June 4, 2024 • 28 mins
EPISODE SUMMARY
Software companies are increasingly looking for innovative ways to scale their operations while maintaining flexibility and cost-efficiency. Enter Mike Malloy, founder of Malloy Industries Consulting Group. With over 15 years of corporate experience and a stellar track record, including helping entrepreneurs secure deals on the popular show Shark Tank, Mike is at the forefront of a transformative approach to business growth: fractional executives. Read more about his story as he shares insights with host and B2B SaaS Sales Coach Matt Wolach.
PODCAST-AT-A-GLANCE
Podcast: Scale Your SaaS with Matt Wolach
Episode: Episode No. 319, “Is a Fractional Sales Leader Right for Me? - with Mike Malloy”
Guest: Mike Malloy, Founder & CEO at Malloy Industries Consulting Group
Host: Matt Wolach, a B2B SaaS Sales Coach, Entrepreneur, and Investor
Sponsored by: Leadfeeder
TOP TIPS FROM THIS EPISODE
- Integrating Fractional Executives with Existing Sales Teams
- A Winning Strategy
EPISODE HIGHLIGHTS
- What is a Fractional Executive?
- The Benefits of Going Fractional
- Misconceptions About Fractional Executives
- Why Fractional Executives Choose This Path
TOP QUOTES
Mike Malloy
[05:23] "Fractional executives bring a wealth of experience and a fresh perspective to companies, often delivering results much faster than traditional hires."
[10:45] "Many leaders think that fractional executives are just temporary solutions, but in reality, they can provide long-term value by building robust processes and mentoring internal teams."
[21:05] "Effective communication is crucial. As a fractional executive, I prioritize transparency and collaboration to foster trust and drive results."
Matt Wolach
[12:30] "To optimize the sales process, it's crucial to map out the buyer's journey and align your sales strategies accordingly."
[23:50] "Effective leadership involves not just guiding the team but also fostering a culture of accountability and continuous improvement."
[34:30] "Sales efficiency isn't just about closing deals quickly but ensuring that each interaction provides value and builds towards a long-term relationship."
LEARN MORE
To learn more about Malloy Industries, visit: https://malloyindustries.com/
You can also find Mike Malloy on LinkedIn: Mike Malloy
For more about how Matt Wolach helps software companies achieve maximum growth, visit https://mattwolach.com.
Head over to leadfeeder.com and sign up for a 14-day (no strings attached) free trial: https://www.leadfeeder.com/
Get even more tips by following Matt elsewhere:
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Matt Wolach (00:02):
Hello, and welcome to Scale Your SaaS. Thank you
very much for being here. I amdelighted that you have joined
us today because on Scale YourSaaS this show, what we're doing
is we're helping you understandhow to generate a whole bunch of
leads, how to make sure you knowhow to close those leads, and
then how to build a team that isreally effective and doing all
that stuff for you so you canscale your company. And one of
the ways to do that we're goingto discuss in depth today with
(00:25):
my awesome special guest MikeMalloy. Mike, welcome to the
show. How you doing?
Mike Malloy (00:29):
Thanks, Matt. I'm doing great. I'm excited to be
here today.
Matt Wolach (00:33):
Well, I'm excited to have you as well let me make
sure everybody knows who youare. So Mike, he's the founder
of Malloy Industries ConsultingGroup. Malloy industries
Consulting Group, This is a firmthat helps B2B SaaS companies
scale their operations with thesupport of fractional executives
and effective lessons inleadership. And for the last
three years, he's been helpingat the do this stuff at the
forefront of executivematchmaking. He's doing some
(00:56):
amazing things. In fact, he has15 plus years of corporate
experience behind him. And as a,as a strategic adviser. He's
helped three entrepreneurssuccessfully pitch and secure
deals on Shark Tank, the famousshow, which is really, really
cool. So that's a really funtidbit. But Mike, thank you so
much for coming on the show.
Mike Malloy (01:15):
Thanks, Matt. I'm delighted to be here. And
looking forward to diving intosome great topics on how to help
your audience, increase theirsales and extend the runway.
Matt Wolach (01:25):
I love it. I love it sounds great. So tell me what
have you been up to lately? Andwhat's coming up for you?
Mike Malloy (01:29):
Yeah. And so recently, we actually just
onboarding three new people onour team of project managers
kind of helping on the customersuccess side as our portfolio of
b2b SaaS companies that we'rehoping has been growing in our
kind of core business, as youhinted at is matching fractional
sales executives that help theCEOs to kind of buy back their
(01:51):
time and take some of the saleshat and sales activities off of
their plate, give it to a vettedexpert who has 10, 20, 30 years
of experience, so that they cansee that kind of up into the
right graph continue while theyfocus on what matters most to
them, both professionally andpersonally, as well. You know, a
little bit more family time, ifyou don't have to be on every
single sales call making it rainall day, every day.
Matt Wolach (02:14):
Yeah, so true. How did you how did you come up with
this business? Where did thiscome to be for you? Yeah,
Mike Malloy (02:20):
absolutely. So I have previous experience as a
Deloitte consultant, and I was atraveling sunglasses, salesman
and startup CEO in my 20s, ranan incubator program for five
years supporting early stagesocial entrepreneurs, and
actually served as aentrepreneur, president and
adjunct professor at GeorgetownUniversity. And so little bit of
my background, and I'mpassionate about being
(02:42):
relentlessly generous,enthusiastically fun force for
good in the world. And by theway, man, I'm gonna slip in if
you dad jokes in this call, hopeyou don't mind. All good with
that. So my son the other daysaid, Hey, Dad, can you tell me
about a solar eclipse? Like,what is it exactly? And I looked
him I said, No, son.
Matt Wolach (03:01):
I love it. I am all in for the Dad jokes.
Mike Malloy (03:03):
And so, you know, I love helping entrepreneurs buy
back their freedom and time tofocus on what matters most. And
I guess a little bit the originstory, you know, there's a small
global pandemic, a few yearsago, you may have heard about.
And so during COVID, my wife andI left DC, where we've been for
almost 15 years and migrated tothe beach in Delaware, and was
(03:26):
there for about nine months,eventually the incubator, so
they might come back to DC, weneed you to run the program in
person. And I was like, Hey, Ithink I'm gonna do my own thing.
Take another entrepreneurialleap at 35, quitting, quitting
your job at 35. And married verydifferent than 25. And single,
just, you know, for thosethinking about entrepreneurship.
