Expert Ownership Podcast
Expert Ownership Podcast
A Winning Business Formula
Unlock the secret equation to business success as we dissect the elements of our Expert Ownership formula: (D⁴ - E) x LP = Success. This episode is more than a lesson; it's a testament to the power of faith and hard work in crafting a legacy of true success.
Enjoy
So today we're going to be talking about a winning business formula, a little formula that is our expert ownership formula that will help you experience the success that God really wants you to have. Now credit goes out to one of our coaches, richard Walsh, who came up with this formula, which I love. Do you guys remember being in high school, or whatever, and learning algebra? Do you learn algebra in high school? Yeah, you learn algebra in high school. You do Actually junior high school or whatever, and learning algebra? Do you learn algebra in high school? Yeah, you learn algebra in high school. You do actually junior high school. What's that? The foil or whatever?
Speaker 1:First, outside, inside, last algebra thing where you've got, you've got like parentheses and you have to figure out something, and then you've got like multiplication and all that stuff to explain algebra. Dude, everybody gets it, yeah. Well, if somebody was doing this for me, I would need them to explain what they're talking about. So let me give you the formula. Okay, here it is d to the fourth power. This is in parentheses, so start parentheses d to the fourth power minus e, close parentheses, times lp equals success. How about that? So if you could learn it again, if you could see this. It would. It would definitely help you. So d to the fourth power. So d is in doc, okay. So start the parentheses inside the parentheses d to the fourth power minus e. Okay, close parentheses. So you gotta solve that first times. Lp equals success. Now, what in the world am I talking about? Let me give it to you. Determination and delayed gratification, minus excuses, times listening prayer equals success. That's good. The multiplication is the listening prayer. It's exponential growth. It's exponential results, equals success. So discipline, diligence, determination, delayed gratification that's D to the fourth power, minus excuses. Solve that first times listening prayer is going to bring you the success that God really wants you to have. Okay, so let's walk through each of these and we're going to give you this business, this winning business formula for you.
Speaker 1:Okay, start with discipline. Discipline doing what you don't want to do to accomplish what you want. We should all have discipline, shouldn't we? Yeah, king David had discipline. He was a man after God's own heart. We look all through Scripture. God tells us to have discipline. It says in the Bible, actually in the book of Proverbs the precious possession of a man is his diligence and his discipline. Yeah, we're getting to diligence in a minute.
Speaker 1:But see, we think about Daniel in the lion's den, we think about the faith of so many of our heroes in the scripture and in the Old Testament, but we look at Daniel and David, and I wrote this book Living Among Lions how to Thrive Like Daniel in Today's Babylon and we broke it down into three things that we saw true in Daniel's life, in Shadrach, meshach and Abednego. It also applies to every other one of the heroes of the faith in scripture and those who actually accomplish things worthy of God giving us his applause, if we can say it like that. Those things are conviction, commitment, courage. So it starts with conviction. It starts with an inside conviction that you have, and then it's got to move into commitments, and those commitments are your commitment to God's word, commitment to purity, commitment to spending time in prayer. Just what commitments are they going to be? And ultimately, if you have commitments, then that will lead to courage.
Speaker 1:The bridge between conviction and courage is commitments, and those commitments require discipline for you to stay true to those things. Yes, so discipline is what it starts with. Do you have the discipline to do what you don't want to do, to accomplish what you want to accomplish? Okay, so it starts with discipline.
Speaker 1:Number two diligence. Diligence is the consistent application of discipline, even when you can't see the results. Think about discipline. You're doing what you don't want because you've got a vision for what you do want. Diligence is consistently applying discipline even when you can't see the results. It's all about surrendering to your process, just like investing.
Speaker 1:If you're going to invest, you're not investing $1,000 into your brokerage account today so that you can have $10,000 tomorrow. No, you're investing $1,000 today so that you can have $10,000 three years from now. Well, that'd be a phenomenal return. How's that going to work? It's little by little. Things grow. It's the cumulative value of small things over time. So if I eat a Twinkie today, I'm not going to be fat tomorrow. But if I do it every single day for 365 days, I will struggle with that. Yeah, but if I, if I run a mile today, I will not be in shape tomorrow. But if I stay consistent, diligent, with it over time 365 days I will eventually start getting in better shape. Yeah, it's the same same thing.
