Donald Miller
Appearances
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
That's a common problem in a small business. So we decide, okay, we need a customer service representative. The customer service representative, for a really good one, you're going to pay between $60,000 and $80,000. You're going to be right in there. You want somebody who can grow and run a management, manage a customer service team.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
So you're going to go ahead and spend a little more money on that. That money, you've got to say, okay, is that money going to the right engine, the left engine? Is that money going to the wings? Or is that money going to the body of the airplane? A normal customer service, they're going to save you some sales.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
They're certainly going to save you some negative chatter, but it's pretty hard to put that money on the wings or the right engine, the left engine. So what we're going to do is we're going to say, well, we're going to pay you a base salary of $50,000, but we're going to give you some incentives. For every retainer purchase, that is a subscription service that sticks around,
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
who we know calls you and talks to you or emails you or chats you, we're going to give you 10% of that. And we think you can save X number of sales a year, which is going to get you to between 65 and $85,000. What did we just do? We just put a big chunk of that person's salary out of the body of the airplane and out onto the right and left engine.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
And we can spend a lot more money on the right and left engine than we can on the body of the airplane. You know, whenever you go into a business and they've got this great facility with really beautiful furniture and all sorts of great swag, everything that I just mentioned is the body of the airplane.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
And really what you're looking at, and you can see it within about 10 minutes of a conversation with the business owner, what you're looking at, imagine how, let's say that you and your friends are going to do a great week in Hawaii. And you buy the plane ticket and you're at the airport.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
You walk out on the tarmac and that plane has a giant body, two tiny little wings, some little rubber band propellers on each of the wings. And fuel is is pouring out of the fuel tanks onto the tarmac. Are you getting on that airplane?
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
No. That's what so many businesses look like. And people don't realize it's happening. Well, I hired my uncle. Well, we clearly need a new logo and some swag. Well, let's create this website that isn't very clear and doesn't actually close sales and is kind of passive aggressive. All those decisions are how you engineer a really horrible, horrible airplane.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
If you look at every single business in history that has crashed, what you're looking at is an airplane that wasn't engineered very well.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
That's right. I agree with you. That's how we got there. And 17 million, there's a lot of people listening who have a bigger company than that. We're still very, very committed to growing this one to try to get to that 100 million. But the way that we will get there is we'll continue to engineer a really great airplane.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
If you're on my sales team or my marketing team, you're probably going to be paid a little bit more than if you're in the body of the airplane. And even anybody in the body of the airplane, we're trying to figure out how to incentivize you and actually have you participate in the profitability of this business so that you can make more money.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
I think the best formula for a mission statement is we will accomplish X by Y because of Z. We will accomplish X by Y because of Z. If you can, write that down because it really will align your entire team. The X, we will accomplish X, are three economic objectives. And the challenge is we've got to figure out the three ways that we make money the most.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
What are the three ways that we make the most money? Most businesses somewhere fall in line in that Pareto principle of 80% of their money comes from 20% of their products. 80% of the money comes from 20% of their audience. It's almost true for every business out there. Those 20% can usually be defined with three economic objectives.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
Now, I only give you three not because you only have three or because I only want you to have three. I give you three because the human brain has a limitation, and it's usually three priorities. It's very hard for a brain to prioritize more than three things. It can do four. It cannot do five.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
So three is very important, not because any other reason other than your brain's just not going to focus on any more than three things. So you want to figure out what are the top three ways you make money. Then you want to have numeric goals. So when I say we will accomplish, here's our actual mission statement at Business Made Simple.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
We will have 500 certified coaches, 900 certified marketing guides, and 18,000 people inside of our online platform. That's it. by January 1 of 2024 because every small business owner deserves an education in growing their business. So here's what's really cool about the three economic objectives.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
The second we stated and wrote in our mission statement, the three economic objectives, we had a filter. It was the next day we were in a meeting, and we were about five minutes into talking about an initiative when somebody raised their hand and said, hey, guys, this doesn't have anything to do with our three economic objectives. Do we still want to do it?
