Afleveringen
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In this episode of Hands-Off CEO, Mandi Ellefson interviews Liz Elting, author of “Dream Big and Win” and founder of TransPerfect, which she built into the world’s largest language solutions company. Starting from an NYU dorm room at age 26, Liz shares her journey of scaling a business while maintaining exceptional service quality.
Liz discusses how she transformed her company by implementing innovative strategies to empower employees to think and act like owners. She emphasizes the importance of building world-class sales and production teams early, with compensation structures that align employee incentives with company goals. Rather than traditional fixed salaries, she advocates for arrangements that offer lower base pay but significant upside potential tied to performance.
A key insight from the conversation is Liz’s approach to fostering innovation within her organization.
She regularly asked employees: “What would you do differently if you owned the company?” and, importantly, gave them the authority to implement their ideas. This created a culture of ownership and continuous improvement.The discussion also tackles the challenges of stepping back as a CEO. Liz candidly shares her early mistakes, including working through maternity leave due to lack of proper delegation systems. She stresses the importance of establishing succession plans early, noting that it becomes more difficult to step away as the company grows larger.
Throughout the interview, both Liz and Mandi emphasize that scaling actually makes business easier when done right, challenging the common assumption that bigger means more complicated. Liz’s parting advice: “Don’t think small – it can be easy to run a small or big company. It actually got easier over time because we had more options.”
The episode provides practical insights for business owners looking to scale while maintaining quality and creating a sustainable organization that doesn’t depend solely on the founder’s involvement.
Listeners can find Liz’s book “Dream Big and Win” on Amazon and major retailers, and connect with her on various social media platforms including LinkedIn, Instagram, and X (Twitter).
Want to transform your agency from a resource-heavy operation to a streamlined, profitable machine? This episode provides the blueprint for making that transition while actually increasing client satisfaction and results.
Ready to become a true Hands-Off CEO?
Grab your copy of “The Hands-Off CEO” at handsoffceo.com/book and unlock the proven framework that’s helped countless agency owners triple their fees while working less. Get the audiobook, PDF version, and valuable bonus materials – all for just $4.99.
Don’t wait to start your journey to freedom and scalable growth!
Resources:
Mandi Ellefson on LinkedIn | Twitter | Facebook
Hands-Off CEO – Instagram | Executive Briefing
Liz Elting on LinkedIn | Instagram | Website
Elizabeth Elting Foundation – Website | LinkedIn
TransPerfect – Website
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How Digital Agency Increased Profits by Doing Less - with Ralph Burns and Ryan Hodges of Tier 11 - E112How Digital Agency Increased Profits by Doing Less - with Ralph Burns and Ryan Hodges of Tier 11 - E112In this strategic conversation, Mandi interviews Ralph Burns and Ryan Hodges of Tier 11, a digital marketing agency managing over $105M in annual ad spend. They discuss their journey of transforming from a chaotic 70-person agency to a streamlined, more profitable operation with 40 team members.
Key Topics Discussed:
[00:00-03:45] Introduction
Overview of Tier 11's business modelIntroduction to Ralph Burns (CEO) and Ryan Hodges (COO)Discussion of their podcast "Perpetual Traffic" with 12M+ downloads[03:46-09:30] Growth Stages & Breaking Points
Every time you 2-3x your size, everything breaksFirst milestone: $100K/month revenueSecond milestone: $300K/month revenueThe importance of finding complementary talent[09:31-15:45] Acquisition Strategy
Using acquisitions to gain talentConverting contractors to full-time employeesBuilding strategic partnerships within the industryImportance of relationships with competitors[15:46-24:15] Operational Transformation
Reducing headcount from 70 to 40 while maintaining outputImplementing standardized systems and processesFocus on the 80% fundamentals of business operationsDiscussion of operational efficiency improvements[24:16-32:30] Client-Centric Model
Transition from accepting any client to selective partnershipsDoubling revenue per customerImproving client retention dramaticallyCreating strategic partnerships for referrals[32:31-39:45] Profitability & Team Optimization
Increase in gross margins from 50-55% to 65%15-20% productivity increase through aligned purposeDiscussion of team motivation and cultureImplementation of standardized processes[39:46-44:15] Vision & Leadership
Importance of clear vision communicationHow to handle team members who don't alignCreating a legendary brand in the agency spaceBuilding operational excellence[44:16-50:02] Key Insights & Closing
Finding complementary leadershipThe importance of saying no to wrong-fit revenueFocus on metrics that matter to clientsDiscussion of ideal client profileNotable Achievements:
Doubled revenue per customerIncreased gross margins by ~10%Improved team productivity by 15-20%Successfully transitioned from 70 to 40 team members while increasing efficiencyKey Business Insights:
Focus on running the business properly (80%) versus just delivering services (20%)Importance of clear vision and purpose alignmentValue of complementary leadership skillsNeed for operational excellence and standardizationActionable Takeaways:
Systematize vision communicationFocus on operational excellenceCreate strategic partnershipsImplement proper management systemsAlign team with company visionResources Mentioned:
The "Hodge Wheel" - Vision, Journey, Culture, Results frameworkRocket Fuel by Gino WickmanClient Experience Engine methodologyPerfect For: Agency owners generating $1M-$5M+ in revenue who want to transition from chaos to operational excellence while increasing profitability and reducing personal involvement.
Want to transform your agency from a resource-heavy operation to a streamlined, profitable machine? This episode provides the blueprint for making that transition while actually increasing client satisfaction and results.
Ready to become a true Hands-Off CEO?
