Transcript
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Hello everyone, thank you again for joining me on another episode of the Joshua Show.
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Today we have Richard Walsh, who has had 20 years in business and at the top of his game in 2008-2009, and he took a hit with the craft and he lost everything, including his own home.
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At this time, he had a wife and six children under the age of four, as a marine champion, boxer hard work of determining why he had fallen or failed.
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He had connected all the dots and there were a lot of them and started to rebuild and regain success.
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At this time, other entrepreneurs were watching him and asking him questions how he was doing what he was doing.
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Next thing he knows he's helping them create their business to not only withstand hardship but begin to thrive and create a life with balance in the five most important areas of life faith, family, finances, fitness and friendship.
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Richard, thank you so much for coming on the show today.
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Oh, great to be here, Dorsey.
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Appreciate you having me.
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Yeah, definitely.
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Well, I usually start off the show with an icebreaker question, and this week's icebreaker question is if money wasn't a factor, what would you do with your time?
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I would do exactly what I'm doing now.
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I wouldn't change a thing.
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I love what I do, I love what I've created, I love my family, uh yeah there's a lot of balance, a lot of good things.
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So I and the thing also, thank dorsey.
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I've never been driven by money, so that you know, because I've had all that, I don't want all that.
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I it's.
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It's all about purpose for me and not money.
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Money is a good thing.
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I don't not like money.
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I'm not driven by it, I'm driven by purpose.
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Okay, what is the biggest misconception that people have about your field of expertise?
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From the business coach standpoint it's relatively new really.
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I've been in business 35 plus years and there was no such thing when I started.
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I mean, you might find some high level Fortune 500 coach kind of thing that works with people, but you are not finding it for the guy who's doing a million a year, or 5 million or 10 million, a real small business.
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That just didn't exist.
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So I think even today well, okay, dorsey, I'm going to let it go two ways here.
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Okay, two misconceptions.
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One is that every business coach is a good coach, or that they've done business or run a business.
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That's a misconception, because most have not.
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So there's something to be aware of.
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The other misconception is the really good business coaches that have run businesses, scaled, failed, scaled again, whatever's just in my situation.
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They can bring a different element to the business and they're usually very, very results focusedfocused and there's a high accountability aspect.
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So it's a very different.
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I think the best way to describe it is there's teachers and trainers, dorsey.
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Teachers are going to talk.
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They're going to talk in front of the class.
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They're going to tell you to do things and then have you go do them A trainer.
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I'm going to tell you to do push-ups, but I'm going to get in my face and do them with you.
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You're going to do more than I am.
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I'm going to make sure the form is right and that you're on pace.
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I'm going to stay there until you finish.
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That's the difference, right?
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So that's probably the biggest misconception.
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What does a business coach do If, here I come to you I'm like, hey, I need help with my business.
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I'm not making the money I need, I'm not getting the people in to the business you know that I want.
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I'm not reaching the people that I want, you know I'm not getting the numbers, whatever it is.
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You know, what would you do to help me to reach the potential or, like you're saying, the purpose that I need or that I want?
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Right.
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So first thing I do is I give them an assessment of their business and the 12 areas of their business.
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It's an extensive assessment, but it's just yes or no answers, okay, and they go through that and then it scores them so they get a score.
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There's there's four different levels you can score on.
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Now, most people, especially in that situation described, are going to score very low, and that's okay.
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I tell them don't be concerned about the low score.
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Most people are going to score low.
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But what it does is it gives us a roadmap to start working with what really needs to be fixed.
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Yeah, you're not making enough money.
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Okay, that could be for 10 different reasons.
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Could be because you're bad at sales, but also could be a lot of other aspects of your business are not dialed in, right.
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You're not bringing value.
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You have poor customer service.
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There could be a lot of reasons why you're not making money and we have to determine where those are so we can focus on those first.
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That's what's key, and that assessment is a critical aspect of finding where to start.
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It doesn't do any good to travel somewhere if you don't know where you're going.
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Give us a little bit more background.
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I know I read a little bit about it in your bio, but give us a little bit more background about what happened with your business and how did you come back from that crash of 08 and 09?
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.
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Sure.
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So I came out of the Marine Corps and I started working.
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I decided I want to work for myself because working for someone else was not my thing anymore.
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So I decided I want to work for myself and I started the business Up from there.
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A landscaping business that turned into a custom water feature business.
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I built big waterfalls, ponds, streams, stuff like that for people at their homes.
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I was kind of in the early stages of that whole industry around 89, 90.
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And that grew and was great.
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I became nationally recognized.
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I won tons of awards, was published, became an internationally recognized steel sculptor.
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I started doing steel sculpture, adding it to it.
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So a lot of success there.
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And then 08 comes along.
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Things crash, right, the economy's crashing and it started to take my business down with it.
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November 5th of 2008.
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I mean that day I lost a half a million dollars in one day and they just kept going off the cliff from there and I knew I wasn't going to make it.
