Rich Schefren shares advice from mentors Mark Ford and Jay Abraham on growing a business and investing in key team members. He discusses how strategic investments in people can help build multimillion-dollar ventures.
My billionaire mentor, Mark Ford, AKA Michael Masterson, gave me this piece of advice that really changed my whole perspective on business. I was at Agora's first marketing conference ever in Baltimore and I met this kid, Dan. I was invited there as a guest. Dan paid 5k to go to that event even though he had just turned 21 years old. I was super impressed by him and gave him my number and eventually became my right hand man. Together we were unstoppable. We launched the Internet Business Manifesto together and strategic profits. My business went from 30k a month to over a million dollars a month. But fast forward two years later, as my business continued to grow, Dan had become increasingly disengaged and was interested in new and other opportunities outside of my business. I went to one of my mentors, Jay Abraham, and he said I should fire the guy. I also asked my dad and he had the very same advice. But then I went to my other mentor, Mark Ford, and his advice was so different. He asked, is the kid smart? And I said yes. He said, look, you're not going to have that many people like Dan come through your life and what you want to do, if you can, is own a piece of his success going forward. So stake him on what he wants to do and be his silent partner. And this is why I own many multimillion dollar businesses. Because every time I had to say goodbye to an A player, I also offered to invest in their next venture. I followed Mark's advice and I've made millions because of it. And now that you know it, it's your turn to profit handsomely from every A player that you ever have to say goodbye to.
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