I said this one thing and offended my banker for years - Franchise Secrets

I said this one thing and offended my banker for years

By February 19, 2019 Business

I didn’t mean to offend her, but it was something that I knew to be true. This “thing” was something that has become truer every year for me ever since I decided to go to college.

I had not thought about college until my senior year in high school after realizing, I did not want to work construction for the rest of my life as I had been in the summers. I chose where I went to attend college in an unconventional way based on 4 things:

1. Mountain Biking

2. Flying Fishing

3. Big Mountains

4. Where a C student would get accepted

Yep, I was a straight C student. I did not realize it at the time but learned over the years that the smart C students hired A students to work for them.

I actually told this to a banker about 10 years ago, and I forgot about it until recently when she came up to me and said…

“Erik, remember when you told the that C students hire A students to work for them?”

I said yep, and she said: “You offended me when you told me that, but now I get it.”

When she was a banker, she got to see the bank accounts of entrepreneurs and then transitioned into the mortgage business, and saw the personal financial statements, tax returns, and cash flows of CPAs, attorneys, doctors, and successful business owners.

She was probably like me and doing quick calculations with the number 2080 (40 hours/week x 52 weeks).

I did the calculations when I made my first $100k in my 20’s and realized I was making about $48/hour. I thought I was rich and bought a BMW, but that is another story for another day. Ultimately, I realized I was better off hiring someone at $20/hour to do the work on houses I was flipping versus doing it myself.

That is when I started to understand the power of leverage more than ever.

Today I pay experts like attorneys $495+/hour to help me with contract reviews, buying and selling businesses, etc. I find it a wise use of my money and time to pay them.

I regularly host webinars for people versus talking with them individually on the phone. Since I can reach and help more people every year who are not ready to buy a franchise but want to learn and get solid advice.

I am doing a podcast call Franchise Story because I can learn from the guests, but can also help many thousands of listeners by publishing it on iTunes.

Understand, it is not about an A or C GPA, but Mindset, Leverage and Scale and using it to help others versus just impacting your bottom line.

The problem is, the longer that successful people have a job, the harder it is for them to have the mindset where they can see themselves leveraging their time and scaling a business from one location to many locations.

I have helped more people this year with successful careers in Corporate America keep their job and start the journey to scaling a business from one location to many locations.