This Room Solves a Year's Worth of Problems in 2 Days | 308

We're all at different stages in our business but we’re all on the same journey, and have the same problems related to: people, process, & profit

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Transcript

SPEAKER_00 0:00

Last week I hosted 12 owners for an in-person event here in Philadelphia, and people traveled from all over the country. We had a guy from New Mexico, Miami, Dallas, somebody drove from Connecticut, and of course a couple local guys as well. But the funny part is that most of them actually had no idea what they were signing up for. And on one end of the spectrum, we had a multi-unit franchisee who's going to market for an eight-figure number to a PE company to kind of buy out majority interest of his business. Amazing, amazing. Life, life-changing exit. And then on the other hand, we had an 18-year-old who's hustling seven days a week building his first business and everything in between. But the funny part is that while there was many different stages and experiences of all the members, that there's something that we shared, and it's that we're all on the same journey. And all of us had the same problems related to three things people, process, and profit. And this week on the pod, I'm gonna go do a deep dive into some of the most common topics that we discussed while it's still fresh, plus some of the big aha moments that I had, plus you know, what some of the other members had shared with me. And the best part was that at the end of the two days, every owner walked away with massive clarity and written action plans to solve their biggest pain points. And today I want to talk through the model itself and why it's so freaking uh uh effective, and we'll go from there. So, what I run is called a hot seat model. Here's how it works we small group, this one was 12 members. I I've done these up to like 20 or so, but relatively small, right, in the in the world. And each member comes prepared to sit in the hot seat, and we go around the room, and they quickly give context to the biggest challenge they're facing a frustration, a bottleneck, a fear, an opportunity, right? Whatever is on their mind that they want the group's help in solving. And what comes next is the most important part. That the group doesn't just jump in and tell them what to do. Because nobody, especially entrepreneurs, like being told what to do every day. So instead, the group spends time asking a bunch of clarifying questions, which is like, well, um, if we fast forward six months and this problem is 100% solved, what does that outcome look like? Why would is this important to you right now versus six months ago or six months from today? Is this a strategic problem where you're not sure what to do? An execution problem where you don't know or don't have the time to do it, or is this fear? Like, are you do you know exactly what to do, but you're just afraid to pull the trigger? Uh are you holding on to things that you shouldn't be doing because you haven't documented the process, or is there another reason, right? If you walked away the business completely with zero internet access, what is the first thing that's gonna break in your business, right? And what you find is that sometimes you you vocalize a problem that you have, and but that's like a surface level problem. But the real problem is is a couple layers deeper than that. And you only uncover it by asking more questions to really get to the bottom of it. Then from there, once we have like total clarity on the true problem, that's where we can come into suggestions. Because if if you're only talking about a surface level issue and then you spend all this time solving a surface level issue, they didn't actually solve the problem, right? Which like in some cases could be uh, you know, someone who, you know, they have they micromanage a lot and they know they do, and they have high anxiety for like letting go of things. They have to be involved. And like it's really the the fear that they have of if they let that go, that they'll make more money, like less money, and that like it's really getting to that point and and figure out, okay, well, that'll make sense. Like what specific like roles are you willing to give up so you can start to do this? And maybe because you're maybe you're surrounded by a bunch of people who just can't do it, and that's why you have to do it. But if you if you can uh find better people who can take over these things, you will feel more relaxed to be able to give some things up. So like it's kind of walking through these things to find the truth. And this is a big reason why my hot seat model is so effective versus traditional workshop models. And you know, one of the guys said that he had been to Alex Hermosy's uh Vegas workshop, I think three times, he said, and that he got more out of my event uh than he did from Hermoses, which is like, you know, obviously a huge compliment. But it's it's more because of the way it works. Because in a lot of these events that people have, and there's like, you know, 100 people, 200 people, whatever it is, uh, you know, they they you sit in a room, they'll they'll have multiple speakers come up on multiple topics, they have a bunch of PowerPoint slides, and you know, some of it applies to you, but then you know, some of it doesn't, right? Uh also some of that stuff that they go through, you could have just like you could have just been like home YouTube, like listening to it. Like, like why fly there to watch PowerPoint presentation, right? Uh versus you know, in this hot seat model, the entire room exclusively focuses on your business. Like there's no curriculum. Uh everything is custom built around the exact bottleneck or issue that that person's facing. Uh number two, it's hyper efficient, like so efficient. Because if it's a presentation, you got to sit through a three-hour thing that may or may not be relevant to you about marketing or about like technology or like whatever. And that doesn't really help you with your actual problem, which may be hiring a COO or like, you know, making some other like an