Latest / The Deep Wealth Podcast - Unlock Your Deep Wealth In Business and Life / Business Owner, Coach, And Thought Leader Pete Mohr Reveals The 10 Laws To Go From Operator To Owner (#277)

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Business Owner, Coach, And Thought Leader Pete Mohr Reveals The 10 Laws To Go From Operator To Owner (#277) · The Deep Wealth Podcast - Unlock Your Deep Wealth In Business and Life

0:04
Jeffrey Feldberg: Welcome to the Deep Wealth Podcast where you learn how to extract your business and personal Deep Wealth.
0:12
Jeffrey Feldberg: I'm your host Jeffrey Feldberg.
0:14
Jeffrey Feldberg: This podcast is brought to you by Deep Wealth and the 90-day Deep Wealth Experience.
0:20
Jeffrey Feldberg: When it comes to your business deep wealth, your exit or liquidity event is the most important financial decision of your life.
0:28
Jeffrey Feldberg: But unfortunately, up to 90% of liquidity events fail.
0:33
Jeffrey Feldberg: Think about all that time and your hard earned money wasted.
0:37
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0:51
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0:52
Jeffrey Feldberg: I said"no" to a seven-figure offer.
0:55
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0:59
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1:05
Jeffrey Feldberg: Are you thinking about an exit or liquidity event?
1:08
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1:15
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1:19
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1:28
Jeffrey Feldberg: At the end of this episode, take a moment and hear from business owners like you, who went through the Deep Wealth Experience.
1:35
Jeffrey Feldberg: Pete Mohr helps entrepreneurs transform their frustrations into freedoms by using a variety of frameworks that help them cut through the chaos and overwhelm of running a business.
1:47
Jeffrey Feldberg: With over 25 years as a business owner, he's refined many of his tips, tools and techniques in the trenches within his own businesses.
1:56
Jeffrey Feldberg: You own your business.
1:57
Jeffrey Feldberg: It shouldn't own, you.
1:59
Jeffrey Feldberg: It's time to start using frameworks that allow you to have a turnkey business so that you can live a life you deserve.
2:06
Jeffrey Feldberg: Welcome to the Deep Wealth Podcast, and we have a friend, he's no stranger.
2:10
Jeffrey Feldberg: You've heard him before.
2:11
Jeffrey Feldberg: And what I love about Pete, he is one of us.
2:14
Jeffrey Feldberg: He's a business owner, sold businesses.
2:17
Jeffrey Feldberg: In fact, he was selling other people's businesses, so he's been in the trenches in M&A.
2:22
Jeffrey Feldberg: And now he's back and, you know, offline as usual.
2:25
Jeffrey Feldberg: I'm speaking with him and he's got a gazillion ideas.
2:28
Jeffrey Feldberg: They're all great ideas.
2:29
Jeffrey Feldberg: But let me pause it there, because Pete, you are a thought leader and a terrific leader overall.
2:36
Jeffrey Feldberg: It's so terrific to have you back here.
2:38
Jeffrey Feldberg: And, since we last spoke, a lot has changed here.
2:40
Jeffrey Feldberg: At default, we've been growing, thank goodness and a robust community.
2:44
Jeffrey Feldberg: So for our new listeners, why don't you share the story behind the story, Pete, you know, who are you, what got you to where you are today?
2:50
Peter Mohr: Jeff, it's awesome to be back with you and your listeners.
2:55
Peter Mohr: And I look back, it was over a hundred episodes, so congratulations.
2:59
Peter Mohr: I mean, you're, piling in the episodes and all of that stuff.
3:02
Peter Mohr: It's great to see other people sharing the interest in business ownership and all the different things we do in Wealth.
3:09
Peter Mohr: And so where did I start?
3:11
Peter Mohr: I started a long time ago, almost 30 years ago.
3:14
Peter Mohr: I'm not gonna go through the whole story, but bought my first business when I was 23.
3:18
Peter Mohr: I had some smaller sort of seasonal businesses before that, and I've owned franchises and bathroom remodeling and cleaning.
3:25
Peter Mohr: We had a cleaning franchise that we went from 30 to 300 clients and sold it.
3:30
Peter Mohr: the Bathroom Remodeling Company, which when I look back, I'm like, 1994.
3:34
Peter Mohr: Holy cow.
3:35
Peter Mohr: 30 years goes quick.
3:36
Peter Mohr: And I mean, it's 29 years, that business is still doing well.
3:39
Peter Mohr: The person that bought it is doing phenomenally well and I'm excited for him.
3:42
Peter Mohr: And I can't believe it, but I've been a footwear, a shoe store owner now since 2010, which is 13 years ago.
3:50
Peter Mohr: Time flies and so been a retailer for the last 13 years.
3:54
Peter Mohr: Continued to own a couple of shoe stores I spend most of my time these days, Jeffrey, around.
3:59
Peter Mohr: My business called simplifying entrepreneurship, which is coaching other business leaders.
4:05
Peter Mohr: And I use the framework these days moving from operator of their business to owner of their business.
4:11
Peter Mohr: And it's an interesting mindset and it's an interesting way of looking at things.
4:16
Peter Mohr: And quite honestly, we talked a little bit before hopping on live here, but the idea here around.
4:23
Peter Mohr: The fact that your business is most valuable when you, as the business owner are not making every single decision.
4:30
Peter Mohr: And I like to say decisions should be made at the lowest possible level of the organization every single time.
4:38
Peter Mohr: So I'll frame that back into our shoe stores.
4:41
Peter Mohr: If somebody came in and bought a pair of shoes for their husband, let's say, and she said, I think he's a nine and a half, I'm not sure, but I think he's a nine and a half, so I'm gonna take a nine and a half.
4:51
Peter Mohr: And she went away and proves out he was a 10 or 11 and she came back and she wanted to change those shoes for a 10, let's say, because she thought he was a 10.
5:04
Peter Mohr: If that was a problem.
5:05
Peter Mohr: If I didn't have the process in place, and I know on our previous episode we talked about the five Ps around all the process and the people and the products, but if I didn't have the process in place that allowed the.
5:16
Peter Mohr: The person that dealt with that person soon as they came in to make the decision, to get the exchange and to turn that person away loose and happy, and having the right product and delivering our promise within the shoe store in order to make that happen.
5:31
Peter Mohr: Think about this.
5:33
Peter Mohr: If that person wasn't charged with the authority to do that, then she would've said excuse me.
5:39
Peter Mohr: I gotta go get the assistant manager.
5:42
Peter Mohr: To make this decision and the customer's going, what the heck's going on here?
5:46
Peter Mohr: And so the assistant manager comes back and says, oh, size nine and a half to a size 10.
5:50
Peter Mohr: I don't know.
5:51
Peter Mohr: I think I'm gonna have to go get the manager for that one.
5:53
Jeffrey Feldberg: Sure.
5:54
Peter Mohr: And then she runs off, and then the manager comes back and says, okay, the owner isn't in today, but I should have a decision for you three days from now.
6:02
Peter Mohr: How does that look?
6:04
Peter Mohr: It looks.
6:04
Peter Mohr: Not so great.
6:05
Peter Mohr: It doesn't sound great as far as customer experience, as far as doesn't give the air of professionalism in your business, all of these different things.
6:16
Peter Mohr: So, I've created systems and frameworks with simplifying entrepreneurship all around the idea of allowing decisions to be made at the lowest possible level so that the business owner themselves isn't making every minutiae detail.
6:30
Peter Mohr: and they can really work in the areas, what I call their love it zone of looking at how they want to live their life through their business instead of always propping up their business to have a better business.
6:42
Jeffrey Feldberg: Yeah, such terrific points.
6:44
Jeffrey Feldberg: And Pete, for most business owners, and you've asked the question and you've said it in a different way, a Deep Wealth, much like yourself.
6:50
Jeffrey Feldberg: One of the first questions we're asking, anytime we meet a new business owner, Hey, does the business run without you?