And so I started helpingentrepreneurs, one on one, and
(03:48):
for about four months was goinggreat, and then just be a little
vulnerable Matt, my mom passedaway. And number 21, and kind of
shock the system wasn'texpecting that. And the same
week that that happened, my wifeand I found out she was pregnant
with our first kid, and a lot ofemotions and changes and took a
month off to kind of grieve andprocess and I went back to work
(04:09):
in October. So I made $0 inSeptember, and this business
will industries, which didn'thave the consulting group, part
of it at the time, wasn'tscalable and sustainable. If I
wanted to take paternity leaveand spend time with my newborn
son, and so I kind of realizedthat I couldn't be the change
alone and found myself at theforefront of what I think is the
(04:29):
future of work during the Greatresignation, kind of quiet
quitting. Like I'm all in thatfractional is the future of
work. And so my industriescreates more time and freedom
for CEOs by given theirundesirable hats to vetted
fractional executives. And soCEOs who want to scale their b2b
sales, from one to 2 million to10 to 20 million in annual
revenue with the ones thatbenefit the most from the Malloy
(04:51):
match. We're, you know, we'llkind of scope out a project
understand what problems theyneed solve, what are their
objectives, the end in mind, howare we going to measure success?
It's And then ultimatelyrecommend three of our, as of
this recording 249, fractionalexecutives, so they can
interview them, pick the onethat's the best fit for them.
And for any reason they don'tlike the three, we'll give them
(05:13):
another three, three for free.
Although knock on wood, we areundefeated at making matches
with.
Matt Wolach (05:21):
Very cool. So if you're a leader, why might you
feel like okay, I need to gofractional versus a full time
hire? What are some of thebenefits or advantages of doing
that?
Mike Malloy (05:32):
great question. And I think the biggest benefit is
the flexibility. And the costeffectiveness, where you don't
have to invest a six figuresalary and benefits and hope
that they stick around for fouryears to you know, get the most
of it. There's no long termcommitment. And you only pay for
the expertise, you actually needsome weeks that might be 10
hours a week, maybe it's 20hours a week, maybe the next
(05:53):
month, you actually need theirhelp at all. But then two months
later, like, hey, actually,let's bring him back in, we do
need help. So the ability tokind of ramp up and down on a
month to month basis. It alsobrings in a new, unique
perspective, like theentrepreneurs have been in the
business since you know, sinceit was born, and they think
about it all day, every day. Andthey think, Oh, we have to do it
this way. Because this is theway we've always done it. You
(06:14):
get in that new perspective andkind of look at things through a
new lens that often createsinnovation, better ways of doing
it. And potentially even betterways of pricing or selling the
product or service, as well asthink about is there a
tangential market that you cantap into that you're not
currently selling to? And I'llthrow out another benefit of
(06:37):
fractional as well is that theycome with rolodexes, you know,
these aren't kids that arecollege, these are folks with
1020 30 years of experience,often who have been selling in
the same industry similar, youknow, products or services. So
they have phone numbers thatthey can call up. And you know,
all things being equal. Peopledo business with people that
they like, or things even beingunequal. They still do business
with people they like and sobeing able to leverage that, in
(07:00):
a cost effective way can alsokind of speed up the sales
cycle.
Matt Wolach (07:04):
Oh, no doubt, no doubt, I think that that's
really impressive that somebodycan come in and jump in and kind
of help that business moveforward, even at just a
fractional case. But I've seenit happen over and over. And
sometimes we feel like, oh, wedefinitely need a full time
hire, we actually don't You'reright, I love the flexibility of
that I love that you can havesomebody come in and not have to
make that long term commitmentthat a big time executive hire
(07:28):
would require.
Mike Malloy (07:29):
And sometimes man is actually on a sales call
earlier today. Like they want tohire a full time sales
executive, but it's going totake three to six months.
Whereas you need to be sellingtomorrow and certainly next
month. And one of the thingsthat we bring the speed where we
can typically meet with anentrepreneur, scope it out
within two to three weeks, youwill have interviewed candidates
pick two you want to work withand get started. Doesn't mean
(07:50):
you can't do the large kind ofhey, let's put all the job
postings out there. You know,get a giant stack of resumes.
Oh, yeah, I'm gonna tell thisjoke. And you're too. For
anybody hiring full time. Let'ssay you got a stack of 50
resumes, take half of them andjust throw them out. Because you
don't want to hire somebody whoisn't lucky.
Matt Wolach (08:10):
Very true. Very true. Now from a from a I want
to shift the perspective. Now,if you're an executive, why
might you want to do this and bea fractional person versus
getting a full time job?
Mike Malloy (08:23):
I'm all about autonomy, and the flexibility
and kind of being able to dowhat you do best. And also, I
mean, I'm an entrepreneur like IYeah, once you get the bug, like
you can't go back to thinkinglike, oh, yeah, I would love to
sit in a cube for 40 hours aweek. And then when TPS reports,
you know, like, yeah, there'smore risk as the fractional, but
there's so much more upside andthe ability to work on
(08:46):
interesting things, perhapsacross three to five different
companies. And if you do oneday, a week and each of them, it
also means that you can increaseyour impact and extend both the
financial as well as the kind ofsocial positive impact in the
world. If you're reaching morepeople, because you're selling
something, you've got to believein your heart that like, Hey,
this is a valuable product orservice. And my future customer
(09:08):
would be a disservice if theydidn't, you know, go home with
it today. And so with that inmind, you want to be able to
serve more people, and alsopotentially train more
salespeople to work under you,you know, a lot of our
fractional sales executives,they're not the just individual
contributor, they helped buildout teams of STRS and account
execs put together either audit,update or create from scratch
(09:31):
the kind of sales playbook, youknow, what are the different
activities at the stages of thefunnel? How are they you know,
able to help these companiesmove more future customers
through that funnel at a fasterrate. And you make more money
and everybody makes more moneyyou know, it's kind of a win win
win all around by beingfractional.
Matt Wolach (09:52):
Fantastic, so well, they might take like 1, 2, 3
Different companies on at a timeis that how?
Mike Malloy (09:58):
Yeah. So typically The fraction of seconds we work
with, will work between four to32 hours a week with a client.
And so let's just call it eighthours a week. It's basically a
debt. So like, hey, Tuesdays, Ihave this client Wednesday, this
client, there's this client, itdoesn't mean you don't ever look
at messages or interact, youknow, with the clients on the
(10:18):
other days, but it's like, thisis probably when I'm going to do
my weekly check ins, you know,and this might be when we
scheduled a sales team meetingwith the check in with the CEO.
And I mentioned like, one of theimportant things about working
with fractional executives isthe communication cadence. And
making sure there's clearexpectations on AM, I'm here for
eight hours a week, I want to bein a meeting with you for 30 to
(10:39):
60 minutes a week, I'll be in ameeting with the sales team for
30 to 60 minutes a week, and I'mgonna do a bunch of other stuff,
you know, but you don't need tomicromanage the fractional
executive, it's not again, likea 22 year old figuring out their
first job, and you know how todo it, they're gonna go out and
be productive at a much fasterpace. Once they get up to speed,
you know, I would say the firstmonth, there is a lot of
learning more digging intoeverything that currently
(11:02):
exists, you know, likeunderstanding, do they have a
clear business model? Who'stheir ideal client profile?
