Mike Minutes Mastermind 08/26/22

Building super. Well, let's go and get started. I saw there are a couple questions and I looked over those and I didn't have a whole lot of education or announcement stuff today. So we'll jump into the questions here in a second. Today though, in terms of what we're doing here at gyms.

Wasn'T a whole lot of necessarily learning on my part today. They went over.

A bunch of equipment stuff, mowers, how to take care of mowers. They had their vendors come in and kind of do demonstrations a bunch on different types of mowers. They have an electric push mower here that is $5,000. $5,000. Now this thing does last all day long on one charge and the whole head. Like where if you have a regular push mower, you know, usually you put like insert pieces of like a. A battery in there. It's a 30 inch mower, has two blades. Um, it's a metal deck, but it's like a. Oh, it's called like, it's a different type of metal. It's not like thick metal, but anyways.

Is $5,000. Wow. Anyways, it was interesting. I was there and most of the day though, I just honestly worked on my laptop. Working on the training that we are revamping for a few more weeks when our first team comes in, our first cohort of new trainees. So mostly what I worked on today and then I also had a interview with their media team. It's like an hour and a half long podcast. It was good. It was good video podcast. And they wanted to know all about the differences between Gems and Augusta and my thoughts and things like that. So it was good. It was really good. They're going to send it off to all their franchisees and then tomorrow I'm talking to all their franchisees.

They invited like their top performers. I think it's like 80 people and then there's another 80 or so that are going to be live video for their franchisees. So that should be fun. And yeah, let's go ahead and jump into questions.

It's oddly strange how, how I look forward to these masterminds after a long day of training.

All right.

With home selling quickly, would it be a good practice to put a lien on the customer's house for the money? Even if. If you've already put them on the collections list, like you said in your recent vlog, you will likely never see the money if they sell. Yeah. So if you've already put them on the collections list, just be careful because you've kind of already handed over the collections department. And so we kind of have to leave it to up to them. I think in general, if you have a good customer, though, they don't want to go into collections anyways because of it affecting their credit. So I wouldn't worry too much about putting a lien in their property. If they have like a nice house, they have good credit. Because you already gonna. If you can demolish someone's credit, it's worth like a lot of money to them. Like, I would, you know, do double backflips before I would try to not pay like a $10 bill or whatever it might be, or $10,000 bill. And he was going to ruin my credit. So.

You have leverage against the client with collections alone, if they have a good credit score. If they don't have a good credit score, that's when you'd probably start thinking in terms of putting a lien on the property sooner than later, because the only leverage you might have is that is that property versus their credit score. But again, typically, if someone's buying and selling real estate, even if they're selling real estate, if they own real estate, typically their credit score is better, and so therefore you have more leverage. It's typically a lot of times renters and a lot of times, like when there is a death in the family and then they sell the property. Those are the ones where I see the most issues with people not collecting and needing to put a lien on the property.

But yeah, most homeowners collections alone will scare them off because credit score is something that they actually do value.

For the 3F program, which model is covered? Solo or growth? Both. Either or the discussion with that the employee would really depend, you know, what are their goals, how much capital they have saved up, do they want to grow bigger or just stay a solo operator? They can choose either one, though, in terms of which one they want to have.

So basically, if someone thinks that they're going to. They're going to grow within the first two and a half to three years above 20,000amonth in revenue, it makes more financial sense to become a growth model. The only reason you should really join the solo operator model is if you don't have enough capital up front for the 3F program, that's null and void. So they should really go to the growth model. The decision should be, are you. If you're going to get above 20,000 next two to three years, you should just join the growth model. For a solo. For a 3F program, applicant but in general, someone's not a 3F program. Like I said, if you're going to become, go above 20,000amonth in revenue in the first few years, it makes more sense, honestly, to join the growth model just because of the fee structure.

And you got to pay for it again. And in two or three years it's going to be more in terms of the franchise fee. So the only reason you do it is if you don't have that capital and then use the first year or year and a half, just get the capital to become a growth model. That makes total sense and that's the reason why we did it. But it actually, from a fee perspective, strictly anyone joining the solo operator will end up paying more money if they make above 20,000amonth in revenue and be switched to a growth model in the first three years. So it's really just a way to get started, right? It just get them in the door, allow them to scale up. And we already have a couple of the solo operators from this spring that are above 20,000amonth in revenue. And that's the whole reason, because I know they could never have joined Augusta without the opportunity for solo. So get them in the door, they learn, they grow, they scale it up and they can get the growth model by their own location, whether the next year, the year after. So that's, that's really the main objective. Awesome. That's all I got today is Friday. Here it is Thursday night, as you're all going to get this Friday. So this will probably be the last one for this week.

I might record something at the, at the airport on Saturday, Sunday, but we'll see because, yeah, it's, it's Friday evening here. You all are probably just waking up Friday morning watching this. So probably be the last mastermind for the week while I'm here in Australia. I get back and I got quite a few things going on. We got. I got a Jonathan Patosnik interview that's gonna be fun. I got Corey Ballard. He's doing an interview with me in a couple weeks. I think, like the day of my birthday, I forget a couple weeks he's coming in. Hopefully he's coming to conference too. I don't think we're at Jonathan Patosnik to come to conference. He's out of. He's. He's gonna do this interview with me and then next week he's gone out of country for two and a half months. So he's definitely not doing any sort of work stuff right now. I know that for sure. So it'll be fun to catch up with him though, and just see exactly what was up with exactly how he's doing. Number one, I haven't talked to him in a year and a half or so and then just. Yeah, I'm sure I share a lot of sentiment with him privately about what's going on with service autopilot. So I'll try to talk about that with him off camera. Some of you had some many questions and I'll talk about those things off camera with him since obviously he can't disclose a lot of that stuff publicly and wouldn't want to. So that's all I got for you all. You all have a fantastic day. And this morning a little bit rough, to be honest with you. I woke up to one of the local team members took their life last night. That was not fun. I literally had only talked to him for maybe 30 seconds.

Since I'm not there very much. But he worked there a few months and yeah, it was sad. So it's tough on the local team. They're having a meeting in the morning with the entire team to kind of share everything since it sounds like his girlfriend and his wife, his girlfriend and his mom contacted Marcus and Lee this morning, or Marcus, I should say. So they're having a meeting tomorrow morning about it and can have a sit down with the whole team and basically say they can go home if they want to.

But yeah, that's not fun to wake up to. But yeah. Anyways, hope you're all having a fantastic rest of your day. Have a great weekend and if I don't see you till Monday when I'm back in the U.S. yeah, like just enjoy your time on the weekend. A couple more weeks until we have kind of our, our fall rush begin. So catch up on some time. And now we'll see you Monday. Take care, everyone.