Grab your copy of "The Hands-Off CEO" at handsoffceo.com/book and unlock the proven framework that's helped countless agency owners triple their fees while working less. Get the audiobook, PDF version, and valuable bonus materials - all for just $4.99.
Don't wait to start your journey to freedom and scalable growth!
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Zijn er afleveringen die ontbreken?
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Are you playing it too safe with your agency's growth? In this thought-provoking episode, Mandi Ellefson challenges agency owners to think bigger about transformation. Drawing from her experience helping agencies scale, Mandi explains why staying "safe" might be the riskiest strategy in today's market. This episode explores:
Fear of Business Transformation [00:00:00] Learn why many successful agency owners resist making changes that could unlock massive growth, fearing they'll "blow up" what's already working.Market Pressures and Competition [00:01:48] Understand the current challenges facing agencies, including AI disruption, increasing competition, inflation, and changing buying patterns.Case Study: Ralph Burns' Success [00:02:42] Discover how one agency doubled their revenue per client and achieved a $50 million valuation by making bold strategic changes.The Growth Journey Reality [00:04:39] Why getting from $1M to $3M is one of the hardest transitions, and why aiming for $5M or $10M might actually be easier.Playing to Win vs. Not to Lose [00:06:28] Explore the mindset shift needed to achieve exponential growth, illustrated by a client who increased minimum rates from $30,000 to $100,000.Creating a Self-Running Agency [00:08:43] Learn about the upcoming "90 Days to a Self-Running Agency" program and what it takes to build a functional, profitable, and enjoyable business.Don't miss this opportunity to understand why playing it safe might be holding your agency back from its true potential. If you're ready to transform your agency, this episode provides the inspiration and strategic insight you need.
This episode is essential listening for agency owners who want to break free from the "safe" path and create transformational growth in 2024-2025.
Mandi invites you to reach out for more information on scaling your business, and mentions her new book 'The Hands-Off CEO'. With insights to help you rethink your approach to growth in 2024-2025, this episode is essential for ambitious owners, founders and CEOs of 8-figure agencies.
The Hands-Off CEO Book [00:07:52] Available HEREScale Your Agency Assessment [00:09:31] Book a Scalable Growth Session HERENEW 90 Days to a Self-Running Agency Program Podcast [00:08:43]
Resources:Mandi Ellefson on LinkedIn | Twitter | Facebook
Hands-Off CEO – Executive Briefing
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Are agency owners feeling trapped by their own success? In this insightful episode, Mandi Ellefson explores how CEOs can scale their consulting agencies to new heights. Drawing from her experience with thousands of agency CEOs, Mandi breaks down critical elements for exponential growth. This episode is packed with actionable insights, including:
Setting Ambitious Growth Goals [00:01:46]
Discover why basing future success on past performance limits potential, and how to set more expansive targets.Investing Ahead of Growth [00:04:23]
Learn why investing in your company's growth before you have the cash flow is crucial for rapid scaling.Repositioning Your Offer for Higher Fees [00:06:58]
Uncover strategies for creating irresistible offers that allow you to dramatically increase your fees, illustrated by Mark's success story of increasing fees by 600%.Breaking the Cycle of Unprofitable Growth [00:09:39]
Explore why simply bringing on more clients with your current model won't solve underlying profitability issues.Making Strategic Investments [00:11:33]
Understand the importance of making calculated investments in your business, even when it feels uncomfortable.Learning from Mistakes [00:13:24]
Hear Mandi's personal anecdote about the costly mistake of trying to solve the wrong problems instead of seeking support.
Don't miss this opportunity to learn how you can transform your agency into a scalable, profitable powerhouse. If you're ready to see exponential growth, this episode is your roadmap to success.
Mandi invites you to reach out for more information on scaling your business [00:15:31], and mentions her new book 'The Hands-Off CEO' [00:15:54]. With insights to help you rethink your approach to growth in 2024-2025, this episode is essential for ambitious agency owners.
Resources:Mandi Ellefson on LinkedIn | Twitter | Facebook
Hands-Off CEO – Executive Briefing
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Are you a 7-figure agency owner feeling trapped by your own success? In this eye-opening episode, Mandi Ellefson reveals how top CEOs are scaling to $10 million and beyond by stepping away from day-to-day operations.
Drawing from her extensive experience consulting with over 1000 agency CEOs, Mandi breaks down the critical stages of scaling and the mindset shifts necessary for exponential growth. This episode is packed with actionable insights, including:
The Three Stages of Scaling from $1M to $10M [00:55]Discover the unique challenges at each growth stage, from the chaotic $1M-$3M phase to the "rinse and repeat" $5M-$10M level.
Developing Leaders Who Drive Growth [05:28]Learn why investing in your team's growth is crucial for sustainable scaling and how to avoid the pitfalls of outgrowing your leadership.
Creating the Right Offers for Scale [09:40]Uncover strategies for designing premium offerings that attract ideal clients willing to pay significantly more for your expertise.
Building Systems for Consistent Delivery [11:11]Explore how to create scalable processes that deliver bold outcomes without your constant involvement, allowing your business to grow beyond you.
Real-World Success Stories [14:41]Hear inspiring examples of CEOs who have implemented these strategies, including one who tripled their pricing and company size after attending a Hands-Off CEO retreat.
Don't miss this opportunity to learn how you can transform your agency into a scalable, profitable powerhouse that runs and grows without you. If you're ready to join the top 1% of consulting agencies seeing exponential growth, this episode is your roadmap to success.Mandi also shares details about the upcoming Hands-Off CEO Retreat [16:14], where you can experience these transformational strategies firsthand. With limited spots available, act fast to secure your place among elite agency owners who are scaling to 8-figures and beyond.