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
And everybody in the room just went, actually, no, we're wasting our time. Because those are the three ways that we make the most money. We're talking about something that's actually not going to make us much money at all. We just had a customer bring it up, and we're trying to answer the customer question.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
We need to just answer the customer's question saying, actually, we've decided not to do that. So you get a filter. That alone will cause a massive sort of forward thrust in your organization because now everybody in the organization is trying to support three things. Then the why, we will accomplish X by Y because of Z. The why is actually your deadline. I recommend setting a two-year deadline.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
You can go three years. Anything beyond three years is not going to motivate anybody. So we set our goal over a year ago, and now we're about, what, 10 months away from hitting it, and we're on track to hit it. So what a deadline does inside of a mission statement creates a sense of urgency. You say, Don, mission statements don't have deadlines. You know, you're right.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
Most large corporations don't put deadlines in mission statements because those corporations have mission statements written by lawyers on behalf of shareholders. You don't have a team of lawyers and you don't have shareholders. You have the luxury, and it is a crazy luxury that you should take advantage of, of writing a new mission statement every two or three years.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
And usually in your mission statement, all you're going to do is adjust X and Y, and that's really it. If you don't like it as a mission statement, just call it a goal statement and let these two statements be parallel to each other. Finally, the Z. We will accomplish X by Y because of Z. Z is the Y. It's the reason that you're in business. And it's usually customer-centric. We are doing this.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
We're going to accomplish these three things by January of 2024 because, and then you want to state the problem that your customer has and how you're going to solve it. That mission statement aligns your team. And first of all, it's memorable. Every single member of my team knows that mission statement where most people write a mission statement and nobody remembers their mission statement.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
Even the person who wrote it can't remember it. You know, if you've forgotten the mission statement, you've forgotten the mission. So that mission statement is really, really key. And it's the first part of your leadership. Those would be the economic coordinates that you're entering into the flight computer.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
That's right. And then you align your team around those objectives and people know whether or not they are winning or losing. When you actually state three economic objectives, your whole team knows in real time whether or not you're hitting them, whether you're behind them, whether you're ahead of them. And by the way, if you're behind them, it bothers everybody, which is exactly what you want.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
You want this bothering everybody. So they're going to come to you and say, hey, can we either adjust the economic objectives or what's our plan to fix them? Or if you didn't have economic objectives, nobody would even know that there's anything wrong with the business.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
And you wouldn't have the instrument data on your dashboard to be able to know that you're actually flying upside down and heading straight toward the ground. So those three economic objectives are important. You're not always doing well with them, but if you're not doing well, they still serve you because you know you're not doing well and you're not confused.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
Well, one of the absolute hardest things to do is to get a team aligned around the economic objectives of the organization. And we have a framework. It's actually on chapter five of the book to help you do that. And the framework is five meetings that you want to have with your team. And some of the meetings will happen every week. Some of the meetings happen almost every day.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
Some of the meetings happen once a quarter. But those five meetings are the all staff meeting, the department stand up, the personal priority stand up, the quarterly performance review, and then you will have an occasional revenue meeting also. The three economic objectives and the mission statement need to be talked about during every all-staff meeting.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
You actually open up the all-staff meeting with those three economic objectives. That happens on Monday, once a week. Then the next meeting is your department standup. The three economic objectives get repeated at the department standup. So you are instilling these economic objectives in every single team member.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
Then also at the department standup, the five priorities of that department, which have to serve the economic objectives, are also discussed. And the team in about 15 minutes discusses whether or not they're hitting their five priorities so that we can hit these economic objectives.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
Not only that, but in the personal stand-up that every single employee has with their department leader for about 15 minutes, they discuss their five priorities that serve the department's five priorities that serve the three economic objectives. So you are constantly, constantly, constantly meeting, talking about
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
what the economic objectives are, what your department is doing to hit those objectives, and what every person is doing to hit those objectives. And if you actually install those meetings into your organization, it's impossible to forget where we're going and why you're so important to actually help us achieve where we're going.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
I personally am a fan of not hiding the numbers, not hiding how much money we're making, not hiding how many orders came in. I don't want to hide any of that. The reason that small business owners don't like exposing the numbers to their team members is because it exposes the fact that the company is making millions and the team member is making $40,000. And all they see is that disparity.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