6:55
Peter Mohr: Yeah,
6:55
Jeffrey Feldberg: And there's a lot of hemming and highing, and ultimately it's no.
6:59
Jeffrey Feldberg: And even if there's a management team, oftentimes all the decisions flow through my office, even though I have a president or a CEO or a management team.
7:07
Jeffrey Feldberg: So for the business owners and really the listeners who are now hearing you and I talk and they're nodding their heads saying, yeah, you know, that really is me.
7:15
Jeffrey Feldberg: I'll, admit it, I'll do the walk of shame.
7:18
Jeffrey Feldberg: That is me.
7:19
Jeffrey Feldberg: That's what's going on.
7:21
Jeffrey Feldberg: Why?
7:21
Jeffrey Feldberg: is that going on though?
7:22
Jeffrey Feldberg: We as business owners, we're smart.
7:24
Jeffrey Feldberg: We're better than that yet we still succumb to that.
7:27
Jeffrey Feldberg: So what do you think is going on with the psychology behind that peach?
7:31
Peter Mohr: I think there's many of us have probably even read one of these books.
7:35
Peter Mohr: There's Tiny Habits by BJ Fogs.
7:37
Peter Mohr: There's Atomic Habits.
7:38
Peter Mohr: There's Brandon Bouchard wrote one, I can't remember what his was, but another one on Habits.
7:43
Peter Mohr: There's a lot of stuff on habits, but the reality of it is, is as founders, if you're a founder in particular, Most often, you didn't start with a great big pocket load of cash and you were lean and mean and you were making the decisions cuz you had to There wasn't anyone else to align in the sign authority too, it was you.
8:05
Peter Mohr: And depending on how long that takes.
8:08
Peter Mohr: 1, 3, 5, sometimes 10 years to grow to a level where you're gonna move up the chain, depending on your industry, then you know, you are habituated into making all of these decisions.
8:20
Peter Mohr: So it's not comfortable for you to let decisions go.
8:25
Peter Mohr: So I've got another little framework and you know, I like my frameworks and it's called the cpa and it's not the Chartered Professional Accountant, It's called.
8:34
Peter Mohr: Mastering your communication process and accountability.
8:39
Peter Mohr: And from that perspective, when you get mastery in communication as the business leader.
8:45
Peter Mohr: In process management as the business leader and in accountability as the business leader, that's when your business starts to run on rails.
8:54
Peter Mohr: Jeffrey, that's when it's kind of, it's kinda like, hmm, things are actually starting to go well.
8:59
Peter Mohr: When you can communicate what you want, when you can lay out the process in a defined way, and there's so many great ways to layout process these days.
9:07
Peter Mohr: It's not just the manual that sits in the back of your employee's trunk out in the parking lot, there's loom videos to show how things are done.
9:15
Peter Mohr: There's all sorts of ways.
9:16
Peter Mohr: Think about the way people absorb information, audio, video, I mean, we're doing podcasts here today.
9:22
Peter Mohr: It's a way to absorb information and, literature, all these different things.
9:26
Peter Mohr: You're gonna lay out the process so that people can understand it with full clarity Because when you feel comfortable about that, it's easier to assign the authority to, for them to make the decisions.
9:39
Jeffrey Feldberg: So it's interesting.
9:40
Jeffrey Feldberg: Oftentimes we get back to the art side of business, the mindset side, and it's really a mindset.
9:46
Jeffrey Feldberg: So, Pete, why don't you keep on going.
9:48
Jeffrey Feldberg: I love your acronyms.
9:49
Jeffrey Feldberg: I love the systems.
9:51
Jeffrey Feldberg: The 10 laws or the five F's, or the CPA or the four a's of accountability.
9:56
Jeffrey Feldberg: But back to the 10 laws from operator to owner.
9:59
Jeffrey Feldberg: So you've talked about one of where really taking us outta the equation, where it's systematizing that people, whether it be from the frontline up to not us, but the president or ceo, whoever's running the company, whatever that title is, that they have the authority, the ability to do that.
10:15
Jeffrey Feldberg: What else is going on?
10:16
Jeffrey Feldberg: What are the other laws that can really help us?
10:19
Jeffrey Feldberg: Grow this business and while we're growing it, increasing the enterprise value.
10:24
Jeffrey Feldberg: Because as you know, we were talking offline when you were selling businesses as you said, and I've heard buyers say the same thing.
10:30
Jeffrey Feldberg: Hey, I don't want another full-time job when I buy someone's company.
10:33
Jeffrey Feldberg: I want something that runs on its own and that I can oversee it.
10:36
Jeffrey Feldberg: I don't need the headaches and the other responsibilities if it doesn't run without the business owner.
10:41
Jeffrey Feldberg: So what else what's going on with the other laws here?
10:43
Peter Mohr: One of the things that I find a lot of times so defining the guiding principles of the business, even though the business has been, around for five or 10 years, or 25 years, whatever the case is, a lot of times if you ask them specifically what they don't have sort of a set of guiding principles now.
11:03
Peter Mohr: There's the mission and the vision, and most people have those, but they don't even know what they are cuz they aren't current, they don't meet, they aren't meaningful, they aren't, set out with timelines and objective goals.
11:14
Peter Mohr: They don't know the promise necessarily.
11:15
Peter Mohr: And sometimes a business, especially if it's been around for, a while and pre covid, let's even say
11:22
Jeffrey Feldberg: Sure.
11:22
Peter Mohr: things were different back then and we look at how things are done now and if you set all of these guiding principles up that you're looking to transfer potentially to somebody else to help you run the business or potentially even to a new owner.
11:36
Peter Mohr: Having these guiding principles that are set and solid and understandable and clear and followed in your business and hired for and aligned with your clients is so crucial.
11:48
Peter Mohr: And think about that.
11:50
Peter Mohr: If you had that as an offering to a new c e O that was coming in to run and said, this is how it's done here.
11:56
Peter Mohr: This is our mantra.
11:58
Peter Mohr: And most of the time that stuff is not up to date.
12:02
Peter Mohr: It's not current.
12:03
Peter Mohr: It's not meaningful So a lot of times you gotta go back.
12:07
Peter Mohr: That's one of the laws of law Number two is define your guiding principles.
12:10
Peter Mohr: And what does that mean?
12:12
Peter Mohr: It means understanding your promise.
12:13
Peter Mohr: It means clarifying the critical actions that you and your team needs to do every day, and the key characteristics in order to take your business to the next level and be able to communicate those clearly to everyone.
12:27
Peter Mohr: Internally and externally.
12:29
Jeffrey Feldberg: Interesting.
12:30
Jeffrey Feldberg: And so getting that done, can you give us an example of that, Pete, because Okay, on paper or hearing you say defining the guiding principles.
12:38
Jeffrey Feldberg: Sure.
12:39
Jeffrey Feldberg: Get that, but now let's get into the trenches here and what would that look like exactly.
12:45
Peter Mohr: I'll just use.
12:46
Peter Mohr: My simplifying entrepreneurship, for example.
12:49
Peter Mohr: And I don't have it off the top of my list right here, but I can tell you basically what, the promise of simplifying entrepreneurship.
12:57
Peter Mohr: I've already mentioned it.
12:58
Peter Mohr: It's to help business owners move from operator to owner.
13:01
Peter Mohr: So most business owners have been at it.
13:03
Peter Mohr: They're in the trenches, they're overworked, they're overwhelmed.
13:05
Peter Mohr: So we use at simplifying entrepreneurship frameworks to help reduce that, give them their time back, give them their life back, give them their future back, and give them what they wanted to do when they first got into business, which is I have a dream of better life and the business is now used to promote that.
13:21
Peter Mohr: So that's what we do, right?
13:23
Peter Mohr: As far as simplifying entrepreneurship.
13:25
Peter Mohr: Now how do I do that?
13:27
Peter Mohr: Some critical actions that I do, and I live this I network.