Resources:Mandi Ellefson on LinkedIn | Twitter | Facebook
Hands-Off CEO – Executive Briefing
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If you're like most entrepreneurs, you already know that the journey to success is a long and arduous one. You've poured in your sweat, tears, and countless sleepless nights to get where you are today. But despite all your hard work and dedication, there comes a time when you hit a roadblock and find yourself unable to grow any further.
You become the bottleneck of your own growth.
This is exactly what Ricardo Perez, CEO of OneRhythm, encountered while running his agency. But he didn't let this setback defeat him. Instead, he took charge of the situation and found a way to scale his consulting agency in a better way.
And now, he's sharing his insights to overcome the same obstacle and achieve the success you know is possible.
The conversation touched on insightful topics like:
Importance of having an Irresistible Offer [03:11]Learn why having an irresistible offer is critical to success in today's highly competitive business environment to attract world-class clients and top talent. How Ricardo’s team is able to deliver exceptional million dollar services that are 90% repeatable and process driven. Proof that it’s possible!
Refining the companies you work with to command higher fees [08:02]Discover how refining the companies you work with impacts the overall size of engagement and the fees you can command for your services.
Talk about results [11:49]Understand the difference it makes when you focus on talking about results and projections with new clients to generate more engagement instead of talking about what they will spend on your services.
Essential factors for scaling a consulting agency [24:27]Explore the critical factors for scaling your consulting agency with maximum profitability.
Don’t be a bottleneck, delegate [32:30]Hear out Ricardo Perez's spot-on advice, that all consulting agency CEOs should learn from and take into consideration for scaling their business as a true Hands-Off CEO.
Key Quotes:
Focus on Results: “We focus on what they're going to get, not what they're going to spend. And I think that's a huge part of how when you look at it that way, and you focus on those results; then it's less about nickel and diming on what your professional fees are.” [12:08]Letting Go: “To the extent that you are the bottleneck and to the extent that that is something that you feel can't change, then you need to rethink that. You really think that that thing is that there's no way that anyone else can do what I do. You can't; you have to let go of that.” [32:42]Resources:
Ricardo Perez on LinkedIn
OneRhythm
Mandi Ellefson on LinkedIn | Twitter | Facebook
Hands-Off CEO – Executive Briefing
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Two and a half years tend to be the sweet spot where consulting agencies come knocking on Hands-Off CEO’s door. Usually, those two and a half years are the point when CEOs can feel like they are stuck in a never-ending cycle of hard work and stress that is preventing their growth.
But there's a better way to scale your company while avoiding those stagnant periods and growth plateaus.
Don't fall into the trap of getting ready to get ready. In this solo episode, I'm here to guide you through the steps of preventing and overcoming any obstacles preventing your growth. Let's break free from the cycle of stagnant growth and take back control of your business growth.
Some key ideas in this episode are:
What is holding you back as a CEO? [01:04]Learn what is the number 1 thing that's actually keeping you, the CEO, stuck in the day-to-day, even when you have hired a trusted team to support you.
What are the 2 reasons for a Growth Plateau? [03:54]Understand the two main reasons for growth plateaus and how they can lead to stress, lower profits, and an unhealthy work-life balance.
Maximize your growth to make 2024 your best year ever [11:08]Discover what you need to focus on next to make 2024 your best year ever and how having an inspiring vision is critical to scaling your company and encouraging you and others to take massive action.
Key Quotes:
The Right Mindset: “Whenever you're trying to create a new change, you must have the right mindset, system, and approach. If you focus on the mindset, you could get further because your mindset will. When you are fully stepping into your vision, you're saying: ‘I'm willing to do whatever it takes. This is my vision. I'm standing in my future right now.’ Then what happens is that you are open to a whole new set of actions that you were not able to see and have access to before.” [06:07]Getting Ready to Get Ready: “One of the things that I see a lot of times, and our teams see this with our clients, is there's a lot of getting ready to get ready. And this is definitely something that once our clients are in our community and ecosystem, they are transforming just simply by really taking a stand for the growth that they're creating and taking actions aligned with that.” [04:52]Resources:
Mandi Ellefson on LinkedIn | Twitter | Facebook
Hands-Off CEO – Executive Briefing
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When managing a consulting agency, there's always a constant feeling that our current methods for measuring profitability just aren't giving us the whole story.
Marcel Petitpas, CEO and Co-Founder of Parakeeto, experienced this very issue while running his own agency. Luckily, he didn't just sit back and accept the status quo. Instead, he set out to find a better way.
Get ready to discover what he did to streamline their operations and reporting systems to improve profitability. He found a better way to help agencies double their profits and simplify their operations by providing the financial insights that Ops leaders need to make informed decisions.
The conversation touched on insightful topics like:
Power of tracking operations data [09:15]Learn why tracking data from your operations is much simpler and more valuable to make decisions on for capacity, hiring, and profitability than the financial data you get from your accountant.
What metrics do you need? [16:54]Discover which metrics you need to track to get a clear picture of your performance if you use value-based pricing or T&M.
A deeper understanding of your P&L and operational metrics [21:02]Exploring the 3 pieces of operational metrics to track gives you many more insights than just your P&L.
Automated utilization and capacity management [24:56]Find out the issues agencies and consultancies encounter when tracking capacity and utilization. And you can implement a much simpler way to track utilization immediately.
