Dave Lukas Chats with Patrick Colletti
251: How to Become a Re-Founder and Solve Problem Zero with Patrick Colletti
This week’s Misfit Entrepreneur is Patrick Colletti. Patrick is a serial entrepreneur, board director and advisor for angel, VC, and Private Equity backed organizations, He is a leadership and organizational culture expert and champion for what he calls “Re-Founders,” business leaders and entrepreneurs who revitalize the places where they live, work and play.
When he began his tenure as company president of Net Health in 2001, the company was experiencing significant financial turmoil resulting in laying off all but 2 employees. Collaborating with a growing team, he grew the company to where it now helps heal millions of people each year. In concert with a team which included 4 private equity partners, he completed a corporate turnaround —reinvigorating the already established organization in what essentially made NetHealth a re-startup. This is the essence of Patrick’s concept of Re-Founding and something I’m very excited to dig into with him in this episode.
Patrick started out as an entrepreneur as a kid with a paper route. Having to do all the facets of business, including collections as a kid. He then went into selling plants. He thought differently and would re-arrange the store to help things sell better to give better context.
He then went to school and studied philosophy and business. After school, he joined a private equity backed media company. They launched Law.com. He then joined another .Com and it failed. It came down to him and just one other and the board gave them 90 days to turn things around or shut it down. He and his partner did turn it around. They eliminated the debt and worked to get the shareholders whole. In a relatively short amount of time, they amassed 100 clients and go things in a good place. He then turned to really building the company to be able to scale and grow across the world. Today, they work with over a million caregivers across the world and have done 10 deals on the buy and sell side and have become a “a billion company with heart.”
What is Re-Founding and why do you think it is do important for entrepreneurs to understand?
Characteristics of a Re-Founder? Who are these people?
At the 14-minute mark, we discuss Re-Founding in the context of DCP (Discipline, Consistency, Persistence).
Where does Re-Founding start? Problem Zero?
At the 19 min mark, Patrick talks about the problems ripe for Re-Founding as well as some of the principles used by Re-Founders to solve them. It’s best to just listen.
What do leaders need to do to perform at their best?
Talk to us about what you do to build a great team…
Thoughts on how to better succeed?
Best advice for an entrepreneur starting out today and best advice for a seasoned entrepreneur?
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