Die Investition mit dem höchsten Ertrag für Unternehmer

0:00Uh, what mistakes do you think most people make when it comes to hiring? Oh, man. Um Or maybe you could say maybe you could answer it differently. I'm hiring for about six or seven roles. What mistakes do you think I'll I'll I'll likely make? Well, what's the role? Or what are some of the roles? Yeah, so we could say uh what's like a really a salesperson. What's a what's a simple one? Um, but I'm hiring other roles. So, I'm hiring um chapter leads. So, we have 13 chapters that we uh my business is based in and we're having hiring people to manage each chapter.

0:30I mean, the easy answer is settling, but it's so tough because there's there's trades because these things don't exist outside of time. You know, it's like I have to fill this role and I want to find somebody especially if obviously for us at the C-level cuz that's what's top of mind for me. It's like I have to have somebody that when I'm on the phone with them, I'm thinking I have to have this person. And if I don't have that, but I'm like, "Man, I really need this role." And so, if it if I'm thinking from the like, "I really have to fill this role." angle, it's like usually not the right person.

0:59If I'm thinking like, "I don't even care if I have a role for this person. I have to get them in." it's usually the right person. Are you willing to pay them more than you originally thought was reasonable? >> Yes, 100%. Not even a question. Have you ever have you ever been like, "I got to come up with enough money like I hope I can get enough sales to afford this person, but I have to have them." I haven't had the second part because we're super casual about this company. So, like that hasn't been a problem. I mean, fundamentally as long as I can just pencil out the ROI of the role, then yeah, I'll do it. I mean, it's just a return on capital. What's what what's your desired return though?

1:30Amazing. Oh, [laughter] yeah. Well, it's like I mean, it's I still think the >> allow you to put amazing in? Equals amazing? >> do. I think I think the highest returns on capital we get as entrepreneurs is talent. Like full stop. Like what where else do you get 10x, 20x, you know, returns, 100x returns? Uh and and and can do so reliably. Like talent is one of those places you can do it. I will also say that typically the higher up the org, the higher the arbitrage. Are you fast to fire?

2:00Uh we continue to get faster. I'll say that. I think we get faster. I would say that um our firing practices do somewhat uh rely on the constraint. So like sometimes, you know, Leila says this, but like some fires aren't aren't kitchen fires. They're like the the the trash can in the driveway's on fire. It's like it's a problem. Like we'll get to it, but it's not the thing that's limiting the business. And so if we have somebody who's not as good as they should be, but they're not in a role that's right now like limiting the company, it's probably not going to be our first priority to to to to take them out.

2:35But as soon as that becomes the constraint, then it like quickly gets unearthed and then it gets handled. Have you ever followed Dave Portnoy, Barstool Sports? >> Yeah. Yeah, like, you know, he's quirky, right? He's crazy. He one of his jokes, but it's not a joke. He's like, I don't fire people. He's like, I just I don't want to fire people and if they're a loser, I'll just keep paying them and they're going to sit in the corner and be a loser, but I don't fire anyone. And I kind of thought that was hilarious. It's funny because he's a content company and he can make content out of it and get an ROI out of like just making fun of someone who wants to fire, but I was like shocked that that would be his take on it because he seemed like a pretty brutal guy. Not a brutal guy, but he seems like very blunt and he has no problem firing people and he was like, I do. I suck at it. I don't like the confrontation. I don't like people feeling bad. It's all I just don't do it. I'd rather lose money. And when I asked you about firing, I thought that you were going to be like yeah, like I fire fast, but I sensed a small bit in your voice where it sounded like potentially you were slow to fire because maybe I'm I'm I'm reading too much into your sentiment or your tone of voice, but it was like

3:36>> Yeah. I just don't like it. >> [laughter] >> Well, I don't think anybody likes it. I think we're we're fast to fire if it is the constraint of the business and clearly that person is the one limiting us. Like we will not sacrifice the company's growth and the opportunity of all the people who've trusted us with their careers to to not have a uh, know, a a comfortable conversation. There's also levels of this. And so, like let's say there's like, you know, uh red, yellow, green, right? If someone's like, well, green, they're great, fine. So, basically you got maybe like a yellow, orange, red. Let's use that as the three levels. For me, like if somebody's just not doesn't have the complete competence, but is not like they can still do their job, but they're not doing it as well as they should, and they're definitely not going to grow, and they can't take on new opportunities, then that's to me is like a yellow. If they're like for sure like they can't actually do their their their role right now, that's an orange. If red is like you can't do the role right now, and that thing is required for us to grow.

4:27And so, that's that's kind of like I would say like we it's it's it's a combination of like what is the business need, um, and how incompetent is the person. And so, the rates of firing I think would depend on both of these things. Obviously, we want to like in a perfect world we get everyone out who's not a fit as soon as humanly possible. Um, it's just that sometimes some people do turn it around uh with good feedback and coaching. That probably happens half the time. Like I guess asking myself the question like why do I feel bad about making this decision, and then trying to make sure that I'm not acting in the global bad for local good.

4:58Like local versus global. Like I think about that as like my way of trying to break through that like terrible feeling you have when you're like, I have to let this person go. It's like, well, if I don't, I'm choosing short-term comfort over over over long-term discomfort. And I think most of life can be boiled down to people doing that over and over again as they take the local win, they take the short-term win for the global loss. It's like if you do that enough times, you get a global a global catastrophe. And so, that's what I try to avoid, and I just put the the greater good as the frame um, as my like little my little spiritual armor, if you will, of going into it knowing that like this person might get upset, um, and this might even, you know, dramatically inconvenience this person's life in the short-term, but like I owe it to the other zillion people who also have put their, you know, their careers, their their their lives in in, you know, my hands to degree from a decision-making process like I owe it to them.

5:51And so that's what kind of gets me over the hump to pull the trigger faster. Real quick, if you are a business owner and you are not growing as fast as you'd like, I'd like to give you a free gift. So, my team and I put together the $100 million scaling roadmap, which is basically 200 hours of us looking over all the portfolio companies we've had and what stages of growth they went through and more importantly where they got stuck and how they got past it. And so we broke it into these 10 stages and we made this little kind of quiz thing where if you put in your business information, it'll tell you where you're at and the most important part for you, what to do for each of functions of the business across product, marketing, sales, customer success, recruiting, IT, human resources and finance. And so no matter what you're struggling with, someone else has already struggled with it and solved it. And so I'd like to give you this thing absolutely free. You can go to acquisition.com/roadmap, plug in your business information and if you want us to actually help you deconstruct your business and you're trying to scale, we'd love to help you out. On the thank you page you can just book a call with my team and we will look at the business, see if we can help and if we can, we'll invite you out to Vegas and we'll do this in person live.