13:32
Peter Mohr: Basically an hour a day.
13:34
Peter Mohr: So I'm, we're networking here.
13:35
Peter Mohr: I consider a podcast a network and we're spending an hour or so, and I was on two yesterday.
13:40
Peter Mohr: And so if I'm averaging give or take a networking hour, a day, a week, that's part of my critical actions to have a successful business.
13:48
Peter Mohr: I read and I learn at least an hour a day.
13:51
Peter Mohr: And I mean, I'm always reading, I'm always absorbing different information so that I can impart that.
13:57
Peter Mohr: To my clients and help them through their issues because most things have already been done before.
14:04
Peter Mohr: And I mean, as much as I create frameworks and all this other stuff, it's not like they're completely new or it's not like they may just be reframed in different ways that suit what I'm doing and my language and all of these different things.
14:16
Peter Mohr: But ultimately, I need to be able to know what I can plug and play for each of my clients right as I'm going through that, or we're having a podcast or give them the actionable items to take their life from.
14:29
Peter Mohr: What my promise is, which is move them from operators to owners.
14:32
Peter Mohr: Right?
14:32
Peter Mohr: So you can see how these kind of things align.
14:35
Peter Mohr: And most of the time when we go back into this stuff, what's the key characteristics?
14:39
Peter Mohr: I have to be believable.
14:41
Peter Mohr: I have to be, presentable.
14:43
Peter Mohr: I have to be.
14:44
Peter Mohr: All of these different things around the key characteristics of what I need to do in order to be front stage in my business, because that's my job in simplifying entrepreneurship is to be front stage.
14:56
Peter Mohr: I'm the person that's on the podcast here today and I've got some other people that help me in the background and all that sort of stuff.
15:01
Peter Mohr: So, you know, all of these things are really important to align and assign and when we look at the accountability chart, Which is, you know, you're talking about your team and all of that sort of stuff.
15:12
Peter Mohr: Really important on how all of the critical actions, the key characteristics and the guiding principles align with your accountability chart.
15:20
Peter Mohr: Because if you aren't hiring with those in mind, there's probably some weirdness in your business.
15:28
Jeffrey Feldberg: Hence, speaking of weirdness, I'm gonna add into that Pete Pressure.
15:33
Jeffrey Feldberg: And stress and lack of focus and the end of the day comes and when we're the operator, I'm sure from many business owners, looking back, where did the day go?
15:44
Jeffrey Feldberg: I didn't get a single thing accomplished and they're important things to do.
15:49
Jeffrey Feldberg: So we've painted a fairly bleak picture and I'm sure a lot of listeners are nodding.
15:53
Jeffrey Feldberg: Yeah, you know, as bleak as it is, unfortunately that's where it's at today.
15:58
Jeffrey Feldberg: Let's put that ray of light out there.
16:00
Jeffrey Feldberg: Some hope for them.
16:01
Jeffrey Feldberg: So Pete, when we implement the 10 laws from operator to owner, and that's simplifying entrepreneurship through your consulting practice, you're leading the charge of how to do this with the clients.
16:11
Jeffrey Feldberg: I mean, what does that look like?
16:12
Jeffrey Feldberg: So I've gone through this process.
16:14
Jeffrey Feldberg: Now I'm fast forwarding Pete, however long that is, and now I'm actually an owner.
16:19
Jeffrey Feldberg: I'm no longer an operator.
16:20
Jeffrey Feldberg: What's my day like?
16:22
Jeffrey Feldberg: Let's paint that ideal picture, that ideal day of what that really looks like.
16:26
Jeffrey Feldberg: we'll hear from you in just a moment.
16:27
Jeffrey Feldberg: I suspect.
16:28
Jeffrey Feldberg: That what it looks like is probably what we had hoped it would be when we first got into business in the first place to begin with.
16:35
Jeffrey Feldberg: But let's hear it straight from the source.
16:36
Jeffrey Feldberg: So what does that look like once I've mastered these 10 principles, these 10 laws?
16:39
Peter Mohr: I think your expectations are right.
16:41
Peter Mohr: I mean, most of the people that I work with, we start by saying, okay, let's reel back to when you got into business and think about those things.
16:49
Peter Mohr: Why did you elect to be a business owner?
16:50
Peter Mohr: Cuz being a business owner is not easy.
16:52
Peter Mohr: I.
16:53
Peter Mohr: There's risks, but there's rewards.
16:55
Peter Mohr: I mean, I've had a lot of failure in my 30 years, but I've had a lot of wins and I wouldn't change it for the world.
17:00
Peter Mohr: I love being a business owner, and so I've got this framework called Love it or Leave It.
17:05
Peter Mohr: And from that perspective, I use Love it or leave it.
17:08
Peter Mohr: And we can talk about that in a sec, but I start off with really mapping out what is it that you want over the next 1, 3, 5, 10 years as a person, And how are we going to.
17:18
Peter Mohr: Map your business into delivering that to you.
17:21
Peter Mohr: And once you start getting your business on rails, once you start having the right team in place, once you start imparting some of the authority to your team so that they can make decisions for you and giving them even more, then you can start working in your love it zone.
17:38
Peter Mohr: And I love this idea around love it or leave it and, I've got this little Practice essentially.
17:43
Peter Mohr: And what you do is you map down everything that you are accountable for two weeks And.
17:49
Peter Mohr: It's not that easy.
17:49
Peter Mohr: You'll probably get 80% of it in the first go round.
17:52
Peter Mohr: If you sat down for 40 minutes and just wrote down everything that actually you are accountable for, you'll get it.
17:59
Peter Mohr: 80% of it in the first go round, but it's all those other little things that you don't think about that take up your time, take up your energy, take up your mental ability, take up all of this other stuff that come out over the next two weeks.
18:11
Peter Mohr: And then we take that list and we map it back into the love it or leave it quadrants and there's four of them.
18:17
Peter Mohr: And basically they are, I love it and I'm good at it, which is where you wanna live as the business owner, right?
18:24
Peter Mohr: I love doing this and I'm actually good at it.
18:27
Jeffrey Feldberg: Okay.
18:28
Peter Mohr: And then there's, I love it, but I'm not good at it, which means I really enjoy this.
18:32
Peter Mohr: I'm probably not as good as some other people on this, but it's something that I just really enjoy doing.
18:37
Peter Mohr: And then there's, don't love it and good at it, which means, and I'll use bookkeeping as an example for me.
18:44
Peter Mohr: I'm actually pretty good at numbers, but I really just don't like doing it.
18:49
Peter Mohr: It's dreadful for me.
18:51
Peter Mohr: I don't have any hair on top of my head, but I'd be pulling up my what, whatever there is on top of my head every day if I had to do the bookkeeping, even though I'm good at it, And then there's, I don't love it and I'm not good at And most business owners listening to this podcast of your leader, and you're, that's a hard box for most business owners.
19:08
Peter Mohr: You know what?
19:09
Peter Mohr: Accepting the fact that I'm not good at it and I don't love it.
19:13
Peter Mohr: So, I often will see this one a little less full than the other ones.
19:16
Peter Mohr: There's lots of, I don't love it and I'm good at it.
19:19
Peter Mohr: There's not as much love it and not good at it, but all of these things, just understanding where it fits and then what you do once you overlay all of these things into these boxes are onto their own individual sheet of paper.
19:31
Peter Mohr: You give just a general idea of how much time you're spending in each of these boxes, in each of these quadrants.
19:39
Peter Mohr: And what I'm seeing and what I have seen over the years is that there's a lot of, don't love it, but good at it.
19:47
Peter Mohr: And that's not a zone you want to live in.
19:50
Peter Mohr: And that's a zone quite frankly, where most people, if they're spending a lot of time and they're, don't love it and good at it, feel like they wanna sell their business cuz they're fed up and tired.
19:59
Jeffrey Feldberg: Interesting.
20:00
Jeffrey Feldberg: Let me ask you this.