But the way you actually get around that or get over that is you actually give the entire team a really great economic education. So you actually say, look, we're making $2 million this year. Our overhead is about $1.2 million. That means there's $800,000 left, and we're going to give half of that to the government. So that's $400,000 that's left. We have to put X amount in our rainy day fund.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
So at the end of the day, this is about what I make and this is about what you make. But if you can help us make more and if you have ideas to help us make more, your salary will go up as well. And I just love teaching all 30 of my employees how a small business really, really works. They, by the way, know. They pretty much know exactly what I'm making, which is a lot of money.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
They also know that we're incredibly generous with that money. They know that we bought a building that houses the business. That building is incredibly expensive. Yes, it's an asset that my family will be able to own 50 and 60 years from now, but I don't get that cash. I bought that... building so that we could all live inside of this building. I just don't hide the numbers.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
And then if somebody gets upset about that and resents that, they don't belong on my team. Or if they get upset about that and resent that, I sit them down and I say, would you like to run a business? Because if you leave me and you run a business, I will do everything I can to help you because I want you to experience this too. Let me tell you what also happens. Everything stops with you.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
If that business fails, it's your fault. The government doesn't come for my employees. They come for me if I don't pay taxes. Somebody slips on a banana peel in my parking lot, they don't sue you. They sue me. And I just want you to know there's an enormous amount of risk in starting a business. But if you can make it work, it's worth it. and I will help you do it.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
But at this point, you work for me, and I need you to produce more. And that conversation, why not just tell them the truth? I think one of the reasons that Americans feel like victims, especially the generation behind me and the generation behind them, are not going to make as much money as their parents is because they don't actually understand how money works.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
And I want to teach everybody I can, this is how money works. And I don't want anybody excluded from being able to participate. It's high risk. It's high stress. But if you want to go for it, I'm all for you. Let's go for it. I'll help you.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
One of the great things about core values, I think, is it helps you define an aspirational identity. This is who we're going to be. We're going to be people who love our jobs. We're going to be people who care about each other, have each other's backs. Those are core values. And so when you point to core values, you're basically pointing to what's expected if you were going to work here.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
Now, one of the downfalls of core values is they're always vague. And if somebody says our core value is integrity, if you caught a bank robber in mid-bank robbery, And you said, explain to me why you're doing this. I promise you they're going to defend their integrity. These rich people have all the money and I'm taking it to whatever.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
They're robbing a freaking bank and they think they have integrity. So it's just too vague. So I like core values, but more than that, I like two other things, key characteristics and critical actions. Now, key characteristics are the characteristics that you need to have in order for us to hit our economic objectives. If I run a pet store, I need you to love pets.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
If we run a software company, I need you to obsess about the easy, simple user interfaces. And so now I know who to hire. I'm not just hiring somebody with integrity. I'm hiring somebody with integrity who loves animals. So those key characteristics are more true to your team than they are to anybody else. It's where you actually dial down into the uniqueness of your culture.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
Now, critical actions go even further. Critical actions are the things that we are all going to do together to hit our economic objectives. If I have a restaurant and one of my economic objectives is we're going to sell 35% for every client for our customers to come to the restaurant, 35% of them are going to get a dessert. Well, we're at 15%.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
So what we're going to do is we're going to say our critical action is we ask every single person eating, have you tried our world famous brownie? We're going to ask every, and so as soon as you make that a critical action, guess what's going to happen to your brownie sales? They're going to go way up.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
So if you have three core values, three critical actions, and three key characteristics, your entire culture changes. If you go to Chick-fil-A, a fast food place in the American South, and they're spreading all over, and you say thank you, they say my pleasure. That's a critical action.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
When somebody says thank you, a critical action is you say my pleasure, and you've positioned yourself as the servant of the person that you're actually talking to. in a humble way. Those are the sorts of things that create a culture.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
And you need at least three critical actions that, one, stimulate your bottom line and help you achieve your economic objectives, and two, actually support and empower your culture to be defined.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
That's why you're doing so well.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
Normally, if your business gets past four or five million, you need to have three people, three personalities, and they're very different helping you run the team. So once your business gets past, again, three or four million, these three personalities are necessary in order for the business to actually grow.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
And this is what, if there's three people on your leadership team, I hope you have one of each. And one is the artist. And by artist, I'm not talking about like a poet or a painter. I'm talking about somebody who obsesses about products. They love the products. They love making them. They love supporting them. They love marketing them. They love talking to customers about them.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
