200 - Mastering Entrepreneurship & Building Your Business Empire with Michael Girdley

Mar 21, 2024

Ask episode

Chapters

Transcript

Episode notes

What's up Cashflow Contractors! Celebrate our 200th episode with us as we dive into the brilliant mind of Michael Girdley. From growing and leading his own company to building a business empire, Michael shares gems of wisdom that every entrepreneur needs to hear. Trust us, you don't want to miss this one!

Time Stamps

01:36 - Intro to Michael Girdley
04:51 - Building a Construction Empire
05:25 - Core Behaviors vs. Core Values
08:29 - Defining & Hiring A-Players
15:08 - The Challenges of Hiring Friends & Family
16:31 - Embracing Offshore Talent
26:21 - Running a Holdco
32:17 - Hiring a CEO to Run Your Company
37:15 - Living the HoldCo Entrepreneur Life
40:38 - The Role and Value of a Board of Directors
43:58 - Incentivizing and Structuring a Board
46:09 - When to Consider Forming a Board
48:25 - Navigating Acquisitions
51:56 - Acquisition Challenges
58:09 - The Intricacies of Hiring CEOs
01:00:42 - Different Types of HoldCo
01:02:53 - Practical Business Wisdom from Michael Girdley

Quotable Moments from Michael Girdley

"Don't do a formal board until you absolutely have to. Don't waste time with formality unless you really feel like you have to do it. Find that stuff the other way if you can. Because boards are a lot of work."
"One of the problems with human nature is we'll take people problems and we'll try to throw a system at it, or we'll take a system problem and we'll try to throw people at it. And it's easy to just get really screwed up there."
"Never underestimate the power of an enemy, real or imagined to motivate a company."
"I'd rather be in a great business with a mediocre team than a mediocre business with a great team. The market wins every time."
"This idea of the genius with a thousand helpers or genius with 12 helpers - a lot of businesses run that way. And if you wanna sell your business someday, you need to figure out how to run your business as a real business and not as 12 glorified assistants, which I see happen a lot."

Learn how you can improve your customer and project workflows! BOOK YOUR FREE 30-MINUTE STRATEGY CALL HERE!