How Dale Hensel Turns Struggling Entrepreneurs Into CEOs To Run His Businesses

BWB Dale | Turning Entrepreneurs Into CEOs

How Dale Hensel Turns Struggling Entrepreneurs Into CEOs To Run His Businesses

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    In recent episodes we discussed finding a COO for your business so you could be a more effective CEO. Today, our topic is about how to create and groom CEOs for your business so they run your entire operation for you while you oversee them as an “investor-owner” instead of a managing-owner. Meet today's guest, Dale Hensel.

    I met Dale in 2005 and we became business partners on a software company in 2008. He is a true “opportuneur” and a very big and strategic thinker. Dale has launched over a dozen companies in industries as diverse as real estate, software, online marketing and supplements. His strengths include finding new business opportunities and new human capital, and providing strategic direction. He mentors internal staff and the executive team to improve personal and professional skills that directly impact the bottom line.

    What impressed me when I was catching up with him is that he said these days he “makes CEOs.” He went on to explain how he finds and turns “distressed entrepreneurs” into high performing CEOs of his own companies. I've always respected Dale's insights and creativity on business and marketing. I instantly knew that you would, too, that's why I invited him on the call today to share what he's learned with you.

    Some Topics We Discussed Include:

    • How to make a CEO
    • Why he looks for “distressed entrepreneurs”
    • What exactly a “Level 5 Commitment” is
    • What qualities to look for when forming your team.
    • Recruiting and structuring employment agreements.

    To learn more about Dale and finding new business opportunities, visit https://www.facebook.com/whoiszendolphin/.

    About The Guest: Dale Hensel

    BWB Dale | Turning Entrepreneurs Into CEOsDale has launched over a dozen companies in industries as diverse as real estate, software, online marketing and supplements. His strengths include finding new business opportunities, new human capital and providing strategic direction.

    He mentors internal staff and the executive team to improve personal and professional skills that directly impact the bottom line.
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    How Dale Hensel Turns Struggling Entrepreneurs Into CEOs To Run His Businesses

    If you had just stumbled across the podcast and you saw bacon and business, and you think I like both of those, but what the heck is going on. Welcome to the podcast.

    This is my platform where I reach out to some of the most successful inspirational, ambitious, knowledgeable experts that I can find, so that I can systematically pick their brain for purely selfish reasons.

    Allowing you to be like a fly on the wall on conversations that I want to have anyway with people that I really want to talk to for free. Aren’t I nice?

    This is a tremendous way for me to find some of the information that I am personally using, not only on my own business, but in that of my clients.

    As a business and marketing consultant who works with multiple types of companies, it is always in my best interest to keep on top of the most cutting-edge strategies, the brightest minds and what they are doing so that I can share that with them, and I love sharing it with you as well.

    I also love it when guys share with me. If you are a subscriber, you know I’ve said this before and if you’re not, obviously become a subscriber. You can always hit that little button on the iTunes machine and you can always reach me at AskBrad@BaconWrappedBusiness.com.

    I do get a ton of emails from you guys. I love them. Some of them were filled with some of the sticking points that you’ve got in your business. Maybe you’ve plateaued or need some fresh ideas or second opinion, send those to me.

    Maybe you have a guest recommendation or a topic recommendation, and that is how I come across a lot of my folks, so don’t hesitate to reach out to me at AskBrad@BaconWrappedBusiness.com.

    I am excited to bring on a guest that I have known probably for at least ten years and he and I were business partners way back in the day on one of our first online marketing business’ software called PIG Tones, stood for Politically Incorrect GPS Tones.

    I met Dale through a mutual acquaintance. We became good friends. We became business partners. We’ve kept in contact.

    Even though we are no longer doing business together, I’ve watched some of the stuff that he has done. He has always impressed me with his ability to not only create money in various number of industries but to go really big and nothing small. He has inspired me to do much of the same.

    Dale’s background, I’ll let him go into it a little bit. One of the reasons I brought him on to talk to you is because, we were having a conversation as we were catching up and he mentioned that, what he does now for a living instead of building businesses is, he creates CEOs for the businesses.

    I was intrigued by this, especially after an episode that I did with Mark Winters, the coauthor of the book Rocket Fuel, talking about the integral relationship between the visionary and the integrator, the person who gets the things done.

    I thought this would be a perfect follow up to Dale. Let me go ahead and bring him on and say, Dale, welcome to Bacon Wrapped Business.

    Brad, it has been a lot of years since we have had a chance to sit down and talk. It was great to catch up, but thanks for having me on.

    This has been a long time coming. I remember when we first met, you were running a public company. We met through Susan’s stage and then hit it off. You’ve got me into taking a neurolinguistics programming class.

    We bonded through there and then through PIG Tones and the ups and downs of that. I know your background pretty well.

    Why don’t you give us a short version of what you have done over the course of your career so that people understand because I am going to dive into some really selfish questions.

    Here is the 30,000-foot view of my history. I hitchhiked around the country for a while and went up to Alaska. I became an Alaskan commercial fisherman for about five years when I was a very young man. I moved back to Idaho at some point and started buying up apartments.

    I bought up 250 apartments in 2.5 years, starting with no money, no credit, did not know what I was doing, but I did know it isn’t impossible, so I did it anyway.

    I moved to Dallas and bought part of a 400-unit apartment complex there. I ended up getting a pissy match with the City of Dallas. I learned my lesson, learned a lot of stuff, and then started buying non-performing mortgages.

    I thought that was a great idea after 9/11 to get into something when I saw the banks could be crashing. In 2002, I took a company public and run that for about five years as a CEO. I grew it to the point where in 2007 we were buying as many as 300 houses a week.

    I sold my position off and then retired to New Mexico and realized after a few years I sucked the retirement. I came out of retirement. I built another online business with a couple of partners here in New Mexico.

    We sold about $75 million direct consumer over the years online. We do assisted living, buy distressed real estate and do our online stuff, as well as get some software, other deals, investments and a bunch of different things.

    We know we could go down many rabbit holes and talk about those, but I want to jump right into the part of this. It’s not so much about real estate, not about supplement or about any individual business.

    It’s about the bigger picture about how you step away from just being the business owner and the tactician to being the deal maker, the person who identifies the opportunity.

    You bring in people to run it. Specifically, we were talking about one of your businesses and how you brought in a CEO to run that.

    I know as a business owner myself who has struggled with being too much in the weeds and rolling my sleeves up and saying, “Go do it.” It slowed me down because it kept me working in the business as opposed on it.

    You and I had touched upon the, “How I was approaching the CEO differently?” Let me explain that and I will probably generate some questions for you. I’ve started and ran about fifteen or sixteen different businesses at this point.

    I’ve always done it as the CEO myself. I’ve learned how to be a really good CEO over the years and how to make a lot of mistakes because I’ve seen through perfected data it seems. I’ve learned all these cool things, but over time I’ve learned how to delegate to other people.

