Being a good person and success in business
In this episode, I’m joined by Andy McFarland. Andy is not only a successful investor and mentor, but also a close personal friend. He and I have traveled together as members of the 7 Figure Flipping Mastermind, and his stellar character and willingness to encourage others to succeed have aided him in his journey to becoming a self-made expert in the world of real estate.
I first asked Andy to talk about how the world of investing has changed in the last 5 years, the strategies he’s implemented, and the lessons he’s learned. First, and most importantly, Andy emphasizes the necessity of authenticity within the business. This applies not only to your customers, but your employees, or as Andy calls them, his team. We discuss the (understandable) tendencies of newcomers who are looking for that hidden gem or technique that is sure to help them rise to the top, forgetting that being genuine is what really ensures success.
Andy talks about the dangers of cramming sales techniques down the throats of your customers and how that always ends in disaster.
Of course, profits matter. Sales matter. But people matter much, much more.
In this business, it’s not uncommon to have high turnover rates. Andy and I agreed that our teams look much different than they did in the beginning, and more often than not, for good reason. People tend to move on to new avenues and adventures, and what was right for them at a previous time may not be in the future. Andy’s business and team have both changed in big ways since their origin, and he’s grateful for the lives he’s been able to touch every step of the way.
Andy also advises leaders to never forget to stay current. He told the story of his struggle to push through a period of frustration with his team, who wasn’t implementing certain strategies he was advising. They were never unreceptive, but he noticed that they weren’t attempting the encouraged methods. In hopes of understanding their resistance, he went back into the field himself and discovered quickly that the game had changed. His employees had adapted to the new industry, and he had failed to keep up. When he began reconnecting with sellers, he began to feel the benefits of this human element for the first time in a long time.
We then dove deep into the blessings of what we do, and why we do it. As a man of faith, Andy believes that God has used his position in this business to meet true, human needs. He recalled a incident of a seller who was in deep, financial decline. Some investors, Andy says, may have been tempted to walk away from the deal, fearful that the investment wouldn’t be worth their while. Others may have even taken advantage of this man’s desperation. However, Andy chose to show grace and compassion. He listened to the man, and worked alongside him to make a plan that would help him to pick himself up. Though the money made from this investment wouldn’t be outrageous, humanity took precedence and Andy was able to bless this family in a way that only he could, simply because he took the time to listen.
We ended the discussion on the issue of comparison. Many step into this business with a hope of having more time for what matters to them: time with loved ones, things you enjoy, etc. However, they fall into the never-ending circle of wanting more simply for the sake of having more. When people have a 1 million dollar company, they then want a 10 million dollar company, and then a 100 million dollar company, and so on. Making more money almost always leads to spending more money if you’re not wise, and won’t bring satisfaction like knowing that you live a life loving others well and impacting them positively.
Andy is the guy in our 7 Figure Flipping Mastermind group that we call “the rabbit” because people are always chasing after him for the big secret of success, or simply because his realness is so attractive. Give this episode a listen to hear his best-advised tactic, which really isn’t a tactic at all.
For more information on our 7 Figure Flipping Mastermind group, feel free to contact me and I’ll make sure to get you more information.
Notable Quotes:
“What have I learned over the years? The people matter. The people matter in all aspects of the business. Your business is your people.”
-Andy McFarland
“What I want most is have an impact on people’s lives. Not a thousand people’s lives. I want to have an impact on one person’s life, one at a time. And if that happens a thousand times great.
-Andy McFarland
“There are few people I know in the industry who truly do right by people intentionally and for no gain… or leverage. I think people need to hear that.”
-Mike Simmons
“I’m not at all saying don’t try to make money and grow your business, because you should, because you can do more good that way. But I think building a company that provides income for those who work for you feels better than closing a deal.”
–Mike Simmons
“Find good people, treat them well.”
–Mike Simmons
“We all feel better when we serve people.”
–Andy McFarland
“The problem is, in the beginning, people are so freaked out about getting a deal that they go in there with that energy and they struggle.”
-Michael Simmons
“Money amplifies what you already are. It won’t change your life. It will just make you more of what you already are.”
-Andy McFarland
“The reasons why people are unhappy it all boils down to comparison.”
-Michael Simmons
Links and Resources:
