The future and growth of the business depend on its people. Without a team that aligns with the company’s values and why, there will be no customers, no sales, and no business. That is why Lee McQueen is driven to help companies find and invest in people first.
Lee McQueen is currently the CEO of Raw Talent Academy and the Founder and CEO of Phoenix 51, a software company that provides detailed analytics to help companies make data-driven decisions to hire, benchmark, train, and retain people. Lee is also a winner of the hit reality show The Apprentice, where he works for Lord Sugar.
In this episode, Lee McQueen talks with Adam Stott about how he built a tech company, maintained good relationships with people, and secured business funding. Lee shares with us why we need to focus more on the value of the business.
- Lee’s key skills in building a successful business
- How to identify and focus on the areas for improvement
- The most important investment in business
- Lee’s learnings from Lord Sugar and in building a tech company
- The benefits of building a relationship with your team; and
- Creative ways to raise funds for business
Please note this is a verbatim transcription from the original audio and therefore may include some minor grammatical errors.
Hey, everybody, welcome back to business growth secrets. Your host here, Adam Scott, got an amazing episode lined up for you this week, which I’m sure you’re going to find to be absolutely incredible. So much content, advice and guidance given in this episode that I think it really should add a tremendous amount of aid to you very recently asked my good friend, Lee McQueen, who won the apprentice to come and join me at one of my masterminds my gold circle mastermind event, where I have a group of high level business owners that I train I coach, I guide and I mentor. And Lee came and joined us at this event where he spoke exclusively and really detailed on fundraising, creative ways to raise funds for businesses.
He also spoke about recruitment, he gave a bit of his background story and mentioned a couple of stories from his time, working directly with Alan Sugar. Some of the things he’s learned about sales and so much more. It’s a really, really good interview. But there’s a tremendous amount of value that can be taken from the episode. So I hope you enjoy this one. And of course, let us know either on Instagram at Adams stock coach, or go to Adams stock.com. And tell us we’ve got all the episodes on Adams stock.com. We’re nearly reaching 300 episodes of this podcast, you can give us feedback on there as well, which is really cool.
So if you want to let us know about which episodes you’ve been enjoying most of all on the podcast you can. And of course if I can just mention the way that we get the message out on this podcast. And the best way to get this message out, if you’ve been enjoying the episodes so far, is to rate and review the episodes. So to just give us a nice five star rating or share it with a friend. You know, we’re on a mission to inspire more business owners. And if you get a moment after you listen to the episode, you really enjoy it, send it to a business owner, a friend of yours or someone that wants to start a business so they can start to feed their mind with the intellectual information that can help them to win in business.
Having said all that, go and enjoy the episode. I hope you get tons from it. I’m going to cut straight into my interview with The Apprentice when our tech business owner of recruitment business owner Lee McQueen hopes you’ll enjoy it.
Okay, so massive pleasure today, really pleasure. I’m actually really excited. Because every time I get together with you know, it’s super easy. We have a fantastic relationship, and have done some really cool things together. The first ever public speaking event I ever did. We had an amazing time and talked a little bit about how we did some really cool stuff together. To give you a bit of a background. He was one of the first winners. I think there’s a second he will tell you in a moment. I’m sure the winner of the event is fourth. The fourth winner of the apprentice did a fantastic job I’ve ever seen on TV.
I mean, he was on it and watched it on TV. Really likable guy he went on to win, he built a fantastic business called Aurora talent Academy, which is a recruitment company which has got a really innovative model which to this day still is thriving and successful. It’s been in that business probably for about 12 years or imagine until a bit more than that. And more recently, he has built a technology company startup which is about to take public so our thought before Lee becomes a billionaire I better bring him back so we reconnected recently done some amazing things we give a big round of applause to the amazing
First, thank you very much.
I’m loving it. It’s great to get back together with you today and to bring you back. We started this business in the rain. I’ve often in the three day event actually, you’ve I often use your picture. Man, you always have your big smile. But I’ve actually told a story about POM training, Madam Walker. And Lee was really fundamental to some of the massive success stories that we had in launching business events as a business.
So one of the first events I didn’t know about. And we got introduced via the business lounge, which was another. This is a great networking group available. He introduced this or came up to these officers and felt great relationship members. Yeah, we did some incredible stuff anyway. So why don’t we solve like, you’ve been here all day, first and foremost, and better than the subject is numbers today?
How important do you feel for business owners to get in front of this? And have you ever had any struggles yourself with it? You know, I know that something you obviously know inside out now, the terms a little bit about your education are very subjects and what’s been like for you over the years all falling on us?
Absolutely. I think my my I would probably say one of my key skills is to be out in front of customers, or clients be I kind of call myself the jazz hands person to be honest. So actually sit on a spreadsheet, and crunching numbers isn’t what I really want to do. But it’s actually fundamental, as you’ve just explained early in the early session, is fundamental to understand where you’re where you are today. We want to get to and how you’re going to get there that is massively important.
Hopefully, seven is decision making today, in fact, but what is it? Software, I think the most important thing is to understand where you can make improvements. Does anyone know if you end up or shout out? Inflation is today in the UK? Because it’s a part of 10% in funding because Tim said, there’s no one to put our prices up by 10%. We’ll talk to you later, actually, so good.
But the point being is that actually everything else does go up. And you touched on this earlier. Yeah. As business owners, we think, “Oh, no, we can’t possibly do that for our customers”. We can’t possibly go blind, or know Jimmy Carpenter. and he’s never advertised in his life, never marketed once in his life driving a van that has no signage running whatsoever, yet he’s constantly got customers all the time, all the time, all the time. And that’s really word of mouth.
And was appointed to store it on stories that when his costs go up in word and all the things he does, he put his prices up to your customers.
He’s not doing what brings customers in besides crazy stuff. So we start to struggle. I can’t do that job anymore for under 15,000 on wherever it is, because costs are going up. You just need to be able to learn. And I think that’s probably one of the biggest, biggest lessons I’ve learned in setting up business. So things if you want, it’s my first business I sell on [00:08:22-00:08:24], just go back to a bit of background, and his son Simon, and I’ve just said to Ben, was 14, I actually won the apprentice, which makes me feel this way. So it made me feel really awkward. But that was the first business that we set up. And what are the key learnings from that to keep things simple?
