Latest / Beyond Fulfillment Podcast / From Engineering Student to Entrepreneur: Michael Lanctot's Journey to Creating Young and Retired
Transcript
- 0:01Have you ever felt the frustration of pouring your heart and soul into a project only to see it stagnate or worse, fail?
- 0:09Do you lie awake at night wondering if you're on the right path?
- 0:13If there's a secret to scaling your business without sacrificing your sanity?
- 0:18If you nodded your head, this episode is for you.
- 0:21Today's guest is Michael Langto, the founder and CEO of Young and Retired and best selling author of Pipelines to Wealth.
- 0:30He's not just another entrepreneur, he's a visionary who turned a challenging sales job into a multimillion dollar enterprise.
- 0:39In this episode, you're going to learn how Michael navigated the turbulent waters of door to door sales, redefined his life's mission, and built a thriving business network, all while maintaining a work life balance.
- 0:52We'll peel back the layers of his journey, focusing on the systems he built that allowed him to scale rapidly and efficiently.
- 1:01As if you found value from this content, please like and subscribe.
- 1:06And now here's my conversation with Michael Langto.
- 1:09Enjoy.
- 1:11Hello everyone and welcome again to another episode of the Beyond Fulfillment podcast.
- 1:16I'm your host, Dave Goulis, and this week my guest is the founder and CEO of Young and Retired and the author of the new book Pipeline to Wealth, Michael Langto.
- 1:28Welcome, Michael.
- 1:29Hey, thanks for having me, Dave.
- 1:31Glad to be here.
- 1:32Yeah, yeah, we appreciate you taking the time.
- 1:34If you could, for everyone.
- 1:36Can you tell us how you became an entrepreneur?
- 1:39Yeah, I'd love to.
- 1:40I really started off in college, so I did chemical and nuclear engineering.
- 1:45It's funny that I ended up in sales because it's not, you know, my dad actually was pushing me, always go to business, go do sales, go do, you know, And I was like, no, I'm, I'm too smart for
- 1:55that.
- 1:55I'm going to go do engineering.
- 1:58That's what I would tell them.
- 1:59And so I did chemical nuclear engineering.
- 2:01And you'd see all these really smart people who had great ideas and nothing really came of them, right, because they didn't have money, they didn't know how to market, they didn't know how to sell.
- 2:13And so they ended up doing research for the universities or they ended up doing research for these companies.
- 2:19But at the end of the day, they didn't really own any of the stuff that they were making.
- 2:23And so I'd say in college, that's what really sparked my entrepreneurial spirit is because I was like, you know what, I can go out make stuff, but I want to own it.
- 2:33Which is actually how I got into Sales, because I knew you could make a ton of money in sales.
- 2:38And so I wanted to go build my own stuff, make my own inventions, but I didn't want other people to own them.
- 2:44So that, that's kind of what really sparks that for me.
- 2:49Okay, interesting.
- 2:50So when you're in college, you're in, you're in a degree program for chemical nuclear engineering and you have this epiphany in terms of the advantages of sales, the income opportunity and this quest for ownership.
- 3:03So then how did you make that u turn, so to speak, and like what was your next move?
- 3:09So that's, it's funny, I was in Washington D.C.
- 3:13doing a mission trip and I was, I was at church and there were some guys that I used to tutor organic chemistry in that, in that session.
- 3:23And I was pretty confused because I, I tutored them in New Mexico, that's where I'm from.
- 3:29And so I asked, I was like, what are you guys doing here?
- 3:31And they said they were doing pest control sales door to door.
- 3:35And I thought that was the most ridiculous thing I'd ever heard.
- 3:38And I told them that.
- 3:40But one of them, he was like, yeah, Well I made 13 grand this month, so it's not that ridiculous.
- 3:45And so I was like, whatever, because you know, we're, we're 20 years old.
- 3:48And so that, you know, 13 grand, especially to a 20 year old, is quite a bit, especially what was that eight years ago?
- 3:58And so I didn't think much of it.
- 4:01Got back home, I, I finished off my degree and I was getting an internship at a nuclear power plant and this was my junior year of college.
- 4:10And so I was asking them, hey, what is the, like, what's the max pay I could get?
- 4:15Like, what, what does that look like?
- 4:17And they were pretty confident.
