In this episode of the Healthy Wealthy & Smart podcast, Dr. Karen Litzy welcomes Lee Benson, a seasoned entrepreneur and value creation expert, who shares his insights on building successful businesses by embracing struggle and developing strong business models. Lee discusses how facing adversity is essential for growth, drawing from his experience running an aerospace company where he worked 80 to 100 hour weeks and nearly faced bankruptcy multiple times. He emphasizes the importance of clearly defining and communicating the "Most Important Number" (MIN) for your business, explaining that less than 2% of leaders can effectively articulate their business model. Lee introduces his MIND methodology (Most Important Number and Drivers) and stresses the significance of involving all employees in understanding the business model, pricing strategy, and cost structure. The conversation highlights how creating a culture of transparency and education empowers employees to make better decisions that align with company goals, ultimately transforming them into proactive contributors who act as CEOs of their own roles.
Time Stamps:
[00:02:47] Team matters in business success.
[00:05:04] CEO role evolution in business.
[00:09:08] Embracing struggle for growth.
[00:12:11] Employee understanding of business finances.
[00:16:25] Most important number and drivers.
[00:20:06] Building a community of families.
[00:23:11] Business model understanding.
[00:28:29] Measuring qualitative data in business.
[00:31:19] Measuring employee fulfillment at work.
[00:34:20] Employee inclusion in decision making.
[00:36:42] Value creation potential in workplaces.
[00:40:23] Employee development and struggle.
[00:45:20] Advice to 20-year-old self.
More About Lee Benson:
Lee Benson has spent over 30 years in the business world, focused on one thing: creating value. Today, he is the CEO of Execute to Win, where we help organizations of all sizes accelerate the value they bring to the table. His journey into value creation started way back when he was pulling weeds for just 25 cents an hour.
Since then, he has had the privilege of founding and leading eight companies, including Able Aerospace. What started with just two employees grew into a team of 500, serving 2,000 customers across 60 countries, and we eventually celebrated a 9-figure exit in 2016. It’s been an incredible ride!
Resources from this Episode:
Free Gift: Your Most Important Number
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