I think what we all tend to do, maybe some generalizations you can all have about me afterwards. But I think what we tend to do is we start over complicated stuff and try to be very busy. Instead of 10 hour days are busy, but are fundamentally doing the right things within our business, which is similar, again, to what you talked about earlier. So the basic thing, sometimes people will provide you with a basic, yeah, but actually, it’s the fundamentals of work that enables you to be successful in business that are viewed as.
100%. And you mentioned that your characteristics as a business owner, it’s important for us to understand what it is we bring to the table as an individual. Some of you are a number of people, and you need something more awesome.
I mean, the people that are really good at going out and framing the business, they’re the ones that really make the numbers.
I think this is lesson number two for me, it’s actually don’t be afraid to invest. As we talked about earlier today. Don’t be afraid to invest in good people for one service that adds up human service to our business. So enjoy people. You know, don’t be afraid to invest in the most important asset in your business, which is what people ask us to do, they are the most important.
As a CEO, or as a founder as MD or chief toilet cleaner, I like to call myself but the reality is when we call ourselves poor, we don’t realize that the most important part of our job is understanding what Adam did and weekend, or what Ben might be struggling with chat someone coming from says that people failing you might be one or two people, businesses, but when you start to grow, you start to take on that responsibility of other people get your business understanding, you know, just because somebody’s done a bad job, or hasn’t done it to the best of it.
Why is it because of that skill? Is it because they’re lazy? Because all the things that we may think, why have you done that? And, actually, because you’ve had a shocking weekend, your personal life, for whatever reason, we don’t realize that, but it’s difficult not to bring that into work. Does that make sense? I think the world has changed again. I’ve got an article, but I think the world has changed a lot.
Since you know, leave your personal life at home and you know, work is working. It’s just not like that. Now that two worlds have completely blended. So to actually understand the types of people and have good people around you why I’m not good with a spreadsheet. So what am I gonna say I’m your CEO, and I’m gonna spend all my time pretty well, I’m gonna do that. I’m gonna get somebody to win, I’m in a position to come and do my spreadsheet stuff, I’m gonna go out and jazz hands people.
Perfect. So when we talk about the three businesses you set up, let’s look at spring. What did you do? What was that like? So what was the plan? Like? You know, and you mentioned to me at the bank, you were looking at budgets and looking at growing these different things, and we’re trying to build them out. I think from when we talk about the salesperson going out that information about what we need to accomplish. What we need to raise, what we need to do is really important is that there are lessons that you actually expect. The question is, what did you learn from working with culture that prepares you for the future?
Well, definitely keep things simple, which is part of that keeping things don’t overcomplicate, but I think probably for the first four, I wouldn’t say five or six months, literally, all I did was not only what we thought [00:12:23-00:12:39]. And walking, what was happening, I was asking all of your years, saw a potential customer, or one, as well as your screen. Because we purchased it we acquired a technology company called contact, which was a brilliant, brilliant business, really, really clever people, software engineers. And what they were doing, they were engineering, the technology that ran the digital advertising. But to be fair to him what there wasn’t, there wasn’t asking customers what they wanted.
So they were always kind of people just spending money developing his brand stuff. And then the satellite team would go, my customers don’t want to. It’s kind of the heavier burden, especially tail wagging the dog, not the dog wagging the tail. So it was that sort of scenario. I just felt that what we needed to do when we set up and screen properties was to find out what customers want and our potential customers if I built this binder. If I had this as a service, would you take that on?
And I think that’s not, it sounds like I said, it’s actually not that basic. Because a lot of people don’t do it. You know, a lot of people down to actually what is it? You know, we talked about it earlier, find your buyer thoughts, understand exactly what they want, and then you can create an offer, which is incredible. She’s amazing. And of course, she went on to set up her own recruitment business. And that’s obviously when we first met you know, there’s some great stuff there. It’s also a little bit about the recruitment business. What’s your recruitment business running in light? What lessons did you learn along the way?
Yeah, yeah, for sure. So that was a good journey took off years we within seven months we’ll sign 5 million pound so that kind of research if you like that kind of and I’ve worked for bosses in the past that says opportunity research just get on the phone make some sales if you’ve ever been in situation I call on doing actually understanding what your client and your customer wants.
Doing that research really starts to give you that foundation for you to be able to go and effectively sell if you like or provide a solution to their pain points. You can’t you can’t provide a solution that will paint right to find out what the pain is. And that was genuine bam, squid in and ultimately after just under two and a half years, a fantastic time, I got a lot of courage from set up business because your question was always in line was amazing. Like I’m working for a multi millionaire that I didn’t add this cash flow problems in which well I didn’t have any of that. So enabled me to kind of have a stage if you like to go and save why this is what we can create. So that was fantastic, but it wasn’t my passion or my passion.
People are better than advertised. Left 21 years old, but I’ve been pretty good for a long period of time. Cooking for me wasn’t my passion, people was my passion. And so it was inevitable once I once I’ve found the codeless skill set, if you like to step out and come down, which is what all of you, if not the majority of in Islam have done which I tip my hat off to all of you because you are probably in the top 40% 5% in the country. Now, by the way, if it was easy, everyone would be uncomfortable. So to be in the top five separate groups and the Google set up, give you some phone calls.
So I wanted to set my business up because I was going to a seminar coming up. I did. And it was more talent, what we wanted to do. And he wanted to warn us about early career space while I was fed up with clients saying, We graduates when you graduate, when you graduate when you graduate, or actually, for the majority of roles, certainly early stage, don’t need to be a graduate don’t need to have a degree to go and do them. I’m going to embarrass myself, probably but I’m gonna ask the question anyway. Put your hands up if you’ve got a degree.
So I’ll probably say yes, 65 degrees, if you’re wanting to know what your degree is to hang up. Okay. So anyway, what’s the point? The degrees have a huge learning by the way, I’ve got three children, and I won’t push him to do what I want to do fine.
So I’m not entered my degree. First thing. But what I was really passionate about and passionate about is I can’t understand why you would hire somebody based on a piece of paper based on a certificate when you should be hiring advice on that. When you should be hired most of the personality or behavior. What are they competent at doing? I’m not I’m not firing him because of what he’s got going on. Please favor hiring. On the higher end, as Adam came to work on Parnell because of his leadership skills preferred because of his era, sales is commercialism.
