Episode Transcript
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(00:24):
This is somebody that I'veknown for a while now.
Um, has, has anybody heardof the, the barter system?
I don't know if I, I'veshared this before.
Has anybody ever heardof the barter system?
Yes.
When you think about the bartersystem, what do you think about?
Exchanging, sharing value for value.
(00:45):
And when I grew up, uh, learningabout observing the barter
system in work, usually I wouldsee it on a movie or a TV show.
And what it would be is typically,it was usually people that were
very broke or poor, and they werebartering with each other because
that's all they had to trade.
If they had money, they would do it.
(01:05):
But since we don't have money,let's share, let, let, let me
do something of value for you.
You do something of value for me.
And, and growing up, that's whatI thought the barter system was.
If you don't have money, then you barter.
As I got older and as I startedexperiencing different social economic
(01:25):
groups, uh, from the multimillionairesto the multi-billionaires,
that's when I discovered.
Bartering, the higher you go upin the social economic ladder,
that's where bartering exists.
It's when you are lower in a lowervibration, lower frame of thinking that
everything has to be in exchange of money.
(01:46):
When I met Vince.
All he did was give value.
That's all he did.
Uh, I, and you know, hopefully, youknow, maybe tell the story one day,
but I, I reached out to Vince, I wastransitioning careers and I said,
Vince, let me shadow you within a week.
I was at his hou, I was shadowinghim, and they were at his house.
He, he introduced me to his entire family.
(02:06):
I could have been a killer.
He introduced me to his family.
Right.
Alright, but from, that's when I, and thenbecause he gave me so much value, all I do
is look for ways to give Vince back value.
And one of the valuable thingsI'm doing is let him talk to
y'all audience, this audience,please give it up for Vince Perry.
(02:32):
Appreciate to me.
Alright guys.
Thank you so much for having me.
Of course, when I go to speak, my voiceis about to go, but that's all right.
We'll, we'll get throughit one way or the other.
First of all, round of applauseto Christina and Shereen.
Honestly, great presentations, Shereen.
Your story is incredible.
That's the true entrepreneurial dream thatis like the story of all entrepreneurs.
(02:53):
What you didn't talk aboutis a lot more of the pain and
suffering that you probably wentthrough on a day to day basis.
You skipped over all that part.
But I'd like to have youon my podcast one day.
I think it'd be really interesting.
Interesting.
I live down in Tampa, soI'd love to have you on.
It'd be really cool.
Guys.
I wanna start with something very uniquethat you're not gonna be expecting.
I am a business broker.
I'm a business strategist.
I like to specialize in really tryingto get you guys set up for an exit,
(03:17):
but I don't even say exit because ifyou could grow your business to sell,
it's also a great business to own.
But with that said, I want to getyou guys in the right mindset.
There is a framework that has really,really worked for me tremendously.
The framework is very simple.
As SDE, sense it, desire it, expect it.
If you want to achieve anything thatyou want to achieve in your life,
(03:39):
in your business, for your family,for your friends, for whoever.
You guys have to visualize it first.
Now I'm getting to the point.
Eventually we're gonna talkabout business, but it all starts
with having the actual vision.
Of what that business looks like.
Having the actual vision of what your lifelooks like, but it's not just the vision.
(04:02):
I've got a vision board who has avision board, by the way, great tip.
I got mine as my wallpaper on my phoneand I see it every time I unlock my phone.
I've got it on my computer as well, butthe vision is just one of the five senses.
You have to try to get into the practice,and this could be called prayer,
meditation, manifestation, whatever it isthat you want, woo fu, whatever, whatever.
(04:24):
It doesn't matter.
It works guys.
At the end of the day, it's science.
We're all made up of cells andatoms, which is what, 99% energy.
If you can get yourself in theright mindset and move your energy
towards the direction that youwant to get to, guess what happens?
You get there.
So I want you guys to get out yourphones, pull out the notes app if you
don't have a pen and paper, and I wantyou to write something down, something
(04:47):
down that you really want to achievein your life, whether it's a dollar
amount in your business or whether it'sa house that you wanna buy, or whether
it's a partner that you wanna find,or whether it's just something in your
business that you want to achieve.
I would like for you guys to write itdown just so we could have it there.
Okay.
And then eventually you don'thave to do the practice.