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And the one caveat I always put in Dorsey is the economy didn't wreck my business, I wrecked my business, the things I didn't do.
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Making money for me is really easy.
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It's the easiest thing you can do in business actually, if you think about it, I tell people all the time they don't kind of believe that at first, but I'm like it's the easiest thing you do.
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It's everything else.
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That's hard Because if it was the economy that wrecked my business, there'd be no businesses that survived.
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It would have wrecked everybody's right.
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But it's because of the things I didn't do that I kept putting off for literally 20 years, right To short my business, make it strong so I could get through.
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That is those things that I didn't do.
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That's what really caused the collapse.
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Now, again, like you said, I had six kids at the time under four years old.
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My wife lost the home, had to relocate.
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Do all that, sell what little I had, and then decide what I'm going to do next.
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Now here's the really critical part, torsey.
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In the beginning of 2009, I woke up one morning.
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I'm thinking, wow, like everything is kind of crashing down around me and I'm thinking about my children.
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I'm like you know, when I come home they just run and they attack me.
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And I'm leaving one day in my truck and one of my sons is chasing me down the driveway crying because I'm leaving.
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I'm like man, what am I doing?
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And I realized right then, dorsey, is my kids didn't care what I drove.
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They didn't care what kind of house he lived in.
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They don't care what I did for a living.
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All they wanted was me to be around a little bit because I wasn't right and I said you know, if I stay on this trajectory of being the best, business comes first, got to win, got to be number one, got to get the awards, build my ego.
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If I continue down that path, I'm going to destroy my children's future because they're going to have broken marriages, broken relationships.
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They might succeed in business, but they're going to be really lonely.
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It's going to be expense of everything else.
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They'll have no balance.
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Their faith will be out of whack.
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Their family will be out of whack.
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They're fine.
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Everything, everything will be whack.
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That's why I was living.
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I'm like and kids don't do what you tell them, they do what you do.
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More is caught than taught.
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So my kids were watching, even at two, three and four years old.
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So I decided I will never do what I was doing.
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So I left complete water feature sculpture.
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Haven't touched it in 15 years.
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Okay, just completely left.
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What I had done for 20 years Restarted.
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I want to build a business now that I have time to leave.
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If my wife needs me to come home, I can come home.
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I don't say, okay, I'll be home at seven tonight and it's noon, I'll be around.
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We're going to homeschool our children all the way through high school.
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I want to be around for that.
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Now, I'm not the Mr Teacher, that's my wife.
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I do art and PE.
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Okay, that's what I come home for, those two things.
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But everything else I just want to be available, right?
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I want to go on the trips with them, and when they're competing in athletics, I want to be there for those games and things.
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So that's how I had to design my life.
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So I had to create new businesses that would allow me to live that model.
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So what that meant was I can't do everything in my business like I'd done for 20 years.
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Yeah, I had crews and I had office managers, but it still was me, me, me.
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Everything was about me in that first business, and now I wanted it to not be about me at all.
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I wanted to empower other people.
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I want to put them in position, I want to give them lanes to operate in, I want to give them authority and then grow from there, make something that's scalable.
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And I did that.
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I did it twice.
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I did it with the gym, I did it with a contracting business and, like I said, as you mentioned in my bio, people started asking me how I did it.
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And that's when coaching was kind of born for me, because I am an excellent trainer, I'm very good at making things simple and understandable, and I just started helping these guys from a mentor position and then I'm like, well, hey, I could coach.
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People wanted to pay me for it.
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So what does an entrepreneur do?
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Well, you turn it into a business.
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So for years and years now, I've been doing this and helping tons of businesses and it's just so rewarding giving them the free profit and impact in their business that they get into business, for we don't get in the business for it to be a slave to it.
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We want a business that serves us.
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We don't want to serve it right.
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I want an opportunity to make impact.
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How do I help my community?
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How do I raise up my family?
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How do I help the people in my business who are working with me?
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How do I make them better as people?
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That became my goal, and you can't do that if you're doing everything else in the business, so you're really not helping out the people working for you or the people around you.
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So that became the big focus of how I did it and what I wanted to do with other businesses.
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Now, what do you focus on now?
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I mean, obviously you have the coaching business but, do you have other businesses as well that you?
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I am 100% coaching now and I'm scaling that business because our mission, our vision, is to help 10,000 business owners create profit, freedom, profit and impact in their business.
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So that's a lot of people to help 10,000 business owners create profit, freedom, profit and impact in their business.
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So that's a lot of people to help.
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So we're focused solely on that.
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As my business, I scaled out the other two and now I focus solely on this and growing this.
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I want to be a leader in this industry because, dorsey, the key is when you build freedom, profit and impact in your business, and part of our strategy is to make them all vision-driven businesses.
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So when we do that, that means inside your team, all the people that work with you or for you and for you.
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You want to elevate them as people as well as competent employees.
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And when you're able to do that, they take that home and they take it home to their families.
