Are You Paying Your Employees Too Much? | Ep 29
Build with Leila Hormozi
Leila Hormozi
4.9 • 1.1K Ratings
🗓️ 18 April 2023
⏱️ 13 minutes
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Summary
Get the unfiltered memos I send my team as we scale Acquisition.com to $1B+: Leila's Letters
Transcript
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| 0:00.0 | just because you have a large influx of money, should you spend it on everything? |
| 0:03.6 | Should you act as if it will never end? |
| 0:05.9 | And a lot of people may say, well, that's not thinking abundantly if I don't want to pay people |
| 0:09.6 | more. |
| 0:10.0 | And I'm like, this isn't about abundance. |
| 0:11.6 | This is about what is fair market value for their services. |
| 0:18.8 | How do you create an unshakable business? |
| 0:21.3 | I cross $100 million in net worth by the age of 28. |
| 0:24.4 | Now I'm growing Acquisition.com into a billion dollar portfolio. |
| 0:27.6 | In this podcast, I share the lessons I've learned in scaling big businesses and helping |
| 0:31.2 | our portfolio companies do the same. |
| 0:33.3 | Buckle up and let's build. |
| 0:37.2 | What is up today? |
| 0:38.1 | What I want to talk about is one of the most painful mistakes that I see companies, |
| 0:42.1 | and I have also made on the way to $10, $30, $50, $100 million. |
| 0:46.5 | So that mistake is how you compensate your employees. |
| 0:51.5 | And I actually feel really passionate about this subject because it is one that I |
| 0:56.5 | atrociously messed up. And I have seen over and over again that people tend to overlook this and |
| 1:03.1 | not understand the importance of it in the beginning. And I wish I had known sooner. And right now, |
| 1:07.9 | actually, with one of our portfolio companies, they are learning it the hard way. |
| 1:11.7 | You know, we came in and the setup that they had with a lot of their employees, they're realizing |
| 1:16.2 | now does not make sense and is creating behaviors in their employees that they do not want. |
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