Now I'm not gonna ask you guys toclose your eyes and visualize or
(05:08):
anything like that, but I would likefor you guys to at least have it on
your phone so you can get started.
And the thing about sense, it is,like I said, there's five senses.
So I would like for you guys tojust get into the practice of.
Not only visualizing it, butfeeling it and touching it and
smelling it like the whole thing.
You wanna be able to get in that moment.
If it's a house that you'redreaming of, what, what?
(05:30):
What color are the doorswhen you walk inside?
What color is the floor?
Is it a wood floor?
Is it a tile floor?
What color is the paint?
Is there texture on the paint?
What's the smell that'scoming out of the kitchen?
Very, very important when you're tryingto visualize success in your business.
The D part is to desire it.
What you, you desire, what youwant to acquire, but what's
(05:51):
even better is you desire whatyou want to acquire for others.
So you have to think about that goal thatyou wrote down, and you have to think
about how will that actually benefitsomebody that you love, somebody that
you care about, somebody that's closeto you, because that's when the true
magic happens, is when you desire forsomeone that you actually care about.
That's where the why comes in.
And then my favorite ofthe three is the expect it.
(06:16):
It's already happened.
It's happened already.
Whatever.
It's that you wrote down, you have towalk, you have to talk, you have to
act, and you have to live your dailylife as if it's already happened.
Okay?
Every single day, it's done.
I've already got theCorvette that I want to get.
I already got it.
I don't have it, but I'm gonna have it.
So I wanna start like that because whenyou're thinking about your business, you
(06:38):
have to make sure that you visualize it.
You have to start with the end in mind.
Okay, now we're thinking intothe future and meditation.
You wanna stay present.
And there's also a very goodpractice that was taught by um, uh,
David Sullivan of Strategic Coach.
If you guys know who he is, hetalks about the gap in the game.
Everybody, anybody heard about thegap in the game where you can't
think about the future too much?
(06:58):
'cause his entrepreneurs we're alwaysthinking about the horizon, and
sometimes the horizon just keeps going.
You have to think about theaccomplishments that you already have.
So.
It is, it's, it is good to just visualizeand already have the end in mind.
It's very important, which isbasically what we're gonna be talking
about, is basically building yourbusiness for a seven figure exit.
The cute part here though, iswhat, without ever selling.
(07:19):
You don't have to sell.
It's really up to you if you could buildthe machine, if you could build the
business the way you're supposed to buildit, which is basically as its own product.
I recommend a book called E-MythRevisited, which basically teaches you to
build your business as its own product.
Like you take your business, you takeall the systems and the employees, and
the processes, and the marketing strategyand the sales systems and everything.
(07:40):
You wrap it up into a box.
You tie it up, that's your product.
That's how you have to runyour business from day one.
So whether you guys have been inbusiness for one year, three years, or
10 years, always have the end in mind.
Always try to increase thevalue of that business, okay?
Because the more thatbusiness could run itself.
Okay.
The more valuable that business is,the more valuable that business is.
(08:01):
The more freedom you could have andthe more you could actually have the
opportunity to get that seven figure exit.
How cool would it be as you work for10 years and you have an opportunity,
how you have an opportunity tosell your business for $10 million?
Most of you guys here are entrepreneursor thinking about becoming entrepreneurs.
Imagine the possibilities ifyou just had $10 million direct
(08:24):
deposit into your account.
Imagine Randolph, what can youdo to some of these people in
here if they had $10 million?
Right?
The options though, right?
How you could use thatmoney to make more money.
It's very important.
So what do I got here?
So lemme tell you my story.
The reason why I'm so passionateand I wanna make an impact no matter
(08:44):
what I'm teaching, I don't careif I'm teaching business, public
adjusting or freaking tennis.
My passion is to make sure that I am veryimpactful and I try to do whatever I can.
'cause I was a tennis coach for 15 years.
I. I taught kids from four to 94 yearsold, and I taught elite athletes as
well, who played college tennis, playedtournaments, and it was very, what I
was more the most passionate about wasreally like the mental toughness part
(09:05):
and making sure that they can succeedand do everything that they possibly can.
But what I learned through 15years of teaching tennis is I'm
able to take a complicated subjectand simplified in a way so that
everybody could actually understand.