What's the pricing model? Howwas that all built out? And then
looking at what are the leadgeneration strategies for the
top of the funnel? How are weoptimizing middle of the funnel
to get at the bottom of thefunnel? And are these things
documented? You know, if someclients, some companies that you
(11:23):
know, entrepreneurs, if you'veonly ever done founder lead
sales, you're going to need tomake some changes to those sales
processes, when you're bringingin humans who don't have the
charisma and the origin storyand the zest for it? To the
extent that you do, and that'sokay. And then that's like,
should be the expectation thatoh, you know, they might, you
know, have the pitch a littlebit differently, or, you know,
ask a few different questions.
Another thing that we look atearly on with clients, too, is
(11:46):
just the CRM and like, what'stheir CRM hygiene? Do you
actually trust the data that'sin there who's been putting it
in? How are you leveraging thedata. And we've helped several
clients transition from oneoutdated untrustworthy garbage
in garbage out system to a brandnew one that you get buy in from
the stakeholders across theorganization. And then you train
(12:07):
people on how to use it. And ittransforms the whole business,
when you actually have a singlesource of truth.
Matt Wolach (12:15):
It makes it so much easier to manage, I mean, not
only for the people doing theirjobs and sales reps, but having
a strong CRM makes it just somuch easier to see and identify
where the issues are and wherewe need to manage where we need
to focus. I totally agree. Iwant to ask you this, because I
think some people have theirtheir perceptions of fractional.
So what are some of themisconceptions out there that
some leaders have aboutfractional executives?
Mike Malloy (12:37):
Yeah, great question. I would say one
misconception is that it's tooexpensive, and that they can't
afford it. And oh, you know,somebody with 30 years of
experience, there's no way like,why would they waste their time
with us? piddly little, we justdid our first million in sales,
and this guy is doing, you know,you know, hundreds of millions
(12:57):
of sales? Well, you'd besurprised, especially the second
half of people's careers, thereis an interest in both diverse
businesses that want to workwith as well as paying it
forward to the next generation.
The other thing I'd say there isthat, yeah, it would be way too
expensive. If you had them as afull time employee, and we're
paying them, you know, $400,000a year, but for 20 bucks an
(13:19):
hour, you know, maybe you canbudget like five grand a month,
and you just get the expertiseyou need. And it also who don't
always know, like, how long doesit last? Like? Is it you? Is it
me? Like we took that we startwith three months, like let's
work together for three months,figure out how it goes. And then
from there, it's a month tomonth basis. It's like, Hey, do
we do we both want to do itagain, because at some point,
(13:41):
you know, we have had theoccasional PETA or you know,
pain in the ass client that isnot worth renewing, even though
they want more than just the waythey treat us. And one of the
things that I have found is likethe number one characteristic to
avoid is like how frenetic isthe founder, if they're all over
the place, and reschedulingmeetings and change they set a
meeting one is really differentfrom two and three that's going
(14:03):
to continue throughout the wholeproject and we're never going to
meet their unrealisticexpectations. So it's just
something we keep an eye outfor.
Matt Wolach (14:13):
Yeah, that's I think that's really smart
because that can create somesome friction and some nastiness
as well as it's going to bereally hard to understand what
the what the true goals are andif the fractional actually met
them. So I love that you'veidentified who that right person
to work with is I want to knowso this fractional comes in. How
do they complement existingteams? So maybe there's already
(14:34):
some salespeople in there, howdoes that all work? Yeah,
Mike Malloy (14:37):
I mean, first we say Hey, Matt, your hair looks
really nice today. And yeah, Ilove that shirt.
Matt Wolach (14:45):
I get it, compliment.
Mike Malloy (14:47):
And part of it is understand like, what are the
strengths that the team alreadyhas? And like let's build those
people up. You know, everybodyworked with are pretty good
leaders and you know, you praisepublicly you reprimand
privately. And so when you seesomeone doing something great,
Hey, call that out, you know andtell the CEO, hey, Joe, you
know, I know you think he's justan SDR really, he's actually
(15:07):
doing an awesome job, I'm reallyimpressed with the templates
he's written. And there is alevel two of like understanding
people's egos you know, ifyou're a full time employee and
they're bringing in a part timeperson to manage you are for you
to report you, like spending thetime to get to know people on a
personal level. So like, we'lltypically when we're doing sales
(15:27):
team meetings, and one on oneswith sales reps working with,
we'll check in personally andprofessionally, the beginning of
each meeting, like hey, onethrough 10, how are you doing,
like, how's life outside ofwork, start with that kind of
trip report. Because thatcreates the psychological safety
and rapport. So that when you'redoing a shitty job, like we can
call you out on it, and you'reokay with it, and it doesn't
mean like, you suck, and youjust have a sucky week, like,
(15:49):
you know, let's see how we canbounce back. The other thing to
note too, is that will come in,and usually the CEO knows one to
three things that they'restruggling with, and like, hey,
we really need to fix, you know,maybe it's the CRM or the
metrics, like we're just like, Idon't have a clue what our
customer acquisition cost is, orour LTV lifetime value. And so
(16:09):
like, if that's a known unknownart, great, we'll work on that.
But there's also usually one tothree things that like the CEO
doesn't realize it's an issuewith the sales team. So like one
client we worked with, theybrought us in about a year ago,
last April, they've missed theirmonthly sales quota, January,
February, March, we started thatApril, they had nine sales reps,
(16:30):
they had no data in the CRM thatthey trusted, there was no way
for the CEO to even know whichof the nine was performing
great, doing pretty good. Andultimately, there were two that
they let go of with three monthsinto the engagement because they
finally had clarity into like,how poorly they were performing.
Because we built some kind ofcustom dashboards and data
visualization to look at theaccounts by reps and what were
(16:50):
they selling all these things.
And so that's, you know, is, canbe a little awkward, you know,
that a, not everybody who's onthe bus now is going to be on
the bus in six months. Butyou're probably burning a lot of
cash and wasting time,attention, money, energy and
effort with theseunderperformers. And then when
you let one or two B or Cplayers on the team, it brings
(17:10):
down the average of everybody.
Or it's like we're bringing in aplayer who can recognize other A
players build them up. And thenas needed, identify outside New
A players to join the team tomaybe replace some of those
empty seats. Yeah, I
Matt Wolach (17:27):
think that's critical. And sometimes having
that additional set of eyes onthe team helps you identify,
Okay, yeah, this is an issue, weneed to make a move here. And
I've seen it many times wherethat new set of eyes almost
speaks to the leader, what theywere already thinking, like,
they already kind of had an ideathat there was some issues. And
(17:48):
just hearing it from someoneelse kind of confirmed that and
makes it easier for you to makea move on the team. Have you
seen that?
