Ral West
Appearances
Chief Change Officer
#208 Ral West’s Wild Ride: From the Cockpit to the Boardroom
The creation of all of the systems and the processes and building the team happened over a period of years. It was certainly not an overnight transformation. And I had to learn a little bit by a little bit by reading books and actually went back to college and studied with people like Robert Kiyosaki and read books like The E-Myth by Michael Gerber.
Chief Change Officer
#208 Ral West’s Wild Ride: From the Cockpit to the Boardroom
And I learned bit by bit how to establish written procedures. For every job, I learned how to write down what it was that I do so that I could teach someone else how to do it. It didn't really need a tremendous amount of financial success in order to learn how to delegate.
Chief Change Officer
#208 Ral West’s Wild Ride: From the Cockpit to the Boardroom
Even if you're a solopreneur, you can hire a very inexpensive virtual assistant or part-time help to just take some of those tasks off your plate. So you need to really think about
Chief Change Officer
#208 Ral West’s Wild Ride: From the Cockpit to the Boardroom
chunk it down into bite-sized pieces of what you do every day and what of those things that you do could be easily transferred to someone else to let them do it and one of my challenges was also to figure out what my decision-making process was so that other team members could make decisions even if i wasn't there that was more complicated because how do you chunk down and turn into a written process
Chief Change Officer
#208 Ral West’s Wild Ride: From the Cockpit to the Boardroom
how you made a decision about, for example, when to spend more money on advertising. And that was a very complicated thought process to come to that conclusion. And after a few weeks of trying to figure it out, I decided that I was watching the metrics of the sales.
Chief Change Officer
#208 Ral West’s Wild Ride: From the Cockpit to the Boardroom
And I was able to discern that if the sales were decreasing, like over a period of three days, that meant we needed to beef up the advertising. But you need to be able to document, all of these things.
Chief Change Officer
#208 Ral West’s Wild Ride: From the Cockpit to the Boardroom
And that takes time to be introspective and figure out how it is that you're running this business and get written policies, procedures, training manuals, build a team, train the team, create a company culture that embodies everything that you feel is important, your values and your principles, and have that carried out throughout the organization and And there are just so many aspects.
Chief Change Officer
#208 Ral West’s Wild Ride: From the Cockpit to the Boardroom
We needed to improve our customer service. We needed to make sure that we were collecting feedback from our customers so that we could provide the level of expectation that they wanted. And because we depended on repeat business, if we didn't keep our customers happy, we wouldn't get that repeat business. So there were so many aspects to it. And we had a team of two or three or four dozen people.
Chief Change Officer
#208 Ral West’s Wild Ride: From the Cockpit to the Boardroom
So it wasn't a huge business, but it wasn't real tiny either. And I had the ability to delegate and create processes and systems with our teams. Could you share some specific examples where you built a system for yourself? There are many examples. I'm trying to pull the one that would be the most relevant.
Chief Change Officer
#208 Ral West’s Wild Ride: From the Cockpit to the Boardroom
And I think one thing that might be relatable is that our business involved taking reservations for our air service over the phone. So we had reservations agents who would answer the phone and take a booking by using our in-house computer reservation system. And No booking was taken without somebody being on the phone to take that booking.
Chief Change Officer
#208 Ral West’s Wild Ride: From the Cockpit to the Boardroom
So as time went on, we were realizing that this was not a very efficient system and we invested a huge amount of money and almost two years to develop an automated reservation system. And that system, once we pulled the trigger on it and it went live, it was able to take the bookings 24-7 without any of our reservation agents talking on the phone at all.
Chief Change Officer
#208 Ral West’s Wild Ride: From the Cockpit to the Boardroom
Whether you are a travel agent or a customer, you could go online and book your trip entirely online. That was a huge transition for our company and it made a gigantic difference in our revenue. by being able to automate that reservation system.
Chief Change Officer
#208 Ral West’s Wild Ride: From the Cockpit to the Boardroom
So just like what you're talking about in terms of your podcast, the more you're able to automate some of your processes so that you can repeat your systems over and over again in less and less time, that enables you to increase your productivity and hopefully your revenue as well.