They love improving them. The artist. My guess is, Hala, that you are an artist. I am also an artist. Now, the other personality that you need is actually the operators. The operator is not going to help you make any products. They're just not. What they're going to help you do is manage the team.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
They're going to help you manage the priorities and manage the people and make sure everybody's working really hard because the artist normally doesn't like to do that. They want to obsess about the product. And then the third personality is the entrepreneur.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
And the entrepreneur looks at what the artist did and looks at what the team is capable of doing and says, how can this machine make more money? Period. If we segment an audience and send them this sales funnel, then we can make more money with this. If we actually run a live webinar, we'll collect more leads and we'll do this. The entrepreneur is thinking of that way.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
Well, I'll tell you how it all started for me. And it started with failure. So failure is only a bad thing if you let it take you down. But if you let yourself learn from it, you can get somewhere. I actually, 11 years ago, lost all of my money, my entire life savings in a bad investment. I had paid off my house. I sold my house to buy another house.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
If you have an artist, an operator, and an entrepreneur on your leadership team, You are going to win. And here's what's actually very interesting. It doesn't matter if the artist, the entrepreneur, or the operator is actually the CEO. It doesn't matter. Any of those, if you look at somebody like Tim Cook, he's an operator. Somebody like Steve Jobs would be an artist.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
The company has done extremely well under both of those. But I guarantee you surrounding Tim Cook are really good operators and, or, well, he's a good operator. Surrounding Tim Cook are really good entrepreneurs and really good artists. So you need those three personalities in the cockpit of your airplane, using the metaphor of an airplane to run your small business.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
You need those three personalities in order to really scale the company and reach its full potential.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
Well, I didn't like selling and I've learned to like it because I basically stopped selling and I started inviting customers into a story and I realized I didn't have to sell anything. All I had to do is make my offer extremely clear and I sold a lot more of whatever it was that I was selling. You know, the problem with sales training and sales education is you don't get adoption.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
Big companies pay millions and millions of dollars to bring in sales trainers and up to 70% of their sales force will ignore it. They're only getting 30% adoption, if that. And so I don't love the idea of sales training. What I love, though, is to teach all sorts of sales account executives, all sorts of small business owners.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
I love teaching them a formula to do one specific thing, and that is this. Write a follow-up email to a customer that will close the deal. So let's say you spend a day with a customer. Maybe you were at a workshop and there were 5,000 people in the audience and a bunch of them gave you your email address.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
Whatever it is, what you want to do is you actually want to go back to your hotel room or go back home, open up your computer, and you want to email whoever you just had a conversation with a email. And this is what the email needs to do in order to close the sale. First, start with the problem. Earlier today, we talked about how we all struggle with X, and I know that can be very painful.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
Start with the problem. Step two, position your product as the solution to the problem. Nobody has to deal with this anymore because we have created X. And if you buy X, your problem will be solved. That's step two. Step one, define the problem. Step two, position your product as the solution to the problem. Step three, give them a three-step plan to buy it.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
The other house sold, so I was sitting on a pile of cash, put it into an investment, woke up one Monday morning, and my entire life savings was gone. And it was devastating. Eleven years later, I had a $17 million company with more than 50% profit, 30 employees, and life was very, very different.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
Now, three-step plan, don't overthink it. In order for you to engage this, all you need to do is have an intake session with me where we talk about it. Second, I'll give you a custom strategy on what I think you should do. And three, if you want to move forward, you and I can move forwards. You want to remove the cognitive dissonance by giving people baby steps.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
Then step four is actually to paint the negative stakes. I don't want to see you struggle with this anymore. And I know if you don't buy my product, you're going to keep struggling with it. And a month from now, a year from now, this is going to be even more painful. Let's deal with it now. So step four are negative stakes. Step five is positive stakes. However,
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
With my product, this is the life that you're going to experience, and here's how great your life will be. And then finally, step six, ask for the sale. I think you should buy this product today. It's the right product for you. Click here and enjoy this special offer. Let me just summarize it.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
Start with the problem, position your product as a solution, give them a three-step plan, paint the negative stakes, paint the positive stakes, and call the customer to action. If you write that follow-up email, you will close way more sales. Not only will you close more sales, but you will have just learned how to sell.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
And the way you learn how to sell is you find out what the customer's problem is, and you position your product as a solution. If you do it five times, in an email, you will never have a sales conversation again that's the same.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
For instance, if you work at a mattress store, because we work with Tempur-Sealy to train some of their salespeople, you don't want to go up and say, what brought you in today? You know what brought them in today. They're looking for a mattress. You want to go up and you say, hey, welcome into the store. Let me just ask you, what do you hate about your current mattress?