Speaker 1:John maxwell, I love how he says it. He says that diligence is it's the axe at the foot of the tree outside your house it's a big giant oak tree and every single day you get up and you swing that axe three times at the foot of the tree, it's not going to fall tomorrow, it's not even going to fall the end of the year, it probably won't even fall in the next two years. But if you stay diligent, every single day, three swings at the tree, same spot it will eventually, over time, that tree will fall. Yeah, and that's what God wants for you. So it starts with discipline, then it moves into diligence.
Speaker 1:Now I remember, when I'm looking at discipline and diligence, david and I building our businesses, and I remember thinking okay, so our, our niche was that David and I managed and sold foreclosed properties on behalf of banks. Okay, so that was a really cool niche for us in the real estate space and we bought some of those, but most of them we brokered and so we'd fix them up and then we'd turn them and put them on the market and sell them. So our goal was to get into as many banks as we could, to get in good with them and have them as clients. And I remember thinking I've got to get in with all of these banks. Our goal was to have like 200 banks. Of these banks our goal was to have like 200, 200 banks and we ended up having, I think, like 220 banks. But by the time, you know, the market started to dry up and do all sorts of stuff and David and I got out of the business. We had about 220 clients, but we built that over a period of about 15 years.
Speaker 1:And how we did it was I would go on Google and I would go and look up all these different banks and their contact information, I throw those into my CRM and then I would reach out to about 25 to 30 banks a day. And I would do it four days a week. I would do it Tuesday, wednesday, thursday, friday and I would just reach out to these banks. Now you know rule of thumb in business don't do prospecting on Monday yeah, just don't, nobody wants to Jack with that. And don't do prospecting after lunch on Friday Okay, like you know, for the most part people don't just don't bother people on Monday or after lunch on Friday. Everybody's already winding down. They don't want to, they don't want to do that. So every now and then you can land them. But so I did Tuesday, wednesday, thursday and the half day on on Friday where I would prospect and go after 20 to 25.
Speaker 1:And I would reach out to these banks every single day and you know what it took discipline to do that, because there was a lot of other things I wanted to do other than picking up the phone or sending out that email. And it really took diligence and I got to where I was hitting people like once a month. You know certain clients and then after time you know they say what's the rule of thumb after the seventh? Yeah, they're, they're going to make a decision. So you know and and we we built up our little, you know, over 15 years, 220 bank clients and a bank client represented. I mean, some banks would send us five, 10 properties a year. Some banks would send us 500 properties a year to all of our franchisees and everything. So one bank client was like well into the seven figure in revenue for us and we had 220 of them and it all came, obviously God's blessing. But discipline, with some diligence in my prospecting, all right. So that's discipline and diligence.
Speaker 1:And the third thing is determination, the sheer willpower to accomplish a thing, that determination that I had. I was like we are going to get our 200th bank client. We are going to get it. Nothing is going to stop me from it. This researcher, angela Duckworth. She identified grit as the number one predictor and factor of success. So they're like what's the number one predictor and factor of success? This lady, angela Duckworth, in terms of business, she went out and did this massive research and she said grit, number one. She said it's not talent, it's not title, wealth or appearance, it's grit the ability to work hard for a long period of time toward a goal, to persevere, overcome and keep moving forward in the face of adversity, failure, rejection and obstacles. This is why Rocky is our favorite movie set. I mean, all of the rockies are amazing, except for rocky five. That was garbo, but it's grit.
Speaker 1:And I remember in rocky chapter four, rocky chapter four, rocky four, um, hearts on fire when he would do what he did, the training montage, hearts on fire, strong desire, oh yeah, rages deep within, like I cannot tell you how many times I've heard that song when I'm exercising or whatever. We're going to be 50 years old next year, jason and me. That's crazy, but my heart is still burning. I want to be in shape. I do not want to go to my grave in terrible shape, but my heart's burning for it, but it's determination. Same thing. I want to hand something off to my kids because I realize that we have 34 plus trillion dollars in debt that we are handing our children in this nation. My heart is raging inside of me that, as for me, in my house, spiritually and financially, we want to serve the Lord. I want to hand them something that way they don't have to struggle like so many other people will have to struggle. I want, I'm, it's burning in me, it's the determination, the same things from a spiritual perspective. Are our hearts burning to expand the kingdom, to share the gospel, to make disciples, to stand strong for truth. That sets people free. It's the determination in. If you're going to have determination I like the word grit even better than determination, but it is. It's that determined. We want to accomplish a well-stewarded life in all areas for the kingdom. Yeah Well, you know we just celebrated Easter.