20:01
Jeffrey Feldberg: If we deal or dial into the minutiae for just a moment, And I suspect that 80, 90, 90 5% of the time, what you're putting out there, it's actually where we should be.
20:13
Jeffrey Feldberg: I mean, let's really be in the areas that move the dial.
20:16
Jeffrey Feldberg: I love it.
20:17
Jeffrey Feldberg: I'm good at it.
20:19
Jeffrey Feldberg: I'm terrific at that.
20:20
Jeffrey Feldberg: Wonderful.
20:21
Jeffrey Feldberg: And I love how you're saying, how much time am I spending?
20:22
Jeffrey Feldberg: And it's a great way to really visualize exactly what's going on, and you're mapping your time over a two week period and Yeah, maybe you'll miss a few things here and there, but it is, it's probably accurate.
20:33
Jeffrey Feldberg: But let me take a little twist on this.
20:36
Jeffrey Feldberg: Let's suppose a business owner loves a particular activity, is really good at that activity, but in some ways it blinds the business owner because that activity doesn't move the dial for the business.
20:48
Jeffrey Feldberg: Let me give you an example.
20:50
Jeffrey Feldberg: So let's suppose that the business owner really good with customers and the front facing with customers, and when the big problems come up.
21:00
Jeffrey Feldberg: It's there, but maybe it's a smaller customer that particular day, or maybe it's a larger one or someone in between, but they're really good at it, but they're spending most of the time there probably because they're still an operator, not an owner, but it's not moving the dial.
21:14
Jeffrey Feldberg: Let's talk about growth of revenues, profits, creating a blue ocean, having the time to see these inflection points.
21:21
Jeffrey Feldberg: I mean, we talk all about this in the Deep Wealth nine-step roadmap, and so there it's a Love it.
21:26
Jeffrey Feldberg: Good at it.
21:28
Jeffrey Feldberg: But in some ways it's a blind spot or a skeleton for the business owner I'm gonna make it ridiculous.
21:33
Jeffrey Feldberg: Jeffrey, you're really good at weaving these wonderful croquets or blankets or whatever that you hang up in the front office there.
21:41
Jeffrey Feldberg: Clients love them, the staff loves them.
21:43
Jeffrey Feldberg: That doesn't really do much for the business.
21:45
Jeffrey Feldberg: Now, I'm overly exaggerating.
21:47
Jeffrey Feldberg: That's being ridiculous.
21:48
Jeffrey Feldberg: But just to make the point, so how does a business owner.
21:52
Jeffrey Feldberg: See through that and say, you know what, yeah, I'm really good at it.
21:56
Jeffrey Feldberg: I do love it, but I really probably shouldn't be doing it because it's not moving the dial or it's getting in the way of other things, or the businesses being held back from that.
22:05
Jeffrey Feldberg: Do you ever come across that?
22:07
Peter Mohr: I do.
22:07
Peter Mohr: And there's a few different things that you can sort of model around that.
22:11
Peter Mohr: One is that, Often business owners, and this is why there are coaches like what I do essentially.
22:18
Peter Mohr: But because their partners at home don't want to hear about it anymore, Their friends don't really understand the issues that they're going through, and their team at work generally isn't as open, even though you have an open door policy.
22:32
Peter Mohr: But you're hoping that if you've build and aligned and assigned the right management team, that you're gonna have an open enough conversation that your management team, cause I know, like I'll just even say at Utopia, if my management team saw me doing something that I was just wasting my time, they would say, Hey, do that on your own time.
22:48
Peter Mohr: When you're here, you, we need you to do this.
22:50
Jeffrey Feldberg: Ah-huh.
22:51
Jeffrey Feldberg: Yeah.
22:51
Jeffrey Feldberg: That's
22:52
Peter Mohr: So, I mean, that's kind of what you want, right?
22:54
Peter Mohr: you want this open dialogue with your management team.
22:57
Peter Mohr: When you sit down in your structured meetings and you're talking about strategy and you're talking about these different things, you gotta have this sort of combination of the people power that fourth p of the five Ps of really understanding, this is not where you're good and we need you to do this, and I'll use an example.
23:15
Peter Mohr: In my stores when I go in and if I'm working on the floor, cuz I am a decent salesperson on the floor.
23:21
Peter Mohr: And they will say to me Pete, you need to do this.
23:25
Peter Mohr: We need you to do a video or we need you to do, I'll take the sale.
23:28
Peter Mohr: You need to do a video so that, cuz you're better used on doing the videos to promote the store.
23:34
Peter Mohr: And so as leaders we often will need somebody to check us.
23:38
Peter Mohr: On those kind of things.
23:40
Peter Mohr: And so hopefully you have an integrator in place or like you were talking about a president in place or whatever, and you guys have this sort of situation where you can be bantering back and forth about best use of time because the love it or leave it.
23:53
Peter Mohr: Sort of framework is really even better when you can allow the rest of your team to be working in their love zone too.
23:59
Peter Mohr: Cause that's when you get the most productivity.
24:01
Peter Mohr: But understanding that we're talking about loving it or leaving it within your job at work, not sort of, I just love to crochet and I'm gonna crochet all day.
24:10
Peter Mohr: So it's one of these things around we need to understand the nodes of our business on the accountability chart first, and if my name is on the accountability chart of marketing, I need to get that marketing stuff done.
24:24
Jeffrey Feldberg: Pete, what's terrific with what you're sharing, and for the listeners, I really hope you picked up on this because Pete, what we're talking about, and at Deep Wealth, we say it in a different way.
24:32
Jeffrey Feldberg: Same outcome as what you're talking about is step two.
24:34
Jeffrey Feldberg: X-Factors, X-Factors, insanely.
24:38
Jeffrey Feldberg: Increase the value of your business, like grow your business.
24:39
Jeffrey Feldberg: It's
24:40
Peter Mohr: For sure.
24:41
Jeffrey Feldberg: So if we have an open culture, and number one, if your culture perhaps isn't where you want it to be the change that you want to see.
24:48
Jeffrey Feldberg: And you can start.
24:48
Jeffrey Feldberg: For all our listeners out there, they can start by having a leadership meeting.
24:52
Jeffrey Feldberg: Hey, let's put this quadrant out there.
24:54
Jeffrey Feldberg: Love it.
24:54
Jeffrey Feldberg: Don't love it.
24:55
Jeffrey Feldberg: Good at it.
24:55
Jeffrey Feldberg: Not good at it.
24:56
Jeffrey Feldberg: Everyone's gonna do this, and I'm just making this up.
24:59
Jeffrey Feldberg: I'm putting myself under the microscope with that ridiculous example of crochet.
25:03
Jeffrey Feldberg: But team, I know I spent a lot of time doing crochet.
25:06
Jeffrey Feldberg: I love it.
25:06
Jeffrey Feldberg: I'm good at it, but if we're honest about it, it doesn't move down on the business.
25:10
Jeffrey Feldberg: I need you to call me out on that.
25:11
Jeffrey Feldberg: So please, can you help me?
25:12
Jeffrey Feldberg: Because sometimes I just get overcome by my excitement to do that and I'm not doing it.
25:17
Jeffrey Feldberg: Please call me out and maybe we can make the commitment as a team.
25:20
Jeffrey Feldberg: Together.
25:21
Jeffrey Feldberg: If we see someone who's really good in an area, but it's not what the business needs, we'll call them out as well in a respectful and professional way.
25:29
Jeffrey Feldberg: And wow, what a culture that creates.
25:32
Peter Mohr: Gina Wickman is where I first heard the word accountability chart from his book Tra.
25:37
Peter Mohr: Action years and years ago, and I always liked the calling it an accountability chart, not an organizational chart.
25:43
Peter Mohr: And I've kind of lived that one along the way.
25:46
Peter Mohr: And when we look at the idea of having somebody's name in that box Or the accountability chart, it's not a title.
25:53
Peter Mohr: Titles for me are, I'm entitled to my entitles, you know, and maybe that's the small business part of me as opposed to the corporate side of me.