Mike Malloy (17:56):
Yeah. 100%. And a lot of times to like some of the
challenges that the CEOs face issome level of like, impostor
syndrome, or like not alwaysfeeling worthy to lead this
business or be this like supersuccessful entrepreneur that
folks on social media think, Oh,I'm crushing, I'm killing it.
But like, do, you have 17 hairon fire problems, you're up in
(18:18):
the middle of the night, you'restressed about all sorts of
stuff. And a lot of it hasactivity, like you're doing
things you've never done before.
Like nobody taught you how to bean entrepreneur and a leader of
a multimillion dollar business.
There's not like accounting oneon one class for that, you know,
and the diversity of skillsneeded. One of the best skills
is knowing what you don't knowand leaning on people that are
(18:40):
smarter than you and like nothaving your ego be like, I must
be the smartest person in everyroom, like not if your smartest
person in the room, like leaveand go in another room where
they're smarter people hang outwith them, take some of the
knowledge and then bring it backand you know, teach it distill
it to others. And so arefractional executives become a
trusted adviser, you know,somebody that they can lean on
(19:00):
and help coach and support them,as they're leveling up on their
own leadership journey, andbuilding a better company and,
you know, not needing to fearabout like losing control,
either of the overall businessor even losing control of
individual responsibilities ortasks. You know, like, it's a
(19:20):
great quote from Dan Martell.
80% done by somebody else is100% frickin awesome. And so the
idea that like you have too muchon your plate, you need to
identify the things that are notin your strengths, not your zone
of genius. And oftentimes,entrepreneurs have limited sales
experience. They were not a cardcarrying salesman for two
decades when I started thislike, now I work for somebody
(19:42):
was like, got their PhD inbiotechnology, and like was it a
lot like I was a computerscience nerd for a long time. I
happen to spend six years in aband driver on selling
sunglasses listening to allthese Zig Ziglar sales tapes,
everybody else. Automobileuniversity like I learned all
this stuff in my 20s I'm 37 nowand I'm pretty good at idea
about how to go through thesales process. And you know, the
importance of a Matt, do youknow what a BAMFAM is?
Matt Wolach (20:07):
absolutely BAMFAM, that's something we teach very
heavily.
Mike Malloy (20:10):
Love it. For the listeners at home that is a book
a meeting from a meeting. Andthe goal of every meeting is to
get the next meeting. So makesure you save one or two minutes
at the end, hey, let's just pullup our calendars real quick. Get
something on the books, youknow, before we wrap, even if it
goes over a minute or two to thenext meeting, you always want to
get that continuity. And alsoidentifying who are the other
stakeholders involved in thedecision making process who
(20:33):
weren't in this meeting? Hey, doyou have a visibility to their
their calendar? Like, are theyfree, you know, next Tuesday at
Two, three or 430? Let's just goahead and get in by now.
Matt Wolach (20:44):
It's super critical to be able to do that. It's
something we work on we roleplaythat within our sessions in our
in our coaching groups. Butyeah, I think some of those
tactics, you're right, thefounders often don't know, we
get a lot of them that come tous, because they've built this
product. It's amazing. They'restarting to see growth. Now they
want to scale it. That's one ofthe reasons why they they come
to me. So this fractionalexecutive thing I think is
(21:05):
really critical. Mike, I'mreally grateful that you've been
able to come in.
Mike Malloy (21:11):
Sorry, can you go ahead and tell me a little bit
more about like the role playingand coaching that you do,
because that sounds prettyimpactful and helpful for for
your eyes?
Matt Wolach (21:19):
Yeah, we have a we have a group we call leader
circle. And it's basically aroundtable of software leaders,
founders, who've built amazingcompanies, they love the
product, they're just strugglingto get to the growth levels that
they've wanted to get to. And sowe do a whole bunch of stuff
around training, I have a salesprocess that I've developed to
help me get three exits that Ibasically share with everybody
(21:40):
else on how they're able to doit. And it's it's a pretty fun
experience. So they basicallyget some, some group roundtables
with other people of their sizeand, and focus as well as they
get one on one coaching from meand, and they have a curriculum
they go through to implement theprocess. So it's a lot of fun,
that's for sure. And people getsome great results.
Mike Malloy (22:00):
I love it. And I will add on there too, as an
entrepreneur myself, like, I'min three different group
coaching programs, like the ideathat you would know how to do
everything in your head isbaloney. You know, I have one
that meets every Wednesday, onethat meets every other
Wednesday, one that meets once amonth, and the learnings, the
seeing what other people aredoing in their businesses, and
they're like, oh, I can justapply that thing to mine. And I
(22:20):
tweak a little bit of thelanguage or like, oh, that
marketing strategy, crush it foryou when you went to a trade
show, or I'm gonna do that thingat our trade show, you know, is
super valuable. I also find thatjust like having the
accountability of some sort ofcoach or mastermind that I have
an accountability buddy I knewwith the last Friday of every
month, and we list out fourthings we're going to do by the
next time we meet, and like, Imake sure I get done especially
(22:43):
a couple days leading up tothat, because I know I'm gonna
be with Raj and I don't want tolet him down. He was gonna let
me down. So true. Yeah, settingup those external things can
really help make the differenceas well.
Matt Wolach (22:53):
Yeah, that accountability buddy thing is
like a hack. It's something thatnot a lot of people do. But it's
really, really powerful. Mike,this is awesome.
Mike Malloy (23:01):
I got one more bonus on the accountability in
my weekly thriversaccountability group. If you
make a commitment, you don't doit. You could donate 50 bucks to
charity. It's like I havedonated to charity the past
couple of years. But like,couple weeks ago, I was like I
need a an appointment with adietician of all things. And I
like had been crushed. And it'slike, I'm gonna do it by next
Wednesday, I booked it at likenoon, two hours for the things
(23:23):
they want to pay 50 bucks. Andthen I remember there and it was
great, and maybe a little bithealthier. Now, my family is as
well. And, you know, you justhave to be professional support
you get in these groups. It'salso, Hey, how are things with
your partner at home? How arethe kids doing? Like, how are
you able to find some level ofwork life balance or at least
compartmentalization. And, youknow, one night a week or one or
(23:45):
two weekend days, God forbid,you know, you're just off from
work and you're present, youknow where your feet are with
the kids and the wife andpartner. So I think that's
important.
Matt Wolach (23:54):
I totally agree that that's important because as
leaders we're so focused on onbuilding this company that we've
built over the years and westarted we want to make it just
take off. And sometimes it's onour mind always but getting it
off our mind for even an hour ortwo every now and then is is
critical for our mental healthand for our our focus and keeps
you from being burned out whichhappens a lot in this industry.
(24:18):
So I think that's that's awesomeadvice. Mike, this is
phenomenal. You gave us allkinds of great stuff. I really
think that our audience haslearned a lot how can they learn
more about you and Malloyindustries? Yeah,
Unknown (24:31):
Yeah, absolutely would love to connect on LinkedIn.
