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The Business Freedom PodcastEpisode
272

Stop Selling & Start Building a Business - Part 1

By Lars Hedenborg

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Stop Selling & Start Building a Business - Part 1

Lars Hedenborg    September 7, 2020

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The story of Andy Mulholland is one of the best stories we have here at Real Estate B-School. Today we are pleased to start off the first of a 3-part series hosted by Andy - all about selling houses versus actually building a business. 

This is a topic in the industry that isn't talked about enough - doing more deals. Selling more homes. It's a human thing - there's nothing inherently wrong with that. Today, we're talking about it, though, because there might be an alternative. Andy actually started looking at this differently pretty early on in his career. 

There are 3 things we'll go over in this podcast series - 
1. Andy's story and challenges in his career

2. Roadmap to SHIFT

3. Mechanisms to SHIFT

Today, we'll start with Andy's story. 

Like many of us, Andy's story starts out with his family. Perhaps yours doesn't look quite like his - a beautiful wife and 4 kids - but everyone has something to motivate them to do what they do. Andy used to be a limousine driver before getting into real estate, and had all the things that the normal american family typically will have. Car debt, student loans, stress, multiple jobs, you name it. One year, he decided that he wanted to pay off his debt. 

In Dave Ramsey's plan, when you're attacking your debt, you throw everything you have at it. You deliver pizzas, you drive for uber, anywhere you can squeeze in an extra buck, you do it. His motto is to live like no one else so that one day you can live and give like no one else. That was life for a while, until they paid off their debt and had 6 months of reserves saved. 

After becoming debt free, Andy and his wife decided to get into real estate. Andy went to a brokerage in his town, and learned from a guy who had done really well there. One thing that he noticed was that the person he was learning from had been in Real Estate for 20 years, but was still on the phone every Saturday calling FSBO's and expired listings. 

He quickly realized that that was not what he wanted to do. 

Andy knew that he had to do something differently - and adopt a different model. He went to a different brokerage, but it was the same thing. Agents on the phones, owners showing homes, work every second of every day and no end in sight. The son of one of the agents even told Andy that he never gets to see his mom. 

Andy decided then and there to change the game and figure out how to get set up in Real Estate in a different way. He started by having a conversation where he laid out a 3 year goal. 

He wanted to drive all over the country in an RV with his family - without having to be tied up in his business. After setting the goal, he set out to achieve it. After a year of implementing systems and processes, he made a big milestone leap - out of production!

Achieving a goal that you didn't think you could do is accompanied by a truly surreal feeling. 

The next step in the process for Andy was building up and empowering a team of leaders to solidify his exit to the company. Some of the key functions of our businesses are important, but without good leadership, it's going to be a struggle. 

Andy had to manage expectations while still letting people know things were expected of them. How do you lead and manage someone and still be their friend? 

After a while of being in and being out of the business in certain capacities, Andy decided to fully exit the business. This is when things "really hit the fan". One day, Andy was in a meeting and got a call that he lost his broker's license. 

On top of that, the whole city was out for him - and to hear him explain it best, here's a link to the video of Andy telling his story. 

Thank you so much for tuning in this week to the Business Freedom Podcast! 

Be sure to stay tuned for next week, where Andy dives into the Roadmap to SHIFT!

Much Love & Respect,

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Lars Hedenborg

Founder of Real Estate B-School

P.S. If you are struggling right now wondering what your next step is, here are a few ways I can help you right now:

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