Streamline your business with a tool for tracking the operational metrics [30:48]
Learn how to maximize the efficiency of your business by implementing a powerful tool for tracking your operational metrics. Streamline your processes and easily make data-driven decisions, leaving no room for guesswork or wasted effort.Key Quotes:
Revenue and Profits: “You want to keep at least 50% of every dollar that you are responsible for earning from a client. If you get to keep less than 50%, it's going to be really hard to be profitable because usually you're going to spend another 30 on overhead.” [35:45]Average Cost Per Hour: “The way to lower your average cost per hour is to standardize what you do, create better documentation, create better processes so that you can lower the level of judgment that's required, which generally lowers the level of experience that's required, which generally allows you to access lower cost labor to do more of the work on a client engagement. ” [37:03]Resources:
Marcel Petitpas on LinkedIn | Instagram | Facebook
Parakeeto - Agency Profitability Toolkit
Mandi Ellefson on LinkedIn | Twitter | Facebook
Hands-Off CEO – Executive Briefing
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Have you ever thought about looking at agencies from a new perspective? Get ready to discover the concept of the "Alt Agencies" - where specialization and specific outcomes for niche clients are favored over the traditional agency model. Our Guest Greg Hickman shares his journey on how to deliver a repeatable sales and onboarding process.
The conversation touched insightful topics like:
Power of productizing services [04:56]Understanding the concept of "productizing" services, which involves packaging a repeatable service with fixed problem-solving, turnaround time, and price. Discover the benefits of standardizing packages and systemizing processes to scale a business effectively.
Importance of specializing and finding a niche [06:50]Find out the challenges and benefits of specializing in a specific area, what realization can working nights and weekends bring you and ultimately understanding how to divorce your time from your income.
Role of webinar funnels in scaling a business [08:26]How focusing on webinar funnels and becoming experts in that area changed the game for Greg’s agency and what are some common plateaus experienced by many service providers.
Evolving agency model and additional revenue streams [15:58]Exploring the term of “Alt Agency” and discussing the changing landscape of agency models, such as tech-enabled, strategy-focused, or platform discipline-focused agencies.
Unique Skills: “If you can position yourself as the engine builder, you can charge a premium. You're more valued because you know how to do this unique thing. And that is kind of how I see how we were able to make the shift to only working on the stuff that we enjoyed. And that was, I think, the true value to the client.” [12:53]Understanding Nuances:: ”Nobody understands that a person who's at 3K a month and a million a year could actually be experiencing the exact same thing and need almost the exact same solution. But there's still these little nuanced differences. It's fascinating to me. We're a unique breed.” [34:15]
Key Quotes:Greg Hickman on LinkedIn | Facebook | Twitter | YouTube
Alt Agency - Free Training
Mandi Ellefson on LinkedIn | Twitter | Facebook
Hands-Off CEO – Executive Briefing
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Did you ever think about the importance of effective account management on scaling your business? If not, prepare for these gems! In this episode Taylor McMaster, founder of Dot and Company, tells her story and how she helps digital marketing agencies with achieving full-service client account management.
Here are the essential insights from our riveting conversation with Taylor- feel free to have a powerful read through these most impactful lessons.
Important Correlation between Sales and Account Management [07:22]Find out why sales and handovers are essential to successful account management, and when to introduce your account manager to the client during the sales process. The imperative of changing the narrative from “I” to “my team”.
Powerful Communication [12:35]Establishing a clear communication cadence and a thorough onboarding process for successful account management. Know who on the team is responsible for what. Different things which you can learn from each new client or a sales call.
Using Questions in Training [17:33]How far you can go in allowing your team to ask you questions, until they start thinking like you. Being in control of the training process and what needs to happen without your involvement.
Key Characteristics of an Account Manager [26:34]Know if someone is generally a good fit for this role. The list of red flags and the required skills to make sure someone grows in this position and becomes amazing in it.
The Power of Questions: “I think the best thing that we can do as CEOs is prepare our team as much as possible, but give them the space to ask questions, not letting them get scared to ask questions.” [16:02]Constant Optimization: “People forget that business is a game of optimization. We need to continuously be optimizing something that works, just because we did a great job. Well, can we optimize this so that next time it's easier and better and more efficient? Training your team to think like that, I think, is super important.” [22:14]
Key Quotes:Taylor McMaster on LinkedIn | Facebook | Instagram | YouTube
Dot & Co. - Onboarding Checklist
Mandi Ellefson on LinkedIn | Twitter | Facebook
Hands-Off CEO – Executive Briefing
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Are you ready to take your marketing strategy to new heights? We have a treat for you! Our latest podcast episode features the marketing expert, author, and speaker John Jantsch, owner of Duct Tape Marketing. Get ready to fuel your success with these game-changing insights!
In today's fast-paced world, time is everything, and we understand that. That's why we've condensed the best highlights from our conversation with John, ensuring you get the most valuable information without wasting a second. Let's dive right into it!
The Duct Tape Marketing Methodology and Licensing Program [02:15]:Say goodbye to random tactics and hello to strategic genius! John unveils the game-changing Duct Tape Marketing methodology, putting strategy front and center.
The Fractional CMO System [07:38]:Ready to conquer the challenge of scaling your business without sacrificing profitability? Say hello to working with multiple clients while maintaining a stellar profit margin of 60-70%. By offering a well-defined package, pricing structure, and system, you can achieve scalability, delegate tasks, and drive vertical growth.
The Changing Landscape of Marketing and the Importance of the Customer Journey [14:26]:The marketing world is in a constant state of flux, and you need to stay one step ahead. John and I dig deep into the changing landscape of marketing and emphasize the importance of the customer journey.
