The Jack Bosch Show How Core Values Can Make or Break Your Company
This episode of the Forever Cash Podcast has nothing to do with land flipping and everything to do with land flipping. No matter what your business, core values are crucial to your company’s success.
Learn From Our Mistakes
In 2002, we started flipping land and took our company to 30 employees doing 80 land deals a month. Now we can do as many deals as we want, because we’ve outsourced everything. Back then, we were doing it all in-house.
What we did not have back then was a proper corporate culture. That led to a revolving door. People would come in, and they would basically work for the money. If they found someone else who’d pay them $5000 more a year, they’d leave.
There was no mission, no focus on team, no clarity as to what we stood for as a company. We had built an eight-figure business, but we were constantly hiring people, because they would come and go. What was happening? What could we do to fix this?
Thankfully, we got exposed to the concept of a proper corporate culture and the importance of being a core values-centric company. Core values aren’t just business ethics. There’s no such thing as “I’m ethical in my personal life, but in my business life, I screw people.” That’s not how it works. You either do good or you do bad. We don’t have a dual standard in our lives. We live an ethical life across the board.
Why Core Values?
Core values are values you embody as a person. You own your company, and so you drive the core values. These values have multiple purposes in your life and business. They:
- attract those who share those core values.
- repel those who do not.
- allow you to pick out the bad apples in your company and let them go
You magnetize those who live according to your core values. Honest, stand-up people attract other honest, stand-up people.
Our Five Core Values
You can make your core values whatever you want. Here are ours:
#1: Take Bold Action
We’re empowered to make bold decisions, even if it means being wrong some of the time. We believe in self-initiative, resourcefulness, and creativity to produce top quality results and have a massive impact. I’d much rather have someone lean out the window, and I have to rein them in, than them not being brave and bold.
#2: Be Excellent
Yes, you can mess up. If the spirit of the action was trying to make the company better, you won’t get penalized. We’ll make adjustments, but you’ll get applauded for the attempt. We only give our best effort, and we’re committed to holistic growth. I do the best I can and always get better. We want our team continuously growing and taking on new challenges. If you just want to cruise through life and do the minimum, our company is not for you.
#3: Embody Integrity
We believe in honest, authentic, open relationships through communication in all interactions. We don’t talk behind people’s backs. Integrity really means doing the right thing, in particular when no one is watching. If you live by integrity, it’s simple. You promise, you do it.
#4: Be Transformational
Michelle and I made the commitment a long time ago that everything we touch will be transformational. Even our team members and students. If you work with us for years, and then leave to pursue other dreams, we want you to leave equipped to be a CEO immediately. We want to make real changes in people’s lives.
#5: Be All In
We’re not an 8-to-5 company. We don’t do anything half-assed. We go all out. We work hard and play hard, and one of our mottos is Whatever It Takes. The road is empty on the Extra Mile. That’s the road we want to take.
Your Core Values Are Everything
These core values will become your company’s DNA. It’s not just a piece of paper stuck on the wall. Go over it with your team once a month or quarter. The moment they get hired in our company, they have to sign it and commit to being on board.
These core values are something we LIVE every single day.
What’s Inside:
- What to do when an employee isn’t on board with your core values
- What integrity looks like in real life
- Questions to keep in mind as you map out your core values
Mentioned in this episode: