Alex Hormozi Workshop Day 1 - Top 5 Take Aways

Whats up everyone,

Sorry I missed you guys yesterday. I was on a 3 week streak I was eventually going to miss the daily email. Thats ok no one complained so I am guessing no one noticed 😉 

I am currently in Las Vegas at Alex Hormozi’s Scaling Conference and just wrapped up Day 1 which was an unbelievilbly impactful 12 hour session with bits lead by various members of the Acquisition.com team as well as Alex himself.

I got to speak with Alex directly for about 15 minutes which was a super cool moment for me, and in case you had any doubts he is 1000% the same in person as he appears on his podcasts and social media.

For the sake of these 2 news letters I am going to keep them to key Quotes and Takeaways, if you want a longer breakdown of my experience check out the next 2 Friday Focus episodes for the Collecting Keys Podcast where I’ll be going into more depth on everything.

For Day one they went through a clinic on determining how to be a better CEO, finding the constraint in your business, and hiring Winners all followed up by a clinic on how to value your business and then increase the enterprise value by tweaking things in the material discussed.

My top 5 Key Quotes/Ideas and how they relate to Real Estate as as follows were:

• The best CEOs are not the best at hiring, managing, delegation, grit. They are the best at strategically determining the appropriate direction for Resource Allocation (time, money, effort)

  • In a capital heavy business such as Real Estate this is huge. Too often people throttle themselves by not delegating correctly or understanding the opportunity cost of different deals. The best operators make sure they understand.

• Everything you do until you reach $5m in EBITDA should focus on reducing your CAC (Customer Acquisition Cost) and increasing your LTV (Life time Value) of customers

  • In the REI World this is Cost Per Deal and Value of Deal, be that the immediate profitability via Wholesaling or Flipping or the total equity/cashflow upside on a buy and hold

• Most companies have too many hands, not enough brains

  • We are all guilty of this one. You should all have as many team builders also building the business as possible.

• The biggest risk to your company is a Single Key Individual (Key Man Risk) if you have a Unicorn, dont get a competing Unicorn but bring in “Unicorn Parts” to counter the risk.

  • I liked this analogy. People always think they need to replace themselves with someone like them. Instead find people or processes do do parts of their expertise and use them collectively to balance out yourself or your key employee.

• None of your more successful competitors are smarter than you, they just stuck with it long enough to learn the lessons you haven’t learned yet.

  • Idk if they stole this somewhere, but I loved this one.

Well there you go guys. Brief overview of some highlights, like I said to hear a longer overview of Day one check out this coming Fridays episode of Collecting Keys Podcast.

Appreciate you all,

-Mike