Thomas’ business was doing $1 million 12 months ago. He’s doing about $4 million now and he’s headed straight for $10 million. He manufactures parts in Asia and sells them in the US and Europe, via his websites and Amazon.
He began his Roundtable session by saying, “My current situation is a really sweet deal and I’m making a ton of money. But one thing I know about sweet deals is, they always come to an end.”
Good thing he realizes that. A lot of people ride a rocket ship business and convince themselves they’re freaking geniuses. Then they wipe out and great is their fall.
Stay humble, Thomas, cuz if you play your cards right, you can convert your “sweet deal” into something much more permanent, with solid infrastructure and skilled people. You also have a business you can sell for a lot of money once those systems are in place.
There’s no road map for a business like this. Thomas is going 200 miles an hour. His enterprise is going to either blossom or trainwreck. That’s why we gather together every 4 months and strategize:
- He urgently needs legal advice, because he does business through dozens of corporations and has even more bank accounts. He needs an unconventional lawyer because this would scare a regular guy to death.
- He just hired an operations manager, who is already doing a good job. But that creates even more opportunities and also strain on the rest of his system
- He has a new office in China with a bunch of new employees who are procuring and shipping parts like crazy
- He has a byzantine network of accounts with Google, Facebook and various e-commerce vendors
- He could save a ton of money if he could find more efficient ways to ship things – i.e. cargo container instead of air freight. However, he can’t get parts fast enough to fill the demand. So everything’s last-minute.
What does he do about all this stuff?
* Two different members knew attorneys who would be able to direct him to the right person. One gave him a phone number and another made some calls for him.
* He is expanding his planning horizon because problems will slap him in the face if he doesn’t see them coming
* It’s *very* common for entrepreneurs to run into tax problems. Unfortunately a lot of accountants give bad advice. I had a very serious, costly problem with my own accountant 2 years ago. Thomas is getting tax advice and a better accountant.
* He is seeking specialized advice from people who understand the complexities of International tax law.
The best thing of all is that in most places Thomas would feel like a total freak and misfit. This guy doesn’t fit into any corporate mold you could ever imagine. He’s a crazy, stay up all night, ‘Seeya honey, I’m flying to Beijing tomorrow’ kind of guy. He’s passionate and lives every day to the max.
Just as much as he needs professional advice and infrastructure, he also needs a TRIBE. And he’s got that tribe, because we understand him. We’re all misfits too :^>
Viva entrepreneurs. Celebrating Thomas, his dizzying sales growth and the crazy world he’s created.
Hi Fives all around!
Perry Marshall
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