- 4:19They said that they were going to pay us more than the other interns and that it was going to be 10,000 after expenses like living and stuff like that.
- 4:26And it was kind of just like, yeah, that click in my head of but my buddy made 13 selling pest control door to door in Washington DC.
- 4:33What the heck?
- 4:34And so I called them.
- 4:36I was probably the easiest recruit there ever was.
- 4:39And then I went out and worked with them that next summer.
- 4:42And that's what started my journey in sales and sales and entrepreneurship.
- 4:46I say they go hand in hand.
- 4:48Obviously they're not, not the same thing, but you need to know how to sell if you want a business that just kind of has to happen.
- 4:55So I went out, did sales for, for that company for two years Then I went to a new company for two years and then I left sales completely, started my businesses.
- 5:08Okay, interesting.
- 5:11So door to door sales, right.
- 5:14Is about as brutal and as tough as it gets.
- 5:17So.
- 5:17Oh, yeah, from.
- 5:18From someone that was like a smart guy.
- 5:21Nuclear, chemical engineering.
- 5:23And in that type of program to do like you said, right.
- 5:25It doesn't sound.
- 5:27Doesn't seem to go hand in hand.
- 5:28So what was that experience like?
- 5:30Like getting the allure of the income and the opportunity, but then dealing with like having to learn how to sell door to door.
- 5:38What was that like for you?
- 5:39It was pretty funny there.
- 5:41When I went out, there were maybe 50 of us who went out to work with this company and by the end of it there were maybe 20.
- 5:49Right.
- 5:50Because it was hard.
- 5:52But I was used to working two jobs in college and, you know, I.
- 5:58I can't tell you how many times I slept at the university, just in the chemical engineering department because I'd be up studying super late.
- 6:05My work was pretty close to campus and it was like 2am and my shift was at 7am so it's like, okay, I'm just gonna sleep here.
- 6:13And so I was.
- 6:14I was used to working extremely hard, studying all day, going to my jobs.
- 6:19And so when I got to this job, everyone was complaining about, oh, it's so hard.
- 6:24Oh, it's this.
- 6:25And I'll be honest, I was like.
- 6:28I was getting eight hours of sleep.
- 6:30I thought it was fantastic.
- 6:32And it was.
- 6:33Yeah, it was, it was difficult kind of talking to customers because it was.
- 6:37With pest control especially, you're talking to customers all day.
- 6:41You're talking to customers and you're knocking on every single house.
- 6:46So I've done solar as well.
- 6:47With solar, you don't do that.
- 6:48It's.
- 6:49You can only go to specific homes.
- 6:51But it's pest control.
- 6:52It's every single house.
- 6:53So it's kind of like getting rejected by 60 people a day.
- 6:56And so that.
- 6:57It's.
- 6:57I would say that's the more mentally taxing part.
- 7:00But for me, I would say I kind of had a leg up because I was already doing pretty difficult work for the last few years.
- 7:06Whereas most of these guys came in and this was the hardest thing they'd ever done.
- 7:10So it was a different kind of hard, but it wasn't, it wasn't too bad.
- 7:16I'll say that that's an interesting perspective to where now you could actually get eight hours of sleep.
- 7:22So compared to what the life you had, it was easier.
- 7:26And thus you're able to reframe that and so much of sales, too, right.
- 7:30Is just dealing with that rejection, not taking it personally, reframing it in your mind, being able to endure to continue to get to those yeses where all the benefits come from.
- 7:41So, yeah, congrats on that.
- 7:43Thanks.
- 7:44I was going to say, I'd say probably the hardest part with it is I always like to be challenged.
- 7:49I always want to be doing something and you kind of just figure it out.
- 7:53Right.
- 7:53With sales, you get, you know, you get the same responses.
- 7:57I need to think about it.
- 7:58Let me talk to my spouse.
- 8:00Do you have a car?
- 8:01You know, it's kind of like the same 10 responses every house.
- 8:06And so once you kind of figure it out, it just gets a little boring because you know what they're going to say by their body language, they turn a little bit like this, you know, they're going to ask
- 8:15you for a card.
- 8:16And so for me, that was probably the hardest part is after a couple of years of it, I was like, what am I doing?
- 8:23I'm not learning anything new.
- 8:24I'm not getting better.
- 8:26You know, I'm making great money.
