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Build with Leila Hormozi

Answering Burning Business Questions at a Live Q&A | Ep 172

Build with Leila Hormozi

Leila Hormozi

Education, Entrepreneurship, Management, How To, Business

5867 Ratings

🗓️ 14 August 2024

⏱️ 31 minutes

🧾️ Download transcript

Summary

In today's episode, I answer burning questions business owners had at one of our recent scaling workshops at Acquisition.com.

Welcome to Build where we talk about the lessons I have learned in scaling big businesses, gaining millions in sales, and helping our portfolio companies do the same. Buckle up, because we’re creating an unshakeable business.

Follow Leila Hormozi’s Socials:

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Transcript

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0:00.0

What's up guys? Welcome back to build.

0:02.0

On today's episode, I'm going to bring you some questions I was just asked at my most recent scaling workshop

0:07.0

that you can find out how to be a better leader.

0:10.0

So I have to let go of a whole department because it's not profitable.

0:17.0

And the question is how I communicated with the team. And also the people I

0:23.4

have to let go. Okay. So you're going to close the department. Basically. Okay. You may let go

0:30.3

evolve them. Okay. What department is it? It's electricians. Okay. I'm sorry. That fucking sucks.

0:37.7

Yeah. Yeah. So'm sorry, that fucking sucks. Yeah.

0:38.5

Yeah.

0:43.9

So, do you also have to let go of the manager, or is there one?

0:47.2

Yeah, I have to let go of him as well.

0:47.9

Okay, understood. Because it does make sense that he's still there.

0:50.4

Yep, I've done this before.

0:51.7

Yep, sucks.

0:57.5

It's going to really suck, but the right way to do it is that you do not ask him to let anybody go but you shoulder at all so you'll meet with them all

1:03.6

individually i think it's some people do these in group i would never do that um i would make sure that

1:10.7

i gave them all a severance package. So even though you're

1:14.6

laying them off, I think I've, any time that I've had to shut down a department for any reason,

1:19.4

whether it be monetary or otherwise, I always try to give them more than I'm even comfortable

1:25.1

with because you're just trying to get them off on their feet.

1:28.3

And so I don't think it is productive to keep those people because some companies say, let's keep the people, pay them.

1:34.3

I don't think that's productive. I think it creates a very shitty environment for everybody.

...

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