The Game Changing Attorney Podcast with Michael Mogill 86. Roland Frasier — The Secret to Scale: How to Grow Your Business
"It's short-term versus long-term. If you're in it for the money, you're going to make short-term financial decisions that will ultimately cause the business to suffer in the longer term" - Roland Frasier
- What gives a business potential for success?
- How will the legal industry change with outside money coming in?
- What do “seller finance” and “earn out” mean?
- How can leaders keep up with market trends?
- Why is it important to focus on long-term goals?
Life of a Salesman
From magic shows and lemonade stands to multi-million dollar business deals, serial entrepreneur Roland Frasier has been a salesman his whole life. As co-founder and principal of five different businesses listed on Inc. Magazine’s list of fastest-growing companies, as well as CEO of the All Channel Media company, Roland has bought or sold businesses with adjusted sales ranging from $3 million to just under $4 billion.
Roland has worked across a multitude of industries, from software technology to airline management. With a skill set that includes copywriting, strategic marketing, and negotiating, Roland has the expertise to evaluate potential, increase value, and get strong return on a business.
In the art of the deal, Roland's the artist.
Joining Forces
For Roland, if the question is "How do I grow my business?" there's a clear answer: acquisitions.
"I don't think there's anything that you're looking for in terms of growth and scale that you can't get through acquisition. I think that's the fastest way to do it. You literally double your business overnight."
If you have the capital, acquisition can be an unorthodox way to solve any number of problems. Want to grow your caseload or market share? Acquire a competitor. Looking for talent? Join forces with another firm's lawyers. Need to develop software? Find a company that has a dev team in place.
The way Roland sees it is simple: You have problems. They have solutions, and this is a proven way to get access to them.
Have a Heart: Empathy and Growth
Roland doesn't subscribe to the cutthroat, zero-sum school of business. In fact, his success is keyed by some pretty compassionate competencies. "Empathy and creativity are really some of the most important skills. Empathy allows you to put yourself in the shoes of your customer or your employee, and creativity allows you to draw on untraditional solutions to the problems that they face."
Roland says that strong employee relationships are key to both workplace communication and morale. He values the "happiness and satisfaction level" of his workers and thinks that businesses that ignore employee well-being are destined to stagnate.
Key takeaways:
- Bigger picture: Understand your long-term goals and execute them correctly.
- Empathize: Bring a human touch to your work practices, and apply that to those around you.
- Up-to-date: To stay on top of your game, stay in-tune with the market and trends.
Links and Resources