So we create a business and we plot the CV. You said we’re really interested in what your CV is, we’re interested in you. So we created a business that looked at personalities, behaviors and competencies. Under sets for visual you bank on why 11 years is where we create a business that went global. We were servicing organizations in Singapore, in America, in New York, in Miami, Tampa, in Austin, in Texas, and Australia with this methodology and that methodology was let’s whip up a resume, CV and hire based on who you are, what can you bring to us. And that’s what we do.
So it’s about understanding your proposition. And ladies are really, really good at a number of things. First of all, it made me laugh and you started reading off the night. Now, I don’t have enough time, but we used to play this game. Really, I’m not that good with names. Like I’m good with all your names, because obviously these men spend time together, of course, but they used to be able to go into a room 100 people may be able to read off every single night in the room.
Yeah. It’s such a bizarre thing. I just, I had this little and I’ve said this before, I’m a citizen this morning, but we got to the supermarket and every single person assumed Mike’s got a nametag on yes or no. Does anyone use an end? Oh, and what service you get I’ll use my own name. And Lee is behind the camera. It’s amazing. He’s amazing. So I suppose I’ve had that fun formula. I don’t know from an early age and I’ve just tried to use that as a kind of relationship building.
This is why I think you will lose amazing skills and relationship building. What’s really interesting as you said, you spent all the time and constraints out of relationships I’ve ever seen. about when I was growing my business agricultural market at the time, and he said, Adam, you spent 70% of your time behind your desk, right? And 30% of your time was lawyers, and you need to switch that math, you need to spend 70% of your time building relationships, and watch the impact it has on your business. Time. It’s incredible.
I think the other thing is, we’ll come back to what you said about before that, you know, sometimes in decimal, sometimes I forget about anyone in a group since you started our businesses more at different levels of the business a month ago, or, you know, five years ago, or whatever we’ve ever sat them for. The Main point of what we’re doing is, you’re actually thinking about what it is you’re really good at? And do that, and get somebody else to do the stuff that complements what you’re not so good at? Does that make sense?
Okay, that might sound really simple to do. But actually, sometimes, that is the best way I know, when we started things. 51 I’ve always been on my own like food for war talent, my business 100% I started from scratch. You know, for my own money. I’ve also funded what I’ve noticed we’ve been doing. [00:21:08-00:21:10] is a technology business. It’s slightly different. And I mean, I want to do some things I wanted to do.
I didn’t want a boy back, but I wanted to do it back together, share Shen doing tech together, what would have been on your own, you know? So I got my business partner, because Ben says he’s a qualified business psychologist, and what is amazing is psychology and business and behavioral science. So we might have just had some of Chris’s things together. And that’s what we’ve created with a successful tech business. So I think that I was quite interested in the dynamics of how it works together.
Absolutely. Absolutely. And I think, you know, if we go back to November, world traveler, we’re back. So talk about some of the events that you know, myself and Leanne did, one of the things that he was really, really, really amazing at because building those relationships. So you want to look at how you can build relationships, and how payments spend more desirable those relationships.
One time we did an event in London, did an amazing event in London, we got straight A’s and applied for exams. The next day in Amsterdam, so it’s our first international event that we did, we did it together that way. And you know, me, was amazing with the people, building those relationships with all the people in Holland the first time they’d been over there before, just went into a group of 100 Holland business owners, and just built fantastic relationships.
So I’ll give you some tips on how do these people build amazing relationships if it’s outside of their comfort zone, because I’m a big advocate of you working together getting to know each other, some people are a bit more introverted. Lee sometimes. So what would you say about relationship building? What would you say to people using names?
When you go into service debuts, I would say, I think COVID that says we don’t bring it up, I think COVID would change even myself on how to build that relationship. I think a lot of people got a bit more inshallah. So if you are a little bit introverted, probably more so after COVID. I know, that that helped me is why that sounds stupid, I’m still set up in front of a lot of jazz hands. But it’s not, it does take a bit of courage to say what wasn’t, wasn’t what is gonna happen, you’re gonna reach out to someone stand alone.
Again, try this, if you have to pay somebody a compliment. The chances are that you’re gonna get a happy response back. And you’re gonna be nice to somebody. That’s what it comes down to just being nice. Or being nice to somebody understanding, asking questions that you’re genuinely interested about, I want to try and sell you a pair. But you know what? To tell you about your business?
First, tell me about your pain points about what it is to get that information that’s a relationship, or does that make sense? So a lot of you probably do. That will be my foundation. Actually, Steve, that memory from last time? Thank you, Steve. Yes, you just might be me that sometimes when you have a relationship with one person that’s actually quite brittle. And actually, have you asked yourself questions in your business? Have you got a relationship with 2,3,4 people within your customer with your client?
Because if you haven’t, what happens if that one person you’ve got that straight, long relationship leaves? There’s no client anymore. And again, I think we probably are early but it was what made you and I still do this. Now. I’m still thinking about it if my staff are here. But it’s actually trying to build strength for life. If you’re struggling to get money, and to learn about cash flow, is anyone struggling to pay?
Yeah, so if you feel like again, it is quite a long way to go. As Chief of accounts, can we have a relationship with accounts and the relationship with the CEO and nomination, she sees where I’m coming from. So you’ve got different times and it takes time. You know, don’t do it and you know, straight away and all of a sudden, it’s happy days getting married next week. Does it?
Does that work like that, but really what it takes is time, and nurturing and understanding, and that, that that will sort of want to get to know new people, I don’t know, most of the names, I can’t pull you out. Sasha on personnel, obviously, you know, but just because I know so now, with that being said, of another relationship, I’ve never worked on that. So cannot be bothered to WhatsApp, co labor, or kind of have to follow it up. If you see one come from a place where you are really, really good.
Yeah, and I think everyone can learn a lesson from that. Because, you know, for me, I’m not actually the best person in the world and keeping in touch with people. But wherever mainly or build really strong relationships, you’re honest if it is nice. You know, we’ve kept in touch.
