Unlock the secrets to extinguishing the ‘dumpster fires’ in your business with Mike on this Free Thinking Friday edition of the How’d It Happen podcast. Prepare to arm yourself with the knowledge to not only identify but also eliminate the messy, chaotic situations that chip away at your company’s value and success. In this dynamic explanation, Mike dives into why the best in the business—A-players—steer clear of companies riddled with these fires and why savvy buyers won’t invest in entities that are ablaze with issues.
Check out the video version of this episode below:
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Episode transcript below:
00:00 – Mike Malatesta
On today’s episode we’re talking about dumpster fires and why you want to put them out in your life, and certainly in your business, as immediately as possible. I hope you enjoy it. Hey everybody, welcome back to this free Thinking Friday episode of the how to Happen podcast. I’m Mike, I appreciate you joining me, and today we are going to talk about dumpster fires. So dumpster fires you probably use the term dumpster fire at some point to describe a situation that was messed up like a complete mess, like a snafu of sorts, and dumpster fires kind of has a really interesting visual connotation to it, and I’m going to talk about it today in relation to dumpster fires inside of businesses that erode value and make it hard for entrepreneurs and business owners to sell their business or get maximum value for it. Here we go, let me tell you, let me know what you think. So here’s the thing building tangible and monetizable value in any business is hard. In fact, it’s really hard, and despite that, way too many entrepreneurs and business owners sabotage their own value creation by ignoring value detractors that are easy to eliminate, and you can think about whether you’re a business owner or not. You can think about this. If you’ve ever worked anywhere, you can see areas where it’s like, wow, that’s not adding any value, why do we allow it to occur? Or wow, we’ve got this situation and somebody should do something about that. That resonates with everybody. So, for example, from my own personal experience growing my business, I’ve learned that allowing dumpster fires to burn in your organization is a surefire way to stifle and or decrease long term value creation in your business.
02:08
So the question is why? Well, here are two. There’s a bunch of answers, but here are two right. First of all, a players like people like you, a players don’t want to put out your dumpster fires, mr Entrepreneur, mr or Mrs Business Owner. So you’ll end up settling for players who are comfortable with the warmth from the dumpster fire flames. Those aren’t the people you want. Number two buyers aren’t interested in dumpster fire businesses. They are not interested in inheriting and having to fix your problems. So, look, every business has dumpster fires from time to time. That’s business. But the best businesses and the most valuable ones smell the smoke early, choke off the oxygen to the flames and they extinguish their fires immediately.
03:05
So I’m asking you what are the dumpster fires in your business right now, or in your life for that matter, because it applies there too. Is it a person or persons? Is it an ill conceived or executed strategy? Is it a lack of accountability? Is it a we’ll get to that later mentality? Is it a known and ignored safety hazard? Or is it something else? It could be hundreds of things. Right, dumpster fires come in all shapes, sizes and smells. Some are easy to tackle, others are harder. The longer they burn, though, the stronger they grow and the more value they suck from you and your business.
03:49
So my advice in your life and of course, this is specifically targeted to entrepreneurs and business owners, but my advice is do your job, put out your dumpster fires, and you will I promise you will reap the benefits. So if you need help with dumpster fires, you need help with the courage to put them out, you need help with the awareness to recognize what they are, or anything else. Connect with me, mike at dreamexit.com, visit my website, dreamexit.com, and have a conversation with me. Maybe I can help you, which is my goal. I want to help you build valuable businesses that end up ultimately providing you the dream exit you deserve. So I thank you for listening.
04:39
If you are not a subscriber, please subscribe or hit the follow button and until next time, please. I want you to not only think about what we talked about today, you and I, but I also want you to think about the greatness that’s inside of you and maximize it every single day. Hey everybody, thanks for listening to the show and before you go, I just have three requests for you. One if you like what I’m doing, please consider subscribing or following the podcast on whatever podcast platform you prefer. If you’re really into it, leave me a review, write something nice about me, give me five stars or whatever you feel is most appropriate.
05:17
Number two I’ve got a book. It’s called owner shift, how getting selfish got me unstuck. It’s an Amazon bestseller and I’d love for you to read it or listen to it on Audible or wherever else Barnes and Noble, amazon you can get it everywhere. If you’re looking for inspirations that will help you unlock your greatness and potential, order or download it today so that you can add your very own copy, and if you get it, please let me know what you think. Number three my newsletter. I do a newsletter every Thursday and I talk about things that are interesting to me and or I give more information about the podcast and the podcast guests that I’ve had and the experiences that I’ve had with them. You can sign up for the podcast today at my website, which is my name, mike Malatestacom. You do that right now. Put in your email address and you’ll get the very next issue. The newsletter is short, thoughtful and designed to inspire, activate and maximize the greatness in you.
