September 22nd, 2022
Something I’m Reading
I just picked up a book that I started reading today called Buy Then Build by Walker Deibel. Its about buying business which I’m fascinated by. You don’t always have to build from the ground up - sometimes you can buy a business and grow it from there.
Something I Teach
One of the reasons that Open Door Capital grew so quickly is that I hired Ryan Murdock to build the company (more on this in the “Question” section below). Ryan was the initial COO before he moved to the Board of Directors and Walker became the COO. So how do you find a great COO or integrator? What makes a great person to run a business for you? The key is you have to find someone that loves systems, checklists, processes, and meetings. You should hand them the book Traction by Gino Wickman and they get excited to read it and implement it. You have to sift through a lot of people and have a lot of conversations to find this person. You tell them where to march and they start marching, using systems to get there.
Something I Photographed
420 balloons for $4.97!? Costco for the win! Wilder was VERY excited today.
Something I’m Excited About
I’m still on a high from finishing our last apartment raise at Open Door Capital. There’s always a few people that don’t follow through with their commitment so if you’re interested in possibly getting in on the deal, you can join our waiting list here.
Something I Can Answer
Every week, I answer one question asked by a BTB subscriber. Have a question you want me to answer? Reply to this text with your question!
Question: “What is your biggest piece of advice for someone trying to accomplish their 10 year goal in 6 months?”
In order to accomplish your 10 year goal in 6 months, you have to have your 10 year team in place from the beginning. To do that, you have to build from the top down and not the bottom up. What that means is you must start at the top of your organization and hire a CEO that’s amazing to run your business. You can’t start with doing it all yourself with the hopes of eventually hiring an assistant then eventually moving yourself up to eventually becoming a leader and CEO. You nail down the team you need at year 10 and you hire them in year 1. How? Start with the COO and re-read the teaching section above ;)
More From Me
Links to podcasts I’m on, guests I speak to, or valuable content where you can hear more. These aren’t “sponsored posts” - just more resources!
I recently joined my friend, Justin Donald, to record the 100th episode of his podcast, The Lifestyle Investor. It was a GOOOD one. We talked through my no-money-down real estate strategy, the mindset shift that helped me scale Open Door Capital, the secret to a 5 hour work week, and more. Check it out here or on your favorite podcast platform.
Your Friend,
P.S. Comment below and let me know your thoughts on this week’s BTB! Please be friendly :)