Speaker 1:Actually, joe Biden changed Easter to the Transgender Day of Visibility. We just celebrated the Transgender Day of Visibility. You guys should go listen to our Living Among Lions podcast, because we smacked that right in the face. But anyway, that's not our goal here. We just had Easter and my wife and David's wife made sourdough cinnamon rolls, oh boy, and from scratch.
Speaker 1:Let me just tell you, when I saw those, I had a real determination, a burning within for those cinnamon rolls. That wasn't determination, no, no, it was. That was just gluttony, see you're talking about. I got this determination to be in shape. Well, in that moment I had a determination to eat those. I don't think that's determination, that's not grit, it was a determination. That's the opposite of grit. Yeah, you gave in. Nothing was going to stop me from eating it. I tell you that much. Okay, all right, so anyway, discipline, diligence, determination.
Speaker 1:The fourth D delayed gratification. If you've been on our podcast for any time, you've heard us talk about delayed gratification Putting off something good today so I can have something better tomorrow. Do you get the Dave Ramsey quote there? He says if you live like no one else, eventually you'll live like no one else. Yep, that that is so good If you think about it.
Speaker 1:I remember this early in our business, when my wife and I, jason and his wife, we all moved into one house together, which was crazy. Tori, jason's wife, was pregnant and they had Trey was too. Yeah, bailey, my oldest boy was four, ty my second was two and Lori was pregnant. So now we have two pregnant women and three kids in diapers Well, my four-year-old wasn't in diapers, anyway and running around the house. It was so hard, but we were living on envelopes, we were living out of our envelopes and I remember that Dave Ramsey quote if you live like no one else which we were living like no one else straight up out of envelopes, with your brother and his pregnant wife living like that, eventually I knew we're going to live like someone else, like no one else, and that's's it's true, because it's happened. Yeah, we were able to build our business and then transfer our active business income into passive investment income so that we could become see-a-preneurs. And we we built this in our book expert ownership we show the path, show exactly how you do it, exactly how we did it, and and now we live like no one else, like exactly, have have experienced that, and so it's just. And when you say live like no one else, now, for us, time was always more valuable than money, so now we have the time margin, that where we can really focus in on impact rather than just trying to figure out ways to make more income.
Speaker 1:So delayed gratification is a very important thing Now. The key to delayed gratification is your vision. You have to have a vision for what you want to accomplish. If you don't have a vision, you will never delay your gratification for what you want now. So the clearer the vision I heard this in a book, I read it in a book the clearer the vision, the fewer the options, the easier the decision. So delayed gratification is all predicated on the vision that you have for what you want to accomplish.
Speaker 1:So there are four D's discipline, diligence, determination, delayed gratification. Now we got to have those four things. Then remember, it's D to the fourth power. So those four things minus E, and the E is excuses. We minus excuses. Now I love this from Billy Sunday.
Speaker 1:He said an excuse is a skin of a reason stuffed with a lie. So it's something that looks good on the outside, but it hides the true intention. And the true intention is what it's? Laziness. That's right. Excuses are built on the foundation of laziness. I've raised my kids, always teach them this one little simple rule of thumb. Now, it doesn't always mean that this is true, but this is just a rule of thumb. I teach kids Procrastination makes you poor, proactivity makes you rich. Procrastination makes you poor. Proactivity makes you rich. You cannot make excuses.
Speaker 1:What does Proverbs 22, 13 say? The slacker says there's a lion outside. It's saying the slacker is like, hey, there's a lion out there, so can't go outside, I can't do my work, I can't go to work because if I go outside I could die. But but a lion in the bible represents fear. Yep, and it's just. It's this whole covid nonsense and the masks and all this other stuff. It's just nothing. It's the fear, fear the number of public school teachers, especially in like chicago and new york. They don't want to go back, they didn't want to go back to work. So they're like well, covid's a thing, there's a lion. There's a lion, it's COVID. Yeah, well, that's just masking. Your laziness is what it is.
Speaker 1:Here's a key when it comes to excuses Don't let the environment determine your effort. Environment should never determine effort. You give your best, no matter what. It's like well, it's raining outside. I don't really do things when it's raining, like, well, whatever, don't let the environment determine your effort. You do your best, period. Okay, no excuses.
Speaker 1:And can I give one more little quip? Yep, be a thermostat, not a thermometer. A thermostat controls the environment. A thermometer simply reflects it. So that's what you want. You want to control your environment.
