Top 10 Lessons Learned from The Profit

I recently completed our first acquisition of a small business called RealTime Coaching. The acquisition has been anything but smooth and I certainly learned some lessons along the way. During this acquisition I came across a show called “The Profit” on CNBC, which features Marcus Lemonis, a.k.a. “The Profit”. Marcus invests in small businesses he believes have potential but need help. I connected with the show as I also invested in a small business that needed help. The most impactful episode I watched this week, Marcus Lemonis’ top 10 Lessons Learned For Success. Here is his list.  
  1. Don’t Be An Ass. Anger, yelling, and screaming don’t entice anyone to work with you. Your people need to be attached to your business, not running away as fast as they can.
  2. Make Your Employees Number One. If you treat the employee right, they are the ones interacting with the customers. Employees like to know you have their back. If not, they will leave.
  3. Know What You Don’t Know. I know what I’m not good at and I go get people who are good at the things I’m not. Other people are better at certain things than I am. To be successful, you must allow those people to shine.
  4. Accept The Crazy. Dysfunction is in family and it’s in business and it’s really in family-business. Family business carries history, baggage, and drama. Know when you’ve hit a hot button. If the crazy gets too elevated, you have to walk away.
  5. Be Vulnerable. Be a real person. This doesn’t come easy. You must own your own self. If you have a mission, stick to your mission.
  6. Be Authentic. Telling your story vs. telling a story.
  7. Be Transparent. This is about being honest and trustworthy. Dodging calls, not returning emails, manipulating the data, and creating complex stories; these are red flags. If it feels like someone is lying to, they probably are. Trust your gut.
  8. It’s All About Follow Through. You have to work, follow your process, stay focused, and stick to the grind when the cameras are off and nobody’s watching.
  9. Know Your Numbers. This is the business health report. You must know how much money is flowing in and you must know where the money is flowing out.
  10. Stop Whining and Start Winning. Quit blaming others and take responsibility for your own decisions and results.
  He summarizes, Go into every situation with a fresh set of eyes. It’s always about people. Invest in good people. Learn about yourself along the way. You will laugh, you will cry, you will yell.   You can watch the episode here.

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