16 years of entrepreneurshipduring a little bit of that time,
um, I was a public adjuster.
I also owned my own 10.
I own, I owned my own tennisacademy that I ended up selling
(09:26):
because I had to move to Tampa.
This is when I was living in Miami.
Um, and then I became a publicinsurance adjuster full-time, got
my own company, elite resolutions,scaled it to well into the seven.
Now it's running smoothly.
Public adjusting industry is,uh, it's a little tight, little
rough right now these days.
(09:47):
Five years ago as a public adjuster, Iread the book, crushing It by Gary v.
Gary V says, give it away all theinformation on social media and give all
the information away as often as you can.
I had a failed YouTube channelwith my wife, a travel channel.
You guys can go check itout, make it work and travel.
It's not very good.
(10:08):
I did all the editing and the shootingnot that good, but I learned how to
use YouTube and then I was like, wait aminute, I've been doing this for 10 years.
Why don't I just start a YouTubechannel for public adjusting?
So I did that.
I didn't think that theaudience was the consumer.
'cause most people don't careabout an an insurance claim until
it actually happens to them.
I was 10 years of experience.
(10:28):
I'm like, you know what?
Let me just educate the public adjuster.
It's how I met Randolph love and.
It worked.
It sort of just grew from there.
And the reason why I wanted to do it wasbecause I wanted some kind of recurring
revenue, because in insurance claims,you don't get paid until you find a claim
and then the claim actually gets paid.
And you're constantly in this likehamster wheel of trying to find more
(10:50):
claims and more claims, and there's noconsistency whatsoever, like at all.
So I was like, how can I make publicadjusting into a recurring revenue?
My first idea was just to write a book.
Okay.
But then with the YouTube channel,it ended up being a course, several
workbooks, and now a mastermind.
When I teach other public I justicethroughout the country, and the beauty
about it is, quite frankly, it's nota multimillion dollar business, I
(11:13):
will admit here, but it's a virtualbusiness, which means I am well into
the six figures, but I'm at about an80 to 85% profit margin, so that kind
of makes up for it, and it takes.
Probably one hour a weekfrom my, from my time.
Oh, mm-hmm.
Mm-hmm.
(11:34):
Because the books, there's free,uh, the, you got, you were talking
about a Sharine with the, withthe lead magnet, stuff like that.
There's a free lead magnet.
Then there's a $47 book, thenthere's a $297 course, and that
all leads you through a nurturesequence into the Mastermind.
And all I do is one houra week on the Mastermind.
So recurring revenue is veryimportant, and we're gonna talk
a little bit more about that.
(11:54):
So now that the public adjustingindustry is kind of shaky.
My public adjusting firmis running fairly well.
It's doing what it's doing.
I don't have to do much.
I decided to get into the worldof business brokering, business
scaling, business, exiting, andreally increasing the valuation of
other people's business businesses.
And if, of course, somebody whohas a business to sell, I. I
(12:16):
can broker the deal and we canfind a buyer and we can work it.
Or if you're a buyer and you wannabuy a business and you have a criteria
that you're looking for, we couldfind you a business that's selling.
That's what I'm doingbasically full time now.
I'm all in on it.
I'm ready to go, and I will make youan offer before the end of the show
because what I provide isa value clarity report.
(12:37):
So it's not just brokering the deal.
If you are at all interested inknowing the valuation of your company,
whether you want to sell or not,I'm telling you it's very important
to have an have a ballpark idea.
Have an idea of how it's calculated,have an idea of what it's worth,
and then also, I'll tell you onething is everybody's got a number.
(12:58):
Even if you never wanna sell andyou wanna hand it off to your
kids, somebody come see you with$20 million, you're gonna take it.
Everybody's got a number,is what I've learned.
Okay?
So what I do in my initial interviewwith somebody and I get to know
their business and I get to knowthem, I ask them, what's the number?
What's the number thatputs a smile on your face?
Actually, somebody told meyesterday is like, actually this
(13:20):
number puts a smile on my face.
But this number makes me jump up and down.
I said, okay, what's the numberthat makes you jump up and down?
And then I create a roadmap.
Okay?
I create a 1, 3, 5, or 10 year roadmap,depending on how far I think it is.
And I basically give you the entireKPIs checklist and just step-by-step
things you need to do on a yearlybasis to get you to that dream number.