    One of the things that I’ve learned in the last several years is how to delegate earlier to people who are going to be the leaders of the business and then step back. I’m kind of the kingmaker instead of the king anymore.

    I don’t want to have to wear that heavy crown when I can be behind the scenes and make other people be cool CEOs, groom them, invest in them in their education.

    When you give somebody the opportunity to make a significant impact in their own life, something empowering to see happens to them. Click To Tweet

    Help them become effective while in the background acting as both the safety net to them, and as their investor and so they end up with a piece of equity. They end up with an opportunity to learn. They get to run the business and they work, and I don’t have to work quite as hard.

    I don’t have to swipe card as much, and I don’t have to stay up quite as late freaking out when things do or don’t go right in the business. I get to sit back and take a little bit different tactics.

    Be a little bit more strategic, more hands-off and be able to do deals in the background that facilitate and help the business grown in a massive way. It’s like coming in almost as an Angel investor into another group, except in this way, I am putting the business together.

    I find the CEO, usually an inexperienced CEO, or somebody who has had their own business or had been successful or failed a couple of times. I will take them and put them in my business and then inform, encourage and become their cheerleader.

    It’s almost like being an Angel investor into my own businesses first, but I get to handpick everything without having to do everything.

    You said a lot of good things there. Number one was how to delegate earlier because it’s one thing that everybody thinks, myself included, “I’ll start the business, I’ll get it going, I’ll get to a point where I can then afford to bring in that CEO and that person so that I can step back.”

    The problem is that it’s a moving target. You get in it and it’s always feeling complex. You’re always running around. By then you are so busy running the business, you don’t have time to step back and go recruit and put as much time and effort as it takes into that and that’s one aspect.

    The other one you hit on which is good is, it’s very easy to see how this could be done if you’re filthy rich and you can throw a lot of money at hiring the most experienced CEOs and bring them in and that’s great.

    What I like about what you said is you are able to bring in not totally green people off the street, but they have some experience. Not necessarily the most high-priced people.

    You can bring people in early enough so that they are affordable and start to groom them early. That is what I think most of the readers can probably also identify with because most of them are small business owners, where I imagine.

    I don’t think there are a whole lot of billionaires reading except for a few. That’s where I really want to get into.

    For instance, my readers know I talk about the coffee business that we started. I am already at that phase where I’ve been ready getting it launched and getting it up, and now starting to hit that phase where it’s the management of the business, it’s off the ground, it’s creating revenue.

    I absolutely loathe the day-to-day operational crap. I want to be able to step in for the big deals for the big marketing strategy, etc., and find that person that I can groom and bring in early. Not only for this but for the other ventures because that’s the next evolution of me as an entrepreneur.

    Let me tell you a little bit about an example of looking at a CEO bring in. How I structure it and what it looks like, and then you can ask me specific questions. We can even use, for selfish reasons, your Stiletto Coffee.

    What would I do in your position that would be different than what you would do? This came out of something else that I had been doing for a little while. I had been coaching CEOs when I was in retirement. It’s expensive. I’m at $1,000 an hour, 50 hour or 100 hour periods.

    They have to be doing $10 million or more a year before I even take them on as a client, and I tried to keep it down under two or three clients a year.

    I would coach these guys and I will watch their businesses go from say $10 million or $50 million and up. I go in and I know exactly what to say to these guys so that they get unstuck.

    They land and they leap off this plateau they had been on and climb in value. I thought, “It will be great if I could get a piece of that.”

    I started coaching smaller entrepreneurs and say, “I’ll take 5% or 10% of your business to coach you or mentor you.” That started turning into an investment portfolio of mine, which is great.

    Sometimes they were complete idiots. I couldn’t reach him and I couldn’t get through to him, so the deals don’t work when you have an ineffective CEO.

    I realized, what if I were to actually coach somebody from the ground up and put them in? That’s the genesis of this idea that I have been doing for several years.

    Away from coaching this $10 million a year CEOs down to investing in smaller people and being a seed investor both with experience and cash, what happens is I find somebody who is ambitious and who got their ass kicked.

    I am talking about somebody who had built up a business and it failed for one reason. It was their first business and it failed. You end up with somebody who is ambitious.

    Wants to be their own boss, but realized that they were overwhelmed, couldn’t do it themselves, or they suck at some aspects of the business versus others. You’re what is known as the tip of the spear or point of the plow.

    You want to be in there and start stuff, but you don’t want to be there to plow. You will plow the first furrow into a field to say, “There’s an opportunity here and I set the pace, I set the direction, I set all of these beginning things,” but you don’t want to be there every single row to plot.

    You don’t want to be there every year replanting the same field. Not much different from what I do in that case, being the tip of the plow and looking for greenfield opportunities. Here is what I do with somebody who has failed.

    They’ve already had their teeth kicked in. They know that it did not kill them. They realized nobody jumped out from underneath their bed and ate them. They did not go to jail because a lot of people think, “If I fail, I go to jail.” It’s an unconscious faith.

    It’s amazing to hear when it comes out of peoples mouth that they are going to somehow be in trouble or be a failure and no one is ever going to talk to them again. When they realized, I failed and all that terrible stuff did not come to pass, they still have to lick their wounds.

    They don’t have any confidence in themselves, but they have all these great experiences. More importantly, they know what not to do, those are my favorite people.

    If I find somebody, who has just gone bankrupt or a few months after bankruptcy, and a few months after their business crashes and realizes that, “I need to find something else,” after they moped around a little bit.

    You can’t pick them up when they’re moping. You’ve got to get them when they are ready to bounce. I find this person and then I say, “Here’s what I’m going to offer you,” and I paint a very specific picture.

    “How would you like to be part of something larger that you run? You are your own boss and you have a piece of equity, but I will take some of the financial risks. I will take most of the financial risks off of you.”

    BWB Dale | Turning Entrepreneurs Into CEOs

    Turning Entrepreneurs Into CEOs: Learn how to delegate earlier to people who are going to be the leaders of your business, and then step back to focus on strategy.

     

    They were like, “That would be great.” “I can bring in some capital that you didn’t have before.” “That would be awesome.”

    “I will give you some guidance, coaching, some advice from behind the scenes so that you can get better at this business.

    This will probably not be your last business, which you will go on and do other businesses yourself later and that this would phenomenally be a good experience for you without the I am your boss expectations.”

    You give somebody the opportunity to make a significant impact in their own life, the opportunity to grow and to support them and you’re not their boss. Even those mentor shackle is falling off of them is such an empowering thing to watch happen to people.

    I go, “I’m going to remove these shackles. You’re not going to have them, but you are going to be a partner and you are going to have partner-level responsibilities.” It’s amazing to see them go, “I’m ready for this,” and they dig in.

    Is it challenging to find these people? Do you stumble across them? Is there a process like you seek them out or you watching stuff that is going on in the news? Is it that you get particular?

