Misfit Entrepreneur August 2024 - 419: Building a Billion-Dollar Brand, Mike Stone on Leadership, Growth, and the Power of Core Values

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Dave Lukas Chats with Mike Stone

419: Building a Billion-Dollar Brand, Mike Stone on Leadership, Growth, and the Power of Core Values

This week’s Misfit Entrepreneur is Michael Stone. Mike is the President and CEO of CertaPro Painters, a billion-dollar company with over 370 franchise owners in over 500 territories across the US and Canada. You’ve no doubt heard of them.

Mike joined the company in 1999 as a sale associate and worked his way up to President and CEO. His story is one of the best examples of what can happen if you play the long game in your business. And that is one of the reasons I’ve him on – to not only share what he has learned along the journey, but to talk about how to build a long-term lasting company.

https://certapro.com/

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Show Notes

Mike attributes his success to being part of an organization that values continuous improvement and invests in its people. He started in 1999 as a sales associate, given an opportunity by a franchise owner who embodied Certapro's core values. Taking full advantage of Certapro's robust leadership development program, Michael was able to grow within the company. He notes that businesses don’t grow; people grow businesses, and being surrounded by a supportive environment was key to his journey.

What are your thoughts on playing the long game in business, and what should entrepreneurs know about it?

Entrepreneurs often seek immediate gratification, but success requires thinking long-term.
Michael advises creating three-year business plans instead of just focusing on one-year goals.
He mentions "The Path," a step-by-step roadmap that Certapro created to scale and manage a business professionally.
The long game involves making decisions that impact not just the short term but also the future growth and sustainability of the business.

What strategies have been most effective in scaling Certapro and helping your franchise owners succeed?

The key is to recruit, onboard, train, and retain the right talent.
Success is people-driven; the growth of franchise owners from small businesses to multi-million dollar operations is fueled by strong infrastructure and culture.
Certapro has built a culture rooted in core values that attract and retain top talent.
The company aims to make Certapro Painters the workplace of choice within the painting industry.

What are the core values that Certapro has instilled, and why did you choose them?

Deliver What You Promise: Honor commitments and be reliable, especially in an industry where punctuality is a differentiator.
Have Pride in What You Do: Painting transforms spaces, and having pride in the work enhances the value delivered.
Respect the Individual: Franchising is about valuing people and their ideas, fostering an environment of innovation.
Practice Continuous Improvement: The largest painting company in North America cannot rest on its laurels and must strive for constant improvement.
Embrace the Possibilities: Certapro is investing heavily in technology and new advancements in painting tools to stay ahead.

What is the blueprint for success that you have put together at Certapro?

The essence of the blueprint is that franchise owners are in business for themselves but not by themselves.
The blueprint includes steps for leadership development, technology deployment, marketing strategies, and hiring practices tailored to different levels of business growth.
It’s about having a roadmap that adapts to the needs of the business owner and helps them scale effectively.

What are some leadership lessons and principles that have been most important to your success and the success of Certapro?

Coaching: Effective coaching is about transferring skills and helping people grow, which is vital for leadership.
Goal Setting and Review: Only 3% of the population sets goals, and even fewer review them. Goal setting and accountability are crucial for progress.
Michael emphasizes the importance of creating rituals and habits around goal setting to ensure continuous improvement and success.

What do most entrepreneurs miss when it comes to building a successful business?

In franchising, many fail because they deviate from the proven business model, thinking they can do better on their own.
Running a business is not for everyone; it requires a specific mindset, including assertiveness, a sense of urgency, and resilience.
Those with the right entrepreneurial attributes can thrive when they follow a successful franchise model like Certapro’s.

What are the benefits of franchising, and how does Certapro help franchise owners succeed?

Certapro provides a step-by-step roadmap to help franchisees scale from $0 to multi-million dollar businesses.
The company invests heavily in technology and leadership development to support franchisees.
Certapro’s reputation in the industry, strong relationships with suppliers like Sherwin Williams, and robust support structure contribute to franchisee success.
The average franchise productivity is around $2 million, with plans to increase this significantly in the coming years.

What advice would you give to an entrepreneur looking to build a successful franchise model?

Ensure the business model is replicable and that you can train others to replicate the success.
Focus on leadership and people management, as franchising is about leading teams, not just running a business.
Consider the financial margins, systems, and consistency required to build a franchise model that can scale effectively.

Best Quote

Businesses don’t grow, people grow businesses.

Rituals Matter: Rituals create continuity and are crucial for success in both life and business.

Be Unwavering on Core Values: Core values simplify tough decisions and guide long-term success.

Don't lose focus on family.

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