26:00
Peter Mohr: It's just like titles, okay.
26:02
Peter Mohr: I don't really care about what your title is.
26:03
Peter Mohr: I care about what you do.
26:05
Peter Mohr: And I want to know the accountabilities around that.
26:08
Peter Mohr: And if your accountability, like I said, is marketing, let's say, or even social media, or maybe it's accounting or whatever the accountability is, let's understand that and how we're going to map that into the future of the business, which is the guiding principles which align our mission, which align our goals, which align all these other things.
26:26
Peter Mohr: How are we working together to get to where we need to be within our business?
26:31
Peter Mohr: And if we don't have ultimate clarity, then everybody's kind of running around with their heads cut off.
26:35
Jeffrey Feldberg: Yeah.
26:36
Jeffrey Feldberg: Yeah, no, some incredibly powerful strategies here.
26:40
Jeffrey Feldberg: And Pete, let me ask you this.
26:41
Jeffrey Feldberg: So we've got that out there.
26:42
Jeffrey Feldberg: We're starting to move along here.
26:44
Jeffrey Feldberg: And again, I'm a big believer in what some people call the minimum effective dose or ritos law or the 80 20 rule.
26:52
Jeffrey Feldberg: So let's apply that here to your 10 laws from operator to owner.
26:56
Jeffrey Feldberg: And I, I just love how you position these things and you come up with these memorable, snazzy kinds of titles and insights when you're working either in your business or with your clients and you're looking at a whole number of other businesses.
27:10
Jeffrey Feldberg: Of the 10 laws.
27:12
Jeffrey Feldberg: Where are most business owners really, I don't want to use the word failing, but having challenges That, okay, Jeffrey, you know what, you're not alone.
27:21
Jeffrey Feldberg: Don't worry so much about this.
27:23
Jeffrey Feldberg: A lot of my clients do this.
27:24
Jeffrey Feldberg: Most of the business owners they're doing this, please think about, stop doing this and start doing that.
27:30
Jeffrey Feldberg: What would this and that be from the 10 laws?
27:33
Peter Mohr: So if I'm gonna pull a couple leadership oriented ones, There's law number three is cultivate your leadership skills, and we talked about those skills.
27:40
Peter Mohr: What were they, your cpa?
27:43
Peter Mohr: Cultivate your communication, your process management, and your accountability skills this year.
27:48
Peter Mohr: Like how important is that?
27:50
Peter Mohr: Do whatever you can do to learn more how to be a better communicator.
27:53
Peter Mohr: Because as a leader of your business, your number one job is to communicate the promise So that everybody knows internally and externally what it is you do and how you do that.
28:02
Peter Mohr: So I would say that's definitely one of them.
28:05
Peter Mohr: One of the other leadership ones, Lana number four, is champion continuous improvement.
28:09
Jeffrey Feldberg: Terrific.
28:10
Jeffrey Feldberg: Okay.
28:10
Peter Mohr: I don't know whether you know of the rule of Kaizen.
28:13
Peter Mohr: It's, Kaizen is a Japanese sort of framework.
28:16
Peter Mohr: And as I told you earlier in the podcast, we used to have a cleaning company and we had a machine that was like a power washer that we'd go into bathrooms with.
28:25
Peter Mohr: And this power steam, power washer and everything, it was called the Kaizen Unit.
28:29
Peter Mohr: And the idea there was every time we power washed these, Commercial bathrooms and everything we were doing.
28:35
Peter Mohr: Just tiny bits of improvement over what was already there and always making it one step better.
28:40
Peter Mohr: And this idea behind making, it's like compound interest.
28:44
Peter Mohr: We're talking or Deep Wealth, Podcast here, it's This is compound interest, continuous improvement on all of the different things that you do all of the time.
28:51
Peter Mohr: So important.
28:52
Jeffrey Feldberg: Yeah, it is.
28:53
Jeffrey Feldberg: And as you're saying, compound interest.
28:55
Jeffrey Feldberg: Pete, I know you know the story for our listeners are gonna share it because what you're saying, it's so valuable, but it's so easy to overlook as well.
29:03
Jeffrey Feldberg: I mean, with compound interest I'm always reminded of the magic penny story.
29:06
Jeffrey Feldberg: And for the listeners that aren't familiar, maybe you forgot the story.
29:09
Jeffrey Feldberg: Imagine you're walking down the street, you see the shiny object on the sidewalk.
29:13
Jeffrey Feldberg: You go over and the shiny object is a penny.
29:17
Jeffrey Feldberg: But it's not just any penny.
29:19
Jeffrey Feldberg: You find out there's some instructions with it magically, and on the instructions it says, okay, congratulations.
29:24
Jeffrey Feldberg: You found the magic penny.
29:25
Jeffrey Feldberg: You're able to keep this penny for 31 days, and if you decide to keep the penny for 31 days each day it doubles.
29:32
Jeffrey Feldberg: So day one, it's 1 cent.
29:34
Jeffrey Feldberg: On the second day, it's 2 cents.
29:35
Jeffrey Feldberg: On the third day, it's 4 cents.
29:37
Jeffrey Feldberg: On the fourth day, it's 8 cents.
29:40
Jeffrey Feldberg: On and on.
29:41
Jeffrey Feldberg: Or today's your lucky day.
29:42
Jeffrey Feldberg: You don't have to keep the magic penny.
29:44
Jeffrey Feldberg: If you put the magic penny back, you will receive a million dollars cash.
29:49
Jeffrey Feldberg: And what do you wanna do?
29:51
Jeffrey Feldberg: So for most business owners, it's okay.
29:53
Jeffrey Feldberg: Let me take the million dollars.
29:54
Jeffrey Feldberg: Thank you very much.
29:56
Jeffrey Feldberg: But for the few that say, I'll keep the magic penny and the magic penny, what ends up happening?
30:03
Jeffrey Feldberg: When you get to the 31st day, my numbers may be a little bit off here, not too far off.
30:07
Jeffrey Feldberg: It's somewhere in and around 15 to 16 million,
30:12
Peter Mohr: Amazing.
30:12
Jeffrey Feldberg: but, and it's a big one, it doesn't really begin to happen until the last three to four days.
30:20
Jeffrey Feldberg: So in other words, day 26.
30:22
Jeffrey Feldberg: Not really much happening there.
30:24
Jeffrey Feldberg: Yeah.
30:24
Jeffrey Feldberg: Is something there, but it's not in the millions because remember, it doubles every day.
30:28
Jeffrey Feldberg: And here's the other thing.
30:29
Jeffrey Feldberg: So if I'm hearing ya, Pete, and every day it's like compound interest.
30:32
Jeffrey Feldberg: Make a change.
30:33
Jeffrey Feldberg: I'm busy, I'll do it tomorrow.
30:35
Jeffrey Feldberg: I'll get to it in three days from now on the magic penny.
30:37
Jeffrey Feldberg: Okay, I'll do the magic penny.
30:38
Jeffrey Feldberg: But I'm really busy today.
30:40
Jeffrey Feldberg: Let me start it in three days.
30:43
Jeffrey Feldberg: If you start it in three days, Then the magic penny isn't worth the 15 or 16 million.
30:48
Jeffrey Feldberg: I'm making the sepsis number.
30:49
Jeffrey Feldberg: It's not too far off.
30:51
Jeffrey Feldberg: It's a fraction of a fraction.
30:52
Jeffrey Feldberg: It's less than a million dollars.
30:55
Jeffrey Feldberg: So from less than a million dollars, which isn't bad in and of itself, but it's a rounding error compared to 15,$16 million.
31:02
Jeffrey Feldberg: You be the judge.
31:03
Jeffrey Feldberg: So for our listeners with what Pete's sharing, do it today.
31:05
Jeffrey Feldberg: Don't wait.
31:06
Jeffrey Feldberg: Every day hurts you.
