of attracting, you're chasing, you're running. It's automatically a way to be in a hamster wheel. It's irresponsible. The beginning of financial freedom is the first step of financial freedom is understanding. It's not your money. And when you don't understand simple things like the leads are in the database, you will waste money. And because you maybe you're earning money, you're happy to do that, so no lead left behind. That should be your attitude. If you run a business, I don't care what you sell. That's the bottom line.

Speaker 1: 38:58

No lead left behind. I love it. No lead left behind. All right, final one. Actually, it's going to be the final one you said you're going to get, but I'm going to make you pick out a random one, just because I'm curious. Okay.

Speaker 2: 39:12

Rule number 10 is know how to read a P&L.

Speaker 1: 39:15

Oh yes.

Speaker 2: 39:16

Oh brother, you want to really throw an entrepreneur off? Ask them to define gross profit? I'm like I mean crazy. No, got it.

Speaker 2: 39:26

If you're in business, you need to know how to read a PNL. I'm not saying you have to know how to do QuickBooks and you have to get really, really good at your numbers and you need to understand the basic KPIs of your business. And don't let people confuse you with a whole bunch of fancy words and acronyms and all this other jargon. Know how to read a PNL. Get a bookkeeper. Make sure, if you don't have one, make sure your executive assistant is a bookkeeper. Meet with him or her once a week and have them explain the hieroglyphics of a P&L to you every single week until you know how to read it. Don't be one of these people who says like I earn all the money but I don't have no idea how to manage it, so I give it to my spouse and it's her fault, we're broke, or his fault we're broke? No, uh, it's 100 your fault, you're broke, right? So if you don't know how to read a pnl, you are at massive risk of uh and massive vulnerabilities in in in your business.

Speaker 1: 40:17

um yeah, easy, easy peasy, lemon squeezy okay, so I've got to get a bonus. You said you had 88. I do have 88, yeah, okay. So do you have them all memorized, like not?

Speaker 2: 40:30

all. It's funny. I just I have about well, so I have a publisher and we're we're actually going to publish this, right, so he's changed the order a little bit recently. I have about 27 memorized, um, so I'm not like I, but now I'm going to open my book here, all right.

Speaker 1: 40:49

So here's the one I need to know, because we're titanium, that's who we are, and titanium is the 22nd element. Okay, okay, and the reason why we named ourselves titanium investments and everything was titanium is because my number growing up sports was 22. Cassie was born on february 22nd, so that was my son there you go so.

Speaker 1: 41:16

So 22 was an important number to us, so we lit, we looked it up. We were like, oh, it's not, like you know, uranium or something, it's like titanium, that's known to be like a strong metal. So, okay, no, what is the titanium? What's number 22? What's that rule?

Speaker 2: 41:34

oh okay, I I don't have that one really memorized. We just changed a lot of these with the publisher. I think I know what it is, I think I'll give you some grace to look it up.

Speaker 2: 41:44

It's okay, I'm looking no, I'm looking, I just opened it. So number 22. Yeah, see, this is okay. We used to have the marketing ones. The publisher just changed this to rule seven, but the marketing all seven were different rules and it came before this. So, oh, oh, it's so good. It's so good because you want to talk about something that will ruin everything.

Speaker 2: 42:11

Don't listen to rumors. Yeah, it's a big one, and let me give you a little power statement here. When it comes to don't listen to rumors, understand this. When you are listening to a rumor, you're being manipulated. The person listening to the rumor is weaker than the person spreading it, and you should not fall into that weakness. This is a big one for people pleasers, too, and you should not fall into that weakness. This is a big one for people pleasers, too, and I'm guilty of this, by the way. If you want to know the sins of the preacher, listen to what he preaches about. So you know this is not just for my clients, this is from me. But yeah, that's yeah, number 22. It used to be a marketing one. And now number 20, yeah, it used to be trackable from the 7, but now number 22 is don't listen to rumors.

Speaker 1: 42:50

Yeah, oh man, All right. So a couple months ago I got my BAM bell from you, which is awesome. Gift giving is my love language.

Speaker 2: 43:02

BAM.

Speaker 1: 43:03

I appreciate that, but my question is where did you come up with hey, I'm going to say BAM all the time. How did that come about? Conference, uh, in atlanta georgia.

Speaker 2: 43:13

I have a lot of respect for sean terry uh. Military guy served our country, sweetheart, always does the right thing, a good person, and he um, he, uh, was in atlanta and I heard every time he would say something. He would say boom, and I'm like I need something. At the time this is a long time ago emerald legassi was popular and he used to say bam, and I was like it's bam, that's it. I'm saying it all the time that that's exactly where it came from and I also will tell you the whole idea.

Speaker 2: 43:53

This is something that's good with sellers. This is something with good with deal-making, sometimes when somebody is going to the wrong direction and you need to put them back on track. You see Tony Robbins do this all the time. I saw there was a guy on one of his specials he was a young man considering suicide and Tony was like well, is it because of those red sneakers? That is like a bam or like a? It's like a bell. What it is?