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That changes their families.
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Their families operate in the community.
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That affects the community.
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So if I help 10,000 business owners, I literally can affect millions of people's lives.
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If we can get people to get onto this, which they do, they love it because it changes their whole culture of their business.
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So that's really what I see.
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That's what drives me and that's why I want to scale this and help this many people.
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Now, this may not be the exact topic or the exact you know scope of what you do, but we've seen a lot of you know businesses, and especially it's the big businesses that have multiple you know, like Target, walmart.
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You know those businesses that we've seen that just fail or they go out of business.
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Do you have any idea of maybe what are they doing wrong that they're going out of business?
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Well, there becomes a size.
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So let me give you an analogy.
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Okay, so pretend my business is an apple tree, okay, so I got this apple tree, I planted it.
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It's growing now, right, and it's get to about 15, 20 feet.
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It's going to produce these beautiful apples, right.
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Okay, and go pick low apples I can get.
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Maybe go a little higher, get the, get the nice ones on top and get that.
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Now the question is do I want my one apple tree to grow to 800 feet?
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Do I want an 800-foot apple tree that just keeps growing and growing and growing?
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Because the comparison is what else grows constantly and that's cancer, right, that grows continuously.
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And what does it do?
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It kills its host, right?
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That's what happens.
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So when they put everything in that one tree, me, I'd rather plant another tree, which means another business, right, I'd rather have an orchard.
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I'd rather plant another tree, which means another business, right, I'd rather have an orchard, I'd rather have an apple orchard, right, that each business can run itself.
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Right, it can produce, it has great fruit, it's cultivated properly and it's all run, it's under control, and then we can make more and more apple trees.
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But when you go with that, got to be the biggest, got to be the lowest bidder, got to compete on price all the time, like there's a, I'll say there's a place for it and there's people who are driven to do that and that's the Walmarts and the targets and things like that.
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The Lowe's and the Home Depot's Just a different mindset.
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They fail because a lot of reasons.
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Dorsey, it's overexpansion, right, itflation hurts them a lot.
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Because they're low bid right, they're low bidders.
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You go in.
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It's always about the lowest price.
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Lowest price, lowest price.
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We have the best prices.
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Well, when you play that game, it's a race to the bottom.
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You always have to be the low price guy, always.
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Otherwise, oh, I can't go there anymore because this guy's lower over here.
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So it's a horrible way to do business.
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Now they'll do it and they'll work on little tiny margins and they'll go high volume.
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But imagine trying to keep that engine fed with fuel, how difficult it is.
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And when you get a big economic collapse, like we saw in 08, 09, things like that, when they like saying the dumbest thing ever, that too big to fail, and they're bailing them out, all those businesses should have failed.
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It's just like mine.
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No one came to my rescue, right, but no one's too big to fail.
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If you're that big, you need to fail.
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Okay, you need to be broken down, split up.
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You're not going to evaporate.
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People are going to pick it up for pennies on the dollar An airline.
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It goes out of business that jets don't disappear.
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Someone else picks them up for 30ies on the dollar an airline.
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It goes out of business that jets don't disappear.
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Someone else picks them up for 30 cents on the dollar and puts them in their functioning airline.
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Right now they can expand because they were prepared for this.
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They had put in the right precautions, but they're proactive on what they were doing.
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They weren't reckless and that's so.
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I think that was kind of the path that makes sense.
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Yeah, I don't want to come directions there, but yeah.
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So how did COVID affect your business, or did it?
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It really didn't affect my business we're remote, right, because I train business all over the country but it affected in the way that, like we had to shift gears.
00:16:21.490 --> 00:16:27.673
We went from doing business and working on things to like, okay, we have to combat this.
00:16:27.673 --> 00:16:29.807
Like, how do we combat this?
00:16:29.807 --> 00:16:31.407
How do we weather that?
00:16:31.407 --> 00:16:42.312
We've already been building things, shoring up the business, doing all the right things in the business, but now it's a different approach because if you have a brick and mortar, well, some people aren't letting you come to business.
00:16:42.312 --> 00:16:46.471
Some states are shutting down businesses and only letting the big guys open.
00:16:46.471 --> 00:16:55.193
And now you've got to deal with that because I think they thought COVID only was safe in the big places and not in the little places.
00:16:55.193 --> 00:16:55.615
You could manage it.
00:16:55.635 --> 00:17:02.884
So it was a very odd thing going on, but we had to fight back in our own way and really again shore them up and understand no, we can market through this.
00:17:02.884 --> 00:17:10.644
This is just going to cause a little bit of a pivot or we're not going to go under, we're going to weather this because what we have is worth having right.
00:17:10.644 --> 00:17:16.631
So it was just a redirection which was kind of I hate to use the F word but it was fun.
00:17:16.631 --> 00:17:22.876
Okay, it was just fun, so we had a good time doing it.
00:17:22.876 --> 00:17:26.007
It's a challenge and we got through it.
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