    I bet if you pick up your phone and you look through your phone, you will probably find several people who you know were starting a business last year, a year before or a couple of years ago.

    If you call them right now, how is their business? If you just keep in touch with people who are in your circle who had a business, you are going to find, “I decided to give up on that because.” You are going to be surprised at how many people cycle through these various things in life. What is the risk?

    I’m not at the least that is a surprise because I have done that, I have started and failed in a bunch of stuff.

    It’s like I’m an expert at it now. That is one way. Look through your phone if you have a good network. If you don’t have a good network, I mentor at an accelerator where I go down to a business accelerator here in town.

    These businesses come in and they are like, “We are going to do this lean process. We are going to do this.” I sit there and take them to the process and help them out. Help them make realizations of where they are at.

    They say, “I think this is true,” and then we find out it’s not. I help them make all those realizations. In doing so, you are going to be in a room.

    If you look at Angel Investment groups, if you look at accelerators or incubators, you are going to find a bunch of people or even any kind of BNI or anything like where business people congregate.

    You are going to find lots of people who had some failures, and sometimes they’re in the, “I failed and I bounced. Now I’m looking for my next opportunity.” You are going to find a plethora of people to pick from.

    You will be really surprised at how rich the field is, especially when you come in and say, “My job is to make you better, and my job is to make you a CEO on one of my companies so that you can run this thing.

    I can come to you and give you advice, resources, strategy, but you’re going to be responsible and it’s going to be your big badge on your shoulder because I don’t go around telling people, ‘I have this business and it’s all about me. I am all important.’”

    That’s what you do when you are the first time CEO. When you have done it a number of times, you are done. I have been a CEO of a publicly-traded company and at this point I am like, “I don’t care. I’d rather be the guy in the back who wears the sandals and hangs out in shorts, that’s me.”

    I am that guy. I don’t want to be up on stage necessarily going, “It’s all about me. I am awesome.” I’m more than happy to be a cheerleader at this point.

    What I found with a number of our businesses is that if I find the right people, if I encouraged them and I give them the resources and I am a big cheerleader when they are down.

    As a CEO or as a business owner, you’re going to have these moments of doubt. You will have these moments of overwhelm. You’re going to have these moments of, “Who do I turn to?”

    That is why a lot of business coaches exist because a lot of business owners are going, “I need a little bit of coaching right now.”

    I’m a mentor, coach, investor all wrapped into one, and as a result to a lot of guys or people who I approach for this offer, they are like, “That’s me, I want to be that. Can I work for you? Can I do this?”

    I‘ll say, “You can work for me, but I would rather you be my partner and here is how we are going to do it.” I lay out a pretty clear plan. I also have them understand what a level 5 commitment is. I can’t remember which book it was, maybe it’s Good To Great.

    They talked about level 5 leaders and there was a level 5 commitment. A level 5 commitment is when you are committed to the outcome, not the how.

    If you get somebody who is committed to getting it done regardless of the obstacles, that’s who you really want to bring in as a CEO because almost everything else can be trained. They don’t have an expertise in the industry, “Read a lot.”

    They don’t have the expertise in specific strategy, “Here’s how to do it.” They don’t have the contacts, “I got that.” You are looking for somebody who has a level 5 commitment more than, “I have lots of contacts and experience.”

    Those are the experienced CEOs that you pay an arm and a leg for, but you can make an experienced CEO by giving them the right mindset, giving them the right resources, the tools, and behind the scene coaching as well as investing and believing in them a little bit.

    I found that after a failure of business owner who has somebody who believes in them, they are like, “I can’t believe somebody believes in me.” They’re like, “Thank you.”

    Especially when their confidence is shut, but their capabilities are still intact.

    Their capabilities have gone up several levels, they don’t know that yet.

    They are thinking, “I’m either going to do this all over again, start something and maybe raise money, put myself out there and now maybe I’m broke.”

    You really made your bones and business by buying distressed properties and now you’re buying distressed CEOs. Those patterns and everything I tell you.

    A lot of business coaches exist because a lot of business owners need coaching. Click To Tweet

    Given the example, here is the CEO that I am going to deal with. I came to this person and I said, “We are going to give you 15% of this business. Here is what we think the business will do over this period of time with all these resources. Here is what your roles and responsibilities are.

    I’m going to help you bring and pick your team,” so they don’t have to come up with a whole money to do this. “I’m going to help bring resources to the table.

    Your job is to formulate your team, get them through forming, storming, norming and performing and get them to the performance level. Babysit all of the stuff, take care of all the details and do all that and help implement everything that we are going to do with this business plan.

    Before that, you are going to get a ridiculously low salary.” I call it the ramen noodle salary. I have an interesting conversation with them.

    I say, “Here is the thing, I don’t want to hear what you want your salary to be, I want to know what your living expenses are and let’s cover those so you don’t starve. Frankly, I don’t want you having a really nice car.

    That’s partner level you get on the back end.” I’m honest to him. I said, “You’re going to be broke for a couple of years and get used to it, but here are the resources that you are going to have access to.

    If you started your own business you would be broke for the same number of years or more, but you would not have a safety net and you have to do everything yourself.

    If you screwed up it will all be back on you and you’ve just experienced that, you don’t want it, so I’m your safety net. Let me cover your living expenses.” Sometimes depending on what state it is, in New Mexico is cheap.

    It’s a little harder to do in San Diego.

    The idea is the same. The thing is sometimes they may have a spouse who is working so it can help offset. In New Mexico, I think one of the CEOs is getting $25,000 a month base, that is a ridiculously low amount.

    However, they have an opportunity to earn 5% per year for three years, so they are going to own 15%. We’ve already put in almost $2 million of that assets into this deal and they are going to own 15% of these assets that will go all in.

    The cashflow of those assets generates, so we are looking at, in two years that person is going to have a base salary of about $150,000. That’s a better start, but we are going to look to grow this for $10 million, $15 million or $20 million.

    That’s going to increase their income multiple times. They are 28, so they are much younger. You already failed at one business.

    They did not have the resources to start a business, and if they were to achieve the same level of income, it would take them years to build up that asset base or that business and they did not just have the experience, the confidence or the resources to do so.

    This is a win-win for them and for me. In the background, I get to sit back and say, “How are you doing with your team? What did you learn? What black eyes did you get?

    What embarrassing things did you learn?” I get to have all of the same discussions that I would as a coach, as a mentor or an Angel investor.

    I get to have all the same conversations and they get to benefit from the ownership structure and they have an opportunity to even buy in some more. If they say, “Instead of taking all this money off the table, I want to reinvest it to the company.”

    We’ve given them an opportunity to buy up to another 10%, that’s like 25% ownership in a business that they started with nothing and we brought all the resources and everything else. That is a good place, especially knowing that they are young and it’s not going to be their last business.