(13:42):
Okay?
And it all boils down to three things.
We can sit here and talk about systemsand processes and marketing strategies
and CMOs, and CFOs and CTOs and all theother C-suites that they have in there.
But a valuable businesscomes down to three things.
It's the question that I am askedevery time I list a business
(14:02):
and buyers are interested.
They ask me these three questions.
Number one is, how muchdoes the owner work?
Like how many hours doesthe owner actually work?
That's question number one.
How involved, how owner dependent.
I got a little thing here, right?
How owner?
Yeah, owner dependent, right?
Is it very owner dependent?
(14:23):
I've got a business, a plumbing company.
I literally just took off now'cause the guy ended up telling me
he wasn't working at all and he'slike just a sleeve to the company.
That's not good.
So you need to get yourselfaway from the business.
I'm gonna teach you the coolestfreaking thing on how to do that.
If anybody's here struggling,the next thing is.
(14:44):
The recurring revenue.
Right?
I'm gonna get you started.
I think start thinking about this now.
Who was just talking about it?
Was it you, Randolph, right?
I think you talkedabout recurring revenue.
Guys, does it matter what you sell?
Who got that book?
Where's the book?
The who got, did she leave already?
Oh man.
Which one?
It was three.
The second.
The last one.
The the bill to sell.
(15:04):
Who got it?
That one.
I'm telling you, that book will change.
You're in mitigation, right?
What?
Go, go give Randolph a hug right now.
That book will change your business.
I'm, I'm telling you right now,it's gonna change everything.
Like seriously, because what thatbook is about is a marketing agency.
Marketing agency.
And it's funny, I asked Taraand she's, she's up on it.
(15:26):
It's a, it's about a, a guy who's gota marketing agency and he's slaves
and he does all this and he does allthat and he ends up basically making
narrowing down on one niche, andhe's able to scale that one niche and
build an entire business off of it.
But recurring revenue is just findinga. The most important part of your
service or a part of your business,that you could actually have a
(15:47):
subscription monthly fee that's comingin every single month no matter what.
That's the second thingthat a buyer's looking for.
Consistent recurring revenue.
And then the third thing is cash.
Cash.
It's gotta be cash.
Now, I get it.
End of the year, youdon't want to pay taxes.
Randolph's all about like,no, you ain't paying taxes.
Do this, do that.
I got you.
I mean, I didn't.
Taxes do not exist.
(16:10):
However, in the preparationof a sale, if you're going to
do that, you better show cash.
You better show profit.
Okay?
That's all I'm gonna say about that.
So let's get cash outta the way.
Basically, the way I'm gonna give youthe super simple way of, the way we
calculate a valuation of a company.
It's basically, it's basically yourincome as the owner plus the profit.
(16:35):
Times a multiple.
That's the simplest way.
There's other things like taxesand depreciation that's included
and, and, and discretionaryexpenses and stuff like that.
But for the most part, how much cashdoes the company make and how much
does the owner make you combine that?
That's relatively your SDE sellerdiscretionary earnings, and
then you put a multiple on it.
The multiple is the key though.
If you're not profitable, ifit's owner dependent and there's
(16:58):
no recurring revenue, you'regonna get a two x multiple.
If you've got the three things thatI'm telling you about, it could
be up to a 5, 6, 7 x, multiple,really depending on the industry.
So it's very importantthat you guys make cash.
Okay.
And have clean books.
Clean books.
You don't even want, I'm sureRandolph, you see it too.
(17:18):
Some of the profit and loss statementsthat I see are just like, how is
this person even running a business?
QuickBooks Online is not hard to use.
Okay?
And I will advise you that youget some kind of financial person,
bookkeeper that could help you.
The best program and the bestsystem you could ever use.
Write it down.
Write now.
(17:39):
Buy it on audible.
Buy it on Kindle profit first.
Buy it, get it, and read it.
Profit first.
Basically, you take your businessand you open it, and you open five
accounts for your one business.
The revenue account where all themoney comes in the profit account.
So you could actually giveyourself profit in the company.
'cause I've been there where youjust don't put any profit away.
(18:00):
And then.
Bad things happen.
Taxes you gotta put away.
Unfortunately, you gottapay 'em no matter what.
And quite frankly, guys, the more taxesyou're paying, the more you're balding.