Key Quotes:
The Evolution of Marketing: "The thing that's changed the most that I don't think people pay enough attention to is the way people buy. That's why I spend so much time talking about the customer journey."Scaling Your Agency: "By having this repeatable system that you can actually train and delegate and quite frankly, get work done that doesn't have to be done by you anymore. Is how you actually effectively scale vertically, which is what people are trying to do, but struggle with so much."John Jantsch on LinkedIn | Twitter | Facebook | Instagram
Duct Tape Marketing
Mandi Ellefson on LinkedIn | Twitter | FacebookHands-Off CEO – Executive Briefing
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As entrepreneurs, we often feel the pressure to sacrifice our personal lives to achieve business success. But is it possible to have both? In this episode, a CEO who was able to maintain a work-life balance is taking me through his iterative process of reaching that sweet spot. We will be discussing the keys to maintaining work-life balance while scaling your business, including tips on setting boundaries, prioritizing self-care, and delegating responsibilities. We'll also explore how to adapt your approach to balance as your business evolves.
Wally Waldron is the founder and CEO of Exitology, a company that helps blue-collar and industrial businesses to optimize their resources and achieve up to 33% annual growth without any extra cost. After observing many business owners locked in their own firms Wally founded Exitology to aid in the liberation of entrepreneurs and provide them the ability to explore other interests. Waldron has generated dramatic growth in several enterprises across a number of industries with his passion and knowledge.
You’ll hear Wally and me discuss these key ideas:
[03:54] Client's Business Soars with Eight-Figure Blueprint
With the aid of a growth strategy program, a client was able to meet their revenue target of $20 million in 9 months while preserving and increasing their profit margins. With the assistance of its growth strategist, the company hopes to hit $30 million in revenue.
[08:23] How to Find the Right Partner for Business Growth
The company provides wealth management, tax optimization, and reinvestment choices. Before engaging in discussion, they extend invitations to their presentations and provide readers with a copy of the book "Exitology" to learn more about their offerings. For a long-term growth journey, selecting the correct partner is crucial.
[12:00] Overcoming Impostor Syndrome: Blueprinting Success Together
A discussion of imposter syndrome and the development of a strategy for working with industrial, manufacturing, and construction enterprises. In the process, trust and language are crucial.
[15:11] Transformative Business Offers Legacy-Building Potential
Helping blue collar business owners unlock potential & pass on legacy while creating value & impact through improved communication.
[17:56] CEO discusses scaling a successful business culture
CEO discusses benefits of team and culture, and how they contribute to successful business scaling efforts.
[24:55] Maximizing Team Building with Kolbe Index
Team building strategy of using Kolbe scores to align with accountability charts, creating breathing room for CEOs to focus on long-term vision and mentor team members towards proper time frames emphasized.
[28:32] Working Smarter, Not Harder: Lessons for Entrepreneurs
To be successful in business, one must trust the process, work smarter not harder, stay focused, and get out of places where one is not successful. The importance of delegating tasks and not getting pulled into the wrong areas of the business is emphasized.
[37:57] Unlocking Business Success Through Mindset Shifts
Identifying a potential mindset issue and seeking appropriate help can benefit those feeling stuck in their business or personal lives.
[43:55] The Importance of Developing Strong Leaders
Leadership is essential but often lacking in blue collar industries, as shown by stories of conflicts and lack of trust leading to serious consequences.
[46:29] Navigating Company Acquisitions: Lessons in Leadership
Consultancy helps grow businesses, assists in transition bridges and works according to the client’s asks. Good and bad leadership affects the business post-acquisition.
Key Quote:
"If you're feeling stuck or things are not moving in the direction that you thought they needed to in your business and stuff like that, it's worth going through...am I stuck in a mindset trap or have I painted myself into some sort of mindset corner or something like that? And even further, if you find that the answer is yes, then seek the help that is appropriate for you at that time."
Resources:
Wally Waldron on LinkedIn
Exitology
Mandi Ellefson on LinkedIn | Twitter | Facebook
Hands-Off CEO – Executive Briefing -
What do you do when your business hits a ceiling and struggles to scale? In this episode of Hands-Off CEO, Jeff Ennis tells me how he transformed his company's operations, revamped his mindset, and added more value to his clients. From expanding their services, hiring the right team, standardizing their processes, to automating their systems, Jeff shares how he has doubled profits and reduced the number of jobs in his business from 250 to 25, all while working towards serving only 10% of their current clients. Jeff also reveals what he learned from taking part in the Hands-Off CEO program and how it has helped him become a growth partner that adds millions of dollars in profit to his client companies.
Jeff Ennis is the CEO of a specialized construction surveying company based in Canada. He has over 25 years of experience in civil engineering and land surveying, and he has managed to turn his company around in just one year, doubling its workforce and winning a million-dollar project.
