Featured Coaching Training: Building Your Team: Why You Must Surround Yourself With Key Team Members Who Are Smarter Than You
Have you ever wondered how to hire the right team members for your business? Learn how Tim Rokisky started a company with two employees and grew it into a multi-million dollar business by hiring team members that were smarter than him.
Featured Coaching Excerpt - Notes & Transcript, Part 1
Lesson Nugget: Don't be afraid to accept your weaknesses and hire people that have the skills that you need.
Fun Factoid: Fairmont State University was founded in 1865 as the state's first private normal school in West Virginia.
Lesson Nugget: Your level of education or IQ is not a prerequisite for being a successful business owner and manager.
Notable Quotable: "I was never the smartest guy in the room. And that's a big deal. If you're a leader and you're the smartest guy in the room, you've got real problems." - Jack Welch (Former CEO of General Electric)
Notable Quotable: "Good people pull people up, the way bad people pull people down."
B.O.S.S. - Making (Big Obstacles Seem Small)
Lesson Nugget: If you do not have the money to hire new people, find areas where you can improve operational efficiencies to free up time and better manage your business.
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-Let's do this. There are hundreds of people-- I'm sure you've met-- who've heard that you have become a multimillionaire, and so now they want to become your best friend, and then they want to pick your brain and that sort of thing. As you've met hundreds of business owners all over the planet, why do you think that most business owners choose not to hire people who have skills they don't have? What's that all about?
-I mean, I'm not afraid to say that I don't know how to do-- I can't read a financial statement, but I've got an accountant that can dissect it, and explain it to me. I'm not afraid to say, I don't know how to tweet, because I get kids that can tweet for me. If somebody is afraid to bring somebody on because they're not smarter--
-I see this problem that you're talking about right now. I see this with a lot in the medical industry where I'll do speaking events and I'll run into a doctor or a surgeon or somebody who's got an unbelievable high IQ, has tested off the charts, has a business that won't grow. And they never bring on anybody to do sales, or marketing, or customer service. And they just want to keep 100% of the revenue. They're really, really-- I would say, if you could be generous with commissions, they do 100% the opposite. They don't want to share any revenue with anybody, and I see these successful people. It doesn't seem the amount of formal education you have really matters. You have this understanding of how to work with people, motivate teams, share revenue, that kind of thing.
-When I retired, I actually ran the operations division for the seller-- for the buyer for four years nationally? I graduated from Fairmont State University with a 2.0 GPA, and when I left, my retired in 2012, I was laughing because I was thinking how many MBAs reported to me.
-So now, let me ask you this here in this management training. So, Jack Welch has this quote. He's the guy who used to run GE-- and just to give the thrivers a little bit of context-- Jack Welch grew the company from $13 billion, with a B. It was already 13 billion. It had been basically stuck at around that mark, and he grew it from the $13 billion to $410 billion. And Jack Welch says this, he says, "I was never the smartest guy in the room. From the first person I hired, I was never the smartest guy in the room. And that's a big deal. And if you're going to be a leader-- if you're a leader and you're the smartest guy in the room-- you've got real problems."
So he's saying, it's like, if you're a leader, and you're the smartest guy in the room, you have some problems.
-Yeah, and I think another fear that a guys have it's not sharing, but if they bring somebody on and he does a real good job how are hey going to replace him? And to me, that was never an issue because-- did people pull people up the way bad people pull people down? So if you have a really good guy, he's going to pull everybody up around him. That's what makes the leader.
-OK, well, I'm going to do this almost like a lightning round, I'm going to ask you this. Lets say I own a bakery, and I'm doing $100,000 a year-- let's say I'm doing $400,000 a year of revenue right now. I own a bakery. OK, and I need to hire manager, and I don't have-- let's say to hire a manager, I think it's going to take $60,000 and I don't have the $60,000 available. I'm already paying people part time to work and bake and I need to hire a manager. What advice would you have for me.
-I would ask you, did why do you need to hire a manager? And find out, do I really need to hire a manager or is there some operational officiencies that I can pick up? Is there an oven out there that I can buy that will reduce my cooking time from half-hour to 15 minutes?
