Over the years, Randy has built and sold 18 companies, and the book he just completed with us, The Bootstrap Billionaire, takes that experience and the insights gained from conversations with his peers, to guide you toward creating a business that scales, and ultimately is a viable business that attracts multiple offers.
Randy is a serial entrepreneur. He started a company during college, and the first business went bankrupt due to confusing abdication instead of delegation. After bankruptcy, he found himself without a place to live and went through a divorce. After selling his last business, he learned from each and decided to build from it. In the meantime, he found himself helping other entrepreneurs build businesses and saw a need for a business setup that could scale and exit with the highest valuations.
This led him to write this book to figure out what he wanted to do with the rest of his life and contribute to society. The most important details in this text are the speaker’s ideas for transforming the nursing home industry and the financial services industry. However, they find they are not interacting with other business owners who want to build something and have great ambitions.
Davis believes that they could start over again knowing what they know now, without using any assets or relationships, and go from zero to build a company to over a billion dollars in less than seven years, working 30 hours a week, taking 12 weeks vacation, and having a great life in the process.
Randy has sold businesses and recently worked with other entrepreneurs, and business owners in a similar situation. Randy is from the school of thought of trying to come up with an idea, make it the best they can, and then get it out in the marketplace. However, suppose he is going to be working with them individually. In that case, it needs to have a price point that would allow for that, as he is going to take the proceeds from that money as seed capital to build an enterprise that will be over a billion dollars. Additionally, he needs individuals with the desire, ambition, and resourcefulness to align to where they could get a high ROI out of that right away. He is looking for individuals who had been in business for at least three years, had a seven-figure business or higher, and wanted to build a nine-figure business.
They would have an hour conversation on the phone to see if it was a good mutual fit, then enroll in a three-day intensive workshop. If both agreed, they would enter the high-end program called the Elite 30 mentor program. The speaker heard from the people in the group that they were impressed with the quality of the people in the program. For every one person that they invited into the program, they would turn away eight when they accepted one. The speaker then had other ways to help them.
Randy is launching a Bootstrap Billionaire project and is looking to attract people who don’t yet know him. To do this, he went out, picked up speaking engagements with different masterminds, and looked to see which ones he got the most interest from. He then presented to some masterminds and offered the Elite 30 program. He is targeting individuals who want to build an eight-figure, nine-figure, and 10-figure business, as many companies are out there serving people going from 600,000 to seven figures. The speaker positioned themselves to speak with masterminds and find individuals interested in building a nine-figure business.
In conclusion
Davis emphasizes the importance of bootstrapping and how it can be a great way to start a business. He advises entrepreneurs to have a vision, network, and stay focused to make their businesses successful. He also emphasizes the importance of having a strong work ethic and staying creative and resourceful.