Mike Malloy, you can also emailme at Mike@Malloyindustries.com.
If you go tomalloyindustries.com/pod For
podcast, we have a nice landingpage there with some resources
and links to places you canlearn more. But yeah, love
(24:54):
serving the community andhelping entrepreneurs build
impactful businesses and justAnimal lifestyles as well. So
thanks, Matt and Matt, I gottaask to do you want to just know
what a giraffes favorite fruitis?
Matt Wolach (25:08):
Oh, I'm afraid to ask.
Mike Malloy (25:11):
It's a nectarine.
Matt Wolach (25:12):
nectarine. We do need a little drum set with you.
King of the dad jokes. He's MikeMalloy. Mike, thank you so much
for coming on the show andexplaining all this for us. It's
been really helpful and funny.
Mike Malloy (25:26):
My pleasure, Matt.
Thanks a lot.
Matt Wolach (25:28):
Absolutely. And everybody out there. Thank you
for being here. Make sure you'resubscribed so you don't miss out
on any other amazing tidbits andtactics just like Mike just
shared. Hit that subscribebutton. You'll get all of those
updated every week. We have anew amazing guest. So we will
see you next time. Take care andbye bye
Hello, and welcome to Scale Your SaaS. Thank you
very much for being here. I amdelighted that you have joined
us today because on Scale YourSaaS this show, what we're doing
is we're helping you understandhow to generate a whole bunch of
leads, how to make sure you knowhow to close those leads, and
then how to build a team that isreally effective and doing all
that stuff for you so you canscale your company. And one of
the ways to do that we're goingto discuss in depth today with
(00:25):
my awesome special guest MikeMalloy. Mike, welcome to the
show. How you doing?
Mike Malloy (00:29):
Thanks, Matt. I'm doing great. I'm excited to be
here today.
Matt Wolach (00:33):
Well, I'm excited to have you as well let me make
sure everybody knows who youare. So Mike, he's the founder
of Malloy Industries ConsultingGroup. Malloy industries
Consulting Group, This is a firmthat helps B2B SaaS companies
scale their operations with thesupport of fractional executives
and effective lessons inleadership. And for the last
three years, he's been helpingat the do this stuff at the
forefront of executivematchmaking. He's doing some
(00:56):
amazing things. In fact, he has15 plus years of corporate
experience behind him. And as a,as a strategic adviser. He's
helped three entrepreneurssuccessfully pitch and secure
deals on Shark Tank, the famousshow, which is really, really
cool. So that's a really funtidbit. But Mike, thank you so
much for coming on the show.
Mike Malloy (01:15):
Thanks, Matt. I'm delighted to be here. And
looking forward to diving intosome great topics on how to help
your audience, increase theirsales and extend the runway.
Matt Wolach (01:25):
I love it. I love it sounds great. So tell me what
have you been up to lately? Andwhat's coming up for you?
Mike Malloy (01:29):
Yeah. And so recently, we actually just
onboarding three new people onour team of project managers
kind of helping on the customersuccess side as our portfolio of
b2b SaaS companies that we'rehoping has been growing in our
kind of core business, as youhinted at is matching fractional
sales executives that help theCEOs to kind of buy back their
(01:51):
time and take some of the saleshat and sales activities off of
their plate, give it to a vettedexpert who has 10, 20, 30 years
of experience, so that they cansee that kind of up into the
right graph continue while theyfocus on what matters most to
them, both professionally andpersonally, as well. You know, a
little bit more family time, ifyou don't have to be on every
single sales call making it rainall day, every day.
Matt Wolach (02:14):
Yeah, so true. How did you how did you come up with
this business? Where did thiscome to be for you? Yeah,
Mike Malloy (02:20):
absolutely. So I have previous experience as a
Deloitte consultant, and I was atraveling sunglasses, salesman
and startup CEO in my 20s, ranan incubator program for five
years supporting early stagesocial entrepreneurs, and
actually served as aentrepreneur, president and
adjunct professor at GeorgetownUniversity. And so little bit of
my background, and I'mpassionate about being
(02:42):
relentlessly generous,enthusiastically fun force for
good in the world. And by theway, man, I'm gonna slip in if
you dad jokes in this call, hopeyou don't mind. All good with
that. So my son the other daysaid, Hey, Dad, can you tell me
about a solar eclipse? Like,what is it exactly? And I looked
him I said, No, son.
Matt Wolach (03:01):
I love it. I am all in for the Dad jokes.
Mike Malloy (03:03):
And so, you know, I love helping entrepreneurs buy
back their freedom and time tofocus on what matters most. And
I guess a little bit the originstory, you know, there's a small
global pandemic, a few yearsago, you may have heard about.
And so during COVID, my wife andI left DC, where we've been for
almost 15 years and migrated tothe beach in Delaware, and was
(03:26):
there for about nine months,eventually the incubator, so
they might come back to DC, weneed you to run the program in
person. And I was like, Hey, Ithink I'm gonna do my own thing.
Take another entrepreneurialleap at 35, quitting, quitting
your job at 35. And married verydifferent than 25. And single,
just, you know, for thosethinking about entrepreneurship.
And so I started helpingentrepreneurs, one on one, and
(03:48):
for about four months was goinggreat, and then just be a little
vulnerable Matt, my mom passedaway. And number 21, and kind of
shock the system wasn'texpecting that. And the same
week that that happened, my wifeand I found out she was pregnant
with our first kid, and a lot ofemotions and changes and took a
month off to kind of grieve andprocess and I went back to work
(04:09):
in October. So I made $0 inSeptember, and this business
will industries, which didn'thave the consulting group, part
of it at the time, wasn'tscalable and sustainable. If I
wanted to take paternity leaveand spend time with my newborn
son, and so I kind of realizedthat I couldn't be the change
alone and found myself at theforefront of what I think is the
(04:29):
future of work during the Greatresignation, kind of quiet
quitting. Like I'm all in thatfractional is the future of
work. And so my industriescreates more time and freedom
for CEOs by given theirundesirable hats to vetted
fractional executives. And soCEOs who want to scale their b2b
sales, from one to 2 million to10 to 20 million in annual
revenue with the ones thatbenefit the most from the Malloy
(04:51):
match. We're, you know, we'llkind of scope out a project
understand what problems theyneed solve, what are their
objectives, the end in mind, howare we going to measure success?
It's And then ultimatelyrecommend three of our, as of
this recording 249, fractionalexecutives, so they can
interview them, pick the onethat's the best fit for them.
And for any reason they don'tlike the three, we'll give them
(05:13):
another three, three for free.
Although knock on wood, we areundefeated at making matches
with.
Matt Wolach (05:21):
Very cool. So if you're a leader, why might you
feel like okay, I need to gofractional versus a full time
hire? What are some of thebenefits or advantages of doing
that?