Chief Change Officer
#208 Ral West’s Wild Ride: From the Cockpit to the Boardroom
I think I'm a bit different than a lot of people. Financially, we could have retired when we sold our business to Alaska Airlines, and that was like 16 years ago. But we had still a lot of energy and ideas, and we didn't want to retire. So I think our decision to not retire was based on just our own motivation and desire and interest.
Chief Change Officer
#208 Ral West’s Wild Ride: From the Cockpit to the Boardroom
So we're, particularly I am, continuing to work just because I love it. And I don't feel the need to sit back and I do love to travel. My definition of living the dream is being able to travel the world. We take long trips. I recently got back from a six week trip in Europe and I plan to do a lot more of that.
Chief Change Officer
#208 Ral West’s Wild Ride: From the Cockpit to the Boardroom
I love cruising and I don't intend to give that up, but I also don't intend to give up my business. So I have to figure out a way to have the businesses run very smoothly and with these processes and systems going, whether I'm around or not. And so my definition of retirement is just living the life that I want and having whatever business I want to have. I don't need it for monetary reasons.
Chief Change Officer
#208 Ral West’s Wild Ride: From the Cockpit to the Boardroom
I just want it because it's my passion. It's my joy. And I don't see that age has any bearing on whether or not I continue to work. You know, as long as I love it and I can do it, I'm going to.
Chief Change Officer
#208 Ral West’s Wild Ride: From the Cockpit to the Boardroom
I think that people need to be able to pivot and that the pivot will depend on what their inner desires and motivations are. And I think that I personally am an advocate of people following their heart and following their passion. If they love what they do, why not keep doing it? Financially, I think it's great to make sure that you have
Chief Change Officer
#208 Ral West’s Wild Ride: From the Cockpit to the Boardroom
a consistent source of income whether that be some kind of retirement account that's generating some income for you or you have passive investments like our real estate they are considered passive investments because they earn money while we're sleeping so that's an important aspect of being able to be financially independent
Chief Change Officer
#208 Ral West’s Wild Ride: From the Cockpit to the Boardroom
and live the life the way you want to live it, whether that means working or not working. We have friends who are just totally enjoying their retirement. They have the financial means to do what they want and they travel or they play golf or pickleball or do volunteer work, whatever they want to do. And I think that the traditional retirement
Chief Change Officer
#208 Ral West’s Wild Ride: From the Cockpit to the Boardroom
definition of retirement of reaching age 65 and then you quit your the job that you've had for 30 or 40 years and then you're hanging up and go home and sit on the couch that's gone I don't see that happening I think that people can reinvent themselves and develop new ways to keep themselves occupied and follow a passion and maybe that passion will be generating some income or maybe it won't but you do have to have some financial wherewithal to be able to live the life that you want
Chief Change Officer
#208 Ral West’s Wild Ride: From the Cockpit to the Boardroom
I think that's important. I think that people nowadays have an opportunity to create so many more opportunities for themselves. And there are really no limits. You mentioned AI earlier and with the digital age, there are just so many things that people could do, so many opportunities. If you look around and see what...
Chief Change Officer
#208 Ral West’s Wild Ride: From the Cockpit to the Boardroom
Where people need to be served and you can provide that service, why not do that? And be creative, be bold, be confident, and don't let your age or your situation stop you. And I just believe that people need to go for it. That would be my final word.
Chief Change Officer
#208 Ral West’s Wild Ride: From the Cockpit to the Boardroom
Thanks, Vince. And I love the distinction of the time difference.
Chief Change Officer
#208 Ral West’s Wild Ride: From the Cockpit to the Boardroom
Okay, Vince, in a capsule, 40 years plus, I've been an entrepreneur. And before that, I grew up in an entrepreneurial family. So I think it ran in my blood. So in my mid twenties, I opened my first business and went on to have a serial entrepreneur, if you will, had many different businesses. And the primary business was one that I ran with my husband and we ran the business for 25 years.
Chief Change Officer
#208 Ral West’s Wild Ride: From the Cockpit to the Boardroom
It was a business that operated charter air service between Alaska and Hawaii with wide body jets. And after 25 years, we were able to exit the business by selling it to Alaska Airlines. And in other career pivots since then, we have owned small cruise ships, we have invested in multifamily real estate syndications, and we are still doing that. So a varied career for, as I say, over 40 years.