    You do like to stick to the slightly younger crowd as opposed to finding somebody who is at the tail end of their career, maybe in their 50s or something in that nature.

    One of them I’ve dealt with is in their 50s and they are at the beginning part of their entrepreneurial career. They are at any part of their past career. The awesome part about the 50-year-old is first of all, they have enormous amount of experience in a lot of things, but not perhaps be a CEO.

    That is where they are ready for it, they’ve got the maturity for it, they just don’t have sometimes the exact tactics or don’t know how. That’s where I come in and say, “Here is the process.” That can be actually a beneficial thing as well.

    Recapping so far, I like finding out how you can delegate earlier. How often do you do this? Bringing them in before you even started out like, “I got this idea, this is what I wanted to do.”

    Do you get the ball rolling so that there is something that they are stepping into as opposed to they are just starting up?

    It is mixed. Sometimes I start something and then I go, “I don’t need to be running this.” I’ve gotten better over the years so now I’m bringing them in closer to the beginning. In fact, I prefer it at the beginning.

    The last two I did are both right at the beginning. One of them was, “We’re going to do this business model. Would you be willing to be the CEO and run this? Here is the whole pathway we are going to take for the next four years.

    Would you be willing to be in this position? If you can give me a level 5 commitment to that, I will give you these things.” I brought him in at the very beginning.

    Find them younger typically if you can. Somewhat distressed based upon some of the things they’ve done in the past where they’ve failed to get where they want to be, but they got some experience and they are much more appreciative of getting groomed, etc.

    You’re taking the risks off of them, they got a level 5 commitment, they are on board. You are able to pay them relatively inexpensive. You let them vest with their percentage. Finding them, part of it is networking and part of it is telling people what you do. I like your elevator pitch, “I create CEOs.”

    I taught a class a while back about two sentence marketing and it was one of my favorite discoveries that I ever did when I was raising money. I was raising money in Dallas for buying non-performing loans and I created a two-sentence pitch that structurally can be copied anywhere.

    With these two sentences, it allowed me to identify in a room full of people the two people I needed to talk to. I ignored everyone else and talked to those two people.

    Here is what the two sentences were. The first sentence was people say, “What do you do?” I go, “I’m a bank robber.” Everybody laughed and then they go, “What does that mean?” The first sentence is always shocking all.

    You want something really unusual, something shocky, something that eats out, a pattern interrupt. That’s why they call it shocking on because most people understand that. The kind of interrupts people may or may not know the jargon, but it’s a pattern interrupt.

    BWB Dale | Turning Entrepreneurs Into CEOs

    Turning Entrepreneurs Into CEOs: Get somebody who is committed to getting things done regardless of the obstacles. That’s who you want to bring in as a CEO because almost everything else can be trained.

     

    Like yours, “I bring you a fat profit or something like that.” It’s like people go, “What?” You get their attention for about seven more seconds and in that seven seconds, I want to identify my target customer or have them self-identify and give them the biggest benefit that I bring them in one sentence.

    I said a bank robber and they go, “What does that mean?” I say, “I raise money from investors so I identify my target audience, investors. I buy real estate at $0.25 on the dollar.” Anybody who is an investor will self-identify and say, “That’s me, I am an investor.”

    Anybody who is interested at buying real estate at $0.25 on the dollar will raise their hand and go, “How do I get involved?”

    It was like two sentence marketing. How I would find them now is I’m looking for this distress person. Another reason I realized I like him distressed is they don’t have an ego because they just got the crap kicked out of them, so I don’t have to deal with a lot of the ego component.

    In fact, it’s just the opposite. I have to build them up and give them confidence. I would do two sentence marketing, the first is I make CEOs or I’m a kingmaker and make CEOs.

    The second one is, “I’m looking for down and out entrepreneurs who had a rough time and want to get back on track and build a new business.” That would be a really simple sentence you could say and you would get people coming out of the woodwork to you and say, ”I want to be involved.”

    It’s not that hard to find them. The hard part of course is making sure that they are the right fit for you and for the business that you are doing. You don’t want somebody who is like all over the place and super visionary and no sense of what it takes to dig in after a failure.

    You want somebody who has had some failure but knew what they did wrong in their business and how they could deal.

    A lot of them, they just did not have the resources. “I could have had a successful business if I had enough money to do enough marketing to get more customers.” I can solve some of those things.

    You talk to them, find out, then that’s just the qualitative process. We’ll not go into all that because that’s deeper discussion.

    Let’s transition over to what that relationship is like early on. How often you are involved with them and to what level? I know it depends upon the person’s experience and level of familiarity with what you are bringing them in to do, but are you meeting with them typically once a day or once a week?

    I like to bring them into the office so we have daily interaction for the first 90 days at least. To be honest whenever I started a business the first six months are total emerging from me and for them. While we identify the business model, we vet the business model and we say, “We thought this, but this is true.”

    When we deal with some of the big drag-on and understanding in the first six months, and then you go, “We know what to do. We know that doing process one, two, three and then repeat is what makes money.”

    Do that. On the first six months, I’m almost daily interacting with them and then I start to peel myself out of there.

    I will interact with them weekly. I hold them accountable. I want to see them at accounting. We do accounting meetings because at the end of the day we have to look at what the financial numbers are.

    We have a lot of money moving around and a lot of money invested. We want to make sure that we don’t have any surprises or suddenly where they go, “We need payroll next week and we have $6 in our account and we have $40,000 in payroll.” We don’t want those things coming up.

    We want to be able to see that as far ahead as possible and solve those before they happen, and that’s me sitting in the background. I’m looking at the financials, I’m touching base with their team and getting some feedback.

    Sometimes I can identify problems before they happen where the team at one time was like complaining about the CEO and they were all like pulling their hair.

    That was because the CEO is doing a behavior that they were not really aware of. I took him in and sat him down and said, “Do you realize this is what’s going on? This is the logical conclusion of this behavioral pattern over this period of time. How about we consider changing that?”

    I can very gently suggest changes to the CEO where they just come out of the office the next day and they are different. They are doing things differently and their team starts responding to him differently.

    It’s not a big intervention from the whole executive team. It’s the CEO just keeps getting modified and changing their behavior until they get better and better. That’s where I interact with them is by interacting with the rest of their team.

    I see how they are doing and for the most part, I will literally let some of the CEOs have their mistakes and get a little bit of humble pie served up once in a while, and then I will come in and say, “Let me help you with that.”

    By doing that, I found that it’s so much easier for me to run businesses. I can make much better decisions being behind the scenes and going, “What needs to happen here?” I’m not as emotionally invested in the decisions as I would be if I were the CEO.

    It’s a very interesting perspective to say, “Are you sure you want to do that because this is probably what will happen and here are some of your other options?” By doing that, it allows me to give gentler advice and they are more receptive to hearing it rather than, “You must do this or you will fail.”