Right?
Like, come on, let's go.
Taxes, tax account.
Uh, the next one is the ownerdistribution account Trading expenses.
Okay?
It breaks it down.
I can recommend you a coach.
I actually have a profit First Coach.
(18:21):
I'm happy to recommend her to you.
She's great.
She's helped me a lot.
Alright.
Anybody ever heard of the money tree?
Recurring revenue is the money tree.
It's the business money tree.
It's how you continue to just put moneyinto the bank account, into the business
without having to do anything at all.
Does anybody have a recurringrevenue model in their business here?
(18:45):
Yep.
Yep.
Super important, super important.
You don't have to worry aboutwhat it's want once one and
done, and then they're in.
I'll give you a story of my AC person.
Well, when I first bought my house,we had to change the AC company.
Hot to cold company changes the AC,and he upsells me on the membership.
The membership is 15 bucks a monthand we'll come whenever you need a
(19:06):
repair and we'll give you 10% offand we'll also do a, we'll also do an
inspection of your AC every six months.
Twice a year.
I'm like, cool, that's great.
15 bucks a month.
Literally, I've forgotten about it.
Well, guess what happenedon Sunday on Father's Day?
True story.
My AC went out.
Who am I gonna call?
I am gonna call that company,but if I didn't have that
(19:28):
membership, what would I do?
I'd go on Google, I'd findthe AC company nearest to me,
and I would call that company.
But because they, I am a member.
That's the company that I'm calling.
Yes, I'm getting 10% off, but Istill had to pay about $175 for them
to come in there and do the repair.
You'd have paid triple, maybe, maybe not,but I still, they still got my business.
(19:49):
Right?
So.
The membership, the beauty of having amembership, and I've got one for public
adjusting that we're gonna talk about.
The beauty about having a membership isit just keeps them as a customer forever.
Forget the fact that they'remaking $15 a month times 12 times
a hundred or a thousand customers.
That's anywhere from18 to $180,000 a year.
(20:13):
That's recurring that you neverhave to worry about again.
A buyer comes in, they're just like, what?
All day.
Right.
But it also keeps them as a member.
You're good.
I'm gonna use the ACperson every single time.
And if they have any upsells, if theyhave any new books or new products,
guess who the first people that aregonna get the membership discounts.
(20:36):
That's more business.
'cause they're just, they're,they're your customer for life.
So anything that you do, I don'tcare if it's water mitigation.
Water mitigation is the easiest.
I've got several clients rightnow, water mitigation, that they
don't only work claims, they alsowork property management companies.
Right.
And what do they do?
They do all their minor repairsand paint jobs and stuff like that.
I asked the guy, his buddy of mine,his name's Albert, I said, Albert.
(20:58):
Do you, can you figure out this oneproperty management company, how much
they pay you a month, like on average?
And he is like, yeah, of course.
I'm like, why don't you take that averageand tell the property management company
here I'll charge you this flat rate andyou can call me as many times as you want.
That could go bad if they call youtoo much, but you just tell 'em,
look, we'll re we will, we'll,we'll, we'll, we'll, we'll do this.
We'll talk again in three months,see where we're at and see us.
(21:20):
So we can just figure this out.
And you call all your favorite customers.
What about a monthly maintenance plan foryour homeowners where you just go for 15
bucks a month and you can just go, I'mtalking to general contractors to do that.
I always need a handyman.
The only thing I know how to do in myhouse is hang a painting on the wall.
It is terrible.
Five minutes, and I would love a generalcontractor to just be able to call, to
come out to do the stupid little things,and I'll just pay 'em every month.
(21:42):
So recurring revenue is super important.
Subscriptions and membership.
All right, I'm gonna try toget through to this quick.
If you're having troublehiring and you don't know who
to hire first, this is gold.
Take a photo.
Yes, please take a photo.
The hiring ladder is alsoknown as the replacement
ladder, the replacement of who?
The owner of the company.
The first person you need tohire is an executive assistant or
(22:03):
just somebody in administration.
That is the first person you needto hire as the CEO, as the owner.
You should not be doing any ofthe administrative things like
invoicing and so on and so forth.
The next person that you wannahire is delivery, customer
support, dealing with the customer.
That's always the second person,the CEO, the owner cannot deal
with every single customer.
