If I Had to Build a Sales Team, I'd Stop Selling First — Transcript

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1. 0:00Hey Alex, I'm Colby. Um, thanks for your
2. 0:02time coming up here. Um, so I'm in gas
3. 0:05station brokerage.
4. 0:08I just went out of my own about 2 years
5. 0:10ago. I'll do about 2 million in revenue
6. 0:12this year.
7. 0:13>> Amazing.
8. 0:14>> Um,
9. 0:14>> Commission?
10. 0:15>> Uh, all commission.
11. 0:16>> Sick.
12. 0:16>> Yep.
13. 0:17>> Do you have a big team or is it just
14. 0:18you?
15. 0:18>> Just me.
16. 0:19>> Badass.
17. 0:19>> So, thanks.
18. 0:20So,
19. 0:22I'd love to get to eight. I think my
20. 0:24constraint is hiring more brokerages to
21. 0:26come on underneath me. I did give that a
22. 0:29shot. It did not go well. It was just a
23. 0:31very long time to like get them educated
24. 0:33up to speed. Felt like it took a lot of
25. 0:35my time away. Took my time away from my
26. 0:37clients. Felt like during that period I
27. 0:39saw a dip. So, I've just been I guess a
28. 0:41little trigger shy and like bringing on
29. 0:43more guys cuz it was a bad experience
30. 0:44the first time I did it. So.
31. 0:46>> So,
32. 0:48so it sounds like you are supply
33. 0:49constrained. Right?
34. 0:50>> Sir.
35. 0:51>> Yes.
36. 0:51>> Okay. So, you need to get more brokers
37. 0:53or agents, whatever underneath of you
38. 0:54who are going to go sell or find buyers
39. 0:55and sellers cuz you're connecting both.
40. 0:57>> If we're going to do more, yeah. But,
41. 0:58I'm more on the buy side, but I do buy
42. 1:00and sell side. I do a little bit of
43. 1:01both, but and I really try to when I
44. 1:03first went out of my own is like I'll
45. 1:04take anything I can get. If it's just a
46. 1:06single store, and now I'm doing bigger
47. 1:08portfolios. So, eight, nine figure
48. 1:09sales. So.
49. 1:11>> Um,
50. 1:12>> [sighs and gasps]
51. 1:12>> okay. So,
52. 1:18I'm going to take this to the
53. 1:19hypothetical extreme. If you keep going
54. 1:22on your current path, you will continue
55. 1:23to make more money. It probably won't
56. 1:25happen at the rate that you want it to
57. 1:27because what will happen is because of
58. 1:28the beauty of your, you know, your role
59. 1:30is that ticket size will go up, right?
60. 1:32Cuz your network will develop and you
61. 1:33could bigger bigger. You'll say no to
62. 1:35smaller and smaller deals. And you'll
63. 1:36just do bigger all nine figure deals
64. 1:37will be the next, you know, you'll just
65. 1:38have this line that you draw and you'll
66. 1:40continue to I had a conversation with a
67. 1:42friend of mine who's investment banker.
68. 1:44He has a four-person team, does 10
69. 1:45million a year, and chills, right? And
70. 1:47that's his whole thing.
71. 1:49And he's just continually grown by, you
72. 1:50know, 20 to 30% a year just by average
73. 1:52ticket size going up. He does about the
74. 1:53same number of deals every year.
75. 1:55>> Yep.
76. 1:56>> So, that is a path. It probably takes
77. 1:59realistically 10 years for you to go
78. 2:01from call it two to like 10 to maybe 15
79. 2:04in that time period. There's nothing
80. 2:04wrong with it. It's a lot of money and
81. 2:05it's all take home. So, like there's
82. 2:07some juice there.
83. 2:08If you want to scale faster,
84. 2:11you'll have to give up profit.
85. 2:14>> Right.
86. 2:14>> And so, the the the eternal question is
87. 2:16profitability and growth because you
88. 2:18take profit to grow. Now, when you're
89. 2:20the sole, you know, doer, any time in
90. 2:24the short term that you're not selling
91. 2:25[ __ ] you're not making money.
92. 2:26>> That's right.
93. 2:27>> And so, it Think about this as a cost of
94. 2:30doing business in the business that
95. 2:31you're in is that like you're going to
96. 2:32have to take your foot off the pedal by
97. 2:3420 or 30%. And the big unlock for the
98. 2:36business is that you'll have to learn
99. 2:38the recruiting, hiring, and training
100. 2:39process for brokers to onboard them so
101. 2:41that they are active.
102. 2:43I would probably look at like what's the
103. 2:45commission structure you're going to Is
104. 2:46it all commission that you're going to
105. 2:47be bringing them on for or what?
106. 2:48>> Yeah, I mean, I would if it was the
107. 2:50right person, I wouldn't mind paying
108. 2:51them like some type of a base salary,
109. 2:52but like typically it's just eat what
110. 2:54you kill commission, so.
111. 2:55>> I would um in the deals that are too
112. 2:57small for you, what are you doing for
113. 2:58those?
114. 2:59>> Nothing. [snorts]
115. 3:00Maybe referring it to someone.
116. 3:02>> Yeah, so I would use that as the bait,
117. 3:04>> Okay.
118. 3:04>> which is like I'll give you all the
119. 3:05business that I don't want to do,
120. 3:06>> Yeah.
121. 3:06>> and we'll go 50/50 on it.
122. 3:09And I think if you do that, you're going
123. 3:10to be able to get a lot more interest
124. 3:12like inbound, too, which is like I'm not
125. 3:14just telling you to come here and take,
126. 3:15you know, stop your current pipeline at
127. 3:16your current because I'm sure they have,
128. 3:17you know, how six months of pipeline
129. 3:19about to close this deal and everybody's
130. 3:21optimistic. It's like dude, we'll just
131. 3:22start doing deals. I'll cut you in if
132. 3:24they're good. And I think as soon as
133. 3:25they get the taste of blood, they'll
134. 3:27they'll be more willing to come over to
135. 3:28your side. You can make up for some of
136. 3:30that in that if you have some of these
137. 3:31earlier guys, you get those 50% spiffs,
138. 3:33it can make up for some of the volume
139. 3:34that you're going to be decreasing that
140. 3:35period of time. But the biggest thing of
141. 3:37all is just like it's an expectation
142. 3:38change. You want to make more every
143. 3:40year, and you can do that if you don't
144. 3:42bring anyone else on, but it's not going
145. 3:44to happen as fast as you want. So, you
146. 3:45might have to take a step back.
147. 3:46>> Yeah.
148. 3:46>> Get like the core skill set that you
149. 3:48lack right now is recruiting, hiring,
150. 3:51onboarding, and training, and
151. 3:52maintaining high-level sales skill.
152. 3:55That's it. So, as long as you frame it
153. 3:56like this is the skill set I need to
154. 3:57learn, which means I might [ __ ] up the
155. 3:58next one and the next one and the next
156. 3:59one, but as long as you don't give up on
157. 4:01it, you will figure it out. And that's
158. 4:03like that's the the the short and nasty.
159. 4:05>> Do you feel that's a path though? Like
160. 4:07should I like learn that, figure that
161. 4:08out?
162. 4:09>> If that if I mean, I'm a big believer in
163. 4:11don't change the goal.
164. 4:12>> Yeah.
165. 4:13>> Like change the path.
166. 4:15But like I don't want to negotiate on
167. 4:16the goals.
168. 4:17>> Yeah. Okay.
169. 4:18All right. Thank you.
170. 4:19>> Appreciate you.
171. 4:20>> Appreciate you. Congrats again.
172. 4:20>> So, you just saw a compressed version of
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