Well, if I would spoke to Adam for three months, four months, life moves on stuff happens wherever. It’s having the courage to be skilled, that pit of fire and go on and I get on athletes. How many of us do that, like even a battle to get over to, like, you know, personal work, but even in our own relationships, I can’t speak to my dad now for those people, my mom often but you know, absolutely my clients, probably more than that they will family sometimes. But that’s, it’s about surrounding yourself with friends of the people that you want to be around.
That’s a part of going back to the recruitment, business, and things technology business. Which is about behaviors and competencies and working with people who want to work better and work with because when you become their answer counselor, but when you become their counselor or their confidant over the weekend, because Ben’s had a nightmare event, or venue we got together.
And you’ve got a good relationship. That makes sense. I think it’s good and having the courage to say, I haven’t spoken to you for a while, but I know you’re on and I will be made. So I’m just gonna, you know, that’s what’s going on. And because of that reason.
You know, and I think that, that’s something you can do with each other. You’ve all spoke to each other today, you’ve all had conversations with each other. There’s no reason why you can’t help each other and talk to each other and have the courage and the bravery to reach out to each other and support each other as definitely a lesson some of that these really great added loads, which is so let’s talk about now. So we’re now on, see what that means having an Academy, you move into that, or you haven’t moved into the tech and the businesses flying? All right. So let’s talk about why tech as a starting point, because I think this comes back to numbers as well. You’ve been quite strategic about the marketplace, and we’re going to
Yeah, 100% I think your wife would resonate with me now, earlier, we talked about January, February, March 7, it drops off the start again. So 10 years, 11 years before talent is basically literally every single month, you do some deals, you make some money, you get again, you do to deal with the most money you gotta get. That’s for a year, then for two years, 10/11 years of every single month you’re doing that. That’s what company, so there was no ambiguity left.
YouTube revenue is sticky revenue or revenue that this vehicle will occur when you come into the business. So, Shannon, I sell you saying you buy for 50 grand Happy Days, but it’s shampoo from black and white again? Or how long is it going to take before Shannon loves 50 grand, and revenue is shown by something and it comes in every single month. So I’ve done one deal with Shannon and then time comes in and out. Well, Shannon pays me money every month. Does that make sense?
There’s your new as you’ve ever been. And the more talent more talent because this isn’t that it was every month go again, go again. And even though a lot of what I’m talking about finds myself on hard work last to termination. That’s why at the end of the day, I’ve come from a working class counselling background, that sort of stuff I find on ethics is quite tiring. I think this recruitment business that is set up to showcase key data points on everybody coming into our businesses.
So businesses around the world, which you want to live in Steven, focus on planning and painting points, being able to know that Adams is perfect for that role. Model not based on OCD based on data and data points. mutual love, love dating. A lot of you live in that world. But what we didn’t have is we didn’t have that digitized. So we had paper, wipe things down. That was as spreadsheets.
So we couldn’t really reuse that data for each client. So what we did was we decided stupidly on it hopefully is going to be put in or invest money in a building web technology platform to digitalize and centralize people assessment. You’ve been wise, and our 51st user of the platform via mobile equipment company, tap on the shoulder chip. Mediacom by the way, one of our most long standing clients, I said, would you tell us how we’re going to take that business and make it a standalone business?
And there’s an important lesson in that as well. Right?
Oh, absolutely. And sort of go back. Perfect example, when we signed [00:30:58-00:31:00] . They said to us, can you do London and we suddenly are getting approved for you in London? Of course you can. That’s what we do. So you could invest in New York. And this is a true story, my entire team is not in client meetings. But afterwards, my entire team said no, we can’t do that later.
I said no and the reason why we can find a way to make your work is you find a solution. And that’s what I was saying. Ben actually asked him the question earlier, what was he like doing? And I said, I like finding solutions to customer problems. It just means if an offline solution they end up buying, and then end up making money. That’s how it works. And of course, you’ve heard from New York to Austin, Texas, and, and Miami and Singapore and one for fitting.
By saying no, you need to focus and you need to be focused on your niche and what we’re doing. But also making sure that by saying no is not hamstringing you. Because actually sometimes by saying yes, enables you to go down a slightly different path. That energy to make whatever you generate, you know, a better a better business on the back of it.
Yesterday’s people. And that’s called confidence.
And indeed yet. So yep, I’m about to finish with you on what we did with our city, yesterday’s people to Mediacom. And then we extracted the technology, we set up its own entity, and that is a SaaS business. So for those of you know, that term technology is, is sexy, why everybody loves a bit of technology for whatever pursuit was this buzzword thing.
The reality is that it’s annuity revenue, its monthly income that’s coming in every single month and relies on later in life. So 20 clients, though the client’s 45 is starting to grow. The graph that attitudes about earlier sometimes grows, that’s not in our world, in our world, it’s literally a hockey stick, you don’t, you don’t mean it’s just going up like that. Our whole business model when an entity is built around, exited at a certain point, which is the end of 2024.
So turn, just over two years now, building the business for two years. And we’re getting in that phase now. So we’re not starting out with scalar. If both of us. Foundation will have good revenue, revenues year on year. So we’ll target revenue 23 to 21. And by 24, we want to be at this level of revenue that will enable an organization to say, I want to buy you know, that’s basically the model, but when it’s very different to how we normally van as a recruitment service. Because I’ve learned.
I think it’s an important lesson for you all, I’ve had conversations with you about keeping getting that revenue and actually finding a revenue stream. You still look in your product ranges, you’re about to go and write budgets. And you have to ask the question, what is it you can do that you can increase that frequency transaction because someone buys it once, as one deal, they buy for you 12 times I once a month first of all the times they buy for you 24 As a two year contract a three year contract. And like you said, an annuity business is usually valued at a much higher amount than a standard business. So if you want to make more money or sell your business for more money, you have to look at how you can bring that in.
You think about your decision making changes quite a lot. So if you’ve got it, you and I can make this comparison very comfortably because I’ve just been a part of a recruitment company for the last 1011 years. I’ve literally just been doing this every single month. So say you go sell 50 grands worth of stuff as good stuff.
There’s a technical term for 50,000 Stuff in month one, and then you got to go and do that. Get him up to it and get them for free. You’re constantly looking for new business , the most expensive way to grow your business is constantly looking at new business. It’s most expensive, because all of that is absolutely critical and crucial. You’re constantly having to get new business with the revenue model brought about cannabis and always good for your business. But business right where you’re coming from so I’ve got one client, what else what else you might need. We can start looking upset if you look at that information, because it changes the whole dynamic of this board.