Mike Malloy (05:32):
great question. And I think the biggest benefit is
the flexibility. And the costeffectiveness, where you don't
have to invest a six figuresalary and benefits and hope
that they stick around for fouryears to you know, get the most
of it. There's no long termcommitment. And you only pay for
the expertise, you actually needsome weeks that might be 10
hours a week, maybe it's 20hours a week, maybe the next
(05:53):
month, you actually need theirhelp at all. But then two months
later, like, hey, actually,let's bring him back in, we do
need help. So the ability tokind of ramp up and down on a
month to month basis. It alsobrings in a new, unique
perspective, like theentrepreneurs have been in the
business since you know, sinceit was born, and they think
about it all day, every day. Andthey think, Oh, we have to do it
this way. Because this is theway we've always done it. You
(06:14):
get in that new perspective andkind of look at things through a
new lens that often createsinnovation, better ways of doing
it. And potentially even betterways of pricing or selling the
product or service, as well asthink about is there a
tangential market that you cantap into that you're not
currently selling to? And I'llthrow out another benefit of
(06:37):
fractional as well is that theycome with rolodexes, you know,
these aren't kids that arecollege, these are folks with
1020 30 years of experience,often who have been selling in
the same industry similar, youknow, products or services. So
they have phone numbers thatthey can call up. And you know,
all things being equal. Peopledo business with people that
they like, or things even beingunequal. They still do business
with people they like and sobeing able to leverage that, in
(07:00):
a cost effective way can alsokind of speed up the sales
cycle.
Matt Wolach (07:04):
Oh, no doubt, no doubt, I think that that's
really impressive that somebodycan come in and jump in and kind
of help that business moveforward, even at just a
fractional case. But I've seenit happen over and over. And
sometimes we feel like, oh, wedefinitely need a full time
hire, we actually don't You'reright, I love the flexibility of
that I love that you can havesomebody come in and not have to
make that long term commitmentthat a big time executive hire
(07:28):
would require.
Mike Malloy (07:29):
And sometimes man is actually on a sales call
earlier today. Like they want tohire a full time sales
executive, but it's going totake three to six months.
Whereas you need to be sellingtomorrow and certainly next
month. And one of the thingsthat we bring the speed where we
can typically meet with anentrepreneur, scope it out
within two to three weeks, youwill have interviewed candidates
pick two you want to work withand get started. Doesn't mean
(07:50):
you can't do the large kind ofhey, let's put all the job
postings out there. You know,get a giant stack of resumes.
Oh, yeah, I'm gonna tell thisjoke. And you're too. For
anybody hiring full time. Let'ssay you got a stack of 50
resumes, take half of them andjust throw them out. Because you
don't want to hire somebody whoisn't lucky.
Matt Wolach (08:10):
Very true. Very true. Now from a from a I want
to shift the perspective. Now,if you're an executive, why
might you want to do this and bea fractional person versus
getting a full time job?
Mike Malloy (08:23):
I'm all about autonomy, and the flexibility
and kind of being able to dowhat you do best. And also, I
mean, I'm an entrepreneur like IYeah, once you get the bug, like
you can't go back to thinkinglike, oh, yeah, I would love to
sit in a cube for 40 hours aweek. And then when TPS reports,
you know, like, yeah, there'smore risk as the fractional, but
there's so much more upside andthe ability to work on
(08:46):
interesting things, perhapsacross three to five different
companies. And if you do oneday, a week and each of them, it
also means that you can increaseyour impact and extend both the
financial as well as the kind ofsocial positive impact in the
world. If you're reaching morepeople, because you're selling
something, you've got to believein your heart that like, Hey,
this is a valuable product orservice. And my future customer
(09:08):
would be a disservice if theydidn't, you know, go home with
it today. And so with that inmind, you want to be able to
serve more people, and alsopotentially train more
salespeople to work under you,you know, a lot of our
fractional sales executives,they're not the just individual
contributor, they helped buildout teams of STRS and account
execs put together either audit,update or create from scratch
(09:31):
the kind of sales playbook, youknow, what are the different
activities at the stages of thefunnel? How are they you know,
able to help these companiesmove more future customers
through that funnel at a fasterrate. And you make more money
and everybody makes more moneyyou know, it's kind of a win win
win all around by beingfractional.
Matt Wolach (09:52):
Fantastic, so well, they might take like 1, 2, 3
Different companies on at a timeis that how?
Mike Malloy (09:58):
Yeah. So typically The fraction of seconds we work
with, will work between four to32 hours a week with a client.
And so let's just call it eighthours a week. It's basically a
debt. So like, hey, Tuesdays, Ihave this client Wednesday, this
client, there's this client, itdoesn't mean you don't ever look
at messages or interact, youknow, with the clients on the
(10:18):
other days, but it's like, thisis probably when I'm going to do
my weekly check ins, you know,and this might be when we
scheduled a sales team meetingwith the check in with the CEO.
And I mentioned like, one of theimportant things about working
with fractional executives isthe communication cadence. And
making sure there's clearexpectations on AM, I'm here for
eight hours a week, I want to bein a meeting with you for 30 to
(10:39):
60 minutes a week, I'll be in ameeting with the sales team for
30 to 60 minutes a week, and I'mgonna do a bunch of other stuff,
you know, but you don't need tomicromanage the fractional
executive, it's not again, likea 22 year old figuring out their
first job, and you know how todo it, they're gonna go out and
be productive at a much fasterpace. Once they get up to speed,
you know, I would say the firstmonth, there is a lot of
learning more digging intoeverything that currently
(11:02):
exists, you know, likeunderstanding, do they have a
clear business model? Who'stheir ideal client profile?
What's the pricing model? Howwas that all built out? And then
looking at what are the leadgeneration strategies for the
top of the funnel? How are weoptimizing middle of the funnel
to get at the bottom of thefunnel? And are these things
documented? You know, if someclients, some companies that you
(11:23):
know, entrepreneurs, if you'veonly ever done founder lead
sales, you're going to need tomake some changes to those sales
processes, when you're bringingin humans who don't have the
charisma and the origin storyand the zest for it? To the
extent that you do, and that'sokay. And then that's like,
should be the expectation thatoh, you know, they might, you
know, have the pitch a littlebit differently, or, you know,
ask a few different questions.
Another thing that we look atearly on with clients, too, is
(11:46):
just the CRM and like, what'stheir CRM hygiene? Do you
actually trust the data that'sin there who's been putting it
in? How are you leveraging thedata. And we've helped several
clients transition from oneoutdated untrustworthy garbage
in garbage out system to a brandnew one that you get buy in from
the stakeholders across theorganization. And then you train
(12:07):
people on how to use it. And ittransforms the whole business,
when you actually have a singlesource of truth.