31:08
Jeffrey Feldberg: Or it can help you, but you decide on that.
31:11
Jeffrey Feldberg: Thoughts about that, Pete, what do you think?
31:13
Peter Mohr: I couldn't agree more.
31:14
Peter Mohr: And that's what I said, my structure of my guiding principles, I mean, I'm learning every day, right?
31:18
Peter Mohr: I'm networking every day.
31:19
Peter Mohr: I, if I don't do those, I lose all of those compounded, my reach is not as far, my understanding is not as great.
31:28
Peter Mohr: All of these different, I won't be able to help my clients as good as I.
31:32
Peter Mohr: Could.
31:33
Peter Mohr: And so all of these things, so, so important.
31:35
Peter Mohr: One of my other ones leadership wise, law Six, embrace Technology.
31:39
Peter Mohr: A lot of leaders are scared of technology.
31:42
Jeffrey Feldberg: Let me ask you something, Pete, because you read my mind.
31:44
Jeffrey Feldberg: My very next question to you is gonna be, whether it be leadership or business, you're a bright guy.
31:51
Jeffrey Feldberg: You're right there in the trenches.
31:53
Jeffrey Feldberg: You're working with a lot of business owners.
31:55
Jeffrey Feldberg: You're seeing what's happening out there.
31:57
Jeffrey Feldberg: What's your take?
31:58
Jeffrey Feldberg: I mean, artificial intelligence.
32:00
Jeffrey Feldberg: Every day there's a new headline and it seems to be getting better and better, and I'm sure we'll be at the point where some negative things will start to come up, but let's focus on the positive.
32:10
Jeffrey Feldberg: Where is ai heading for us as business owners, what should we anticipate and more importantly, what should we be doing so that we're not that proverbial hat maker, today making hats when everyone else has moved on, or that carriage maker for horses when the car has just come out.
32:27
Jeffrey Feldberg: So what's going on with ai?
32:28
Jeffrey Feldberg: What do you think we should know?
32:29
Peter Mohr: I love ai.
32:30
Peter Mohr: I'm not a technological junkie.
32:33
Peter Mohr: I don't know how to code.
32:35
Peter Mohr: There's so many things I don't know how to do.
32:36
Peter Mohr: But when I look at it from a leader's framework, You don't necessarily know how to do these things.
32:42
Peter Mohr: You just need to know what the outcome could be if you use them.
32:46
Peter Mohr: And so I jumped on chat, G P T, and right off the bat, And I have used it extensively.
32:53
Peter Mohr: I love it.
32:54
Peter Mohr: I think it's a great tool.
32:55
Peter Mohr: I don't know Mid Journey as well.
32:57
Peter Mohr: I don't know some of these other ones as well.
32:59
Peter Mohr: I haven't had, there's only so much time in a day and there's only so much time I'm willing to commit to learning that stuff.
33:05
Peter Mohr: But one of the things that I did do this year is I joined a group who I know and I know the whole.
33:10
Peter Mohr: Philosophy behind his business is all around the leading edge of technology.
33:15
Peter Mohr: And when I joined that group, I basically said, because, I'm a coach, but I am coached as well in a variety of different areas, right?
33:22
Peter Mohr: And so I said to this leader, I said, I.
33:25
Peter Mohr: You know me cuz we've dealt before.
33:27
Peter Mohr: I'm not the technological guru, but the reason I want to be involved here, and a lot of the people in this group are, the reason I want to be involved in here is because I want to better, understand what AI and what technology can do for me and my clients, And then we'll go out and find the right person to be actionable about those.
33:46
Jeffrey Feldberg: Sure.
33:47
Peter Mohr: So I love ai.
33:48
Peter Mohr: AI is here to stay, and for people that are worried about all of that stuff, all I can say is it's not going anywhere.
33:56
Peter Mohr: It's just going to become more.
33:59
Peter Mohr: And if you shy away from that as a leader of your business, then you need to put somebody in place that's going to understand it and understand what it can do for your business, or else you will fall behind and probably fall behind quickly.
34:11
Jeffrey Feldberg: Yeah.
34:11
Jeffrey Feldberg: And for our listeners, if you're on the fence on this one, two things to what Pete is saying.
34:16
Jeffrey Feldberg: I want you to go back to the first time that you heard the word email address or worldwide web.
34:20
Jeffrey Feldberg: We call it the web now, but back in the day, worldwide Web and so many people, oh, you know what?
34:25
Jeffrey Feldberg: It's a fad.
34:25
Jeffrey Feldberg: It's not gonna be here.
34:26
Jeffrey Feldberg: I'm not gonna worry about it.
34:27
Jeffrey Feldberg: I'll get to it when I get to it.
34:29
Jeffrey Feldberg: What did that do to your business?
34:31
Jeffrey Feldberg: I mean, Microsoft was almost put outta business, a tech giant, tighten the business.
34:36
Jeffrey Feldberg: And so if you're there and you've done that, don't repeat that mistake, Pete, back to your leadership side.
34:41
Jeffrey Feldberg: Jump on it, get that going.
34:43
Jeffrey Feldberg: And you know what everyone in AI is saying?
34:45
Jeffrey Feldberg: The leaders thought leaders, the people who are in it, they may disagree on certain things, but they fairly are, they're fairly consistent and they agree on the following.
34:54
Jeffrey Feldberg: Big picture wise, whoever masters AI today, so whoever creates the chatbot or the AI algorithms and they are the quote-unquote winner today, they will rule for the next a hundred years.
35:06
Jeffrey Feldberg: Think about that for a second.
35:08
Jeffrey Feldberg: Now, you and I, Pete, we're not out there creating the algorithms and the backend and all of that, but if it applies to them, it also applies to us in our space, in our industry, if we can leverage ai.
35:18
Jeffrey Feldberg: That we can really put this to the test and automate and save time and put our thinking to where we should be, will lead the industry.
35:27
Jeffrey Feldberg: And it's no different.
35:28
Jeffrey Feldberg: The example that they gave.
35:28
Jeffrey Feldberg: When you speak to the AI thought leaders, I love it.
35:30
Jeffrey Feldberg: Go back to when ships were originally invented.
35:34
Jeffrey Feldberg: And it was the English who dominated the world because they dominated the seas for the next century.
35:40
Jeffrey Feldberg: So ai, it's a golden opportunity.
35:42
Jeffrey Feldberg: So for all the listeners, jump on that.
35:44
Jeffrey Feldberg: Get going.
35:45
Jeffrey Feldberg: Don't waste any time.
35:48
Jeffrey Feldberg: Ai, you know What kind of resources, so when it comes to ai, whether it's groups like you're talking about or things to read, what would you recommend?
35:54
Jeffrey Feldberg: Where would someone turn to start learning about AI and how to integrate that into the business?
35:59
Peter Mohr: YouTube.
36:00
Jeffrey Feldberg: Love it, YouTube.
36:02
Jeffrey Feldberg: Okay.
36:03
Peter Mohr: Why do people overlook YouTube?
36:05
Peter Mohr: I don't understand.
36:06
Peter Mohr: you can watch videos on anything.
36:08
Peter Mohr: You can fix your car with YouTube.
36:09
Peter Mohr: You can learn how to use chat, g p t with YouTube.
36:12
Peter Mohr: I mean, there's so much information on YouTube and it's free.
36:16
Peter Mohr: And it's easy to search.
36:18
Peter Mohr: So a lot of those things, if you just go to YouTube and type in ai, you're gonna see all sorts of different things, and you can take your pick on who you like.
36:25
Peter Mohr: There's a gazillion hours worth of content being put up there every day.
36:30
Peter Mohr: And yes, there are certain areas that you want to go through and, look at and you can be, down the garden path with YouTube and given the wrong information.
36:38
Peter Mohr: But quite honestly, you can.
36:39
Peter Mohr: That's the same with Google or with any of the other ones as well too.
36:43
Peter Mohr: So for me, I like to absorb video when I'm looking at technology type stuff cuz I wanna see how they're doing it.