I’ve never read anyone scribbles. But that switching piece, it also enables you to make different cost decisions in your business. Because you know, the businesses banks, and you know it’s coming in is contracted revenue generous tax it. So you can make it a business as a business owner, you’re making a different decision, you’re not trying to again, or can’t spend on marketing this month, because I’m not sure if I’m gonna get ill, which is what a lot of people will say from a service continue business, because actually, you know, the money’s coming in. So you can then go to what I can spend even more. I can spend it wisely, block and grow even quicker. So that investment piece or going back into the business, every single month, I would have given some basic motors in my time.
And you know, when I’ve got to relax some of the nice finer things in life and myself through a food business style bill. But I’ve always put money back in every single time I put the money back in, I think that’s important. It depends on where you want to get to where the plans are for when you want to work on a lifestyle business that gives you a really good living, and then direct the boss to take Friday off. As long as you’re running into how you want it to be, don’t pretend that you’re good as Senate for multi million pounds in four years, if you tend to be five. Does that not work like that? I’m just saying that’s how it works.
So looking at this model, this new business, so are you going to be the first billionaire apprentice? Just invested in this company?
Yeah, I mean, I think Ricky is doing amazing. Well, with the mind from the next premise Joe Joseph is doing really well. Most of us are doing pretty well for ourselves. I’m not sure we had been, I think, I think what I’ve learned over the last probably 82 years is yourself as a tech business is that actually, if you’re really focused on wanting to do something, you can actually go and do it.
I mean, to be dissolved this month, which means for all of you brilliant and massive numbers we started isn’t a global pandemic, who started their business and global pandemic. Nice. It’s probably the hardest decision to make. But it’s also probably, because it’s a bold decision to do it, isn’t it but actually start to drive that through, it’s really important. So we’ll start a business and grow a pandemic, we had that scenario, where do we do it? Do we not do it? We decided to just go for it, ya know, and I have to stress just because I feel like I have two that are not a multi millionaire already.
So it’s not it wasn’t easy. So if this is not some toy downpayment, this is actually how I pay my mortgage, as well as try and send my children to school. And that is this, this is my earning my level. So it’s not like we are just playing around? Just your pain is serious. But we did it? Because we were bottled. And because we did it like a few of you guys and girls, and we’re probably going to get more water there. So multiply the uniform. Does anyone know guys in tech to create a uniform business valuation of a million dollars or over a billion or whatever? That for me, so we’ve got a company valuation formula equipment.
And we want to obviously increase that. And our whole business model isn’t just about profitability. It’s about driving on top line revenue, because in SaaS, software as a service or technology, that’s where you start in will be multiples. So it’s been a huge learning curve for me to be able to go, I’m so used to the EBIT bar, profitability and so, all that stuff, which is just a slightly different way of looking at building that business out. So I’ll probably say, in the millions in double digit millions.
So what would you say obviously, we’ve got a group of people you hear right now Now somebody you’ve obviously met before from the past? What are some of the things that you’d say to them? Like? What are some of the tips you’d give them for taking on that business driving at home? And, you know, really going to grow their business themselves? What would you say from your experiences, the kind of things you think what does it take to be successful?
I think, I think you have to be honest with yourself, I think you have to be honest with yourself, I think that I would have ambition. I think I’m one of those people who is that kind of over ambitious person or that person who will reach for the moon, if I end up getting to the stars, whenever I randomly reach for the stars and get to the moon, it’s probably good enough. Most people 80%.
Well, maybe people that have to be really elite have to be really elite to win the Champions League football team or to go and be your own world records in athletics or in the mountain has to be massively elite to do that. It’s Win win seven, Formula One titles, I lose Hamilton’s done, you have to be elite. And elitism for me comes from focus and drive and waking up every morning and saying, “This is what I’m going to do, what I’m going to choose today”.
That’s kind of the big wow thing, I think, on an individual daily basis, if you just sort of sort of question mark 1% better today than I was yesterday. But in the week, you’re going to be 7% better off on or 5% working weekends so as to break down to small chunks, and actually set yourself goals that you can achieve.
I remember when it first started kind of a big thing. No, that means I set out to achieve it that way I have sometimes a bit of a new strategy as well. And I’ve now got him that number, it’s a guide for you to be able to get better and to drive your business forward. And it’s also a tool if you like to work with people who have already.
He’s increasing their staff numbers and stuff. So there’s a few of you that when you start bringing people into your business, they need to be bought into something better. It needs to be bought into the whole essence of your business. And it’s not just a case of while I want to protect business, I want to recruit business or work with speed businesses actually, who we are, what we do, and that kind of personality of that business itself.
It’s really good for you to give, you know, I think he’s got a very, very human approach to the way he runs and grows businesses and gets really great results out of the pain so I think you should definitely share that. You know, why is that so important for our clients? What you always used to talk about at the events?
Yeah, has anyone heard of Simon Sinek? Yeah, that was a lot of old, so fantastic. Do me a favor if you haven’t heard of him. Just put in TED Talk Simon Sinek and just watch it famous. It is brilliant. In a nutshell what he talks about is his own style of bots. So the backside of what we do starts with why we do it, the purpose of our business.
Now some people here will shop in Asda, some people will shop in Lidl, some people shop Waitrose, the reality is quality, the food and products you’re getting will be similar. But you’re paying 30% and you’re paying a variable or whatever it is. But somebody’s gotta make choices, right? They’re lucky that it will count out of getting a free coffee, looking at the people walking around in a different way to see if food has been added. You want to get it off a nice clean shelf, a bit facetious, but to see one common form so Waitrose isn’t selling on their price they’re not selling based on come to us because we’re more expensive to sell on the experiences selling on why we do things. It’s not m&s.
Not just any non food, some desperate, and we were like, well, yeah, toffee crumble. Maybe with the injury and maybe the next session, if you ever come back or whatever. But to really ask yourself the question, Why does my business exist and actually start to use that to your customers? Did you do that? Do you tell why your company exists?
Because a lot of people are struggling with this? And they should because they struggle to go that deeply. Yeah, there’s something to that. I think so. I think that is what I’d like to ask you because you have a really massive believer and I used to love you talking about it. It’s really good because it does make a big difference.