- 8:28But it's kind of boring now.
- 8:31Okay, and so that's when you went and went off on your own, started your first business, correct?
- 8:37Yep.
- 8:37So then I started a company called Fleet and Go.
- 8:40So this was like right before.
- 8:42I say this was right before COVID got really bad.
- 8:47It was during COVID but it was right before it got really bad.
- 8:50And I don't know if you remember, but there was just like a massive car shortage and you couldn't find rental cars or do anything.
- 8:57So I started buying up a ton of cars and putting them on Turo and it was killing it.
- 9:03And then I picked up some Airbnbs and I started a business called Fleet and Go.
- 9:07And the idea behind Fleet and Go was some people have money for cars and some people live in great locations.
- 9:14Let's link those people up so that the people who have great locations and want to take care of people's cars, you know, kind of create this network form.
- 9:23And that went really well.
- 9:25And same thing, it was, it was going really well.
- 9:27We had expanded to four, four states, six cities.
- 9:32And I kind of just had another epiphany of, man, I want to have way bigger businesses.
- 9:39And so I ended up getting back into the door to door sales world.
- 9:43But this time when I got back in, I started my own marketing company versus working for somebody else's company.
- 9:50Okay, and so what, what was the company you started then?
- 9:54Young and Retired.
- 9:55Okay.
- 9:56Yeah.
- 9:56All right.
- 9:57And so I know you post a lot on social media about that.
- 10:01So what does that company do?
- 10:03So basically what I do is I go out and I explore all the different industries out there.
- 10:10Credit card processing, insurance sales, solar fiber, pest control.
- 10:16And I look for the companies that have the biggest pros and the least cons.
- 10:21And so I do all this research on these companies and then I make these contracts with them.
- 10:26And then after we have those contracts, what I do is I just go fill them up with salesmen.
- 10:32So when we're doing our ads for recruiting people, it's, I like it a lot more.
- 10:37A lot of companies, they just push you to do whatever kind of sales they're doing.
- 10:41For us, my goal was I want to put people in the best positions for themselves.
- 10:44So when I'm talking to someone, the conversation is really like, hey, tell me about yourself full.
- 10:49Here's our options.
- 10:51What are you interested in?
- 10:52And we have jobs where you stay at home.
- 10:54We have jobs where you go door to door if you want to become really good at sales.
- 10:58We have some where it's business to business.
- 11:01And so that my, my goal is I just wanted to cast a really wide net.
- 11:05And we went from zero salesmen, zero revenue.
- 11:09When I got back into it hasn't even been three years and we did 50 million in sales this year and we had a thousand employees.
- 11:15So it's just, we've been crushing.
- 11:19Well, we've been really crushing it.
- 11:21So you're, you're the agency.
- 11:22So these companies, right.
- 11:24Their model needs sales reps, whether it's door to door, call from home, what, whatever type of model it is.
- 11:31And you basically will recruit, train and manage the staff that's selling for these different companies.
- 11:37Is that right?
- 11:38Exactly like you've heard.
- 11:40Have you ever heard of Quantum or CenturyLink?
- 11:43Yeah.
- 11:44So we had a contract with them.
- 11:45We go out, they do a lot of fiber optic sales.
- 11:48So fiber sales are really big right now.
- 11:50It's high speed Internet.
- 11:51So we go into a market, we put on a ton of accounts.
- 11:54So between, we're doing, we're doing fiber sales for, I want to say eight companies right now.
- 12:01And between the eight of them, we're doing a little over 3,000 accounts a month.
- 12:05So Fiverr has been a really big one.
- 12:07And so we'll go to these pretty big companies, we'll do some smaller ones and then I'll go and I'll negotiate a contract based on what the volume I think we can do for them is.
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- 13:10So what do you think?
- 13:12Because, right, clearly you had experience door to door, right?
- 13:16You kind of, you had a unique perspective and some early success in sales, right?
- 13:20Very ambitious.
- 13:21Just hearing you tell your story.
- 13:23But I mean, just like you said, going from nothing to 50 million in revenue within three years is a very, you know, very impressive accomplishment.
- 13:33What do you think is, has been the, you know, some of the reasons you've been able to scale so quickly in terms of like least a thousand employees?
- 13:41I mean, that's a lot to manage.