Speaker 1:In other words, eliminate all excuses. If your health is cooling, warm it up. You know, if relationships are getting hot, cool them down, right. That don't make excuses. Yeah, that's why Jesus, when he was at the pool of Bethesda, before he healed the man, he said do you want to get well? Because some people will use their sickness as their crutch, like they don't really want to get well, because then they have an excuse as to why they're not able to accomplish certain things. Can I give you a pet peeve? But hold on real quick. So, but Jesus had to say hey, do you really want to get well? Because if you get well, you are now going to have obligations and responsibilities. You will have an obligation and a responsibility to work. Today you don't have that because you're sick, but tomorrow, if you're not sick, you got to get your butt up and go to work.
Speaker 1:My pet peeve is seeing perfectly healthy people park in the handicapped spot oh, I want to. And they pull out their little sticker and then they go walking into the store and I'm like you are part of the problem, not a part of the solution. Yeah, I always point that out to my kids, I'm like, look at that, that's ridiculous. And laurie's like don't say anything to them, don't I want to? So bad, so do I, but I never do. Yeah, but I'm judging them. I'm judging them in my heart. Yeah, so evil, all right.
Speaker 1:So let's get back to our formula D, to the fourth power minus E. So discipline, diligence, determination, delay, gratification minus excuses. Okay, all of that times. Lp, which is listening prayer. Okay, this is the multiplier. God is not into addition as much as he's into multiplication. Okay, the listening prayer is the multiplier.
Speaker 1:This is where you take time every single day to hear from your heavenly business partner. God knows what your business needs. I remember praying David and I would always spend time listening prayer as we're building our businesses, and I remember I don't remember exactly when it was but there was something God spoke to us about, a goal he wanted us to have. Our goal was to get our clients to a point where they would literally say I love you. That was our goal Get your clients to a point where they would say I love you, which means you can't just value transaction, you have to value relationship. You got to get to know who are their kids, who's their spouse? How are they doing? Is anybody in their family sick? Get to know them and then you will hear at some point not from every one of them, but at some point I really love you guys, and we heard that from lots of different clients. Now, there were some that we didn't hear that from you know whatever. That wasn't their personality, but when we would hear that, like man, you guys are the real deal, like I love you guys. You know, like my wife was in the hospital and you guys sent flowers, like that. That's what I'm talking about. So our goal Now, where did I get that goal from? Well, it was in listening prayer when, just one morning, one of us I can't even remember which one it was it's like your goal should be to get your clients to say I love you, like a legit, heartfelt love. See, you need to.
Speaker 1:In listening prayer, you got to speak with God and listen to God as you would a business coach. What would you do with a business coach? Well, you would ask certain questions, then you would let him speak and you'd write down whatever he says, because he's your business coach. It's the same with God. We have our little small three-step process of listening prayer, apw. Ask, pause, write, ask God, whatever your question is for your business, who should I hire? Should I let this guy go? Should I let her go? Give me wisdom, yeah, should I open up this new vertical? Should I partner in this, you know, with this other business? Whatever, ask God. You can write down that question. Then pause and think, pause and listen, put some good music on or whatever. Start writing down Train of thought. That's your third step. So ask, pause, write and start writing it down.
Speaker 1:Okay, when you have discipline, diligence, determination, delay, gratification you're not living in the world of excuses and you're multiplying that through listening prayer, guess what you're going to get Success. Now, success when we define success we're talking about like true profit is not money in your bank but peace in your heart. That's right. Now it's good to have both and as faith-filled entrepreneurs, we want both. That's right. Value the relationship more subconsciously. We've got to move that into the conscious and say what I really want is peace. What I really want is fulfillment.
Speaker 1:When Adam sinned, the curse of work was that it would be difficult. When Cain sinned, the curse of his work is that it would no longer be fulfilling. That's a worse curse. That's terrible by far. We want fulfillment in our work and that is what true success looks like. So there's your winning business formula D to the fourth power minus E times LP equals success. Don't ever forget it. Write it down and it is yours for the keeping. It's awesome. That's good, jason, not a half bad formula. That, richard Walsh, we love, richard. Thank you, richard. Yes, he wrote that and he pulled it out of our book Expert Ownership.
Speaker 1:If you ever want to get our book, send it to some friends. Hopefully it just blesses them. You can go onto our website, expertonershipcom Also, christian Healthcare Ministries. They're phenomenal, they've sponsored our podcast for many years. And expertonershipcom slash CHM. They're a phenomenal health care solution. Uh, they've been for our family. So, all right, subscribe rate and review. And next week? Uh, what are we covering next week, jason? Do you know yet? No, oh well, you need to get that figured out. Okay, all right, god bless you guys. See you next week, see ya.