You’ll hear Jeff and me discuss these key ideas:
Jeff's company provides heavy civil sector surveying services that are a hybrid between civil engineering and land surveying. The unique nature of these services makes it difficult to scale the business. [01:40]Jeff's company has added value by offering other services such as drone surveying. “That's just come from us thinking bigger and showing up differently,” Jeff tells me. [03:07]“We charge a higher dollar value and we usually get the work because we're more economical than somebody else,” Jeff remarks, “but we're way more profitable because of how productive we are and how efficient we are on site. So that's what it's all about. We're providing really good value.” They also try to stay away from hourly work and focus on providing more value for their clients. [07:05]Your client’s success ultimately makes you more successful. This is why Jeff focuses on nurturing a long-term relationship with his clients by helping them to be more efficient and profitable. “We're making them more efficient and profitable. …That's another big mindset: nurture your clients. Don't just look at the one transaction, look at them as being lifetime clients. In our case, we can do that, which is great because as they scale, we're going to help them get successful. They're going to get more successful and they're going to keep making us more successful. So, it's a whole loop.” [07:21]The CEO's job is to create the vision for the company and manage the team while delegating other tasks to others. [10:46]Hiring Lisa, a skilled operations manager, helped standardize the sales process and elevated the company’s communication systems. Lisa helped with capacity issues and created systems and standard operating procedures. She also helped Jeff's wife to see herself as the CFO of the company, and they are working on creating SOPs to delegate her tasks. “You get that person in here to bring order to that chaos, and that changes everything,” Jeff tells me. [12:05]The Kolbe score was used to find an operations manager that complemented Jeff's strengths and weaknesses. In addition, their project management system allows the company to hire staff from anywhere in Canada and operate from anywhere. [18:47]Jeff’s company has expanded from being a surveying company to being a growth partner that adds millions of dollars of profit to its client companies by providing a turnkey solution for automating construction sites and a construction survey technician program. They have also partnered with a distributor of equipment and developed an apprenticeship program that can rapidly train surveyors. They’re moving through the Hands-Off CEO exits, the last exit being finding additional profit streams. [26:30]The company is looking to reduce the number of projects it takes on per year while focusing on more significant and more meaningful projects. Jeff reduced the number of jobs in his business from 250 to 25, with the goal of working with only 10% of the clients they currently have. This has already led to a doubling of profits and made scaling easier. By simplifying their business model and focusing on high lifetime client value, they have fewer moving parts and less liability. [33:26]Jeff's biggest mindset shift was realizing that he couldn't do everything himself and that there were many things he could delegate or automate. [36:52]Being around like-minded people, coaches, and mentors can help reset your mindset and pick you up when things go wrong. [38:13]KEY QUOTE:
“We're showing up in these meetings differently, going after the big long-term projects with the big clients and not being afraid to do that. So, we did that successfully. We beat out every other company in our area to get this work with one of the biggest clients from one of the biggest developers. So that's very exciting. That's just come from us thinking bigger and showing up differently.” - Jeff Ennis
Resources
Jeff Ennis on LinkedIn
Okanagan Survey & DesignMandi Ellefson on LinkedIn | Twitter | Facebook
Hands-Off CEO -
This is part 2 of a 2-part series on the Hands-Off CEO podcast, where you'll hear host Mandi Ellefson being interviewed by Ross Mayfield, a copywriter and marketing strategist on her team. In this episode, Mandi and Ross share some of the more vulnerable stories and experiences they haven't shared on the podcast before. They dispel the myth of the "seven-figure lifestyle business" and discuss the truth about what it really takes to become a hands-off CEO, including the impact this shift can have on your financial stability and your overall lifestyle.
Key ideas discussed include:
Many people start a business with the goal of making a decent salary and having a stress-free life. However, the concept of a lifestyle business can be problematic, as being a business owner can be stressful and demanding. You can become so consumed with running the day-to-day operations of your business that you miss out on opportunities and experiences, and even miss vacations. [1:58]To enjoy greater freedom and a better lifestyle, CEOs must commit to expanding and developing their team. [4:29]The missing component for CEOs of lifestyle businesses who want more freedom is implementing accountability structures. [07:29]Mobilizing a team based on their goals and aspirations is key to freeing up the CEO from hands-on management and allowing for growth at higher levels. [09:12]Build an inspiring vision that people can be a part of. People will only do something if they want to do it, so simply paying them more money will not motivate them in the long run. [12:50]“I think that if you don't have someone that's bought into your vision, don't even consider them,” Mandi advises listeners. “It doesn't matter how good of an applicant they are.Tthey're not bought into what you're doing. They're never going to fight for your vision. They're never going to be part of it. Just keep looking.” [14:39]To attract and retain top talent you need to build a world-class culture that inspires people to work for your company for reasons beyond just money. To do this, you must prioritize employee well-being and satisfaction. [20:33]How John, Barry, and Finn were able to enjoy a happier lifestyle by embracing the hands-off approach. [21:23]“We need to be able to have that ability to be able to step back and have this business to continue, generate income for ourselves, income for everyone on our team, and not have to just completely pause it or shut it down or any of those things when life does happen,” Mandi remarks. [34:30]KEY QUOTE:
"The reason why you can generate more growth in the business is because it's not directly tied to your time. That's how you remove yourself as the bottleneck to growth, and it allows you to create that next-level lifestyle that you really want and the reason why you started the business in the first place." - Mandi Ellefson
Resources:
Mandi Ellefson on LinkedIn | Email | Twitter
Ross Mayfield
Episode 65 - How Shifting From Freelance To CEO Added $1M Of Growth To This Startup Consultancy with Josh LaMar and Marcelo Chinellato
Hands-Off CEO
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This is the first episode of a 2-part series on the Hands-Off CEO podcast, where you'll hear host Mandi Ellefson being interviewed by Ross Mayfield, a copywriter and marketing strategist on her team. The conversation takes a deep dive into the mission behind Hands-Off CEO, and you'll hear stories of clients who have experienced real transformations in their business through challenging circumstances. You'll also learn about the topic of "letting go" and the importance of building a culture of accountability and urgency within your organization.