- 13:42Like, what would you attribute that success to?
- 13:45I would say it's.
- 13:46And I talk a lot about it in this, in this last book that I came out with in Pipeline to Wealth, I talk a lot about like, my marketing business is a business and for any businesses you need
- 13:58to have the proper setup before you start the business, right?
- 14:02In my opinion, you need to have passive income coming in.
- 14:05So I didn't have to worry about my mortgage or my wife or, you know, our car payments or anything like that, because I still had my money coming in for my TURO business and I still had my money
- 14:16coming in for my Airbnbs.
- 14:18So no matter what, I was cash flowing enough that even if my business had a really bad quarter or something, we were fine.
- 14:26Right now we were fortunate enough that the business just took off and it was killing it.
- 14:31But it was really that peace of mind of I can go all in and just focus because no matter what, we're good.
- 14:38I'd say that was one of the big foundation blocks of why we were able to do well.
- 14:41I say the second big one was the systems, right?
- 14:46So I made it.
- 14:47My goal was I wanted to lower the barrier to entry.
- 14:50So I, when I did pest control, for example, sales, like I told you, we had maybe 50 people show up on that office and like 20, maybe a little bit less finished.
- 15:00And so I was really focused on how Do I make more people finish?
- 15:05How do I make it easier for people?
- 15:07So I try.
- 15:08I started building out systems to where we could hire people easier.
- 15:12We could get them to show up easier, and they could succeed easier.
- 15:16And because of that, we had just better ratios.
- 15:2075% of our hires showed up, 75% of them finished because of the systems we set up, whereas our competitors were having less than 50% show up and less than 50% finish.
- 15:31We have, I remember there's one big competitor.
- 15:33They had a really bad year last year, and only 20% of their salesmen showed up.
- 15:38And so they booked housing, they did all this stuff.
- 15:42And it was because they were doing a lot of hiring online, which is where I primarily do my hiring, and they try to get into there, but it's very.
- 15:49If you don't have the systems in place, you'll get killed.
- 15:51So I would say I wasn't worried about my finances because of the passive income.
- 15:56And I had built up a lot of systems and I had skills in those things so that my business was just able to thrive and just duplicate really quickly.
- 16:05Can you talk a little bit more about those hiring systems?
- 16:08Right.
- 16:08Too.
- 16:08And just like kind of specifically some, like you said, you always want to set people up for success and make sure that, you know, that they're happy and they do well.
- 16:16So of course they stay.
- 16:17I mean, can you just talk a little bit more about some.
- 16:19Some of the strategy used to do that?
- 16:21Yeah.
- 16:21So let's start with interviews.
- 16:23Right.
- 16:23No one ever trained me how to interview people.
- 16:26And I saw see that at a lot of jobs, like when I was in college working at, you know, Kiva Juice, the person who was interviewing me, they were just asking random questions.
- 16:34They no one trained them on how to do interviews.
- 16:36But then I remember when I was going to a more professional job, they had, like, you could tell it was a structured interview.
- 16:43They knew exactly the questions they were going to ask.
- 16:46They had a form they were filling out.
- 16:47And so I was kind of just like thinking back to my past when I had.
- 16:53I was not hiring as many of the people as I should have been.
- 16:56And I was like, okay, what is going on?
- 16:59And so I kind of just had this idea of, I'm going to make a standard interview.
- 17:03I'm going to script it, I'm going to type it out, I'm going to put what questions to ask, I'm going to make a video that explains what I would normally be explaining on the interview.
- 17:14And they can watch it first and then I can Go straight to asking questions.
- 17:17And so I built out the system of multiple interviews, these videos, the standard information.
- 17:23And what that did was it not only allowed me to do the same interview every single time, but it also allowed my managers that I hired to all duplicate very easily.
- 17:34Right.
- 17:34So I lowered that buried entry.
- 17:36I don't have to go train each of them how to do interviews now.
- 17:38I just gave them the links for the forms and the videos to send the.
- 17:42To send the potential recruits.
- 17:44I would say that, like that just as an example of systems we had built out, that was one of the big ones.
- 17:49So we can make sure, A, we're getting quality candidates in, but B, it saves all the responses so we can now compare.
- 17:56Oh, the people who answer like this show up.
- 18:00People who answer like this are less likely to show up.