Matt Wolach (12:15):
It makes it so much easier to manage, I mean, not
only for the people doing theirjobs and sales reps, but having
a strong CRM makes it just somuch easier to see and identify
where the issues are and wherewe need to manage where we need
to focus. I totally agree. Iwant to ask you this, because I
think some people have theirtheir perceptions of fractional.
So what are some of themisconceptions out there that
some leaders have aboutfractional executives?
Mike Malloy (12:37):
Yeah, great question. I would say one
misconception is that it's tooexpensive, and that they can't
afford it. And oh, you know,somebody with 30 years of
experience, there's no way like,why would they waste their time
with us? piddly little, we justdid our first million in sales,
and this guy is doing, you know,you know, hundreds of millions
(12:57):
of sales? Well, you'd besurprised, especially the second
half of people's careers, thereis an interest in both diverse
businesses that want to workwith as well as paying it
forward to the next generation.
The other thing I'd say there isthat, yeah, it would be way too
expensive. If you had them as afull time employee, and we're
paying them, you know, $400,000a year, but for 20 bucks an
(13:19):
hour, you know, maybe you canbudget like five grand a month,
and you just get the expertiseyou need. And it also who don't
always know, like, how long doesit last? Like? Is it you? Is it
me? Like we took that we startwith three months, like let's
work together for three months,figure out how it goes. And then
from there, it's a month tomonth basis. It's like, Hey, do
we do we both want to do itagain, because at some point,
(13:41):
you know, we have had theoccasional PETA or you know,
pain in the ass client that isnot worth renewing, even though
they want more than just the waythey treat us. And one of the
things that I have found is likethe number one characteristic to
avoid is like how frenetic isthe founder, if they're all over
the place, and reschedulingmeetings and change they set a
meeting one is really differentfrom two and three that's going
(14:03):
to continue throughout the wholeproject and we're never going to
meet their unrealisticexpectations. So it's just
something we keep an eye outfor.
Matt Wolach (14:13):
Yeah, that's I think that's really smart
because that can create somesome friction and some nastiness
as well as it's going to bereally hard to understand what
the what the true goals are andif the fractional actually met
them. So I love that you'veidentified who that right person
to work with is I want to knowso this fractional comes in. How
do they complement existingteams? So maybe there's already
(14:34):
some salespeople in there, howdoes that all work? Yeah,
Mike Malloy (14:37):
I mean, first we say Hey, Matt, your hair looks
really nice today. And yeah, Ilove that shirt.
Matt Wolach (14:45):
I get it, compliment.
Mike Malloy (14:47):
And part of it is understand like, what are the
strengths that the team alreadyhas? And like let's build those
people up. You know, everybodyworked with are pretty good
leaders and you know, you praisepublicly you reprimand
privately. And so when you seesomeone doing something great,
Hey, call that out, you know andtell the CEO, hey, Joe, you
know, I know you think he's justan SDR really, he's actually
(15:07):
doing an awesome job, I'm reallyimpressed with the templates
he's written. And there is alevel two of like understanding
people's egos you know, ifyou're a full time employee and
they're bringing in a part timeperson to manage you are for you
to report you, like spending thetime to get to know people on a
personal level. So like, we'lltypically when we're doing sales
(15:27):
team meetings, and one on oneswith sales reps working with,
we'll check in personally andprofessionally, the beginning of
each meeting, like hey, onethrough 10, how are you doing,
like, how's life outside ofwork, start with that kind of
trip report. Because thatcreates the psychological safety
and rapport. So that when you'redoing a shitty job, like we can
call you out on it, and you'reokay with it, and it doesn't
mean like, you suck, and youjust have a sucky week, like,
(15:49):
you know, let's see how we canbounce back. The other thing to
note too, is that will come in,and usually the CEO knows one to
three things that they'restruggling with, and like, hey,
we really need to fix, you know,maybe it's the CRM or the
metrics, like we're just like, Idon't have a clue what our
customer acquisition cost is, orour LTV lifetime value. And so
(16:09):
like, if that's a known unknownart, great, we'll work on that.
But there's also usually one tothree things that like the CEO
doesn't realize it's an issuewith the sales team. So like one
client we worked with, theybrought us in about a year ago,
last April, they've missed theirmonthly sales quota, January,
February, March, we started thatApril, they had nine sales reps,
(16:30):
they had no data in the CRM thatthey trusted, there was no way
for the CEO to even know whichof the nine was performing
great, doing pretty good. Andultimately, there were two that
they let go of with three monthsinto the engagement because they
finally had clarity into like,how poorly they were performing.
Because we built some kind ofcustom dashboards and data
visualization to look at theaccounts by reps and what were
(16:50):
they selling all these things.
And so that's, you know, is, canbe a little awkward, you know,
that a, not everybody who's onthe bus now is going to be on
the bus in six months. Butyou're probably burning a lot of
cash and wasting time,attention, money, energy and
effort with theseunderperformers. And then when
you let one or two B or Cplayers on the team, it brings
(17:10):
down the average of everybody.
Or it's like we're bringing in aplayer who can recognize other A
players build them up. And thenas needed, identify outside New
A players to join the team tomaybe replace some of those
empty seats. Yeah, I
Matt Wolach (17:27):
think that's critical. And sometimes having
that additional set of eyes onthe team helps you identify,
Okay, yeah, this is an issue, weneed to make a move here. And
I've seen it many times wherethat new set of eyes almost
speaks to the leader, what theywere already thinking, like,
they already kind of had an ideathat there was some issues. And
(17:48):
just hearing it from someoneelse kind of confirmed that and
makes it easier for you to makea move on the team. Have you
seen that?
Mike Malloy (17:56):
Yeah. 100%. And a lot of times to like some of the
challenges that the CEOs face issome level of like, impostor
syndrome, or like not alwaysfeeling worthy to lead this
business or be this like supersuccessful entrepreneur that
folks on social media think, Oh,I'm crushing, I'm killing it.
But like, do, you have 17 hairon fire problems, you're up in
(18:18):
the middle of the night, you'restressed about all sorts of
stuff. And a lot of it hasactivity, like you're doing
things you've never done before.
Like nobody taught you how to bean entrepreneur and a leader of
a multimillion dollar business.
There's not like accounting oneon one class for that, you know,
and the diversity of skillsneeded. One of the best skills
is knowing what you don't knowand leaning on people that are
(18:40):
smarter than you and like nothaving your ego be like, I must
be the smartest person in everyroom, like not if your smartest
person in the room, like leaveand go in another room where
they're smarter people hang outwith them, take some of the
knowledge and then bring it backand you know, teach it distill
it to others. And so arefractional executives become a
trusted adviser, you know,somebody that they can lean on
(19:00):
and help coach and support them,as they're leveling up on their
own leadership journey, andbuilding a better company and,
you know, not needing to fearabout like losing control,
either of the overall businessor even losing control of
individual responsibilities ortasks. You know, like, it's a
(19:20):
great quote from Dan Martell.