acquisition deal that you're you're trying to stuck on, like, should I do this or not, or diversification or selling or whatever. But this hot seat is like there's surgical precision here because you only have a few minutes and you got to be able to be like clearly vocalized and and explain exactly what you're going through. And the funny part is is sometimes that the time forces clarity, which is ultimately helps you realize what the true problem is. All right, so we get straight into the open wound. You you also learn from every seat. So just because you're not on the hot seat doesn't mean you don't learn from other people getting grilled on their cash flow and margins and team structure and growth plans and process and hiring and all these different things. Where like almost every guy, I mean, uh walked away with like pages and pages of notes based on other people's stuff, which is which is really cool. And finally, you know, instead of getting the perspective of just one person, so like if I got up on stage and I said, hey guys, like I'm gonna teach you all my growth plans and hiring things and this and that, like great, like I know a lot of things, but there's also a lot of things I don't know or I don't have experience in. And then our model, you get the feedback from every other person in the room, and that cross-pollination of experience and industry and and income is very fruitful because you know, like I've been in this game a long time, right? I've built a pretty big business. I kind of forget some things of what it's like to of the fear and all these things from going to one to two to three. And there's things that somebody who's literally just done it is gonna be a lot more helpful uh than somebody who who, you know, is it was 10 years ago, right? Um, and then there's other cases where you know I can provide some insight to to guys doing you know multi-million dollars of of how I'm thinking about or what I'm seeing uh or how I'd approach it. So it's pretty awesome. And you know, I've done six of these events now over the last two years. Each one gets better than the next. And the funny part is is like not to say I I have trouble selling them because I always I always get enough people. We have we always have a great time, but I've done a really bad job explaining like what the heck we actually do. Sometimes I've called it a mastermind, but like people don't know what that means, or they think it's gimmicky or something. Um, and so uh my vision for this is I would host these hot seat events all over the country. Like I would love to do, I don't know, eight of these a year in places like Dawes and Nashville and Miami and maybe Phoenix or California, maybe one up in Chicago. I don't know, really depends on you know where people live, where I want to travel to. And it'd be really awesome to get get all these people in and you know, we we have a great time. Like this one we golfed, so we we actually uh eight of us went out and and and golfed the day before, and then we had like nice dinners. And you know, you leave there with friendships because one of the guys said this great quote. He said, like, you know, we're just gonna suffer in silence, and that you know, most of us don't have people that we can share all these things through or get the brainstorm of to make decisions that are really important decisions that could alter the course of your your your life, right? And you know, I'm really happy that I get this opportunity and I'm very grateful. And I know that everybody who attends these things, they leave fired up. Uh their their friends are connecting afterwards. You know, a lot of these guys are in my eight-figure group, and so you know, it just bonds, you know, builds relationships and people bond. And so, anyhow, um, I hope this makes sense. So, if you've heard me talk about it in the past and you you were kind of curious of what it looks like, this is it. Uh, and so it's it's a great time. It doesn't matter where you're it you don't have to be like necessarily quote unquote winning either. I mean, we had some guys in the group who who are, you know, like on tough times, is right, right? It's like the business isn't doing what it should. Cash flow is tight, that they feel like they're behind where they need to be. And you know, I I've talked to some people who are like, ah, I don't think I should come because like I'm I'm not like crushing it. And I'm like, no, no, no, you should come because I'm pretty confident that if you get in a room with a bunch of other owners that within two days we can help you gain clarity on the exact next steps that you need to do to fix the script, to fix your margins, to make whatever decision you have to that helps move the business forward. And so uh I it doesn't matter where you're at, it's just a matter of you committing and you wanting it bad enough to come up and and sit in the room with with me and a bunch of other bunch of other owners and lay it all out there, full transparency, hold nothing back. There's no egos, there's no one trying to impress anybody. There's it's just a batter, a bunch of like-minded people who want to see each other win and want to have some fun around it. And so the next one I'm I'm gonna have is in Charlotte in September. And so if you're interested in attending, in the podcast description, there's a link. It says send me a text. If you click on that and like shoot me a text, you know, name, give me your phone number, because I don't get the phone numbers when people send this thing and your business and anything other details you'd like to provide, and I can send you uh a form. You can get on the wait list as soon as I have tickets open, uh, you know, we'll send it out. There will be like a limited number here because I said, you know, that they're these are intentionally small. Like this isn't some massive thing. Like this is really meant to have high, high, high impact and value for the people that come. And so, anyhow, um, that's what we're up to. I'll see you tomorrow as I I continue to break down more of the stuff that we dove into, and so you can get an idea of uh of what it's like. Cheers.