Chief Change Officer
#208 Ral West’s Wild Ride: From the Cockpit to the Boardroom
And that brings me to today where I have yet another business that I've started where I'm teaching entrepreneurs how to accomplish what I have in that you can run your business and have the life that you want at the same time.
Chief Change Officer
#208 Ral West’s Wild Ride: From the Cockpit to the Boardroom
To start with, I was raised in a tourism family. So that was my initial business was related to tourism. And I was helping businesses with their marketing and advertising, businesses that were involved in tourism in Alaska. I wasn't born in Alaska. I was born in Seattle, but I moved to Alaska in my 20s. And that's where I decided to launch out onto my own because I saw an opportunity.
Chief Change Officer
#208 Ral West’s Wild Ride: From the Cockpit to the Boardroom
And I think that's the main criteria here. is that there was an opportunity because there were many small tourism businesses that didn't know how to get their product out to market. And I had the experience doing that in the work that I had already done in tourism. So I thought, hey, I can offer them this service and I can provide them with what they need to get their product to market.
Chief Change Officer
#208 Ral West’s Wild Ride: From the Cockpit to the Boardroom
So I did that to begin with. Then the business that my husband started was a spinoff of that. She was in real estate and she decided that he wanted to make these free trips to Hawaii like I was doing because some of my clients were in Hawaii. And she said, okay, I'm going to represent Alaskans who own condos in Hawaii and I will work at the condos for them.
Chief Change Officer
#208 Ral West’s Wild Ride: From the Cockpit to the Boardroom
Then I added to that with, okay, but you need to also add the rental cars and the air and make a whole package out of it. Cause that was my experience in tourism. So you need a whole vacation package. So together we built that company and it was basically a merger of his expertise with my expertise and we ran with it. Along the way, we started investing in some real estate just on the side.
Chief Change Officer
#208 Ral West’s Wild Ride: From the Cockpit to the Boardroom
And later on, when the time came to sell the business, that opportunity arose because we knew that Alaska Airlines was planning to enter the Hawaii market. And we knew that their pockets were deeper than ours. And it just made sense for them to buy our company rather than for us to duke it out in the marketplace. And we'd both lose a lot of money.
Chief Change Officer
#208 Ral West’s Wild Ride: From the Cockpit to the Boardroom
So we convinced them that buying our business was a lot cheaper than winning the market from us. So the pivot that came next was again a spinoff because my family's business that I had not been involved in personally for several years was involved in small cruise ships in Alaska.
Chief Change Officer
#208 Ral West’s Wild Ride: From the Cockpit to the Boardroom
And we had a different idea as to how to present cruises to people visiting Alaska instead of just going from port to port. We felt that they would have a better experience of Alaska by leaving from a port and going out into the wilderness, getting onto a skiff and playing with the whales, going kayaking, going ashore and taking hikes in the forest or even walking on a glacier.
Chief Change Officer
#208 Ral West’s Wild Ride: From the Cockpit to the Boardroom
And these things were things that we were enjoying on our own boat in Alaska, because by that time, my husband's a boataholic, so we had to have boats up here. And so we found a couple of cruise ships that were bank owned. They had been owned by a company that went bankrupt. And so the bank held them and they were sitting at a dock rotting. So again, it was an opportunity.
Chief Change Officer
#208 Ral West’s Wild Ride: From the Cockpit to the Boardroom
And we seized that opportunity and bought those ships out of rather low price point and fixed them up and bought them.
Chief Change Officer
#208 Ral West’s Wild Ride: From the Cockpit to the Boardroom
found somebody to operate them for us and then later there was another company that went bankrupt and we bought some more cruise ships so we ended up having five small cruise ships under 100 passengers each that were operating in alaska and providing the kind of adventure that wilderness experience that we felt that people would really enjoy in alaska so that lasted for about 10 years and we were selling the vessels one by one to the company that operated them
Chief Change Officer
#208 Ral West’s Wild Ride: From the Cockpit to the Boardroom
But COVID happened then. We had one ship left and it got tied up to a dock because no cruise ships were operating anywhere in the world. So that was a pretty obvious sign to us that it was time to pivot away from cruise ships. So we sold that last ship.