    Do you find yourself dealing more or less with overall mindsets stuff, financial issues with them, strategic marketing? Is it pretty even mixed or is it like most of my conversations just revolve around and getting their heads straight their confidence or the other? I’m curious on it.

    Oddly enough, the strategy and decision-making processes for how to run the business is like the least amount, especially with the younger crowd and some who have been kicked hard.

    It’s almost always headspace stuff, “I don’t feel like I can do this.” I went, “Why? I’m right here, you’re not alone, you’re fine. Take the lead, I’m your safety net.” A lot of times it’s the headspace game.

    One of my CEOs is moping around and I could see that, so I let it go for about three or four days and I brought him in, sat him down and say, “How are you doing?” and they burst into tears.

    I was like, “Obviously not well and that is pretty apparent because you’ve been moping around for the last three or four days. What’s up?”

    What had happened is, a lot of changes happened really fast in the business where this person had all these responsibilities and then we hired four people who took all these responsibilities off their plate.

    The CEO is like, “What am I supposed to do? Do I still have any value? All these responsibilities are off my plate. Am I worth it? Do I deserve this?”

    It was an interesting headspace because I had brought in a couple of people to help with the enormous amount of work to take it off their plate and the CEO is wondering if they weren’t worth it anymore.

    Being able to delegate tasks is a powerful thing. Click To Tweet

    I was like, “You are going to work your ass off. I’m just giving you some help. It does not mean anything about you.”

    They started tying their value to their activities.

    A good CEO and a good business owner should be reducing their activities and removing themselves out of the business by having the business be profitable enough to pay for somebody to do that stuff for you.

    People sometimes argue with me about, “Nobody can do this as well as I can.” I said, “No, but two people can.”

    Is 70% or 80% good enough if it frees you up to do all these other stuffs?

    I said, “I’ll get two people who are 80% as good as you and we will have 160% of more effectiveness than you, so stop bitching about it.” It’s a lot more than anything, it’s head game, sometimes it’s a very specific strategy, but they get that pretty quick and it’s almost all head stuff.

    Do you try to make sure that they are in your location, especially in the first three to six months that you’re in New Mexico and then if somebody in Florida, for instance, wanted to be that? I know it probably depends on case by case basis, but do you much more prefer mandated their in-house?

    At this point in my king making career, I prefer them local and I don’t care if they run a theme outside of the state. I want them to be here with me for the first six months.

    First of all, I develop a deep rapport with that person, and second of all when real problems come up later, we have that rapport, we could deal with those issues and we can talk about it.

    You’re not treating them like an ordinary employee that’s just doing the task. The rapport here is much more important because you’re trying to get them to buy on to the longer-term vision.

    Another thing I do with all of my CEOs is I say, “We are going to take what your skillset is currently, we are going to figure out what the improvements are that you want in yourself and I would like to see. We are going to make a list and we are going to do skill acquisition.”

    I have a whole list here of all of the skillset I want a CEO to have as a fundamental base and then from there add on.

    What are some of those skills?

    I want them to have a fundamental understanding of business accounting, what’s a balance sheet, P&L, cashflow, because as a partner and as a CEO they are going to be responsible for that.

    I want them to understand conflict resolution and conflict management in a team, between you and your other people, you and yourself, team members. How do you deal with conflict? How do you manage?

    I want them to have a really good understanding of people skills so I will send them to classes, sometimes for Susan and most of my synthetism. I’ll probably send around ten people.

    The point is I want them to have a certain level of skillsets. I don’t have it in front of me, but I have a list that I usually say, “Get all these skills and if you don’t have them, let’s circle them and say when are you going to get them?”

    It’s not that you have to teach them all these skills, those are the resources that they can go learn. There are books that they can learn about business accounting, conflict resolution and classes.

    That is just part of their entire development as a CEO. You’re not necessarily learning all the little micro-strategies of how to advertise on Facebook.

    I’m not saying go advertise on Facebook. Know what good Facebook advertising is supposed to look like and who does have a good job for the right price and hire them.

    I tried to live by this mantra which is that, “I don’t have to know everything if I can find the people who do.”

    Here is the other thing, there is an app called Smart.ly. I love this app. It’s basically a tiny bite-size bits of business information in an app that says, “Do you want to understand the fundamentals of business accounting? Here is a little course on it.”

    There are three to seven or ten minute long videos that are tiny chunks, so it’s super easy to consume. If you keep deep into the app, you are going to go, “That’s a new skill, that’s a new thing I’m going to add.”

    Of course, YouTube has become the new college. I mean screw college, you’ve got YouTube. Do you want to know about how I run an Excel spreadsheet? How do I do some complex IRR calculation in that? Within five minutes on Excel, I learned the calculation. I did it and I went and taught it to a couple of CEOs.

    I was like, “You guys need to know this.” YouTube has a lot of really good fast tiny in time learning pieces of information that I say, “Here are your resources.” It’s either me, this class, this YouTube, this app, this person.

    I give them a list of resources and say, “You need to acquire the skills of a CEO. Where is negotiation 101? What is negotiation level 2? Here they are, go learn them.”

    I mean whether it’s YouTube there is Udemy, Coursera, there is Lynda, and there are a million obviously other people who have info products. That’s a conversation I actually would want to do another podcast on, especially when it comes to business.

    It’s all the places to learn for the five minutes or less a day.

    The information is out there and truthfully most of it is free. It’s not in a book, it’s somewhere, it’s on a video, it’s on YouTube, it’s on a podcast. This is fascinating.

    It’s one of the areas where I’ve been. I did not develop this for myself. It was really funny as I was reading or showing my friend Jay-jay the book Rocket Fuel. One of the things I was reading in there, I was showing to him and he was like, “I came back across it.”

    It says giving people more concept. It’s about visionaries and integrators. I’m a visionary. I come up with great ideas and ready getting the ball rolling.

    I’m terrible at managing the day-to-day intricacy in details and they talk about, these are the weaknesses of most of the visionaries.

    BWB Dale | Turning Entrepreneurs Into CEOs

    Turning Entrepreneurs Into CEOs: Having a regular accounting meeting with your CEO will allow both of you to see any possible financial trouble far ahead.

     

    One of them says, “Developing talent.” Even in Good To Great, Jim Collins describes that one common leadership behavior pattern is a genius with a thousand helpers.

    He says many visionaries suffer from this problem, “You are very bright, you likely made it this far in your own capabilities, you have not had to develop it because you have done this all with your own brute strength.”

    It is not surprising you’ve spent little time thinking about how to develop such resources because your gift is actually telling other people what to do.

    You naturally order your young high potential talented leaders around and sometimes end up running them off instead of developing them, so he goes on several more paragraphs that I will not read.

    Discussing how important that is to make that switch into developing the team because as a visionary you probably have not had to do it in the past. It resonated with me as this conversation saying, “I want to evolve, that’s where I need to be.”