80% done by somebody else is100% frickin awesome. And so the
idea that like you have too muchon your plate, you need to
identify the things that are notin your strengths, not your zone
of genius. And oftentimes,entrepreneurs have limited sales
experience. They were not a cardcarrying salesman for two
decades when I started thislike, now I work for somebody
(19:42):
was like, got their PhD inbiotechnology, and like was it a
lot like I was a computerscience nerd for a long time. I
happen to spend six years in aband driver on selling
sunglasses listening to allthese Zig Ziglar sales tapes,
everybody else. Automobileuniversity like I learned all
this stuff in my 20s I'm 37 nowand I'm pretty good at idea
about how to go through thesales process. And you know, the
importance of a Matt, do youknow what a BAMFAM is?
Matt Wolach (20:07):
absolutely BAMFAM, that's something we teach very
heavily.
Mike Malloy (20:10):
Love it. For the listeners at home that is a book
a meeting from a meeting. Andthe goal of every meeting is to
get the next meeting. So makesure you save one or two minutes
at the end, hey, let's just pullup our calendars real quick. Get
something on the books, youknow, before we wrap, even if it
goes over a minute or two to thenext meeting, you always want to
get that continuity. And alsoidentifying who are the other
stakeholders involved in thedecision making process who
(20:33):
weren't in this meeting? Hey, doyou have a visibility to their
their calendar? Like, are theyfree, you know, next Tuesday at
Two, three or 430? Let's just goahead and get in by now.
Matt Wolach (20:44):
It's super critical to be able to do that. It's
something we work on we roleplaythat within our sessions in our
in our coaching groups. Butyeah, I think some of those
tactics, you're right, thefounders often don't know, we
get a lot of them that come tous, because they've built this
product. It's amazing. They'restarting to see growth. Now they
want to scale it. That's one ofthe reasons why they they come
to me. So this fractionalexecutive thing I think is
(21:05):
really critical. Mike, I'mreally grateful that you've been
able to come in.
Mike Malloy (21:11):
Sorry, can you go ahead and tell me a little bit
more about like the role playingand coaching that you do,
because that sounds prettyimpactful and helpful for for
your eyes?
Matt Wolach (21:19):
Yeah, we have a we have a group we call leader
circle. And it's basically aroundtable of software leaders,
founders, who've built amazingcompanies, they love the
product, they're just strugglingto get to the growth levels that
they've wanted to get to. And sowe do a whole bunch of stuff
around training, I have a salesprocess that I've developed to
help me get three exits that Ibasically share with everybody
(21:40):
else on how they're able to doit. And it's it's a pretty fun
experience. So they basicallyget some, some group roundtables
with other people of their sizeand, and focus as well as they
get one on one coaching from meand, and they have a curriculum
they go through to implement theprocess. So it's a lot of fun,
that's for sure. And people getsome great results.
Mike Malloy (22:00):
I love it. And I will add on there too, as an
entrepreneur myself, like, I'min three different group
coaching programs, like the ideathat you would know how to do
everything in your head isbaloney. You know, I have one
that meets every Wednesday, onethat meets every other
Wednesday, one that meets once amonth, and the learnings, the
seeing what other people aredoing in their businesses, and
they're like, oh, I can justapply that thing to mine. And I
(22:20):
tweak a little bit of thelanguage or like, oh, that
marketing strategy, crush it foryou when you went to a trade
show, or I'm gonna do that thingat our trade show, you know, is
super valuable. I also find thatjust like having the
accountability of some sort ofcoach or mastermind that I have
an accountability buddy I knewwith the last Friday of every
month, and we list out fourthings we're going to do by the
next time we meet, and like, Imake sure I get done especially
(22:43):
a couple days leading up tothat, because I know I'm gonna
be with Raj and I don't want tolet him down. He was gonna let
me down. So true. Yeah, settingup those external things can
really help make the differenceas well.
Matt Wolach (22:53):
Yeah, that accountability buddy thing is
like a hack. It's something thatnot a lot of people do. But it's
really, really powerful. Mike,this is awesome.
Mike Malloy (23:01):
I got one more bonus on the accountability in
my weekly thriversaccountability group. If you
make a commitment, you don't doit. You could donate 50 bucks to
charity. It's like I havedonated to charity the past
couple of years. But like,couple weeks ago, I was like I
need a an appointment with adietician of all things. And I
like had been crushed. And it'slike, I'm gonna do it by next
Wednesday, I booked it at likenoon, two hours for the things
(23:23):
they want to pay 50 bucks. Andthen I remember there and it was
great, and maybe a little bithealthier. Now, my family is as
well. And, you know, you justhave to be professional support
you get in these groups. It'salso, Hey, how are things with
your partner at home? How arethe kids doing? Like, how are
you able to find some level ofwork life balance or at least
compartmentalization. And, youknow, one night a week or one or
(23:45):
two weekend days, God forbid,you know, you're just off from
work and you're present, youknow where your feet are with
the kids and the wife andpartner. So I think that's
important.
Matt Wolach (23:54):
I totally agree that that's important because as
leaders we're so focused on onbuilding this company that we've
built over the years and westarted we want to make it just
take off. And sometimes it's onour mind always but getting it
off our mind for even an hour ortwo every now and then is is
critical for our mental healthand for our our focus and keeps
you from being burned out whichhappens a lot in this industry.
(24:18):
So I think that's that's awesomeadvice. Mike, this is
phenomenal. You gave us allkinds of great stuff. I really
think that our audience haslearned a lot how can they learn
more about you and Malloyindustries? Yeah,
Unknown (24:31):
Yeah, absolutely would love to connect on LinkedIn.
Mike Malloy, you can also emailme at Mike@Malloyindustries.com.
If you go tomalloyindustries.com/pod For
podcast, we have a nice landingpage there with some resources
and links to places you canlearn more. But yeah, love
(24:54):
serving the community andhelping entrepreneurs build
impactful businesses and justAnimal lifestyles as well. So
thanks, Matt and Matt, I gottaask to do you want to just know
what a giraffes favorite fruitis?
Matt Wolach (25:08):
Oh, I'm afraid to ask.
Mike Malloy (25:11):
It's a nectarine.
Matt Wolach (25:12):
nectarine. We do need a little drum set with you.
King of the dad jokes. He's MikeMalloy. Mike, thank you so much
for coming on the show andexplaining all this for us. It's
been really helpful and funny.
Mike Malloy (25:26):
My pleasure, Matt.
Thanks a lot.
Matt Wolach (25:28):
Absolutely. And everybody out there. Thank you
for being here. Make sure you'resubscribed so you don't miss out
on any other amazing tidbits andtactics just like Mike just
shared. Hit that subscribebutton. You'll get all of those
updated every week. We have anew amazing guest. So we will
see you next time. Take care andbye bye
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