Chief Change Officer
#208 Ral West’s Wild Ride: From the Cockpit to the Boardroom
and then we spent a fair amount of time studying the landscape of world economy where were the opportunities where was the world going next what would be the outcome after covid we would listen to podcasts and we would read we would attend workshops that's when we decided that the future seemed to be in going in the direction of real estate and particularly multi-family real estate
Chief Change Officer
#208 Ral West’s Wild Ride: From the Cockpit to the Boardroom
Because buying an individual home was becoming more and more cost prohibitive, which meant that people were going to be renting. So we decided that that would be a good place to put our money. And we started investing as a general partner, limited partner in various syndications. where we were involved in purchasing complexes that had 100 or more apartment units in a complex.
Chief Change Officer
#208 Ral West’s Wild Ride: From the Cockpit to the Boardroom
And we now own over, or we're part owners anyway, in over 6,000 of these apartment units in five states across the U.S. So it's a combination of seizing opportunities, but also just keeping your eyes on what's going on around you. The world is changing all the time. And if you're not Staying aware and keep your eyes open to what's going on around you, you can miss some of these opportunities.
Chief Change Officer
#208 Ral West’s Wild Ride: From the Cockpit to the Boardroom
So that's the main key.
Chief Change Officer
#208 Ral West’s Wild Ride: From the Cockpit to the Boardroom
I think that I definitely am a risk taker. And that comes from my family culture as well and coming from the entrepreneurial background that I have. But I do take calculated risks and I do the homework and I run the numbers and I do some research and investigate the market. And I've learned along the way because sometimes I didn't do my research and my homework. as well as I should have.
Chief Change Officer
#208 Ral West’s Wild Ride: From the Cockpit to the Boardroom
And that was a big learning experience that was painful. So I don't want to do that again.
Chief Change Officer
#208 Ral West’s Wild Ride: From the Cockpit to the Boardroom
And then now in this particular, my newest business, it's more of, as you said, making a contribution and giving back and sharing my years of experience and knowledge with entrepreneurs so that I can offer them the guidance and the wisdom and help them cut out a lot of the pain and learning experiences that I had. make it easier for them.
Chief Change Officer
#208 Ral West’s Wild Ride: From the Cockpit to the Boardroom
I think that early in my career, actually, when I was working for my father, I experienced more of the glass ceiling and the prejudice against women. And once I went out on my own and said, yeah, thanks, Dad, I'm going to do this myself. Then I was able to break away from that because he was a bit chauvinistic. He came from another generation. And so I said, not going there.
Chief Change Officer
#208 Ral West’s Wild Ride: From the Cockpit to the Boardroom
I'm not dealing with that. I didn't really experience too much in the way of discrimination or any obstacles because I was a woman. I think I... Maybe I just had a lot of confidence and I just didn't let it stop me. I was just bearing to go and I just knew that I could do a better job than most anybody else let me at it.
Chief Change Officer
#208 Ral West’s Wild Ride: From the Cockpit to the Boardroom
So I'd say that for women, all women, whatever age, you have to believe in yourself and you have to have the confidence that you know what you know and you can do the job.
Chief Change Officer
#208 Ral West’s Wild Ride: From the Cockpit to the Boardroom
i think that women when i was between 35 and 55 i was juggling young children and a business and volunteer activities and i was exhausted and overwhelmed and i was stretched so thin sleep was a luxury and i the relationship with my husband suffered and My health suffered and I just couldn't do it all.
Chief Change Officer
#208 Ral West’s Wild Ride: From the Cockpit to the Boardroom
So I think that I can relate to women who are in that period of their lives where they're trying to juggle so many things. And what I learned the hard way was how to create the systems and the processes and build a team around me, use leverage and get out of that, that stress and overwhelm by a
Chief Change Officer
#208 Ral West’s Wild Ride: From the Cockpit to the Boardroom
building a real system and structure around me so that I could operate the business, whether I was there or not. And I developed metrics and data based management, and it all allowed me to have more freedom to do what I wanted to do. So by the time I was about the end of that time period, by the time I was 55 and the kids were, you know, grown,
Chief Change Officer
#208 Ral West’s Wild Ride: From the Cockpit to the Boardroom
I was able to take off and do whatever I wanted to do because I had a team in place. I had managers in place. I was free. And that's what I would like to share with other women that they can do that too. Doesn't matter if you're male or female. So don't let that stop you. So that's what I would give as advice to any woman.