#9 - Not Investing In A Solid Team Could Be Costing You Millions

Millions Were Made

Save $500 off the Business Performance Audit: https://tailoredpremier.com/business-performance-assessment

Join Jessica Marx together with Brooke Dumas in this episode of the "Millions Were Made" podcast as they delve into the crucial topic of owner dependency and the significance of building a strong team. Addressing questions submitted by listeners, Jessica and Brooke unravel the mysteries surrounding owner dependency and its impact on business acquisitions. Jessica emphasizes the pivotal role of leadership in acquisitions, illuminating the importance of qualified leaders and the repercussions of inflated titles.

Furthermore, they explore the vital timing of bringing in an executive leadership team, highlighting the benefits of fractional roles and the need for strategic thinkers. Jessica and Brooke provide invaluable insights into identifying bottlenecks within a company, stressing the necessity of releasing control and trusting in the expertise of the team.

Gain actionable strategies for nurturing a high-performing team, understanding the nuances of compensation, and fostering a culture of appreciation and growth.

Tune in now!

Learn more about the Business Performance Audit: https://tailoredpremier.com/business-performance-assessment

Highlights

• (00:36 ) The importance of leadership in a company, especially during acquisition processes. Highlighting the need for qualified leaders and appropriate titles.
• (03:06) The misconception that acquisition is the only path for business success, and the importance of investing in the right talent.
• (05:34) When it's the right time to bring on an executive leadership team, mentioning fractional roles as a solution for smaller businesses.
• (07:34) The issue of trying to mold doers into strategic leaders, stressing the importance of hiring people smarter than oneself.
• (09:41) Advising on where to find qualified talent, emphasizing the power of networking and referrals.
• (13:49) Identifying the founder as the bottleneck in the company, primarily due to control issues and lack of trust in the team.
• (16:57) How amazing talent can be lost due to compensation issues and the importance of company culture.
• (19:48) Suggesting methods for founders to discover if they are the bottleneck in their company, including mapping out processes and ideas.
• (21:49) The issue of founders inundating their teams with too many ideas and the importance of strategic evolution as a CEO.

Connect with Jessica:
Instagram: @millionsweremade and @thejessicamarx
Website: Million Were Made
Work with Jessica: Tailored Premier