    I can’t underscore that enough, Brad. You hit it right there on the head and here is the problem I have run across with most business owners is they go, “I’m too busy to develop talent and I’m too busy to work on this, so I have to just keep working.”

    I go, “You got a high paid job, you don’t really own a business.” My experience when I was in my early 30s of taking a company public, I realized I don’t have any experience in any of these stuffs. I need the experts and so I learned.

    I had a mentor luckily who kicked my ass and made me delegate, and as I got delegated out it has not got handed out, I realized this is a powerful thing.

    I develop that skill of delegation and it came in handy as I started doing other businesses. If I am going to delegate the business part of it to somebody and reward them really well.

    Instead of taking the passive investor and hope and pray, because hope is a terrible business model, that the business makes money, I’m going to take a somewhat active, not totally active role in this.

    Instead of running around and trying to get more sales for the company or whatever, I say, “What is the best most strategic thing I can do to help the company?” I realized early on he was developing the right team and that man developing the right leadership.

    If I was not going to be the leader, somebody had to. Doing enough of this, I said, “If I develop my CEOs first, the culture will flow from them, the longevity of the business will flow from that and the scale, the power, the consistency of the business will flow from the right person.”

    If I come to somebody and say, “You’ve got the raw talent, let me develop it.” They will make me so much money and I can go do other things. In fact, a numbers example, we started a new business.

    I brought a CEO in, this is the one that was moping around a little bit and developed that person. One year later, we now have enough assets that the business is going to generate roughly about $1 million a year in net revenue.

    It only took eleven months to get to that point, helping the CEO rather than doing the business. I have not shown up in the office a couple of days for the past few months. If I don’t show up, the business is still growing and doing well, and it only took eleven months to do it.

    It’s because I have somebody who is committed to be in here every day and taking care of all the little dragons that pop up and do everything and I’m like, “Wow.”

    This person has 15% interest in the business and possibly more, so it’s phenomenal to see a business built that size and that scale and just by helping one person now, the right person, and staying out of their way. I don’t micromanage. I go, “Let me guide you and get out of your way.”

    That is my personal goal to develop at that skillset for myself. Even as I use the example with one of the businesses that I’m running, the Stiletto Coffee with my wife.

    She handles a lot of the coffee stuff and whatnot. Obviously because of my skillset, I handle the digital marketing and the tech, although I have outsourced and out-tasked, I brought people in and had people serve those little roles.

    I still found myself much more involved than the day-to-day stuff, I mean dealing with Amazon, doing with this, that and the other, even though I got a little help and it’s starting to cause that frustration.

    You are the genius with a thousand helpers.

    Luckily, I had been talking to a couple of people who would potentially be good to bring on as that role, but it’s somewhat either as partners.

    I don’t really know yet, but I even thought about reaching out to people and this is where I got to stop because I was like, “Where do I start to reach out to those people who would come in and want to take over and create that?”

    Let’s walk through this how I would approach it. I have a coffee business with my wife. I know my impending death is incoming, I have to do something different.

    I have to get my wife out of the business and I have to get myself out of the business, but I still want to retain what I have developed and built. Here is what I would do. I would literally go to a couple of coffee conferences and I will show up and say, “Who are the fucking superstars here? Who are the best guys?”

    They will say, “This salesman from this guy, this guy from this guy.” You are going to talk to all these superstars and they are employees for a big company.

    They are doing really well doing their thing, but they are probably yearning for more. You start having that conversation with some people and say, “Have you ever thought of going out on your own?” “Yeah, but I don’t have the money.”

    What if somebody did? What if instead of going there and say, “I have this coffee company and you should buy or sell my stuff or whatever.” Instead of approaching it like you’re a salesman and a businessman, I would approach it from, “I am looking for raw talent that I can cultivate.”

    If I own two or three people there, I will sit them down to coffee literally and say, “Here is the deal, guys. I have a business but I need a CEO, and I am looking to make one of you guys a lot of money.

    It’s going to require a shit load of work, you probably have to take a pay cut for a little while, but I want somebody like you to step in and run this. If you’re interested, let’s have a further conversation.” Lay out all the ugly first. “I can make you a lot of money, but it’s going to be a lot of work.

    It’s going to take several years and you are going to have to be fully responsible. Would you be interested in a CEO position?” For somebody who is doing really well who has a lot of contacts in the business industry already, that opportunity does not knock on their door at all ever.

    You say, “I’m looking at a 15% equity position, I’m looking at growing this.” If somebody goes, “I was in a business when we started at this level. We grew it to this level and I did all the stuff and I got nothing.”

    Hope is a terrible business model. Click To Tweet

    You say, “How would you like to do this again, except get something?” In their own head, they have already started to buy into their historical past experiences. They know their black book. They know how to do it faster and better this time and this time they’re actually going to get a piece.

    It would be so easy for you to find a CEO who would step in, take over. I don’t even care if they are in your area because you are doing everything online. It does not even matter, and say, “Here is what I’m going to do. I’m going to help you become the CEO.

    I am going to hook you up with some coaching to make sure you have some resources and all the training you need, but eventually I want you to rock and roll the sucker to $100 million and sell it to Starbucks.”

    “Dude, we just sold this company to another company.” You know you’re going to find so much experience that is bottled up and has zero outlet of opportunity anywhere else but what you are giving them.

    You are spot on with that like you said these people who are typically just employees and they are good employees. If they are not one of the minorities who breaks out and becomes an entrepreneur and takes that risk on themselves and it takes a certain type of person to do that.

    It takes a dumbass person to become an entrepreneur, you have said like you’re stupid in five ways to start.

    You have to be like delusionally optimistic, delusionally is the keyword.

    I don’t take people who are delusionally optimistic, I’ve got plenty of delusions myself.

    They are starting their own company. Finding the one who can come in and go absolutely honored at the opportunity to be a big fish in a small pond.

    All those bottle up talent that is looking for the next 20 to 30 years of working. You go and tap into that and you are going to have a geyser of people with high talent coming running at you.

    You say, “Here’s the deal, guys. We are going to set aside 35% of the business. This much is going to the CEO, this much is going to future employees in an employee-owned piece. If you are committed to seeing this thing grow, you get a piece of it and you can survive and do that.”

    Suddenly you built a business. Now, here is your golden opportunity. A lot of entrepreneurs have the, “I’ve got to own 100% of the pie where I get less. That’s true, but I can now own fifteen pies and owning a good chunk of them, but I don’t have to run any of them.

    They run the business, they build it, they invested, they want to see it succeed as much as you do. Now you have got a loyal following internally that are not going to quit and they are going to build something huge.

    It was Rockefeller who said, “I’d rather have 1% of 100 people’s effort than 100% of my own.

    Because you’re not living to do 100 people, it could be 1,000, 10,000. If I can get 15% or 20% of some really powerful people with a lot of horsepower and I can hook my wagon onto that and say, “Go.”