- 18:03And we could.
- 18:04We could just start collecting as much data as possible from that.
- 18:08Yeah.
- 18:09So it's just like an sop, right?
- 18:10Whether for your interview or anything else.
- 18:12Okay, exactly.
- 18:13That's it.
- 18:14And it's not.
- 18:15It's not like it's anything I do.
- 18:17I wouldn't say anything I do is really groundbreaking.
- 18:19Is we just.
- 18:20But we just do it, right?
- 18:23Like the interview process or.
- 18:26It's not that.
- 18:27It's not that it's that complicated.
- 18:28It's just, why aren't you doing it for your business?
- 18:30Right.
- 18:30Why.
- 18:31Or not you.
- 18:31But, you know, why is it, you know, maybe someone listening, why aren't they doing that for their business?
- 18:36Why aren't they getting their managers to be able to duplicate everything they can do easily and make a system?
- 18:41And so I just made everything very easy, I would say, for when I hire a new manager.
- 18:47Like, I have one new manager, he's worked with me a year now, and he has 100 salesmen that he trains and takes care of.
- 18:54Which is crazy, because to get to 100 salesman, it took me five years, and this is his first year.
- 19:00And 100%, he'll tell you all day.
- 19:03It's because we were able to lay out a really good system for him to where he could just.
- 19:08He knew exactly what he was supposed to be doing all the time.
- 19:11Now, granted, he puts in 80 hours a week of working.
- 19:14So, you know, it's not just assistance.
- 19:16You still have to put in the work.
- 19:19Sure, sure.
- 19:20But like you said, right, like that laying that foundation.
- 19:24And then that, that, that's got to make you feel good because you create this duplicatable system.
- 19:28And then you get a young, hungry, ambitious person that'll put in that type of effort and the synergy between those two creates results that you haven't seen before.
- 19:36Yeah, yeah, exactly.
- 19:38Yeah, it's.
- 19:39Have you ever used MannyChat?
- 19:42No.
- 19:43Okay.
- 19:43So it's an automated messaging software.
- 19:46And so we have a lot of VAs, and we usually hire VAs out of.
- 19:49Out of the country because it's a lot cheaper to do our messaging for us.
- 19:53And so this is just another example of.
- 19:55I was just kind of getting sick of it because vas aren't always awake.
- 19:59People were going hours without being responded to sometimes and all this stuff.
- 20:03And so I was like, okay, let's just make high quality auto messages.
- 20:06So I go on mannychap.
- 20:08And it was really funny because it's just a system, right?
- 20:11Input.
- 20:12They respond next, next, next, you know, and it just keeps going.
- 20:16And it was almost exactly like the program we used.
- 20:23It's called Aspen for chemical engineering.
- 20:25You would have some kind of an input and then you'd get your output and then there.
- 20:29And it was just the same drag and play.
- 20:31And it was pretty funny because I was like, oh, it's just again, it's just a system.
- 20:36That's what we learned in school.
- 20:37And I kind of had this like, aha moment of in school.
- 20:41You know, I always joke that it's like it's a pretty decoration on my wall and that I'll never use it.
- 20:46But it did make me think in terms of systems, specifically because of the degree I chose, which I think has.
- 20:52Then when I go into business.
- 20:54His wife why I've focused so much on systems.
- 20:59That's interesting too.
- 21:00So the fact that we're in engineering and all this chemical and nuclear engineering, like you said, a lot of systems and a lot of operational type stuff, and then you're able to use that knowledge base and apply it
- 21:15to business.
- 21:16And then again, just see the way to create a system so you can duplicate something as quick as possible.
- 21:21Yeah.
- 21:22I mean, at the end of the day, everything's input and output.
- 21:24What are you putting in, into what system?
- 21:27What are you getting out?
- 21:28And so it's kind of a black and white way to think of stuff, but super effective.
- 21:35All right, and so let's talk about this new book you have that you have just released a pipeline, the Wealth.
- 21:43Yeah.
- 21:43So I had.
- 21:44I had written a book before this one called Unchained Wealth.
- 21:48This is actually this one.
- 21:51This one is Unchained wealth.
- 21:53And it kind of talked about how.
- 21:56This one talks about a very in depth of like, there's so many ways to get passive income today, like it's, it's ridiculous.