You know, I certainly tell people exactly why I do What do I always tell them? I always tell them as part of when we offer a program, we bring people on very transparently. I let them do this because I do this because of traveling the world learning business, I went to 50 different mentors, you know, different advice to do, I never found anyone avoidable together. And I wanted to create a program that had it all right.
For me, that purpose is to really inch on a table and stop them from being in pain. Because people are making mistakes ever in their lives. They’re putting their family’s lives at risk, children at risk, but I’m starting a business, not nine out of one. That’s true. So I like to do this because that is my purpose, right? So what are the benefits though? I know the benefits of I want you to tell the people what benefit they get from really delivering that message.
So you’ll get multiple benefits. So if you’re hiring, so those people that are hiring in the boom, you will get people that are bought into your business and will stay, they will be retained, they will leave. They’re not leaving based on an extra five pounds an hour of free rent a year or when they’re not leaving, because they are built into your very essence of what you do culturally values wise, I hear this.
If you’ve got people leaving or you can’t keep your problem, or you have constant staff problems, ask yourself the question, have you done what they just said? Because usually the businesses, I see the struggle with the staff and have those staff members that did it. So you can’t afford those staff problems. We’ve got to do something different to get something different. Yeah, you know, I started several businesses, obviously, I know lots of people that were really really well. Yeah, and I know the ones that had staff problems. No, no, don’t do that. Yeah, I really want to back up what you’re saying
It could be I don’t know in business, it’s all about longing for that could be a bit of lying and food if you like you can quickly change in stock to a difference from a customer perspective or new business or customer acquisition point of view. You’re working with clients or customers that believe in what your business is doing because they understand why you set it up in the first place.
You don’t set your business up to do more with me now you might ask him you don’t say customer because they’re gonna forget you’re just gonna be free to make money why but actually, the reason the reason why we set up more talent and why we sat fifth one is because we fundamentally believe the hiring on a piece of evidence one is ridiculous is the most important asset in your businesses people you’re looking at quick piece of paper doing a 20 minute interview.
And yeah, I will do something crazy. Why would you do that? Why wouldn’t you go and really look at understanding the data points on what your strengths our weaknesses all winging this time fiddling with Sasha and the team is a team dynamic there is having worked well with Ben net because Adam, Mike and Brent and Ben might work together I’ve got problems for you with me so understand I’ve just my example for my business but understand fundamentally the why that is explained this.
Sort of break it down. He has lived and breathed that message. Like with repetition. You’ve said something and that you do that because that message hits home and the type of people that that influence like who the type of thing you recruit for you, Whatsoever you.
Expose type of business with Telefonica, one of our clients now. business telephone, you’ll notice why there are no two so massive company Mediacom businesses globally globally around and it resonates with the people, the individual people. Because if it’s their own value, now he’s the biggest thing you got. And it’s still to this day with my team and everyone else is the hardest thing ever.
Not everyone will want to do business with you. It’s just the way it is. Not everyone wants to I was gonna say really dumb. Yeah, but not everyone wants to take me back to the hotel room. What’s important is that you can’t please everyone, right? Well, not everybody’s cup of tea. As if you then go out and find the customers that have shared your same values.
You’re saying why do you think you’ve got a better chance of signing them as a customer yes or no? is crucial. crucial if it’s the reason why we are married or we’re not with the people that we’re together with what we didn’t realize you from our family, the people that we’ve chosen to begin with, it’s the same it’s the same essence of that It takes time, it takes effort. And if you’re not a relationship person and yourself, then find somebody to help you be that or work with you to try relationships.
There’s a few: is anyone in the room company? Okay, amazing. So I’ve got that. Book recruitment probably sounds as well, but recruitment is a people business. And actually, if people left your respective businesses and went to offer a recruit, sometimes they’ll probably take their customers with them, because they don’t necessarily buy, you know, lemcqueen.com, they buy me or the relationship worldwide, I’ve actually got you guys and girls respectively. So that whole white piece is really important. Remember, it gives us 15 tips on how Simon Sinek does a much better job than I do in a couple of minutes talking about it. But it’s something that fundamentally changed the way I ran a business.
And I’ll give you a quick anecdote for that. So we’ve got the WhatsApp Business App that turned out to lock me in at one point, before we changed, and we changed most of our customers to businesses. So we’ve almost like a recruiting service. And what we’re finding is we’re getting revenue if we get people that are wanting to work with us. But we weren’t. We weren’t trying to develop their staffing, we really want to increase people reading, we want bums on seats. They just give them some people in which tournament they turn.
So there’s a churn. In other words, if they leave within a very short space of time, we end up giving them a rebate. Terrible business, why terrible for what’s terrible for a client? Tell them for Canada completely? What’s the point? Come back to a bar? What is the point? So what we decided using the wire method, if you like, is if we said, let’s focus on what our customers pay or wants to be as you focus on cutting off the people that actually want to train and develop people that actually believe that we can actually see v is the way forward that every time a project is gone.
One is because fundamentally, if I tend to add, Adam, do you believe in Holland CV if you say yes, and I’m working with you as a problem, and that’s fundamentally where I go long. So what we ended up doing was going like this to get rid of all of our recruitment company clients, which is like 90% of our revenue. And we almost reinvented the companies back in 2016. And then we started again with companies that fundamentally really wanted or believed in our why, which was to rip our CV, hire based on data points. Conferences.
So how did you present that because being able to cook for myself it’s very difficult, especially up here not so much to present that to a new lens. Yeah, straightaway, like sci fi. You say to them, you know, no, look at potential or competency they still just want you to act.
We, yeah, it was hard and to be honest, Tim you them using I’m still on my soapbox. As you can probably tell, I’m quiet. This is probably a subject that I won’t be into my words, generally believed were find money down the toilet, and and train. If we’re firing on people, I don’t think but I don’t think people realize a lot of us finally realizing the world. And on average, it costs between 12 and 13 grand for every bad hire you can make in a business. That’s not recruitment fees, or maybe that’s not just our phases, events, training flights. When things you know, holiday pay, laptops, all of it has been verified by CIPD. So there’s a huge amount of waste. We call it a talent base.