    I can have a direct influence in how successful they are because I’ve already done this a number of times, then me, my investors, everybody wins. The employees, the CEO, and I do it by being more generous than you would think would be insane.

    I’m like, “I’m going to give a chunk away,” and people go, “You’re giving all the stuff away. I hope this is not my last deal.” The thing is that by doing exactly this, I created $1 million a year net income by hooking up the right CEO.

    Hooking her up with the right talent and putting a lot of people behind this person and saying, “Here you go, you have the resources, you have the money, you have the connections,” and then stay out of the way.

    They are like, “I’m not micromanaged. I’m going to step up to a new level responsibility and that is awesome.”

    A lot of entrepreneurs really think that they have to be geniuses and they have to micro-manage everyone to be perfect, and if you encourage people and you are like a cheerleader, you’ve got to bite your tongue sometimes sake like, “I would not do that.”

    If you can bite your tongue, they will figure it out for you and then they will get better for doing it the next time, so I will let them make mistakes and fail knowing that the next several times they will make better decisions.

    Let them touch the hot stove and realize it’s hot.

    They only do it once.

    This has been great, and it plays into the conversation that I had with Mark Winters from Rocket Fuel. It starts to solve this kind of thinking.

    This evolution starts to solve some of the frustrations that I personally had, which is my love for the big concept. My love for being able to walk into so many opportunities and I have to get really good in saying no to stuff.

    Even though it’s excruciatingly painful sometimes, but you know the people that I’ve seen who have the most success ended utilizing this mindset.

    I may have talked to you about it when we were chatting, but there is a book by Roger Hamilton called Millionaire Master Plan. Have you ever heard of Roger?

    I have not.

    He has got two things. I’ll send you links to him. You will absolutely love this by the way. He is the Founder of Wealth Dynamics, and it’s WealthDynamics.com.

    There is a lot of personality test out there, but one of the cool parts about this is you take the test and it does not say, “Dale, you’re a quick start.” It does not tell you all of your qualities. It lumps you in to one of eight different entrepreneurial like wealth creation profiles.

    It says you’re either a star, a creator, dealmaker, supporter, mechanic, trader, you are lord, you are an accumulator, and this is based upon your area of genius. For instance, the mechanics are the ones who create duplicable systems. They are the Ray Kroc of the world.

    He did not invent McDonald. It was not his big vision. He just understood how to make it a system. That was the Richard Branson of the world and the Steve Jobs. They have the big visions. They are the creator. They don’t do all the other stuff.

    BWB Dale | Turning Entrepreneurs Into CEOs

    Turning Entrepreneurs Into CEOs: Just by helping the right person, you can grow and scale your business.

     

    Obviously, the star makes sense, Oprah Winfrey, you make the money for yourself. I have always fallen into the supporter and dealmaker role, and one of the reasons is because those are two areas where my area of genius really is a people person.

    He said, “People will either solve their problem by their nature by asking who, what, how or when.” I always ask who. Who can help me? Who has got this? Who has what I need? Who needs what I have? Other people, when he says if you want to know when, these are great traders.

    They make great real estate flippers, stock traders, buying it low and selling high on eBay, things like that. There are the accumulators, the lords and the people who buy cashflow assets and I have a feeling you are more between a dealmaker and a lord.

    You will find it interesting. It also talks about if you are a dealmaker and you are trying to be a mechanic, you are trying to put a square peg in a round hole. The dealmaker needs the mechanic to create these systems to generate deal flow to get them in.

    It talks about how to partner up with the right people and how to plug those holes in your organization. That is the first part, that was Wealth Dynamics and his other book, Millionaire Master Plan, which by the way I hate the title of the book because it sounds generically choosy.

    It’s one of the most brilliant books I’ve read because it takes two prongs. It says, “First of all, know what your area of genius is, are you a who, what, how or when person.”

    He says, “Know what level you’re at, are you a worker, are you self-employed, are you a business owner, are you an investor.”

    There are nine levels, and he explains how if you are at this level, these are the skillsets that you need to develop to get to the next level because all the skillsets have got to where you are at, will keep you from moving up.

    He explains which skills like exactly how to do that base upon your area of genius. It’s deep, but it was so impactful for me when I was reading it and going, “This is how you up level, these are the mindset changes you need to make.

    When you go transition from being like the business owner, the CEO to the investor, you are not looking at the same matrix. You are not looking at conversion rate optimization, you are not looking at, “How many leads are we getting?”

    You are looking at the P&L, the balance sheet, these things and it totally changes because you have to step away, release these things, bring somebody else in and focus on the big numbers instead of micromanaging it.

    I think you would find it fascinating. I highly recommend. I actually mind map the book. I’ll send you my mind map. I mind map the crap out of everything. It’s the way that I absorb.

    Which software do you use for that by the way?

    I use two, so I used XMind.net which is free, but it’s not online. It’s a program you download. What I like about it is you don’t need internet connection and it’s blazingly fast, and then I use MindMeister.

    I love MindMeister. I have an account too. I pay for that because of my teams. I go, “We are going to map this out,” and then I gave it to my team and I’m out of there. I can watch organic stuff grow there.

    I live by my maps. Years ago, I started going through some of my favorite marketing and business courses that I bought. It’s like if I bought something and I went through it, I would just start mind mapping it and I was looking for all the big actionable points of things I wanted to remember.

    I’m not sitting there going through video after video, I’m like, “I’m going to break down the structure.” Now I have a visual structure of the entire course that I can go back to.

    As a reference, I can just jump around. I will send you one of them. It has now become my training. It’s like, “I don’t want to go back and log into this course and try to find it.” I have mind mapped it and I integrated it in my brain and now I can remember it.

    That whole thing is a podcast and to itself. I used to put together mastermind groups and use MindMeister in Skype and we will all be on there, and we will be talking.

    As we will be talking, we will all be adding to the mastermind. It was brilliant stuff that at the end of each mastermind meeting, we would have actionable points for each person in accountability and everything else.

    What are some nuts you are trying to crack right now?

    I’m in the assisted living facility business for buying out assisted living facilities. We have a goal to buy about 3,000 beds over the next four years and then have a big exit. I do things that the CEO may or may not have experience in which is raising money from investors and laying out the big plan.

    The big nut that I’m trying to crack is I really want to figure out how and what to do with our online marketing because we do online stuff that would effectively help me crowdfund real estate deals at an amazingly fast pace.

    That is why we were talking, because of the crowdfunding episode that I did.

    Those are brilliant. What I’m looking at is there is a bunch of platforms where I could build a platform. I don’t really want to get into building a platform. I just want to figure out how they effectively utilize what is already existing.

    I don’t have to build a Facebook or social network to get a hold of a bunch of people. I had to use Facebook. I’m thinking through that process right now.