Key ideas you’ll hear:
Mandi is writing a book called "Hands Off CEO" which shares the transformation processes her clients go through. [3:22]The book shares a story of Tanya Corby McLeod, a CEO who was able to get her weekends back, find more profit, and delegate her business to her team with the help of Scale to Freedom. Despite facing personal tragedy, Tanya's business continued to run effectively, and she was able to take time off without worrying about the company. Tanya was able to sell her company to her team and apply the same principles and systems to her husband's ten inherited companies. [4:05]The aim of Scale to Freedom is to support clients in creating a sustainable business that acts as a wealth-building asset and provides opportunities for their team. [12:11]CEO's #1 job is to work on the vision and inspire the team. [21:22]The biggest challenge holding back growth is often the CEO themselves, who need to become better leaders, oversee management structures, and uplift the culture to create accountability. [27:35]Culture change can happen quickly in a matter of weeks and is often a mindset issue and opportunity to shift. [28:58]The CEO's focus has to shift from doing things themselves to getting the same or better performance from others. Shift from managing people to managing agreements and build a team of people who can define success. [30:05]Hire people with a sense of urgency to build a culture of urgency towards executing the company vision. [31:05]KEY QUOTE:
“There's this expectation that we need to manage people, and the reality is we can't manage people. You cannot manage a person. All you can do is manage an agreement between people.” - Mandi Ellefson
“What we're about doing is helping them bring their very best gifts to the world in a bigger way, to really unlock their ability to impact the lives of others by generating more growth, sustainability and profits in their company.” - Mandi Ellefson
Resources:
Mandi Ellefson on LinkedIn | Email | Twitter
Ross Mayfield
Hands-Off CEO
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In this week’s episode of Hands-Off CEO, Sharon Toerek discusses how to streamline legal decision-making in your business. She joins host Mandi Ellefson to share insights on setting up systems for making informed legal choices and delve into the importance of master service agreements and key components of a legal service agreement. You will also learn practical tips specifically for agencies and gain a deeper understanding of how to separate CEO involvement in day-to-day operations.
Sharon Toerek is a marketing law and IP lawyer serving agencies through her company Legal + Creative | Toerek Law. She is also the host of the Innovative Agency Podcast. She is a former President of AAF Cleveland and serves on the American Association of Advertising Agencies (4A) Legal Consultant panel. With expertise in IP protection, marketing agency relationships, and social media laws, Sharon writes and lectures on these topics in the advertising industry.
Key Ideas:
“We spend a lot of time helping agencies understand and plan for the fact that the intellectual property they create is not only a bargaining chip in the agency-client contract negotiation, but you're also creating assets for yourself,” Sharon tells Mandi. Agencies need to protect their intellectual property as assets for future monetization and efficiency. [4:50]The biggest mistake in contract negotiation is not treating it as part of the client experience and not planning for it. Focusing on the "3 Ds" (dollars, deliverables, deadlines) is easy, but you can miss important details in the Master Service Agreement. Contracting with clients requires thoughtfulness; it can be streamlined with good upfront processes and systems. [5:42]Essential elements to be included in Master Service Agreement:Term and terminationIntellectual property language, IP ownership and transfer, ensuring work rights are assigned only after paymentReserving IP right for agency, carve out of IP language and proprietary informationLiability and indemnification, capping party's liability based on revenueExclusivity and restrictive covenants, non-solicitation of each other's talent [10:25]Mandi remarks that agencies struggle to use case studies as they are not allowed to share the results of their work with clients. This creates a lack of feedback loop which is crucial in improving their work. As such, she believes that you should not even consider working with clients who won't allow your agency to use their case studies as reference. [14:21]As agencies grow, they will need to rely on freelancers, contractors, and partners to service their clients. This requires having well-drafted agreements in place to solidify these relationships and protect all parties. Agencies should be systematic about training their team on their legal infrastructure and Master Service Agreement to avoid conflicts with clients. [17:45]KEY QUOTE:
“It's inevitable that your business is going to expand more quickly than your internal team does. So, inevitably, you're going to need freelancers, contractors, strategic partners to help you service particular projects or clients. You need to be thinking about the documents and agreements that will solidify those relationships and protect all the parties, not only because you want to protect the agency, but because if you've made a promise to the client in your contract with them, it really needs to be reflected in your agreement with these other parties.” - Sharon Toerek
Resources
Sharon Toerek on LinkedIn | Twitter | Email
Legal + Creative
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Success for clients goes beyond achieving great results. There are several pillars that make up client success, with onboarding being just one of them. Megan Huber of Structured Freedom joins Hands-Off CEO to share her unique perspective on onboarding and how it plays a role in scaling a service-based business.
Megan Huber is a scalability expert for coaches and expert-based businesses, specifically those that are teaching based on a curriculum-based learning model. Her organization, Structured Freedom, transforms hustling entrepreneurs into successful leaders and CEOs. Megan is a great resource for coaches looking to scale their business.