Like there’s a huge amount of waste going on businesses, and actually, by talking to people passionately showing the way this is how it works. This is what the statistics are: this is where we go versus what you’re doing with that is the way that we got to the end. First of view. It’s a bit of me getting on my soapbox as well. It really isn’t. I mean, some of you might say I’m bracing myself passionately as it comes from passion. Really very difficult for us. You’ve got to believe this is what we’re doing.
Now by the way. I have a full time TV but oh by the way, when you sent me some TVs when I’m hiding in Texas, I can’t hire Adam to be my amen. If he believes fundamentally needs the CB to just come into my business because he has to believe in what we’re doing. So yes, I would advise you guys do and gals do values based on what values are our business? What do we believe in and then hire people based on that. And you’ll have a much higher rate. And obviously, if you don’t, then you can also buy things if one does that for you.
So incredible in terms of some really great guidance and advice there for the business owners. What we’re going to do at the moment is we’re going to take some photos with Les as well. We do that the answer everybody can get a firing on that. With that brand name, that credibility and that success, I’m really excited about Phoenix51. Obviously, I know that there probably isn’t much opportunity.
Public next week. So we’ve sold probably a major market, some of you in the room that are looking for investment in your own businesses. And I’ve learned at MIT.
Learn about investing and how much because you’ve raised a lot of money so this is the thing, you know, we were talking earlier about the undercover billionaire, you know, you went out with a vision, with passion, and sold a vision to a group of people, right. And these were done exactly the same.
He’s got the vision, got the values, he’s gone out and the Investment Group built the technology solely into some of the biggest companies in the world. He’s about to take that company public, I’ve just invested. Alright, so I’m looking forward to the results of this myself. Yeah, I think he’s done an incredible job. So take a look at fundraising. How does that work?
Yeah, I mean, I think bear in October, it wasn’t me. I mean, I never fund-raised my life before.
Yeah. Because I think it’s how many of you sometimes call up money stops? You raise your hands? Absolutely. So the first question is money out there like…
100%, one 1,000,000% money’s out there. And it’s weird websites to talk about energy bills and all this stuff. That’s it for building it today. And there’s very, very wealthy people out there that are looking to invest, they’re looking for the next big, big thing, the biggest lesson in the whole world of investment is, I don’t think another was the same as well, to be honest, but I don’t think 1/3 of it, we’ve got value on board.
Now with 15 investors in the business and not one of them have said to me, I invest because your company is, you know, staying beyond the chamber and changing the world. Every single one of them said, I’m invested in your business, because you and Chris, the people that are running, that’s why people invest at this stage.
So if you’ve got that passion, if you’ve got that wide, but I’m trying to measure your own business, there are investors out there that will invest into that. But you need fundamentals and as we talked about today, which is your budget, and you need to have a roadmap in each plan that you can execute, as well to be able to get.
So it’s a really good important point there. For those of you that are building your budget, if you need any extra motivation to finish it off. All right, if you ever want to raise investment for your business, no matter who that’s from, from a friend or family member, a business partner is customer or supplier, showing them a budget and showing them the path of this is what’s going to happen in my business over the next year, over the next 24 months. And what was that?
Yeah, massive is huge. And the thing is about budgets is they can change our working capital for eight and a half years and we will go out with the tools specifically the budgets don’t change once a set a set and that’s it. But actually, you know in business openworld you can change them on who’s gonna say you can but the issue with that is is it the responsibility comes with set the budget in the first place? Yeah, you know, try and keep yourself focused on what that looks like. So actually, you’ve seen it’ll be like, I won’t use any paintings anymore.
Actually when you go down to the gym when you guys ever want to do this as follows now when you stop you wouldn’t just go to the gym, would you go What is it six? Let’s do five sit ups. Do it. What would you do? interrupt me. What would you do? Catch up if you had a plan, you’d go there every day and you realize it actually in three months time, you might start to get the top one coming out.
And then six months to go, right, so you have to break down, you have to have that plan, and you have to break it down. But you have to have people believing in what you’re doing. If you don’t believe yourself, come back to my point earlier. Honesty, honesty, are you honestly doing what you want to do in your company? Because if you’re not, you’re never gonna convince anyone else never gonna do it? It’s gonna be hard.
So we’ve learned a lot that he is seis. I mean, he’s a huge tax break and tax breaks for some people invest 10,000 pounds for 1000 pounds. But you can really test votes against that. So understand, so if you get your business registered for the first if you just need to use round numbers, right? Because, again, if you invest 10,000 pounds, as soon as you invest 10,000 pounds, you get 5000 pounds back from the government as a tax. Did you actually put 10 grand in, are you actually going to file your income tax? So the vertical finite amount of grain only weighs 150,000 bound on the seis.
And SEIS, which is 30%. Back. So if you’re if you’re investing into an SEIS business, or if you’re if you want investment, your business and you get qualified to express any investments coming in with an apple for 10 grand service, which is quite, it’s quite nice. So actually, when you’re thinking about from the toilet, your money’s always at risk, and I’m investing, I’ve learned, but the reality is, is that you get a really strong return on on your investment in the future,
How do you have an extra 150 grand in your business right now? Okay, well, if 150 grand extra in your business, if you could go out and get 10 people to give you 10,000. And if you explained to 10 people they’d give you 10,000, you get 5000 back straight off your tax rate? Is that a pretty good strategy for raising investment?
I mean, what you’ve just said, is exactly what we did. And as your friends and family over here, SEO is typical friends and family, their first six investors with friends and family. You know, you’re good. Yeah, you know, we’re gonna go for it, when you get to the next level here is that it becomes a little bit more. But we’re still at the funding round stage of, I don’t want to be sitting with 607, 50,000.
So we’re not massive numbers where you’re looking at private equity or VC, you just don’t have enough quite wealthy individuals, anyone that’s got spare time out, you know, you’ve got a tendency to be really, really wealthy. But if you’ve got spare time, then you’re sacrificing that that’s the sort of thing some people were putting into the business. So that’s a really good way of managing businesses. But probably more than this, you would probably need to solve that stuff? Because you can’t, you cannot do that.
You need your budget. But you’re also going to need it’s all about presentations, how would you build a presentation on that, like, for fundraising, because you’ve got an amazing presentation.
