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Dave Lukas Chats with John St. Pierre

393:  From Fired to Fortune, John St. Pierre's $100M Journey
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This week’s Misfit Entrepreneur is John St. Pierre. John is a 25+ year entrepreneur veteran who scaled 2 companies to over $50M in global revenues. John started while still in college as a franchisee for College Pro Painters and went on to co-found Legacy Global Sports, BrandPoint Services, and Rhombus Group.

Legacy Global Sports rapidly reached $50M+ in global revenues and BrandPoint Services is now a $100M+ enterprise, His role as the majority owner and chairperson of Rhombus Group, a holding company comprising several small businesses, has allowed him to inspire other entrepreneurs and help them achieve their goals. He is the author of "The $100M Journey," where he shares the 7 key principles for entrepreneurial success.

But it wasn’t all sunshine and lollipops as most entrepreneur journeys aren’t.  In fact, John was fired from a company he spent over 15 years building.  And then had to start from square one.  He learned a lot of lessons along the way which partly inspired his book and it’s those lessons learned over his 25+ year career that I am excited for him to share with you today.  

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Show Notes

John started his entrepreneurial journey 25 years ago as a franchisee for College Pro painters while studying accounting in college.  He went from franchisee to general manager and in 2003, he founded two companies: a project management construction company and a sports business.  The recession in 2008 prompted him to focus on growing the sports business, envisioning it to be the largest youth sports company globally.  Despite significant growth to over $50 million in revenue, he made some fatal mistakes that led to his termination from the company he had built over 15 years.

What was it like to get fired from a company that you spent well over a decade building?
  • There is an emotional toll of being terminated from a company that defines your identity and was such a big part of life.
  • Reflecting on the aftermath, he talks about how important the need for self-reflection and having identity and purpose is to entrepreneurs.
  • He learned a lot of lessons, many of which he shares in his book.

Did you see it coming? Or was it a shock to you? Did it just like, was it something that you saw coming or was it like out of the blue?
  • John admits that he didn't see it until it was too late, likening the realization to being hit by a metaphorical "Mack truck."
  • It happened very fast especially after raising $20 million in capital shortly before his departure.

What was the mistake that you made that led to this happening?
  • Violating the principles of protecting and growing equity was a fundamental error, leading to his loss of control over the business.
  • John stresses the importance of building one's capital and understanding the company's self-financeable growth rate to avoid overextending and diluting equity.

What are the 7 principles of entrepreneurial success?
  • Principle 1: Protect and Grow Your Equity
    • Never give away equity loosely.
    • Consider alternatives like Phantom Equity to reward value without giving real equity.
    • Scrutinize decisions to bring on investors or partners.
  • Principle 2: Build Your Own Capital for Growth
    • Understand net operating cash flow (cash in vs. cash out).
    • Know your self-financeable growth rate and develop a capital strategy.
    • Avoid the need to rely on external financing.
  • Principle 3: Reinvest Smartly
    • Double down on winning products/services before expanding horizontally.
    • Focus on sales and marketing in your niche to increase cash flow.
    • Avoid investments that reduce net operating cash flow.
  • Principle 4: Build a Culture of Intrapreneurship
    • Hire based on core values and cultural fit.
    • Shift from expecting returns from employees to providing returns for them.
    • Implement situational leadership and mentorship to foster an entrepreneurial mindset.
  • Principle 5: Protect the House
    • Surround yourself with advisors for critical decision-making.
    • Perform vulnerability assessments to identify and address potential risks.
    • Maintain proper legal and financial controls to protect the business.
  • Principle 6: Access Owners Liquidity
    • Utilize tax-efficient methods like 401k profit-sharing programs for owners.
    • Consider captive insurance programs for additional protection and tax benefits.
    • Access liquidity without selling equity, especially for businesses with substantial net operating cash flow.
  • Principle 7: Moving from CEO to Chairperson
    • Recognize when someone else may be better suited to run the business.
    • Decide whether you want to be a business operator or owner.
    • Transition to a leadership role that aligns with the company's needs and your strengths.

What are some actionable steps for entrepreneurs to achieve success in their journey from startup to high performance?
  • Building an asset that can scale indefinitely without the founder's direct involvement should be the ultimate goal.
  • Having a clear vision and strategic business plan aligned with personal goals is crucial for success.
  • Patience, ambition, and confidence are key attributes for entrepreneurs to navigate the journey effectively.
  • Training the subconscious mind through visualization and affirmation can significantly impact one's mindset and actions.

Best Quote

  • Patience, ambition, and confidence are key attributes for entrepreneurs to navigate the journey effectively
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