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The Tim Ferriss Show
#401: Gary Keller — How to Focus on the One Important Thing
Dec 12, 2019
02:02:32
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Quick takeaways
- Understanding the value proposition and creating a strong franchise document are vital for building a successful real estate franchise.
- Paying attention to finer details and finding innovative solutions can greatly improve the product or service offered.
- Taking time to develop a comprehensive plan and franchisable model can lead to exponential growth and success in business.
- Having clear and comprehensive legal agreements, along with separate legal counsel, is crucial for protecting the interests of all parties involved in partnerships or franchises.
Deep dives
Building a Successful Real Estate Franchise
The speaker shares his experience in building a successful real estate franchise. He emphasizes the importance of understanding the value proposition and creating a strong franchise document. By redefining franchising through regional ownerships, they were able to attract and retain high-quality agents. The focus was on providing support and financial opportunities to the regional representatives, ensuring their success and growth. This unique approach contributed to the continuous growth and profitability of the company.
Lessons Learned from Dairy Queen and McDonald's
The speaker highlights the valuable lessons learned from Dairy Queen and McDonald's. He talks about the importance of understanding and documenting every step of the business process. In the case of McDonald's, they discovered the curing process for potatoes, which greatly affected the taste of their french fries. This story emphasizes the need to pay attention to the finer details and find innovative solutions to improve the product or service offered.
Taking a Year Off to Regroup
The speaker describes taking a year off in 1989 due to various challenges in his personal and professional life. He explains how he used that time to develop a plan that would lead to significant growth and success. This plan involved creating a model that could be franchised and documenting the operating manuals for launching and running new offices. By doing so, he achieved exponential growth and became debt-free, solidifying his position as a leading real estate company.
The Importance of Disagreements and Legal Protection
The speaker stresses the significance of having clear and comprehensive legal agreements, especially in the context of partnerships or franchises. He discusses the need for separate legal counsel to handle possible disagreements and protect the interests of all parties involved. The story of his father-in-law's prenuptial agreement highlights how a well-crafted document can prevent disputes and provide security in various life events. Overall, having proper legal protection is essential for long-term success and mitigating potential risks.
Importance of Planning and Documentation
The podcast episode discusses the significance of planning and documentation in building a successful franchise. The speaker emphasizes the importance of thoroughly analyzing competitors' documents and using them as a reference to create comprehensive manuals for franchisees to follow. The process involved dividing the information into sections, such as how to handle different issues, and making decisions chapter by chapter. By creating a well-structured franchise document, the speaker was able to establish a strong foundation for their franchise.
The Value of a Document
The podcast explores the value of the franchise document created through extensive planning and analysis. The speaker mentions that the document was quite expensive to develop, but it became the most valuable asset of the company. It served as a key reference for franchise operations and saved a significant amount of money by providing guidance and uniformity across franchisees. The document's value extended beyond financial benefits, as it also played a crucial role in shaping the success and growth of the business.
The Power of Visualization and Habit Formation
The podcast delves into the speaker's use of visualization and habit formation to optimize productivity. The speaker describes using a month-at-a-glance calendar to visualize how they invest their time and energy. This practice enables them to see the spacing of their life, identify important activities, and ensure that they allocate enough time to prioritize what truly matters. By intentionally developing habits like reviewing the calendar, they gain awareness of their life's direction and make adjustments as needed.
The Focusing Question and Setting Priorities
The podcast episode introduces the concept of the focusing question: 'What's the one thing I can do such that by doing it, everything else is easier or unnecessary?' The speaker emphasizes the importance of applying this question to various aspects of life, including personal health, work, and relationships. By focusing on one crucial task or habit at a time, individuals can make significant progress and achieve extraordinary results. The episode highlights the value of thinking big, setting high goals, and developing scalable habits to align with those aspirations.
Gary Keller — How to Focus on the One Important Thing | Brought to you by ShipStation and Ring.
"My life is better when I'm spontaneous after I've done my most important thing. Being spontaneous before that, that's where it becomes a distraction and does me harm." — Gary Keller
Gary Keller (@garykeller) is the co-founder, chairman, and CEO of Keller Williams (KW), the world's largest real estate franchise by agent count. In 2019, KW, which also ranks number one in units and sales volume in the US, was named by Fast Company as the "most innovative company" in real estate.
In 2015, Gary began driving KW's evolution into a technology company, now focused on building the real estate platform that agents, buyers, and sellers prefer. He is competing with multi-billion-dollar, venture-backed companies using his own money. Gary is the bestselling author of The ONE Thing: The Surprisingly Simple Truth Behind Extraordinary Results, The Millionaire Real Estate Agent, The Millionaire Real Estate Investor, and SHIFT: How Top Real Estate Agents Tackle Tough Times.
You can find Gary's podcast, Think Like a CEO, on Apple Podcasts, Spotify, or wherever you typically get your podcasts.
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Past guests on The Tim Ferriss Show include Jerry Seinfeld, Hugh Jackman, Dr. Jane Goodall, LeBron James, Kevin Hart, Doris Kearns Goodwin, Jamie Foxx, Matthew McConaughey, Esther Perel, Elizabeth Gilbert, Terry Crews, Sia, Yuval Noah Harari, Malcolm Gladwell, Madeleine Albright, Cheryl Strayed, Jim Collins, Mary Karr, Maria Popova, Sam Harris, Michael Phelps, Bob Iger, Edward Norton, Arnold Schwarzenegger, Neil Strauss, Ken Burns, Maria Sharapova, Marc Andreessen, Neil Gaiman, Neil de Grasse Tyson, Jocko Willink, Daniel Ek, Kelly Slater, Dr. Peter Attia, Seth Godin, Howard Marks, Dr. Brené Brown, Eric Schmidt, Michael Lewis, Joe Gebbia, Michael Pollan, Dr. Jordan Peterson, Vince Vaughn, Brian Koppelman, Ramit Sethi, Dax Shepard, Tony Robbins, Jim Dethmer, Dan Harris, Ray Dalio, Naval Ravikant, Vitalik Buterin, Elizabeth Lesser, Amanda Palmer, Katie Haun, Sir Richard Branson, Chuck Palahniuk, Arianna Huffington, Reid Hoffman, Bill Burr, Whitney Cummings, Rick Rubin, Dr. Vivek Murthy, Darren Aronofsky, and many more.
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