What A $9M Tax Bill Taught Me About Employees | Ep 68
Build with Leila Hormozi
Leila Hormozi
5 • 867 Ratings
🗓️ 31 August 2023
⏱️ 13 minutes
🧾️ Download transcript
Summary
"Experience has to have context. Otherwise, it actually can be more harmful than good." Today, Leila (@LeilaHormozi) shares the importance of having experienced members on a team to expedite business growth and minimize mistakes. She explains how to identify and hire experienced team members based on industry, role, and company type and how it can greatly decrease risk and increase the chances of success.
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.
Timestamps:
(2:24) - Lack of equity understanding leads to dissatisfaction.
(4:36) - Lack of experience/expertise leads to problems.
(5:58) - Inexperienced founders hire industry/role-experienced people.
(8:16) - Assess experience through industry, role, and company type.
(11:04) - Experienced hires reduce risk and accelerate growth.
(11:47) - Experienced new leaders decrease the risk of company failure.
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LinkedIn | Instagram | YouTube | Twitter | Acquisition
Transcript
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| 0:00.0 | And so that was when I was like, I need people on this team who have been there, done that. |
| 0:03.3 | And it's not going to be the whole team. |
| 0:04.7 | And I'm not going to, like, completely over all everything. |
| 0:06.8 | But I cannot have an entire team of people who were constantly coaching and bringing up and have never done the role before. |
| 0:17.3 | How do you create an unshakable business? |
| 0:19.8 | I cross $100 million in net worth by the age of 28. |
| 0:22.6 | Now I'm growing Acquisition.com into a billion dollar portfolio. |
| 0:25.6 | In this podcast, I share the lessons I've learned in scaling big businesses and helping our portfolio companies do the same. |
| 0:31.6 | Buckle up and let's build. |
| 0:38.2 | What is up to state what I want to talk about is how to expedite growth of your business and minimize and mitigate |
| 0:42.8 | mistakes and slowdowns. |
| 0:45.7 | And so the reason I'm making this kind of off the top, I actually just got done driving |
| 0:49.0 | like six hours from Arizona with my husband, and I was going to go unpack, and I was like, |
| 0:53.4 | I have this on my mind. |
| 0:54.1 | I need to make it right now. |
| 0:55.8 | It's because I had a dinner last night with a couple entrepreneurs that really triggered my thinking |
| 0:59.6 | about this and I hope it's valuable for all of you because it's something that if I had known |
| 1:05.0 | five, six years ago, I think that we would have been able to grow and be maybe even two |
| 1:09.9 | years ahead of where we are now. So I'll explain that with what that is after the story. So we went to dinner |
| 1:15.4 | with the Sons-Prettiwer last night, and they were telling us about their new business model. |
| 1:18.9 | And in their new business model, they essentially take equity from companies. And so what they |
| 1:23.3 | said they were going to do is they're like, we're going to go in, we're going to find companies that have a great product, they have great retention, they have good operations, but they don't |
... |
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