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
If you say, what do you hate about your current mattress? They're going to say, well, it's too soft in the middle or it's hurting my back or it's too warm at night and whatever. And you say, great, I've got three things, three mattresses here that will solve that. Let's take a look at them because they're at different price points and they have some different.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
You are a mile into the sales conversation. And when you ask what brings you in today, you're nowhere. You're absolutely nowhere. They're going to try to avoid you. That's how you sell and it's all you need to know.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
And one of the main reasons it was different and one of the main reasons I think businesses either succeed or fail is I 100% took 100% ownership of my career and my life and my business. Everything that negative happened, I took ownership of. Everything positive happened, I took ownership of. I didn't trust other people to make me money anymore.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
You know, it's interesting, Hala, I just spoke to 250 sales reps for a big, probably $1.4 billion company, 250 sales reps in the room. And I said, hey, raise your hand if there's a customer that hasn't made a decision yet. You've been interacting with them, but they're sitting the fence. 250 hands go up. That's a sales rep's job. So everybody in the room had that. I said, open your computer.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
We are literally going to write them an email right now. And we spent the next hour formulating 250 emails. I said, hit send. And then I needed to get off the stage because I had a flight. So the chief revenue officer got up, said, Don, thanks. And I rolled my bag out of the back of the door. Got a call two days later to my staff. Chief revenue officer said, I've never seen anything like it.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
We closed $2.4 million worth of sales in the room.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
And it's not because we coerced the audience into buying anything. It's not because we manipulated anybody. What those customers were doing were sitting the fence because they didn't fully understand why they needed that product. And every sales rep in that room made it clear. And now they tasted that success. I'm sure they've made tens of millions now because that was over a month ago.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
And they're starting to have very different sales conversations. and sending out very different proposals and giving very different presentations. That formula works for follow-up emails, works for in-person conversations, works for keynote presentations, works for elevator pitches, works for proposals. That's the formula you want to use to close sales.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
You can't write, especially a response email, if you've already started a conversation with somebody, you can't write a good email without having done a very good job listening. If I said, Hala, you and I had a great conversation. Congratulations on your 8 million. I think that's incredible. I heard you when you said you have 60 employees and things have gotten more chaotic. I felt your pain.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
Chapter five of my new book will walk you through five meetings that will completely revolutionize your staff. And within about three months, you won't feel that pain anymore if you run these five meetings. That's me listening and saying, well, here's the part of my product that would solve Holla's problem.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
You start doing that, you're going to sell a lot more books and a lot more leashes for dogs and a lot more nutritional supplements or whatever it is that you sell. You're going to sell a lot more of them.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
And by that, I mean agents and speaking managers and the market, none of that stuff. I took ownership of it. And so as you talk about the economy struggling, that's the economy. Your economy is different. So the economy has factors like trade wars with China, the war in Ukraine, all those kinds of things. Your economy is hardly affected by any of that.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
Well, story is the universal language. And when you're having any kind of conversation, whether it's getting together with a friend to catch up or it's a sales conversation or even if it's a conversation with your therapist, what your brain is doing the entire time is trying to organize events into the structure of story.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
Your brain is subconsciously figuring out who the hero is, what the problem they're up against is. how they're going to get out of that problem, what the happy ever life will look like if they do get out of that problem. So because most people are not actually very good communicators, it's very hard to figure out what the story is actually about.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
But if we actually lay out our communication in the form of story, The person that we're talking to doesn't have to use any mental bandwidth in order to understand what we're talking about. And that gives the brain a really pleasant feeling because the brain doesn't have to work hard to organize the information. We tend to follow leaders who are able to do that.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
And we tend to buy products from account executives who are able to do that.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
Well, we've worked with a number of politicians on the Republican and Democratic side. I'm not a Republican or Democrat. I find myself pretty much squarely in the middle and don't really like either party because I think they're destroying the country. But I've gone in and I've helped some folks. And a few elections ago, Hillary Clinton's tagline was, I'm with her.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
OK, well, if I'm with her, the story is about her. It's not about me. I don't know where we're going. I'm with her, but I don't know where we're going. I don't know what we're trying to accomplish. I don't know what's in it for me if we get there. In fact, I don't even know where there is. She did not effectively invite people into a story. And so it's not that people liked Donald Trump more.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
It's just that they didn't show up in the polls to vote for her. She had an incredibly low turnout. Donald Trump also wasn't all that much better. He also had an incredibly low turnout, but he just had more people than she did. And then you have Joe Biden later on, who's running against January 6th. He's running or he's running not against January 6th.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
He's running against the spirit that led to January 6th. He's running against, you know, he had all sorts of villainous things that he could point out that he's running. It was a clearer narrative.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