Yeah, that was in that it’s really subjective. So’ what we’ve found is that we’ve actually built a master presentation that has some pages that you can hide, and then once you found out, okay been looking for and don’t tell me, okay, just put the pages out and then just send out what you need to examine. Again, pretty basic stuff, but the master kind of presentation is different. So kind of the one that said, yeah, even from a sales perspective, because you’re forever trying to play. What happens again, it’s a true story, but it’s honestly true. So I can’t back it up. It just meant I was just met.
So that’s an obvious one because just that search is an investor looking to invest when we’re still alive. This is so we sit there now for like two hours trying to change a deck and I was just that way. And then the next thing I see is dieting the next day and she wants a different kind of vibe, and to be heavy, does that make sense? Or what you want to be able to do is not one size fits all, but you want to be able to quickly transform or change. So we built a maybe one and I said, what was he looking for? That says he tells us that we don’t.
So people will do a presentation around the needs of the client again. So also find your why firms again and understand your buyer conversation.
Unfortunately, he didn’t end up asking questions. Why, what, how? And he said, you know, he’s asking them open questions to get people to tell you why they were why that was.
But why don’t why don’t you give a little bump drilling, drilling him out? So they understand. Just explained that question process from a sales perspective, because these, you know, one of the one of the things that one lady apprentice was his sales ability, right? He was fantastic. Human relationships. And sales did very, very well, you got to watch it. So why don’t you? I think you just explained those questions, you know, yeah. Why don’t you mention what you mean by that?
So, I actually find that point, it’s probably three things. So the first thing, I asked you open questions like, why, how, what, when you can’t get a yes or no answer. Right. So basically, what you’re doing is you’re encouraging the person who asked the question to give you a full answer. And that does one thing. Well, firstly, you get the answer once you can start understanding their pain points or what that looks like. But then you start to question the answer. You can’t do over yesterday, right?
But you decided to go along the lines of how, how have you built your business, our good wine business by such and such time will return in the next two years on your vessels, you start 10 grand in your free round about Boeing for under us. But you’d get 70 grand back in two and a half years once we fit our milestones, but it’s not guaranteed and your money is at risk. So I’d say that but so you get for your money, you get a percentage or equity share of our company, so you don’t become part of our business. So yeah, I mean, the short answer is yes.
So there’s investment that you need to make.
We will have a chat with anyone who wants to chat with him, because this comes a day to add value. So the people I know you’re very limited on the amount of people you can obviously say yeah, limited on who you would accept. But if anyone ‘s interested in that, and have a chat again, when we do the photos, is that good? Alright, so you just got to have a chat with him and ask them that question.
Thanks, Frank, for the interest, just on the open questions. Was that for whatever you did? The second point is that you’re actually getting the answer that you need to be able to sell that solution to why by asking open questions why do you actually get that fed? And you can, it’s also qualified invisible so qualify now. So pretty common this way. But sometimes as business owners, certainly as salespeople we like to come away with something that has never been an end? Or should Piper how yeah, I’ve just been just told definitely going to be buying frequencies so I’m definitely brilliant.
Just names with no intention of buying for fees. How many times we’ve done that I think deals are gonna happen. It doesn’t happen. It shows ads. I’ve done that so few of us come on. So qualifying now is equally as important. As business owners or salespeople, we don’t necessarily want to qualify out because we want to stay nearby. But if the signs are there, you’re not going to buy let’s move on.
Thanks for your time sharing, because we’re wasting more time and energy when we’re pretending we’re not being honest with ourselves, we’re pretending it’s what’s gonna happen, that actually is not gonna happen. And by asking open questions, you can find that out relatively early. We call it out as we call it, discovery.
So it’s kind of a discovery phase, you might say that marketing and monitoring, somebody’s gone through the top of the funnel within discovery calls in natural new articles without questions. And it’s only at that point, when we get to a kind of, what we call a live demo of our platform. We know that Justin is ready to buy, and then that’s when we demo just so intensely.
So qualifying qualifying out, which is really, really important. So we enjoyed that from everybody’s waffling on. I think, you know In summary, that’s really I think that’s a really good exercise for you. It’s a very different exercise. And what we’ve done today is for you to get clear on that value. That is why I think it’s really really vague. I think it’s key for you to look at some of your questioning techniques as well and add that in and out, fantastic. Hey, everybody, thanks for listening to that great episode with Lee McQueen.
He’s an incredible guy who had so much value when talking business, he really did wow, the audience that was there live in the room. And hopefully all of my podcast listeners have enjoyed listening to that interview as well, and taken some massive, massive value from it. Now, the podcast is nearly 300 episodes, and it is growing all the time. So I want to say a big thank you to those of you that are repeat listeners that keep coming back and keep listening to the episodes and keep getting value.
My mantra for this podcast has always been to keep it free to add massive value and to just help business owners so we don’t do any promotions. We don’t do any sponsorships, we really just want to keep this podcast as a free asset for business owners to help them. Having said that, we would like to spread the word even further. And if I could ask a teeny tiny favor of my loyal listeners, if you were able to go and share this episode with a business owner that you feel could get some value from the podcast, somebody who’s starting a business growing a business, somebody that wants to go and grow even more. There’s obviously tons and tons of value across those 300 episodes.
So if you were able to share an episode, perhaps this one or another one that you got lots of value from, with a friend of yours, it would be very much appreciated. Now also another way to spread the message and help more business owners is to share this on your socials. And if you wanted to go and share this on your Instagram story, perhaps tag me in at Adams stock coach, I can reshare that for you as well. Just shows me who the listeners are because we don’t get to see that on the analytics. And you know, it really motivates me and inspires me to, you know, keep providing more and more value.
So if you get a moment, go and share it with a business owner friend, or share it on your socials. so other people can see that you are feeding your mind, tag me and and I’ll reshare it for you so you get some exposure to. Thanks again, everybody. And if you can help us that’d be truly appreciated. We’d be eternally grateful. And I look forward to seeing you in the next episode.
Hi, everybody, Adam here. And I hope you love today’s episode. I hope you thought it was fabulous. And if you did, I’d like to ask you a small favor. Could you jump over and go and give the podcast a review. Of course I’ll be super grateful if that is a five star review with putting our all into this podcast for you, delivering you the content giving you the secrets and if you’ve enjoyed it, please go and give us a review and talk about what your favorite episode is.
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