The speaker — an entrepreneur who says they now own "six, seven, maybe eight" companies — discusses the difficulty and cost of employee turnover, noting a commonly cited estimate that losing an employee costs 1.5–2× the employee's salary. The speaker names their business as "Freedom Family Investments," describes treating staff like family as part of company culture, and stresses transparency and teamwork as ways to recover from turnover. The segment closes by inviting viewers to share obstacles they've overcome in the comments.
Questions this video answers
"Six, seven, maybe eight" (approximate wording from the transcript).
"One and a half to two times" the employee's salary (1.5–2×).
Freedom Family Investments.
So owning six, seven, maybe eight companies now is not all sunshine and rainbows every day. The cost of turnover can actually be one of the most costliest things in your business. Yeah, they actually say that losing an employee costs you one and a half to two times what the salary is for that employee. And we've certainly had a lot of experience of losing employees, whether they left the company or we had to let them go. And that's probably one of the toughest things that you have to do as an entrepreneur and business owner is hiring and firing about people. And, you know, we call our company Freedom Family Investments because really we are a family. And as much as people say as business owners, you shouldn't treat your team like family. It's just part of who we are and it's part of our culture. So when people leave or we have to let them go, it's really kind of a hard thing for Flip and I to have to deal with. And it's tough too, for the person who's having to leave. Either they had a bad experience or they're not wanting to leave. And so the after effects on the team, on that person, when they leave, it can be very detrimental. I mean, there's been times where we've had properties of ours damaged because of an employee that has left. There's times when there's just been bad interactions between existing team members and the team member that left after they were gone. And it's just. It's one of those things in business that's hard to tackle and overcome. But fortunately, if you build a really great culture and you have a team that really cares about success in what you're doing as an organization, together you can get through it. And I think one of our biggest lessons has always just been transparency with the team and just letting them know, hey, this is what happened and this is what's going on. We love them, we care about them, we wish them the very, very best. Unfortunately, it just didn't work out here. I'm sure you're having obstacles of your own and challenges, and so if you could just jump in the comments and share maybe an obstacle that you have overcome and give us some lessons, I think it would help everybody, us included.