And so it's very important that we understand unless we're inviting people into a very clear story in which they, they, they, they get to be the good character winning the day to experience a better life, people are going to tune you out. You will see examples of that everywhere now that I just said it.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
Yeah. Well, you know, the reality is You probably talked to people, Hala, and I may have been one of them at some point because I'm not perfect, but you probably talked to people and it felt like the story was all about them and it really wasn't about you. And we might call that person a narcissist or something like that.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
That's because they see life through a prism and the prism is they are the hero trying to win. But the reason that that rubs us wrong, because it really shouldn't rub us wrong, but the reason that it rubs us wrong is because them winning is not helping you win. In order to sit here and listen to this person who's all about them winning means that you don't get to win.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
And it's not a win-win scenario. It's not a mutual thing. What we're actually looking for is somebody who enters into our story and helps us win. So let me give you an example. Let's say you're at a cocktail party and you meet two people who do the exact same thing. The first person you meet, you say, what do you do for a living? And they say, well, I'm an at-home chef.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
You know, I come to your house and cook. You'd probably say something like, really, where'd you go to school? Where'd you learn to cook? And have you ever cooked for anybody famous? And what are your favorite restaurants? You'd make casual conversation. And you would, at the end of the day, you'd think, well, that's a really kind person.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
It might be slightly, but most of us is hardly affected by any of that. It's actually more affected by our attitude. And if we take ownership of our economy, our economy can do incredibly well. So as I went from $0 to 17 million, I did a rough count, Hala. I think I did 572 things wrong and I did six things right. So the book, How to Grow Your Small Business is about the six things I did right.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
Two hours later, you meet somebody and they do the exact same thing, charge the exact same amount of money and have the exact same quality food. And you say, what do you do? And they say, well, you know how most families don't eat together anymore because they don't have time? And whenever they do eat together, they don't eat healthy. I'm an at-home chef.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
I come to your house and cook so your family can sit around the table, look each other in the eye, actually connect. And at the end of the meal, you don't have to clean anything up and you don't have to feel bad because what you ate was actually really good for you. And it also tasted good. Who's going to do more business, chef one or chef two?
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
Chef one told their story. Chef two invited the customer into a story in which they could play the hero buying their product in order to experience a climactic scene. That is always going to win.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
I do that to protect my reputation. And also, that's the selfish reason I do it. The other reason I do it is because they're not going to get any value out of this. To bring me in for a day, we do these things called strategy sessions where I either come to you for a day or you come here to Nashville for a day. They're really expensive.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
And they're expensive because for me to take a day and not write a book, the opportunity cost on that is very high. So what we promise people is that, look, I will only do this if we really believe that easily, easily, easily, easily, you can make a 10X return on your investment.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
So if you're going to pay me X amount of dollars to be here, we need to talk on the phone and make sure you can make a 10X return on your investments. That means, do you have emails, a list of emails that we can email? Is your website pretty messed up so that we can fix it in a day? Can we write some emails? Can we come up with the three economic objectives? Can we?
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
You know, we need to get a massive, massive return. Well, I've never had to write anybody a check, but I do guarantee you're going to get this 10X return or I'm going to give you your money back. So there's two things that I do. One is if we have that call and I don't think I can make you a pretty enormous amount of money, I just say, listen, I'm not your guy. I just don't think we can do it.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
Sometimes the reason I don't think we can do it is because you're already doing so incredibly well. It's like, I can't improve on what you're doing. You're doing well. Or, you know, you haven't released the product yet, or it sounds like you've got dysfunction on your team or, you know, whatever. But if I look at it and go, yeah, you've got a great email list. Your website is very unclear.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
We're going to make a ton of money when we clean that up. We're going to write five emails. They're going to make you a truckload of cash. Let's go. Then we do it. So there's people who I say, I can't do it for you. And people who I say, look, I'm going to do it. You got an honor system here. All you got to do is call me and say, Don, we didn't make our money and I'm writing you a check.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
And I'm going to write you a check for whatever you paid me. And the main reason I'm writing is I never, ever want anybody to say I lost money on Don Miller. I just don't want him saying it. So I'll give you your money back so you can never say that. I think that's one of the ways I've built a little bit of trust in the business community because the bottom line is the bottom line.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
And we've got to make you money. And I'm in the business of making you money. I think you do that to protect your reputation. And also, I just think there's plenty of money out there and there's plenty of people who have the problem you solve. So, you know, your job is to find the people who have the problem you solve and sell them something.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
And if you find somebody who does not have the problem you solve and they want to buy something from you, I think it's our responsibility to sit down and say, I don't think this is going to work for you. And I never, ever, ever want anybody to buy my product and not have it work.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
It's always wonderful.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