36:48
Peter Mohr: I like to actually physically see the step-by-step sort of process.
36:52
Peter Mohr: If I was looking, if we're gonna use the frame of chat G p T, if you open ChatGPT, you see a black screen in a little box there and it's okay, what do I do now?
37:00
Peter Mohr: Right.
37:00
Peter Mohr: And so I want to be sort of taken by the hand the first few times I use any piece of technology, and then I'll start branching out on my own.
37:08
Peter Mohr: And if I need to go deeper, then I'll look for somebody that can take me deeper with specific search questions into YouTube, and I'm usually gonna find the answer.
37:16
Jeffrey Feldberg: Terrific.
37:17
Jeffrey Feldberg: And you know, when I speak to various CEOs, presidents, thought leaders, business owners, what they're saying, you know, Jeffrey, I look to AI and whatever the bot happens to be, because Pete, we're throwing around names now a year from now, maybe they're here, maybe they're not, maybe it's somebody else, but whatever it is, I look to that ai, that bot as the smartest management consultant.
37:39
Jeffrey Feldberg: And so I'm having a meeting with my board of directors, or I'm having a meeting with my president and leadership team, and so the computer's open, I have it on the screen, everyone can see it.
37:49
Jeffrey Feldberg: We're discussing a topic, and I'll put that.
37:52
Jeffrey Feldberg: Into the chat bot.
37:53
Jeffrey Feldberg: I don't have to know how to program and most people don't.
37:56
Jeffrey Feldberg: I do know how to ask a question and I ask the question, and now we have the world's smartest management consultant.
38:01
Jeffrey Feldberg: The price is right, right there in the meeting that can pull in milliseconds in the blink of an eye.
38:06
Jeffrey Feldberg: What would take us hours, if not days or weeks, to be able to do.
38:10
Jeffrey Feldberg: And it's little things like that, that we start to build that into the culture and you better believe the people in that meeting, they're not taking that back to their departments and when they're having meetings, okay, let's get the chat bot open for ai.
38:20
Jeffrey Feldberg: Let's put that question in there.
38:23
Jeffrey Feldberg: And so it's back to the leadership, be the change we wanna see in other people.
38:27
Peter Mohr: Yeah.
38:27
Peter Mohr: Yeah, I think So, so important.
38:29
Peter Mohr: one of the other laws that I have that we hadn't chatted about today, law number nine, is to stay adaptable and.
38:37
Peter Mohr: Isn't that one of the beautiful things about being a business owner and being in, let's call it small to medium business, that we can still change the way we do things.
38:46
Peter Mohr: We can still be adaptable, we can still modify, you know, some huge conglomerates and I'll just use the educational facilities as one of them.
38:55
Peter Mohr: When we look at how we've just talked about chatbots and stuff, but how that is affecting.
39:01
Peter Mohr: Universities and colleges and the way they're going to have to present and the way they're going to grade and the way they're, I mean, how much they've done things a certain way for 200 years and now in six months things are completely changed.
39:15
Peter Mohr: And to move a big ship like that is very hard and to move a smaller, more agile business.
39:22
Peter Mohr: Should be easier.
39:23
Peter Mohr: And that's why I say stay adaptable because a lot of business owners get sort of stuck into doing things the way they do, and they aren't looking for better ways to make it either bigger for their customers, better for their customers, faster for their customers, or easier or more simple.
39:38
Peter Mohr: Hence simplifying entrepreneurship, right?
39:41
Peter Mohr: We're always trying to simplify it for our customers because customers want.
39:47
Peter Mohr: To have an easier life.
39:49
Peter Mohr: I mean, at the end of the day, whether people are buying your services, Jeffrey, my services, or anyone else's, why are we buying a good or a service?
39:59
Peter Mohr: Because we want to have a better life.
40:01
Jeffrey Feldberg: Sure.
40:01
Jeffrey Feldberg: really, our modus opera operandi, our mo as business owners solve people's problems, take that pain away, make life so much better for them.
40:09
Jeffrey Feldberg: And Pete, let me ask you this as we begin to wrap up here, and again, the 10 laws, we could easily have an episode on each, and perhaps we should, if a listener coming out of this episode, because for every episode we like to have one actionable takeaway.
40:25
Jeffrey Feldberg: So imagine that a listener now finishes hearing us talk, and before they go into that meeting, that next email, that phone call, whatever is going on in their day.
40:35
Jeffrey Feldberg: If they could do one thing and one thing only that, let's use the minimum effective dose, not a lot of effort.
40:43
Jeffrey Feldberg: That said, it has a fairly sizable result.
40:46
Jeffrey Feldberg: It really moves the dial.
40:47
Jeffrey Feldberg: What would you suggest?
40:49
Jeffrey Feldberg: What should they think about doing?
40:50
Peter Mohr: Clarify your purpose, clarify your promise.
40:54
Peter Mohr: And I'm speaking to the leaders here, the business owners themselves.
40:59
Peter Mohr: If you haven't clarified your promise recently, And shared it with everyone.
41:04
Peter Mohr: every meeting you have doesn't start with that promise, this is what we do at X Corporation,
41:09
Jeffrey Feldberg: Sure.
41:10
Peter Mohr: then I can tell you that there are people in your corporation that aren't doing that, And there are customers that don't know you do it.
41:18
Peter Mohr: So if that isn't super, super clear and shared to the world, Then.
41:25
Peter Mohr: It's nothing bigger than that to make all of the decisions in behind the fact that this is our promise.
41:31
Peter Mohr: This is the problem we solve.
41:32
Peter Mohr: This is how we solve the problem in order to take that customer from their pain point to a better life.
41:38
Peter Mohr: That's your job as a leader.
41:40
Peter Mohr: And if you haven't been doing that, and I'm saying this because I know a lot of leaders aren't doing this.
41:45
Peter Mohr: And it's really, they're wondering what's going on and why aren't people getting it?
41:48
Peter Mohr: And if you're asking yourself, why don't they just do it?
41:51
Peter Mohr: Why don't they just get it?
41:52
Peter Mohr: It's probably cuz they don't understand with ultimate clarity what the promise of the business is.
41:57
Jeffrey Feldberg: Sure.
41:58
Jeffrey Feldberg: Wow.
41:58
Jeffrey Feldberg: Terrific.
41:59
Jeffrey Feldberg: Clarify your promise, your purpose, really make that crystal clear.
42:04
Jeffrey Feldberg: You know, As we like to say here, I like to say, Hey, is it clear as crystal or is it clear as mud?
42:08
Jeffrey Feldberg: Hopefully not clear as mud because we have some issues there.
42:12
Jeffrey Feldberg: Some sage advice there.
42:13
Jeffrey Feldberg: So, Pete, as we go into wrap up mode, this is a repeat question for you.
42:18
Jeffrey Feldberg: That said, the only thing constant in business and in life is change, change itself.
42:23
Jeffrey Feldberg: And perhaps you've changed or not.
42:25
Jeffrey Feldberg: No judgments here.
42:26
Jeffrey Feldberg: Both are really good.
42:27
Jeffrey Feldberg: Let me remind you, and for a new listeners as well, I have the privilege and honor of asking every guest on the Deep Wealth Podcast.
42:34
Jeffrey Feldberg: So Pete, if you remember the movie Back to the Future, you have that magical DeLorean car that will take you to any point in time.
42:41
Jeffrey Feldberg: Guess what, tomorrow, Pete, it's your lucky day and you look outside your window first thing in the morning.
42:47
Jeffrey Feldberg: There it is.
42:48
Jeffrey Feldberg: The DeLorean car.
42:48
Jeffrey Feldberg: The door is open.
42:50
Jeffrey Feldberg: It's waiting for you to hop in what you do, and you can now go back to any point in your life, Pete, as a young child, a teenager, whatever point in time it would be.
43:00
Jeffrey Feldberg: What would you tell your younger self?
