5 • 867 Ratings
🗓️ 6 June 2023
⏱️ 17 minutes
🧾️ Download transcript
“I have to just set absolute clear expectations for what I need from this person and if they don't want to meet them, that is their choice." Today, Leila (@LeilaHormozi) shares with us her experience in firing employees and gives advice on how to make the right decision. She also emphasizes the importance of understanding the root cause of the problem and taking an approach that is not all or nothing.
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:
(2:25) - Firing mistakes due to lack of CEO experience
(3:56) - Reason #1: Poor performance
(5:42) - Reason #2: Damaging team or culture
(7:01) - Reason #3: Apathetic employees
(9:24) - Reason #4: Drama-prone employees
(11:16) - 3 ways to handle the situation better
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0:00.0 | you always want to look back again to the root cause when you're looking at should I fire them or |
0:03.9 | should I not? And then you have to really look and say, if I change the root cause, will this fix |
0:08.8 | itself? |
0:14.8 | How do you create an unshakable business? I cross $100 million in net worth by the age of 28. |
0:20.4 | Now I'm growing acquisition.com into a billion dollar portfolio. |
0:23.5 | In this podcast, I share the lessons I've learned in scaling big businesses and helping |
0:27.1 | our portfolio companies do the same. |
0:29.3 | Buckle up and let's build. |
0:34.4 | What I want to share with you is the answer to the question, should I fire them? |
0:39.4 | This is a question that I get very frequently from, you know, leaders in my own companies, |
0:43.7 | as well as some of the portfolio companies that we work with, which is trying to understand |
0:47.4 | why somebody isn't working out well for the team. What are they doing? What's this person doing, |
0:52.6 | et cetera, et cetera. And this is, |
0:55.3 | obviously, if your business is, you know how emotional this is. And I remember my first time |
1:00.2 | having to fire somebody. And it was terrible. It was back when Alex and I had first started gym |
1:05.3 | launch, and we were actually sending sales guys out to the physical locations like we had been doing |
1:10.5 | for the past 11 months. |
1:12.3 | And we said, you know, here's the metrics, here's the KPIs, go launch these gyms. |
1:17.5 | And of course, I've never done anything like this my life before. I have no experience. |
1:21.0 | So hiring these people, I felt really good about it, but at the same time I knew I don't know what I'm doing. |
1:26.4 | And so one of them happened to be |
1:28.2 | my friend from high school, and he had had a stable job since high school and out of college, |
... |
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