Marcus Lemonis on Business Lunch with Roland Frasier

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Key Takeaways

  • When evaluating a business, Marcus Lemonis examines the 3 P’s (people, product, and process)
    • Product: You want a relevant product that customers need today and is high in demand by the market  
    • Process: Your process is how you develop the idea, test it, roll it out to customers, and continue to improve your ideas 
    • People: It’s important to remember that people work with you, not for you. You want to be collaborative and thoughtful as a leader.
  • Never do a deal that’s 50-50. Either be a majority or minority holder in the business.
    • Either be the minority holder because you trust the other person to take the lead and believe in them, or be the majority holder who drives the business 
  • To be a better leader, take care of yourself
    • In order to be a better leader and make better decisions, Marcus had to find balance within himself through getting more sleep and eating healthier
  • Follow through on your word
    • The fastest way to lose a client or potential acquirer of your business is to not do what you said you were going to do
  • Marcus might run for some form of office in Florida later in life, but for now, he believes he can have more of a positive impact as a business leader than a politician
    • “You can change the world more as a business leader than you can as a politician” Marcus Lemonis

Intro

  • Marcus Lemonis (@marcuslemonis) is a Lebanese-born American businessman, television personality on The Profit, philanthropist, and politician. 
  • Host: Roland Frasier (@RolandFrasier)

The 3 P’s of Business

  • When evaluating a business, Marcus examines the 3 P’s (people, product, and process)
    • Product: You want a relevant product that customers need today and is high in demand by the market  
    • Process: Your process is how you develop the idea, test it, roll it out to customers, and continue to improve your ideas 
    • People: It’s important to remember that people work with you, not for you. You want to be collaborative and thoughtful as a leader.
      • “If you’re not capable of thinking differently about people, you probably shouldn’t be a business leader” – Marcus Lemonis

The Profit TV Show

  • Marcus is the host of the reality TV show The Profit 
    • In each episode, Marcus typically offers a capital investment and his expertise to struggling small businesses in exchange for an ownership stake in the company
      • In some scenarios, the business owners decided not to take Marcus’s deal and even sued him for “ruining” their business even though it was already failing

Business Advice

  • Accept the crazy if you’re going to work with family and friends
    • Marcus advises people to not go into business with friends and family because the line between business and pleasure often gets blurred
  • Be vulnerable, authentic, and transparent
    • Don’t try to tell a fictional story about yourself to other people, instead be your true self, and convey that to others
  • To be a better leader, take care of yourself
    • In order to be a better leader and make better decisions, Marcus had to find balance within himself through getting more sleep and eating healthier
  • Have gender and racial diversity in your business 
    • A company needs to represented by a wide range of consumers so that they’re better able to understand their customers needs
  • Follow through on your word
    • The fastest way to lose a client or potential acquirer of your business is to not do what you said you were going to do
    • When you don’t do what you said you were going to do, people will lose confidence in you
  • When meeting with people who want to invest in your company, make sure they bring more to the table than just money
    • When selecting which investor to take money from, assign a number to the amount of additional value each investor brings. For instance, having Marcus invest in your company is more valuable than an average banker investing in your company.

Partnership Advice

  • If you’re going to partner with someone, make sure they bring capital, expertise, or contacts
    • Marcus looks at capital as the least important asset of the three
    • The most important thing Marcus looks for in a partner is someone who can teach him something and make him better
  • Never do a deal that’s 50-50. Either be a majority or minority holder in the business.
    • Either be the minority holder because you trust the other person to take the lead and believe in them, or be the majority holder who drives the business
      • Structure your business so that there’s a clear leader of the business

Political Ambitions

  • Marcus was nicknamed the Mayor because he’s constantly getting involved in the politics and decisions made in his community
    • Running a business is a lot like being Mayor. You have lots of people to keep happy and you play a critical role in the community.
      • “The way to run a successful business is to be the shining light in the community that you’re living in” – Marcus Lemonis
  • Marcus might run for some form of office in Florida later in life, but for now, he believes he can have more of a positive impact as a business leader than a politician
    • “You can change the world more as a business leader than you can as a politician” Marcus Lemonis

Additional Notes

  • Marcus is the CEO of Camping World, the company does about $6 billion in revenue a year
  • Marcus is a sneakerhead; he has over 450 sneakers
    • It’s a vice that his wife allows and a guilty pleasure for Marcus
  • Marcus has invested in the technology fund by Alex Pall and Drew Taggart (better known as the music duo The Chainsmokers)
  • It’s good to disagree and hear from people who have a different opinion or perspective than yourself
    • Keep an open mind when listening to people with different views from your own and always remember to be respectful
Business Lunch with Roland Frasier : , , ,
Notes By Alex Wiec

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