You’ll hear Mandi and Megan talk about:
When clients first work with a business, they assess the quality of service and the experience during the first 90 days. Megan stresses the importance of building trust and a new relationship with them. [2:41]Client success is not only about achieving great results but also about client satisfaction and loyalty, Megan explains. The pillars of client success include onboarding, retention (meaning clients are engaged and participating), expansion (meaning they're buying other products or services), and advocacy (meaning they're spreading positive word-of-mouth about the company). [7:00]The idea that a higher-paying client will have a higher commitment level is not always true. Clients are already filling up their time with something, whether it is useful or not. As a service provider, it is important to provide clients with the environment, tools, skills, and knowledge to fulfill the promise made to them, but also to understand that resistance will come up in the minds and emotions of the new clients. [14:54]“Never Lose Another Customer" aligns with Megan’s observations that the majority of drop-offs happen in the first 90 days. In her previous role as Director of Client Success for a large-scale coaching company, she observed a significant drop-off in participation and engagement around 2.5 to 3 months into the program. She and her team investigated this phenomenon and found that it was related to a specific concept, the “ideal client,” that caused confusion and embarrassment for some clients. [20:17]There are seven forms of communication that are important in the onboarding process. These include trust, introducing clients to the team, setting expectations, providing a clear roadmap, providing tools and resources, creating accountability, and fostering a sense of community. By incorporating these forms of communication, companies can help prevent drop-offs. [29:21]KEY QUOTE
“It's really empowering for your clients to take the ownership and think for themselves so that they are not so reliant. Because if they're reliant on you, at some point, they're going to get really resentful because something is not going to go the way they wanted it to.” - Megan Huber
Resources
Megan Huber on the Web | YouTube
Never Lose a Customer Again: Turn Any Sale into Lifelong Loyalty in 100 Days
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One of the keys to becoming a hands-off CEO is having a powerful team you can trust to run your business while you focus on growth. In this solo episode, I share the five barriers to building and running these powerful teams, and what you can do to overcome them.
Key Ideas:
One of the barriers to building a multiple million dollar company that can run without you is the freelancer mindset that many CEOs have. Many of them often fall into the trap of thinking everyone is there to help them, rather than to serve the vision. Not only does this hinder effective collaboration, but it’s also dangerous; if your team hasn’t bought into the vision, they’ll be more likely to leave if someone else comes along and offers them a bigger paycheck. [0:52]You need to know what level of staff you need. Hiring at too high of a level is more likely to result in failure. [2:42]It’s more effective to hire leaders, not doers. Leaders are self-sufficient and prefer to take initiative rather than wait to be told what to do, which generates growth for you because it frees up your time. [5:11]“The less I do, the more I make.” Let that be your new mantra; as you do less in the business and more on the business, your clients get better results and stay longer with you, which in turn makes it easier to sell to new clients as you become more confident. [6:54]You can’t manage people, but you can manage agreements. It should be clear to everyone what they’re accountable for, what the quarter goals are, what’s expected of them to accomplish those goals, etc. [7:58]A good profit margin for a consulting agency can go as high as 60%. [10:05]“If you're not willing to invest ahead to be able to get to where you want, you're going to stay stuck in the same patterns.” [11:16]KEY QUOTE
“At the core, [building a powerful team] comes down to knowing what you want, sharing your vision, and having written agreements that you can manage, as opposed to just trying to manage the person.”
Resources
Mandi Ellefson on LinkedIn | Twitter | Facebook
Hands-Off CEO - Executive Briefing
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Growth as a CEO often looks like more stress, more responsibility, too much work, and not enough profit. Even if making good money, many businesses are slowed by how little profits they retain. Real profitability is what a CEO would actually make if they were paid at market rate instead of their own salary. But how do you measure that? Mandi Ellefson shares how to calculate your business’ real profits in this solo episode of Hands-Off CEO.
Key Ideas:
It is common for CEOs of consultancy firms to rake in loads of money without retaining much profit, which ultimately diminishes over time. Their accounting may even be wrong. Mandi discusses why this happens. “If you don’t know [how much profit you’re actually bringing into your business]... you don’t have an accurate benchmark to start [growing your company from],” she adds. [1:01]When calculating your profit, start with your gross sales. [2:08]The market rate of a CEO who is able to generate millions of dollars of growth in their company is much more than $100,000 a year. [2:55]Having low profits as a CEO does not mean that you’re not making good money or that your company isn’t good - it just means that there is a wide gap, and therefore an opportunity, to create a sustainable business that you’ll be able to run hands-off. [4:56]Before cutting down costs and generating more sales to increase profit, consider this: with your current offer, are you generating enough income from your existing clients and the news ones you’re onboarding to reach your goals? [5:44]Gross profit margin refers to how much each individual client project costs to deliver before your overhead. [7:56]The Hands-Off CEO team helps clients build an irresistible offer in four weeks. They have helped beauty and skincare brands generate $10 million of profitable growth using this process. [9:37]KEY QUOTE
“[You double] gross profit margins by getting really clear and focused on what direction you want to grow your business in.”
Resources
Mandi Ellefson on LinkedIn | Twitter | Facebook
Hands-Off CEO - Executive Briefing
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How do you determine if the direction your company is taking is the right one? Mandi Ellefson discusses an effective formula for devising the right scalability plan, and shares a step-by-step guide.
Key Ideas:
If you haven’t established clarity in your vision, it’s easy for your business to end up taking detours. You may eventually reach the right path, but not without wasted time, energy, and resources. Creating a clear vision is the first step to selecting the right scalability plan.Adding a couple hundred thousand dollars to your business doesn’t require the robust plan that adding $5 million does. You need to look for a roadmap that considers your business model, what you want your life to look like, the profit you want to take home, and how many hours a week you want to work.You can draw inspiration from successful business leaders who have scaled businesses similar to yours.How can you increase your fees up to 600%? Hands-Off CEO has the answer. Mandi invites listeners to the annual growth planning workshop hosted by Hands-Off CEO to help clients take their businesses to the next level.Resources
Mandi Ellefson on LinkedIn | Twitter | Facebook
Hands-Off CEO - Executive Briefing
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