26. Sherry Stewart Deutschmann — Maximizing Profits by Investing in Your People

The Game Changing Attorney Podcast with Michael Mogill

Michael Mogill

Management, Business, Marketing, Entrepreneurship

5.0 • 540 Ratings

🗓️ 22 September 2020

⏱️ 41 minutes

🔗️ Recording | iTunes | RSS

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Summary

"The sooner you start giving your employees skin in the game, the sooner you'll be able to afford everything else you want to do." - Sherry Stewart Deutschmann Why should CEOs let their employees look through the company finances? How did Sherry Stewart Deutschmann build one of the world's fastest-growing companies? Why should every leader have lunch with their employees and really listen? Can you really profit by putting your employees before your clients? How to Maximize Your Profits by Investing in Your People Sherry Stewart Deutschmann is a serial entrepreneur, speaker, and author of "Lunch With Lucy: Maximize Your Profits By Investing In Your People." From humble beginnings, Sherry built a 40 million dollar company that was included in the Inc. 5000 List of Fasting Growing Private Companies for 10 years straight. She shares her incredible story with us, including her revolutionary methods for employee engagement and exponential growth. Profit-Sharing and Financial Transparency: The Sherry Stewart Deutschmann Way Sherry implemented a controversial profit-sharing methodology in her business that meant every single employee got an equal share. Instead of turning off high-accountable employees, Sherry says that employee engagement went through the roof. Sherry explains how you can turn your team into powerful advocates for your organization, plus the daring level of financial transparency that she believes ensures maximum buy-in. Why Every CEO Should Have Lunch With Their Employees These days, every leader has employee engagement on their mind, but Sherry believes it's about so much more than just hitting those KPIs. With her Lunch With Lucy program, she designed a way for employees to feel listened to, increase their satisfaction within the workplace, and garner new insights into improving her business. She shares how one-on-one informal chats became the catalyst for change within her business — and saved her time and money in the long run. Key Takeaways: 64% of our employees are disengaged. Sherry believes it's because they don't believe they matter, but leaders can change that statistic — and they must in order to truly succeed. When customers DON’T come first, everyone's a winner. Believe it or not, having an employee-centric business model improves your customer service as a by-product. Changing the game means giving others a chance to play. Peer-to-peer support and mentorship can help growing businesses thrive. Links and Resources The Game Changing Attorney Podcast Michael Mogill Facebook Michael Mogill Twitter Michael Mogill Instagram Michael Mogill LinkedIn Crisp Video Website Crisp Video Facebook Crisp Video Group Twitter Crisp Video Instagram Crisp Video LinkedIn Sherry Stewart Deutschmann Website Sherry Stewart Deutschmann LinkedIn Sherry Stewart Deutschmann Twitter

Transcript

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0:00.0	I remember a couple of times people have asked me, when will you know that you've made it?
0:08.8	And that's when the company was like at 30 million and 40 million.
0:13.1	That's Sherry Stuart Deutschman, serial entrepreneur, speaker, and author of Lunch with Lucy.
0:18.4	Maximize your profits by investing in your people.
0:20.5	You know, my response there is when you stop describing me as... author of Lunch with Lucy, maximize your profits by investing in your people.
0:28.2	You know, my response there is when you stop describing me as a female business owner and just as a successful entrepreneur.
0:34.0	I'm Michael Mogul, founder and CEO of Crisp Video, the nation's number one law firm growth company.
0:39.4	I've built my business through practice, not theory.
0:42.3	Crisp started with just $500 to my name and has grown to over eight figures in revenue over the last few years,
0:47.5	earning a spot on the Inc 500 list of the fastest growing private companies in America.
0:51.7	Our approach has been to take everything we've learned about generating
0:54.6	massive growth within our own organization and help the country's most ambitious and committed
0:58.8	law firm owners do the same for theirs. In each episode of this podcast, I sit down with
1:03.1	innovative market leaders from the legal industry and beyond. To learn from those who thrive in
1:07.7	the face of adversity, challenge the status quo, and define what it means to be a true game changer. I sat down with Sherry to discuss her key findings about
1:15.5	maximizing business growth through employee engagement, including the details of a revolutionary
1:20.4	profit-sharing program. What you mean is that because your salary is like five times higher than Frank, a receptionist,
1:29.3	that you're part of the profit should be five times higher than Frank, the receptionist.
1:33.4	He said, yes, exactly. And so I had to let him go. That's coming up on the Game Changing
1:39.7	Attorney podcast.
1:52.3	Sherry Stuart Deutschman built a $40 million company that was named to the Inc. 5,000 list of the fastest growing private companies in America for 10 straight years, and she did it by putting
1:57.4	her people first. But where did Sherry come from and how did she get to where
	...

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