Introducing Adam Coffey
Adam Coffey is a CEO, best-selling author, Forbes Business Council member, and an acclaimed international speaker. Over the past 21 years, he has had the honour of serving as President and CEO of three national private equity-backed service companies. Two of which achieved enterprise values of $1B.
What You Will Learn:
How to build a billion-dollar business
What it takes to scale a business successfully
The common mistakes entrepreneurs make on the road to a billion
Breakdown:
[00:00] Introduction
[02:42] What It Takes to Build a Billion-Dollar Business
[05:10] How to Build the Perfect $1000,000 Business
[08:35] The 30-20-10 Rule For Entrepreneurial Success
[12:26] Why Capital is Not the Biggest Hurdle to Entrepreneurial Success
[14:39] Making Strategic Pivots in Your Business
[16:47] Two Natural Exit Points For Private Equity
[22:39] The Top Challenges of Scaling a Business
[30:10] How to Hire the Right Talent Every Time
[33:25] How to Integrate New Hires Into the Company Culture
[37:00] The Feeling of Achieving a Billion-Dollar Exit
[39:20] Parting Thoughts
The 3 Most Important Aspects of Scaling a Business
Every entrepreneur dreams of one day successfully scaling their business. Unfortunately, scaling is hard. As your business grows in size and scope, it also grows in complexity. The good news is that the scaling challenges your company is facing are not unique to your business. Adam Coffey believes you only need to master these three areas to successfully scale your business to a billion-dollar empire.
1. People
We all know that people are the most important asset in an organization. When you start scaling your business, you will need people - and, most importantly, the right people. The mistake most business leaders make is that they hire just because a position is open. To be successful, don’t hire for the company you have today; hire for the skill you’ll need for the company you’ll have in 5 years.
2. Understand What Good Looks Like
You can only scale a business if you understand what good looks like. Before you buy anything, know what good, average, and best looks like. Otherwise, you’ll fall into the shiny objects syndrome, where everything looks good, and you overlook every flaw.
3. Proper Integration
You have a system, you’ve hired the right people, and you have customers who love your product. Now, the next thing you should do is integrate everything into a fully functioning system. Proper integration connects people, cultures, and systems so entrepreneurs have everything they need to scale their businesses.
Links and Resources:
Adam’s LinkedIn
Adam’s website
The Private Equity Podcast, by Raw Selection 