It is impossible.
I know that you're the face ofthe business, but it ain't good.
(22:26):
You gotta get out.
You don't have to show, you just have toshow your impact, not your presence, okay?
And you can do that withouthaving to always be there.
Then you hire your marketingteam and your marketing person.
Okay?
But before that, in all honesty,while you're doing delivery, you're
doing, or you get somebody fordelivery and administration, then
you could focus on the marketing.
(22:46):
You could figure out what you like.
I think it's always betterto have a client that.
Understands marketing, right?
It's gonna make you more successful.
So get into the marketing, do thesocial media and figure out, but then
hire somebody to work on your website.
Hire somebody to make all yoursocial media profiles and do all
that stuff so that you could focuson the leads that come in and close.
But then when you haveenough leads coming in.
(23:07):
Then it is enticing for you to hire twosalespeople to close all those leads, and
then you can just focus on leadership.
And as this scales here, the sales andmarketing, because you've got the team
to do it, then you start hiring morepeople here and you can bring some of
these people up into the leadership role.
That's how you build a seven figurebusiness right there in the ladder.
(23:27):
Take a picture of it.
All right, I'm done.
No, I'm kidding.
I should have dropped themic right there though.
Everybody got it?
So the most common objections that I getare like, oh, well, I'm not ready to sell.
Doesn't matter.
Now's the best time to prepare right now.
(23:47):
Oh, my business isn't big.
Doesn't matter.
Now's the best time to preparemy, my numbers are messy.
Doesn't matter.
Now's the best time to prepare.
You gotta visualize, guys, visualizewith the end in mind, visualize
the business, visualize the lifebecause that's what you deserve.
That's why we started.
The presentation with visualization,your business grows without you.
(24:09):
That's what you want.
You know exactly what it's worth, andyou have the option to scale, to sell, or
to step away and allow it to run itself.
You seem like you got a lot going on.
Oh, so much.
Yeah.
This is a life that starts with clarity.
And that's exactly whatI'm gonna give you next.
So I've got the value clarity report.
(24:29):
What I basically do is I put 16years of experience and I have the
most epic conversation with you forlike an hour, an hour and a half.
I truly enjoy it 'causeI speak your language.
I am there now and I've been thereand I have been through the trenches.
Trust me, I just lucky I didn't give youmy rock bottom story 'cause it's rough.
(24:51):
Company overview, SWOT analysis andevaluation of the actual business.
Depending on the size, we eitherdo an SDE or we do an ebitda.
I give you a 1 3 5 or a 10 year roadmap.
And we also do quarterly milestones.
So it's June now.
It's beautiful 'cause we do Q3 checklistof what needs to be done Q4, and then
we go from there until that jumpingup and down number that you get and
(25:12):
I give you a value readiness scoreand you get 60 minutes with me and.
The price that I charge fordoing something like this, the
value of it is six is $6,000.
Okay?
If you guys wanna take a picture,I've got like a QR code eventually,
but the value of this is $6,000.
I typically charge $3,000 in orderto do it, but because I'm so grateful
(25:36):
for being here tonight and a big shoutout to Randolph, love for you guys.
I'm doing 80% off for $600.
If anybody is interested atall, it's like a 40 page report.
I do them myself, and every time I finishone, I'm like, man, I wish I had this when
I was running my own little thing there,or in the beginning of my career, but.
(25:59):
If you guys don't wannapay me, that's okay.
That's fine.
I get it.
What I'm gonna do is I'm basicallygonna take the entire roadmap and
everything that I put together, and Iput it together for you guys as a free
lead maggot for you guys to check out.
All you have to do,however there is a catch.
You gotta follow me on Instagram and Iwant you to send me a message clarity.
(26:22):
That's all you gotta do, and I willliterally just email it to you.
Done, completed, finished, and youcan go see basically everything that
we talked about today in a much moresmooth form on how to really scale
your business to the next level.
Whether you wanna sell orwhether you want to just.
Remove yourself from itguys, that's all I've got.
Thank you so much for having me.
I really appreciate your time.
(26:43):
Visualize, visualize,visualize with the end in mind.
Read that book, I'm tellingyou, it'll change your company.
And very nice meeting you guys.
Thank you guys.
See you.
Good.
Everybody give it up again.
But Vince Perry.