So the book really walks through and I turn those six things into six steps that you need to overhaul your business and optimize it for revenue and profit. And I just laid it out so nobody has to make the 570 mistakes that I made.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
Well, get it wherever you buy books. If that's on Amazon, grab it on Amazon. If that's at Barnes & Noble, grab it at Barnes & Noble. Keep your receipt. You know, they email you a receipt. And if you just copy that number, that receipt number, and go to growyoursmallbusiness.com and enter your receipt number, we have a bunch of free bonuses that we're giving away.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
One of them is a pass to the online sales script where we will actually, you can type in your sales follow-up email and I will color code it for you. so that you can see where you're talking about the problem, where you're talking about the product as the solution to the problem, where you're talking about the three-step plan, negative, positive stakes, and call to action.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
You'll actually look at it in four color to see where you're talking about all these parts to make sure it's a perfect email that's going to close the deal. That's free when you buy the book. Just grab the book and then go to growyoursmallbusiness.com and give me your receipt.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
Set three economic objectives. We talked about it at the beginning of the podcast. What are the three ways that you're going to make money this year? And give me numbers. We're going to sell 400 of this. We're going to sell 80 of this. We're going to sell 25 of these. Whatever it is, give me three economic objectives and then reverse engineer your entire strategy to hit those.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
Profiting in life, five o'clock, actually more like four o'clock, I go home and I spend time with my daughter and my wife and I don't think about work. And my wife and I talk about work for probably an hour a week. And that's it. I have a life outside of work and I love it.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
Well, if you want to see pictures of my daughter, who's incredibly cute, and my wife, who's incredibly beautiful, and my dog, who is a feisty pain in the rear end, who keeps us humble, Donald Miller is my Instagram handle. I'd love to see you guys there.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
Thank you so much, Hala. Wonderful to talk to you.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
Yeah, well, the S-curve explains why most businesses fail, and they actually fail because they succeeded. And here's what I mean by that. Nobody gets into business to run a business. Nobody. Not a single person in the history of the world has ever started a business because they wanted to run a business. They started a business because they loved their customers. They loved a product.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
They wanted to be financially free. That's why we start a business. If that business takes off, the business owner then finds themselves doing something that they never thought or never even imagined or didn't realize they were going to have to do, and that's run a business. So the S-curve is, You love this product. It starts taking off and you start going up and up and up.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
And then all of a sudden you're hiring people. You're firing people. You're trying to figure out healthcare benefits. You're dealing with customer service. All of a sudden you're taken out of the sweet spot you were in when the business grew and you're put into a different role. And that role is running a business. And almost none of us have any education.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
Even if you got a master's degree in business, you don't know how to run a business. Most master's programs train you to be chairman of the federal treasury. They don't train you to run a business. And so we don't know what we're doing. And because we don't know what we're doing, customers realize it. Our products, uh, aren't as, the quality's not as good as it used to be.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
The relationships we used to have with customers are now strained because we've turned those over to account executives. We ended up falling on hard times a little bit, so we ended up giving 90-day terms to a customer in order to get bigger profits. Then we ran into a cash flow issue, and you know what happens after that. You just kind of, you bomb. So that's the down part of the S-curve.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
Now that's where those 65% of businesses, that's where they crash when they hit the ground. The rest of us though, we do something. We figure out how to run a business. We figure out how to install the systems and processes that are necessary in order for a business to not hit the ground, but actually come back up and start climbing again.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
Those are the 35% of businesses that actually make it and go on to make millions and millions of dollars. So those systems and processes are what this book is about. It's the six systems and processes that you need to install in your business in order to avoid crashing your business. It will teach you how to run a business so that it is a predictable, dependable revenue machine.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
Well, about six years ago is when my business really experienced a transformational moment. It happened in my driveway. Before then, I'll get to the driveway in a second, but before then, I was what I call diving for dollars. We were just trying to find money anywhere I could get. If you paid me to speak, I'd go speak. If I could get a book contract, I'd get a book contract.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
I put out an online course, and people would buy the online course. Anything I could do, I would do. And that started getting very successful, true to the S-curve, the initial rise in the S-curve. And we got to about $3.5 million or something like that. People were loving my marketing framework, the StoryBrand framework. We were consulting with giant brands, Procter & Gamble, Ford Lincoln Group.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
Even the NSA and the government we began consulting with. Everything was going really well. I had a mentor who is still a very good friend. His name is Bill. And Bill scaled up his company, his father's company, into the billions and then took some of that money and bought other small companies and was mentoring some of those CEOs. He didn't buy my company, but he was mentoring me nonetheless.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
And I mentioned to him, I'd love for my business to get to $100 million. We were standing in my driveway after having met for a couple hours. And for the first time in my relationship with Bill, he just kind of looked at me a little bit puzzled. And I knew that the hundred million dollar number was really big and he didn't think I was going to hit it.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