- 22:03Like one of my favorite things to say is, you know, yeah, college is more expensive.
- 22:08Money's worth way less now than it was for our parents.
- 22:11Like, if you do what our parents did, you're going to be in a worse off situation.
- 22:16So you need to go get past, like, you need to go do stuff our parents didn't do.
- 22:20Like, we have way more opportunity.
- 22:21And so that book really hits on all the different opportunity for passive income and stuff like that Pipeline to Wealth is kind of the overview.
- 22:28It's like, here you are.
- 22:30What do you need to do to get to wealth?
- 22:32Right?
- 22:33What are the different stages?
- 22:34What, what does that pipeline look like?
- 22:36And so it starts out with, hey, you're here right now.
- 22:39What skills do you have?
- 22:41What marketable skills could you then go gain?
- 22:43Right?
- 22:43And it starts with gaining skills.
- 22:45You then go from the scale.
- 22:46Because I mean, like I did, I went the sales route.
- 22:49Not everyone wants to do that.
- 22:50Right.
- 22:50And that's fine.
- 22:52There's a lot of things people can do, like for example, using MannyChat and setting up automated messages for people.
- 22:58You can make a ton of money doing that.
- 23:00You just for people, different people's businesses.
- 23:03And so it talks about gaining skills, gaining marketable, useful skills specifically.
- 23:08Right.
- 23:08Like juggling is probably not going to help you a ton.
- 23:11And then just going from there over to using those skills to make a large income, taking that large income, creating passive income.
- 23:20And you don't need like hundreds and hundreds of thousands of dollars.
- 23:23Passive income, that's always what I push guys, is like you just need enough passive income to cover your expenses so you can have that like mental weight of how can I pay for my mortgage?
- 23:32Just like off your shoulders.
- 23:33And then you need to go start a business.
- 23:35Right?
- 23:35Like no one became wealthy working for somebody else.
- 23:38Right.
- 23:38Once you're good, you should go take the risk, go start a business, go build and that it kind of goes over.
- 23:45That's, that's the pipeline.
- 23:46And so I'll have more books coming out about specifically what kind of skills to look for, how to develop them, what are like the best practices, what are the marketable skills right now, how to market those skills.
- 23:58That'll be another book on like what kind of ways can you plug that in?
- 24:02And then I'll have another book of different kind, like starting a business, how, what the framework should look like, when to get into that.
- 24:10So Pipeline to Wealth is the overview of that.
- 24:14Okay.
- 24:14So like it's, it's the Basically a setup for all these different kind of expansions of the different concepts you teach.
- 24:21It will be multiple more books on the way.
- 24:23Exactly.
- 24:25All right.
- 24:26And so, Michael, if people want to learn more about what you're doing, get in touch, you know, for, you know, party, be part of your company or just, you know, find out more about your book or anything else
- 24:38you do.
- 24:39What's the best way people can reach out to you?
- 24:41Yeah, just reach out on Instagram.
- 24:42I'm always.
- 24:43I'm always checking my.
- 24:44My Instagram messages.
- 24:45So it's Mike's young and retired.
- 24:48You can also find my website.
- 24:50It's Young and retired dot com.
- 24:53But I do check my Instagram, like, constantly.
- 24:56And I've.
- 24:57I've got VAs on there all the time.
- 24:58So if you want to reach out and you want a copy of Pipeline to Wealth and Dave, I'll send you one as well.
- 25:05I'll send you, you know, free ebook.
- 25:07And yeah, it's just.
- 25:09It worked really well for me.
- 25:11It's worked really well for other people.
- 25:12And so I really enjoyed doing it.
- 25:15As far as sales go, it's.
- 25:16It's not for everyone.
- 25:17I'm.
- 25:18I'm probably the biggest advocate of people not doing sales unless they, like, really, really want to.
- 25:23And then it's like, yeah, if you, if you really want to get that skill and learn.
- 25:27Yeah, reach out and we'll find the best place for you.
- 25:30All right.
- 25:30And we'll link all that in the show notes for everyone as well.
- 25:33So.
- 25:33Awesome.
- 25:34Okay, well, thanks for having me, Dave.
- 25:36Yeah, thanks so much for taking time.
- 25:37We appreciate it, Michael.
- 25:39And that is all the time for now.
- 25:40We will see you next time.