55. Marcus Lemonis — The Three Keys to Business: People, Process, and Product

The Game Changing Attorney Podcast with Michael Mogill

"I can think of probably 20+ deals where I've lost $35-$40 million. Gone! I never see it again. And in many cases, I look back on my older self five, six, seven years ago, and I would say that some of that was largely my judgment — trusting in people that I shouldn't have or investing in people that I shouldn't have. And I'm here to tell you once and for all, I have zero regrets. Zero!" Marcus Lemonis

• Why is Marcus more interested in what's happening on the shop floor than in the boardroom?
• How did embracing his mistakes help Marcus to build his empire?
• Why are the principles of running a multi-million dollar business and a mom-and-pop store are ultimately the same?
• Did Marcus really spend $75 million on his business education?

Every Experience is a Learning Opportunity

Everyone hits setbacks. Whether they're big or small, we all have a choice. Either we can let our failures stifle our progress, or we can use them as an opportunity to learn and grow. While this mindset is simple in theory, holding yourself to this philosophy only gets harder as the mistakes get bigger. That’s why it takes a special kind of person to spot the silver lining when mistakes start costing millions.

Marcus Lemonis is a business titan, philanthropist, and star of CNBC's “The Profit.” Over his years of entrepreneurial pursuit and investing, Marcus has accumulated tremendous knowledge on what it takes to grow businesses and steer them in the right direction. But his learning isn't all from book study. They're lessons he's learned from decades of experience running his own businesses and helping others with theirs, which he shares for free on his online learning center.

Recruiting: The Key to Improvement

Onboarding new talent can be a great way to meet the demands placed on your firm as it grows. While there's nothing wrong with your hiring process being a reactionary activity, recruiting can also be a tremendous growth-driving factor.

We discuss which key activities Marcus focuses on to drive growth in his businesses. He tells us about his method of always being on the lookout for new talent and why being aware of your own deficiencies is a great place to start when you're on the search for your next hires.

Optimistic Investor or Deal Junkie

Over the many seasons of “The Profit,” Marcus has invested over $75 million in numerous businesses, to varying degrees of success and failure. Even after being sued by business owners for not achieving their goals, he is returning yet again to the show to try to help others rescue their companies.

Marcus tells us what it is that brings him back to “The Profit” to put his own money on the line again and again. He also shares what he's learned from his years of helping others and reveals what he believes to be the foundation of any good business.

Key takeaways:

• Business owners need to be self-aware so they can address their own deficiencies by hiring great talent.
• Learn from every experience. There's something to be gained from all your successes — and your failures.
• Interact with your clients. Make your relationships meaningful and not purely transactional.

Links and Resources

• The Game Changing Attorney Podcast
• Michael Mogill Facebook
• Michael Mogill Twitter
• Michael Mogill Instagram
• Michael Mogill LinkedIn
• Crisp Video Website
• Crisp Video Facebook
• Crisp Video Group Twitter
• Crisp Video Instagram
• Crisp Video LinkedIn
• Marcus Lemonis LinkedIn
• Marcus Lemonis Website
• Marcus Lemonis Twitter

Author

Michael Mogill, Crisp Video Group, and Marcus Lemonis