    I also got a couple opportunities that I have been approached by and I’m looking at them, but for the most part, I am mentoring about five people through various stages of CEOness, a couple of my early stage.

    I tell them, “You’re on the CEO fast track. I want you to work for me for X number of years. I want you to learn all these things, but what you are right now a worker, and when I have a business that needs somebody like you, I will call you first.”

    I am grooming people in my working group of my employees. I got somebody I like at the very beginning. He is very young, 22, and I am grooming that person for fast track to CEOhood, but I told this person it’s going to be about five years.

    They will be 27 before they’re a CEO.

    That is okay because realizing at 22, they are not really ready. I say, “Come here, look at all the responsibility you would have if a bad thing happened.” They were like, “I don’t want it yet, but I want to learn how to do it.”

    I am grooming them there by giving them behind the scenes look at the stresses and the opportunities as well as some of the successes of some of the other CEOs that I am grooming.

    A CEO can be part-integrator and part-visionary. Click To Tweet

    I’ve got a couple of CEOs that I am grooming through various businesses, so I’ve got a couple up and coming and, in the pipeline, and I’m always looking for more. I’ve got some people who are coming up through management.

    What I’m doing is I’m focused to these next couple of years in developing talent to the point where instead of having multiple assets, I want multiple companies run by CEOs that I personally groomed and know their behavior traits.

    How they deal with stress, how they deal with difficulty, and how they deal with profitability as well. I want those people personally groomed by me so that I can have a bunch of companies.

    That is what I’m working on, is CEO grooming. I’m not building companies anymore. I’m building CEOs who will build a company. That’s my whole focus.

    I’m definitely going to make an introduction to Mark Winters, the author or Rocket Fuel. I think you guys need to chat about this because he calls them the integrators as opposed to just the CEO.

    Sometimes the CEO needs an integrator.

    Sometimes they are the one.

    Sometimes they can be part visionary and I can be part visionary. My goal is not to be the visionary everywhere every time to everything. My goal is to put CEOs who can put a good team together.

    A lot of times the visionary-ness is needed to get the ball rolling. If it’s relatively simple business models, you need somebody to go in there and execute on a static vision that does not always have to change.

    I need to be perfectly frank, assisted living is not new, it’s getting old. It will never go out of style. It’s a stupid boring, but extremely profitable business.

    I don’t need somebody to be a crazy visionary and I don’t want to change the world. I want you to be able to fill and manage 3,000 beds. That does not require a lot of vision. That requires a lot of execution.

    Are you also looking for potential people if this has strike a chord with them and they want to contact you about potentially investing?

    Investors, they can reach out to me and talk. If it is a fit, we can discuss it. I’m not a fit for everybody, which is fine.

    I’m doing some really cool fun exciting things, but if they want to talk to me or ask me additional questions, they are more than happy to reach out to me. I gave my email in a podcast once and I got a thousand emails from that day.

    If you have a general website where they can go fill out a form or something, then that makes it easier, or they can contact me and say, “Brad, hook me up with Dale.”

    One of them is Who Is Zen Dolphin. I have a Facebook page there. I don’t really post that much there, but it’s a place to reach me. I also have TheAssistedLivingInvestor.com. That’s a website we started.

    It’s where I am going to be dumping a lot of thoughts and experiences, and I will give you a personal link that will lead to an email that they care reach out to me if they want to.

    Have you got any big plans coming up or any big travel plans?

    New York, Vegas, a couple of other places.

    When are you going to Vegas?

    The 30th.

    I think I’ll be there the 23rd, 24th. There is an event that my friend and former guest Keith Yackey putting on. Are you going out there for an event?

    No. We are looking at $12 million deal and I need to sit down with a couple of guys over dinner and say, “How are we going to execute this,” and that’s about it.

    Like an assisted living.

    New York also I think would be the 30th of this month as well. That’s going to be affiliate summit, so I will be out there.

    It is an affiliate summit. I was thinking about going to New York. I might be there right before that, but I don’t know, we will see.

    I have to be back to pick up Kenia from Brazil on August 3rd or 4th. I’m doing some extra research. I’ve got some fillers out for you regarding some of the possibilities on title three, equity crowdfunding for this because it’s relatively inexpensive to get going. It’s like $10,000 in general, filling fees etc.

    The only thing that is not quite pinned down yet is exactly what’s possible on marketing those deals. I heard they are a little bit stricter than the title four ones.

    Somebody I was hearing said that you can only put out like a tombstone that does not really sell the sizzle and another person was saying you can, so I want to figure out what’s possible there because there could definitely be some opportunity.

    There are new rules. With new rules comes, somebody’s getting slapping and when somebody gets slapped, everybody does.

    That’s the problem. Nobody has gotten made an example of yet, so there is no precedence.

    You will only know when you screwed up after the fact. Do what you want and then we will tell you when you screwed up.

    BWB Dale | Turning Entrepreneurs Into CEOs

    Turning Entrepreneurs Into CEOs: Some businesses require a lot of execution, not crazy visions.

     

    I never appreciated that, but whatever. I mean I run a publicly-traded company. I know what you can and cannot say to investors on the investment side typically. It’s probably going to be similar to that. You can’t say that water will cure your cancer.

    It’s not even so much that, it’s because now you can advertise on Facebook, you can do all this other stuff and then you can build the stories around it. I think you’re trying to be careful so that it is not so many marketers coming in and hyping it up.

    It will happen anyway. Some affiliate will come in and I will say, “This one weird trick.”

    It’s always good to catch up with you. Hopefully, we can meet each other up in person. I am going to make a handful of introductions, so we will be talking here as it is on outside stuff.

    For my readers, I hope you have enjoyed this. I really enjoyed it. This has been a fun one. It’s cool to zoom out some of the business strategies and the mindsets that it takes to get to the next level which is what a lot of people want to do as opposed to just the micro tactics.

    That’s the candy that keeps us all involved, but this is the kind of topics that will help you grow as a business owner. I know it will help me as well. You can always get in touch with him or come through me.

    You can email me at AskBrad@BaconWrappedBusiness.com. If you are interested in being groomed by Dale or potentially working with me on some of my ideas, feel free to reach out to me.

    I know that I am looking for my integrators, I am looking to create CEOs for myself as well because I am at that stage and I love it when my readers reach out and let me know what they can do to help me because I’m here to help you as well.

    Share this episode on social media, tell your friends about it, subscribe to the newsletter at BaconWrappedBusiness.com and do not hesitate to subscribe to the show so you don’t miss a single episode. Dale, thanks again. We will talk soon.

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    About The Guest: Dale Hensel

    BWB Dale | Turning Entrepreneurs Into CEOsDale has launched over a dozen companies in industries as diverse as real estate, software, online marketing and supplements. His strengths include finding new business opportunities, new human capital and providing strategic direction.

    He mentors internal staff and the executive team to improve personal and professional skills that directly impact the bottom line.
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