🔥 Get Your Free Revenue Management Report: https://www.freewyldfoundry.com/report
In this episode, Kaye and Eric celebrate Freewyld Foundry's first profitable quarter and reveal their unique approach to sharing success with their team. They discuss the three options for handling company profits and explain why they chose a profit-sharing bonus plan that incentivizes excellence while fostering a culture of ownership.
Key Topics Covered:
The Profit Milestone
- Achieving the first profitable quarter after years of reinvestment
- The difference between revenue and actual profit
- Why most entrepreneurs never see profit despite high revenue
Three Options for Profit
- Reinvesting back into the business
- Owners taking dividends
- Sharing with the team (the path Freewyld chose)
The Bonus Plan Structure
- Based on tenure, performance KPIs, and seniority level
- Designed to attract and retain top revenue management talent
- Future vision: allowing team members to invest bonuses into Freewyld real estate projects
Building Culture Through Rituals
- Starting every meeting with professional and personal wins
- Implementing "unreasonable hospitality" for B2B clients
- Creating company-specific language (like "MIFA" - Make It F***ing Awesome)
Communication & Leadership
- Leading without ego in challenging conversations
- Approaching problems as "us versus the problem"
- Over-communicating appreciation and celebrating client wins
Notable Quotes:
- "We never really understand what profit is. We see top line revenue and we invest it, constantly keep growing the business."
- "By bringing the team members into the profit pool, it gives them a sense of ownership to what we're doing."
- "Culture is made up of rituals, emotional highlights, and how you communicate to each other."
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