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This business coaching lesson teaches about the business plan team.

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Featured Coaching Excerpt - Notes & Transcript, Part 1

 

-Now, this next thing, the third one, is the team. Team. Team. Real quick, want to make sure you're getting this.

DAN: Got it.

-Most investors think that this is the most important part. This is it. So if you're taking notes at home, you, team. So let's pretend you have a team page here. So right now we have Dan the man. Who else is on the team right now?

DAN: Olivia.

CLAY CLARK: Olivia. And who's Olivia?

DAN: Olivia is my assistant and second shooter for our videography team, which is me and her.

CLAY CLARK: Here's what we got to do. You don't have to answer the question now. I'm asking you rhetorically. But maybe write it right down, think about it. Who do you know that's big time? Who do you know? Or who does your dad know? Who does your friend's friend know? Who do you know that knows someone that's big time? I know you're in Oregon, so I realize that--

-I know somebody that's big time.

-You do?

-Yeah.

-So think about that person. So I'm going to just go ahead we'll call this Mr. Or Mrs. Big. If you added them to the top of the team page as a strategic advisor, you would be similar to Apple. So Apple had, on the board, Al Gore. Why is Al Gore on the board of Apple? We don't want to get into conspiracy theories. But the point is, doesn't it make them look a little more environmentally friendly if Al Gore, Captain Environmentalism, is on the team?

So that's what you want to do. You want to stack your-- So you want to go to somebody who has unbelievable intelligence that you really do want to learn from, somebody that has a great reputation, and you want to say, would you be willing to serve on my board? He says what does that mean? You say, I'll pay you a percentage of the profits. I'll pay you. But I'd like it if you would be on the board and meet with me once a month to kind of coach me or to give me advice or feedback.

But when you go and pitch to a big company and the big company goes, so yeah, we're thinking about using you, Dan, or company b. We're thinking about you or the other guy. The other guys are always a bunch of commies. If you're in business, the other guys are always the bad guys. But you're in business and you're going, you really want that deal. You are going to Nike and you're like, guys, I want to shoot your man on the street videos for social media.

And Phil Knight or whoever the guys in charge, and he's going to go, I don't know. I don't know. Who are you? And you say, well, I'm Dan the man. He says, well, who else are you? And you say, Olivia is with me. And he goes, meh. And you go-- meh, kind of talks like a duck. Meh, meh. But then you say, but hey, Al Gore's on my squad. And he's like, what? And you say, yeah, Al Gore. And I got a little bit of Mr. Big and Al Gore. And then they go, wow. So does that makes sense?

DAN: Yeah, that makes perfect sense. One of the guys who I went to college with, Ryan Tedder, he teamed up with Justin Timberlake to start this thing called-- I think it's called Southern Hospitality Barbecue. Imagine you're looking at the team for a guy's barbecue shop, someone has a vision for a barbecue, on the team you see Timberlake, Justin Timberlake. You see Ryan Tedder of One Republic.

Does that make you want to go to the restaurant or at least be interested in investing?

DAN: Yeah. It's similar to your business that you have right here with Thrive 15. Perfect example is all the mentors that you have, Clay, on here. Lee Cockerell.

-He's awesome.

-Amazing, right? Just seeing that and people like that. Or who's your friend? Ted-- One Republic?

-Ryan Tedder.

-Yeah. Aren't you having him on here, too, at some point?

-Dave McLellan is actually the manager for One Republic. He does the studio management. And he's actually a Thrive mentor.

DAN: So yeah. There's a ton of people. And it just shows that Thrive is actually the real deal because you have these people that are coming here that you're interviewing.

-And you're going to get better by being surrounded by people who you can look up. So I just want to encourage you with this. I'm going to read you this notable quotable. It says, "Highlight the past accomplishments of your team. If your team has been successful before, investors may believe it can be successful again. Include directors or advisors or who bring something special to the company. Don't include positions you intend to fill. Save that for milestone slides. But put yourself last. It seems humble and lets the--"

Anyway. Think about that. It seems humble. Another notable quotable. It says, "I invest in people, not ideas." That's Arthur Rock. He's one of the guys at the very beginning of Apple who was there to help kind of give them some of that seed capital they needed. Another notable quotable. It says, "If you can find good people, if they're wrong about the product, they'll make a switch. So what good is it to understand the product that they're talking about in the first place?" Arthur Rock. Arthur Rock is saying he doesn't even care what your product is. He's just wants good people.

So I want to make sure that you get this. If we take your team slide-- and we're going to give this to you and all the Thrivers in outline so yo can see it. On the first one here and the second one and the third, on the first one, you want to put whoever your big name is. And then under here, you want to put their bio and what they do. Their bio and their job. What they bring to the table. And then two, bio and job, right? And then three, bio and the job.

And you know what would be awesome? It would be awesome in this situation if you'd put yourself last, because, again on here, it makes you look humble. But also, if he opens up that first page, then all of the sudden, you look viable. So I'm telling you, homework action item right now, you need to go out and find-- if anybody's watching this, you need to find somebody who's better than you and get them on your squad-- as an equity partner, as just a guy you pay as a consultant.

You got to get somebody with more credibility than you right now on your squad. So let's review this because I want to make sure we don't miss it. One, we've got to get this cover going. This cover. We'll make sure you can have a downloadable and you can look at it. Second, you've got to make a summary in as few words as possible about what the heck you're doing-- what problem you solve, that traction, that social proof. Then you want to get your team. And with the team, you want to make sure you have the big name on there first.

 

Featured Coaching Excerpt - Notes & Transcript, Part 2

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