Are you planning to change careers? Do you have any challenges going into the real estate market? In this episode, John and Andrew talk about transitioning to the real estate business. This includes the basic things you need to cover, finding the WHO in your business, and what you need to focus on! Join us to learn more about how to navigate through the changes and thrive throughout your real estate career. Show Notes 1:39 Getting To Know Andrew Franklin Andrew was an M&A investment banker on Wall Street for 6 years before diving into real estate. He is also the owner of many successful businesses including ancillary real estate businesses, title, hard money lending, real estate investing, and property management. 5:52 Building Relationships Andrew joined his dad's business and helped transition the business that changed beliefs, behaviors, and approaches to consumers and realtors. Their priority has always been building relationships and solving problems for them. 8:13 Before Real Estate Andrew has been in M&A investment banking that handles healthcare and industrial setup for 6 years. He dealt with companies valued over $20M to $150M, who would approach them to sell their business. He learned how to run a company and be professional in dealing with business people because of his experience. 12:11 Transition To Real Estate Andrew got on board with real estate due to his bad experience working as an investment banker. He started working with his dad. He showed his dad how to run the business from a P&L perspective. 17:46 Basic Things To Cover John and Andrew share the importance of having visibility for your cash flow and numbers when running a business. You need to have a P&L every month to analyze your revenue and expenses, giving clarity on the direction of your business. 20:55 Start By Learning Andrew's dad ran a successful ownership and title company. He started learning how to run a title company, which led the business to grow and expand to ancillary real estate businesses, hard money lending, real estate investing, and property management. 25:16 Finding The Who You have to know the industry first and then find the WHO that will help you operate the business. Finding the WHO in running many companies is important as they help free up your time to do more meaningful things in your life. 26:46 What To Focus On Andrew shared that he's hyper-focused on driving revenue for the business. He spends his time focusing on his salespeople, getting the details of what's working and not working, and understanding the numbers that drive his business. 28:55 On Leadership Most leaders make decisions based on their emotions. Andrew runs his business based on what the numbers are telling him, he makes sure that the business is making money while still caring for its people. 30:25 Running A Family Business Andrew shares that running a family business worked for them since they are close to each other. They know the weaknesses and strengths, get clear on the roles and contributions, and can have hard conversations when needed. 33:52 What Does Empire Look Like Andrew is hyper-focused on growth because of the positive changes it made for the company over the past years. Building an empire gives everyone in his organization the opportunity to make more money and change into bigger roles. 35:28 EOS (Entrepreneurial Operating System) John and Andrew talk about implementing EOS in their business. Andrew shared how they never had core values, a 10-year goal, or even structured meetings before EOS. He became efficient in operating a business through the help of EOS. 39:34 Navigate Through Changes Andrew shared how they operated through changes in 2021 that have affected the builder side of things due to the pandemic. They went to recruiting, adding agents, and focusing on the retail side of the business, which helped them get through the tough times. 46:10 Moving Into The New Year Andrew is excited about heading towards 2023 because they are stronger as a company with a better leadership team.