43:02
Jeffrey Feldberg: In terms of life lessons or life wisdom or, Hey Pete, please don't do that or do this, what would that sound like?
43:08
Peter Mohr: From a business framework because I started a business as a young person.
43:14
Peter Mohr: I'd probably say to get a mentor, get a coach early on, as opposed to waiting till later.
43:21
Peter Mohr: It's like the compound interest we talked about, Jeffrey,
43:24
Jeffrey Feldberg: Sure.
43:25
Peter Mohr: and, I've had a lot of great people to help me along the way, and I am so ever thankful for that.
43:30
Peter Mohr: But at the same time, I may not have even asked the questions that I should have, even though they were willing to offer good advice, or I may have thought I was too, I don't know, pigheaded or whatever the case was at the time, that I didn't need their advice and maybe not absorb it as much as I should have when they gave it to me.
43:49
Peter Mohr: And, all of the people I've had a chance to spend time with and everything, and I, am very conscious of that stuff and have been almost all my life, but I probably could have been even more conscious about that along the way.
44:02
Peter Mohr: And I think that's one of the things, it's like people, there's a beautiful thing about business owners, Jeffrey.
44:07
Peter Mohr: Want to see other people succeed.
44:10
Peter Mohr: They want to see, they want you to do better than they did.
44:14
Peter Mohr: They don't want you to make the mistakes that they made, and they are always willing to help you get through those steps of the ladder faster and easier than they did.
44:24
Peter Mohr: And that's a beautiful thing about business owners.
44:27
Peter Mohr: I just love it.
44:27
Jeffrey Feldberg: Yeah.
44:27
Jeffrey Feldberg: We are a unique crew.
44:30
Jeffrey Feldberg: Certainly are, and some terrific traits in there.
44:32
Jeffrey Feldberg: And really, Pete, as you're talking about that, it's such terrific advice because a mentor.
44:36
Jeffrey Feldberg: Coach, whatever you like to put around that's someone who's in your life, presumably you're spending a lot of time with.
44:41
Jeffrey Feldberg: And I believe it was Jim Ron who said, we are the average of the five people we spend the most amount of time with.
44:49
Jeffrey Feldberg: And so if we're picking a mentor, I'm gonna make a big assumption here, but that assumption is that mentor is successful.
44:54
Jeffrey Feldberg: They're integral, they're an honest person.
44:57
Jeffrey Feldberg: They're a great person.
44:58
Jeffrey Feldberg: That's one of the five.
45:00
Jeffrey Feldberg: That's terrific.
45:00
Jeffrey Feldberg: You're well on your way.
45:02
Jeffrey Feldberg: To checking the boxes and leading a successful, meaningful, prosperous life.
45:07
Jeffrey Feldberg: You're making a difference out there.
45:09
Jeffrey Feldberg: So, Pete, before we wrap this up, for listeners who are saying, wow, Pete, I love your frameworks.
45:15
Jeffrey Feldberg: I wanna learn more, I have questions.
45:17
Jeffrey Feldberg: Help me outta my business, become my mentor, or coach me.
45:20
Jeffrey Feldberg: If someone wants to reach you online or they have a question, where is the best place that they can do this?
45:25
Peter Mohr: you type my name in Google Pete Moore, m o h r, you will find a plethora of things.
45:30
Peter Mohr: My website is simplifying entrepreneurship because that's the name of my business.
45:35
Peter Mohr: And we talked a lot about the 10 laws today.
45:37
Peter Mohr: I've got a little download there on the 10 laws, a little PDF download outlining those, and it's that simplifying entrepreneurship.
45:44
Peter Mohr: Dot com slash laws la w s so pretty easy to grab that and that will put you into the network.
45:52
Peter Mohr: Always happy to have a chat with anybody, I don't coach because I have to coach Jeffrey.
45:56
Peter Mohr: I coach because I want to coach and it's just something I love to do.
46:01
Peter Mohr: I love to talk to business owners like we have here today.
46:04
Peter Mohr: We have a, kinship already after a couple of podcasts and, you know, it's just great digging through people's Issues and trying to help them move up the ladder and give them a better life through the business that they own.
46:16
Jeffrey Feldberg: Awesome, terrific insights and resources for our listeners.
46:20
Jeffrey Feldberg: It really can't get any easier.
46:21
Jeffrey Feldberg: Come to the show notes, click on the link and you'll get to the website.
46:26
Jeffrey Feldberg: Simplifying entrepreneurship.
46:27
Jeffrey Feldberg: You'll get the 10 laws, the ebook, all the other information you'll get put into network.
46:32
Jeffrey Feldberg: And with that said, Pete, it's official.
46:34
Jeffrey Feldberg: This is a wrap, and as I love to say, on behalf of myself and the entire Deep Wealth team, may you continue to thrive and prosper while you remain healthy and safe.
46:43
Jeffrey Feldberg: Thank you so much.
46:44
Sharon S.: The Deep Wealth Experience was definitely a game-changer for me.
46:47
Lyn M.: This course is one of the best investments you will ever make because you will get an ROI of a hundred times that.
46:54
Lyn M.: Anybody who doesn't go through it will lose millions.
46:57
Kam H.: If you don't have time for this program, you'll never have time for a successful liquidity
47:02
Sharon S.: It was the best value of any business course I've ever taken.
47:06
Sharon S.: The money was very well spent.
47:08
Lyn M.: Compared to when we first began, today I feel better prepared, but in some respects, may be less prepared, not because of the course, but because the course brought to light so many things that I thought we were on top of that we need to fix.
47:24
Kam H.: I 100% believe there's never a great time for a business owner to allocate extra hours into his or her week or day.
47:34
Kam H.: So it's an investment that will yield results today.
47:37
Kam H.: I thought I will reap the benefit of this program in three to five years down the road.
47:41
Kam H.: But as soon as I stepped forward into the program, my mind changed immediately.
47:46
Sharon S.: There was so much value in the experience that the time I invested paid back so much for the energy that was expended.
47:57
Lyn M.: The Deep Wealth Experience compared to other programs is the top.
48:00
Lyn M.: What we learned is very practical.
48:02
Lyn M.: Sometimes you learn stuff that it's great to learn, but you never use it.
48:05
Lyn M.: The stuff we learned from Deep Wealth Experience, I believe it's going to benefit us a boatload.
48:10
Kam H.: I've done an executive MBA.
48:11
Kam H.: I've worked for billion-dollar companies before.
48:14
Kam H.: I've worked for smaller companies before I started my business.
48:16
Kam H.: I've been running my business successfully now for getting close to a decade.
48:20
Kam H.: We're on a growth trajectory.
48:21
Kam H.: Reflecting back on the Deep Wealth, I knew less than 10% what I know now, maybe close to 1% even.
48:28
Sharon S.: Hands down the best program in which I've ever participated.
48:32
Sharon S.: And we've done a lot of different things over the years.
48:35
Sharon S.: We've been in other mastermind groups, gone to many seminars, workshops, conferences, retreats, read books.
48:44
Sharon S.: This was so different.
48:46
Sharon S.: I haven't had an experience that's anything close to this in all the years that we've been at this.
48:53
Sharon S.: It's five-star, A-plus.
48:55
Kam H.: I would highly recommend it to any super busy business owner out there.
48:59
Kam H.: Deep Wealth is an accurate name for it.
49:02
Kam H.: This program leads to deeper wealth and happier wealth, not just deeper wealth.
49:06
Kam H.: I don't think there's a dollar value that could be associated with such an experience and knowledge that could be applied today and forever.
49:14
Jeffrey Feldberg: Are you leaving millions on the table?
49:16
Jeffrey Feldberg: Please visit www.deepwealth.com/success to learn more.
49:22
Jeffrey Feldberg: If you're not on my email list, you'll want to be.
49:25
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49:31
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49:41
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49:45
Jeffrey Feldberg: And continue to create content that you'll enjoy and as we wrap up this episode as always please stay healthy and safe.