Speaker 2: 44:23

It's a little neural linguistic programming trick, an NLP trick, where you can just like, refocus and change the whole conversation. So I suggest to all of your you know, all of the people in your audience to get something. That is a way to redirect a conversation. So, instead of chasing when, when you feel like somebody, especially on a sales call, when you're trying to, when you're on a sale, if somebody, if picture, like on a date, and somebody kind of leans away or they ask a question, remember, every question is an objection. So is that car red? Well, yeah, I have a red car. Is that going to stop us from doing business today? Is that going to prevent me from buying your house today?

Speaker 2: 45:01

What you're doing is what most rookies do is they tend to. When somebody pulls away, they lean in, but that's awkward and then the other person wants to leave. Instead, be a confident person, always be leaving. Oren Klaff teaches us this from flip the script and from his teachings. Right, so when somebody leans away or asks a question, they're saying they don't like you, they don't trust you, they're confused. Right, something's not right. You have to lean away more and further. So sometimes a little NLP trick like that, it kind of like interrupts that process. I've seen Claude Diamond do this, where he's like I'm sorry, rj, what'd you say? He's got a big smile the whole time.

Speaker 2: 45:37

But master salespeople and master communicators and leaders and speakers do this all the time, so it's a little NLP trick that should help.

Speaker 1: 45:45

Love it, man. Last thing I'm going to say is it's not a question, because quite all questions are objections. So this is a statement. Man, I am a huge advocate, as entrepreneurs and specifically as men, giving people praise when they deserve it, because we don't do that often enough. A lot of time as entrepreneurs, we stay in our own little bubble and we might look up to someone and we don't ever let them know, and as men, it's pretty typical. We don't ever say I love you. We don't ever say those types of things unless we're forced to or we have to.

Speaker 1: 46:28

I have to tell you, man, the things that you shared with us today are are amazing. What's more amazing to me is is I already knew that these were your rules, because I have seen so many people's lives that you've impacted. Live by these rules, be firm on no, this is not who I am as an entrepreneur. And they consistently succeed because of these rules. And you talked about at the beginning that gardening gives us the best analogies, but unfortunately, tom, you get a sports analogy.

Speaker 1: 47:15

Your coaching tree underneath you, just like a head coach, is so impressive. People that have followed in line with you learned from you, implemented these rules and then went out and impacted thousands upon thousands of lives. So it's not only about the people that you've impacted. It's so impressive to see the lives that are being impacted by the people that you taught. That's awesome. I bet you have no idea how many lives you've truly impacted. I've been in this business now for a decade, and to be able to see it over and over and over again, where it's like that's someone in the Tom Kroll coaching tree right there, you know they're going to succeed and you know they're going to teach people to do things the right way. Man, you should be extremely proud of what you've created.

Speaker 2: 48:11

Brother, I really appreciate you and that means the world to me. Thank you, yeah, it's an honor to it really is. It's an honor to be a part, even a small part, of some of those coaches and influencers and these entrepreneurs, lives and and businesses and and journeys, and it's a great adventure. I love it and, uh, I really enjoy it and it's an honor. So I really appreciate your words. It means a lot to me. I appreciate you, Thank you. Thank you very much.

Speaker 1: 48:39

That's awesome to hear it was uh, it was an honor to have Mr Tom Kroll on today. Guys, if you have not followed tom, uh, go, go follow him on facebook. He's posting things daily, uh, that come out. That just I always say it. It moves the needle, you know. And and he said, hey, make sure you're, uh, you're, eliminating those voices that are are not one of those. Those five rules, well, what? Tom is in a position where the majority of people should be or should want to be. So go follow him and listen to him. Make sure you give today's video a like and give us a review. Give Mr Kroll a review there on listen. That was just 10 of 88. Oh, my, my goodness, I can't wait. Wait, you said you're publishing it. Do you have any idea when it's coming out?

Speaker 2: 49:31

so we just, uh, this week just, we had a publisher. You know, remember rule number two, I'll let your audience go back to it. So, uh, we had oh, this guy is great and he had a little bit of a. He had I'll just call it a personal hiccup. So we just found a new person yesterday and he is so far. He really passes what we call the gauntlet Whenever we hire anybody. That'll be the next episode, but he passed through the gauntlet gauntlet and he's fantastic, so that'll. We're just restarting the journey. We have to go to now to a different editor, but it's, you know, it's going to be a few months, but it'll. Yeah, it'll be the 88 rules, unless they cut it down. They've already cut it from 88 to 81 because they condensed the seven to one, so it might be 50 by the time we're done there you go.

Speaker 1: 50:20

I love it. Well, tom, thank you so much for coming on man sharing uh. You know part of part of your book there and uh, really, like I said, I I honestly can't even believe some of this information you just gave out today. Uh was just free for people to learn from man. It was a master class. Thank you so much, guys. We appreciate you. Make sure you give this video some love and we'll see you guys next week, bam.