-Let's say this, let me give you another stand up. Let's say that I have a appliance business and I definitely need an accountant, but I definitely don't have the money to hire one. What advice would you-- how do you go out there and get one?
-I would ask for references from other guys in the industry, find out who they use, perhaps you could form a co-op or do a shared services-type deal where you pay a fee to-- and see if you can't get like a firm on retainer.
-So maybe three companies are splitting up the use of that account.
-Yeah. We just tell them we want to set up one company, but three divisions-- do the accounting for the divisions.
-The one thing I want to make sure that-- [INAUDIBLE], if you're getting this-- I just want to make sure you're hearing this. That's why I'm trying to do some lightning round with you. I call this B,O.S.S. This what you're doing here, and this is the boss, but a B.O.S.S. to make big obstacles seem small, B.O.S.S. So no matter what the obstacle is, it seems like you're not deterred by it. You just figure out a way to do it.
-Go over it, go around it, go through it. You can't stay where you're
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Featured Coaching Excerpt - Notes & Transcript, Part 2
Ask Yourself: Am I willing to take the risk to hire someone I can't afford, if it means I will be free to generate more business?
Notable Quotable: "Hire the person, not the position."
Lesson Nugget: Creating streamlined processes will allow you to reduce the amount of employees need to run your business.
Notable Quotable: "In faceb, leaders of companies that go from good to great start not with 'where' but with 'who". They start by getting the right people on the bus... they stick with that discipline---first the people, then the direction. - Jim Collins (Author of #1 Bestseller :Good to Great")
-OK, so let's do another example. Let's say you were building your business back in the day. And who was the first guy you hired? Who was the first position you hired?
-I hired a general manager.
-OK, so how did you come up with the money to hire this general manager?
-We didn't have it.
-Did you sell--
-But when he came on, I was able to make better use of my time. The day one, we didn't have the money in the budget. But I had a feeling that I could go out and generate more business. Because I would be out generating more business while he was loading the cars on the loader, lining up the sales, making sure everybody get their envelopes filed, make sure the marketing materials went out. And that's exactly how it worked.
-So you just-- Who was the next big person you hired? Who was the next big person you hired?
-Technology? How'd you afford that person?
-It was a miracle.
But what happened through the technology, we streamlined our process. And he even used the term, we were able to reduce our FTE needs, Full Time Employees, because we streamlined our process. We were fortunate enough we didn't have to let anybody go. But we could have. We just used them in other areas access. So we reduced operating cost to pay for the technology guy.
-If I'm a guy watching this right now, and I say, OK. I know that I need to hire people smarter than me. But you don't understand my industry. I'm sure you hear that a lot. You don't understand. You can't just hire somebody, because I own a miniature golf business. You just can't hire anybody to manage that. Or I own a golf course, you just can't hire anybody to do it. What would you say the person who feels like they can't hire anybody smart enough to do the job because there isn't people out there who know how to?
-Well, I would say, it's all the type of people you hire. It was Collins that wrote Goodto Great.
-Yeah, Jim Collins.
-And says, you get the right person on the bus, then the bus can change directions. So you may hire this guy as a general manager, but he may end up inside of your green maintenance. But guess what? While he's doing that green maintenance, he'll be learning the other aspects of the business.
-Do you believe you should hire people for their character, and then train them the actual skill?
-Oh, yeah. He can learn the skills.
-Just hire the character and train the skill.
-Yeah, hire the person. Not the position.
-Hire the person, not the position.
-Is that sort of mantra you had when hiring people?
-I just made it up.
-You did? Awesome. All right, I'll respect that. Well, Tim, I appreciate you coming and sharing your time. I know you could literally be anywhere in the world right now. You travel overseas, you could probably be in India, you could be on the beach somewhere, you could be doing a lot of things. But you sacrifice, and even 15 minutes of your time for myself and the Thrivers out there who need to know this, or who feel stuck in the same rut, or feel like they just don't know where to start when it comes to hiring, absolutely means the world to me. So thank you so much.