That's the first time I'd ever seen that expression in him as he looked back at me. And I said, Bill, what's going on? He said, Don, in order to hit a hundred million dollars, you are going to have to, quote, professionalize your operation. That's what he said to me.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
Now, I'd never heard the phrase professionalize your operation before, but it rang absolutely true as it's ringing true to almost all of your listeners right now. What it said to me was, what Bill said to me basically was, you're making it up. You're making it up as you go along. And he also said this.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
He said, Don, if you leave this company, the company is going to go down because you haven't installed the systems and processes necessary for somebody else to come and buy this company and run it. Right. And that rang so true to me that I spent the next about three to four years figuring out what the systems and processes needed to be and how the company needed to run.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
And the framework that I came up with is actually really simple. And that's kind of what was missing in the market. Everything was very complicated. It took more time to sort of professionalize your operations through other systems than it did to actually build your company. You spent more time working on your company than you did catering to clients, which doesn't work. You lose money that way.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
I wanted it to be really simple. And the metaphor that I came up with after I did all this stuff, when I was trying to sort of have a controlling idea to bring it all together, was the metaphor of the airplane. And every airplane has, every commercial airplane has six very important parts to it, and they have to work together. The leadership is your cockpit.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
The people in that cockpit need to enter data into the flight computer that says where this airplane is going. Everything is reverse engineered from that leadership in the cockpit. The ride engine is your marketing. And that marketing needs to produce thrust to get the plane moving. The left engine is your sails. It needs to produce more thrust to get the plane moving.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
Your products are your wings of the airplane. Those need to be in demand and profitable. The wings need to be big, light, and strong in order to get lift. The body of your airplane is your most expensive, heavy part. That's your overhead, and your overhead needs to stay lean.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
That's why when you get into a smaller commuter plane, you're ducking your head because they need that thing to be small, and they're squeezing you into those tiny seats, and then the Fuel tanks of your airplane are your cash flow. And if you can actually keep the six areas of your airplane in proportion to each other, you're going to do just fine. And it's the same with business.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
In order to get a business off the ground and keep it from crashing, you've got to enter the right coordinates into your flight computer. Those are going to be economic coordinates. You got to clarify your marketing message and run a really good sales funnel. That's going to get your ride engine humming. You've got to be able to invite customers into a story and close deals.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
And I've got a formula for you to be able to do that in your sales. You've got to have products that are extremely profitable and in demand. Those are going to be your wings. You've got to manage your team so it's lean, efficient, and productive, which is an incredibly hard thing to do. That keeps your body of the airplane small. And you've got to
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
get very clear optics on your cash flow so you never run out of cash or get surprised by a tax bill or can't make payroll. If you can do those six things, your business is going to do just fine. Holly, you've interacted with as many business owners as I have.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
I'm sure there's times when you've walked into a business and they have a really nice facility and they're handing you all sorts of swag and 20 minutes into visiting their business, you have no idea what they do because they can't State it clearly. And you're asking yourself, how in the world are these people making money? And you realize they're not making money.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
They're actually just living off private equity or venture capital money. And all they're doing is living off somebody else's dollars. And this plane is going down. It looks successful, but it isn't successful. I have zero interest in helping anybody listening to the sound of my voice look successful. I have no interest in that.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
I have enormous interest in you opening up your bank account and seeing a ton of money. That's what I'm interested in. And so these are the basics of how to actually run a successful business without lying to ourselves. This is how it has to be done.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
Too much.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
Well, the problem is your business isn't worth anything. You know, if somebody comes to buy your business, one of the first questions they ask is what happens when you leave?
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
What somebody wants to see if you want to value your business at 4, 5, 6, 7, 8x EBITDA is they want to know that you can go to Turks and Caicos and lay on a beach for two months and never answer your phone and the business gets stronger. That's what they want to know. So the problem in my life at that time was this business depended completely and totally on me.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
I was the guy who was actually necessary for this business to go and grow. Today, we have close to 800 certified facilitators, coaches, and guides who go out and teach these frameworks. Now, if I left, we would need a new host for our podcast. And that's about it. We would need a new host for the podcast.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
And quite honestly, I think we could find a better one pretty easily, but I'm not willing to give up the job at this point. So we're way further along than we were about four or five years ago.
Young and Profiting (YAP) with Hala Taha
Donald Miller on How To Make Your First Million in Business | YAPClassic
Let's look at the airplane and talk about the airplane analogy as a decision-making filter. We know that we've got a good sales team. There's a couple people who are selling a lot of stuff for us. It's really great. But we've got this product, and we're getting many calls, many calls. Customers can't figure out how to log in or something like that, and the sales team is answering those calls.