Misfit Entrepreneur October 2022 - 324: The 70/30 Secret to Successful Entrepreneurship with Casey Cavell

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Dave Lukas Chats with Casey Cavell

324: The 70/30 Secret to Successful Entrepreneurship with Casey Cavell

This week’s Misfit Entrepreneur is Casey Cavell. Casey is a serial entrepreneur that started his first business at 21 and then went on to start, buy, or invest in over two dozen businesses over the last 15 years, worth over $17 million.

Because of his success and selling some of his businesses, he followed his passion to help other entrepreneurs by creating Legacy 4:12 an entrepreneurial team of advisors, mentors, investors, and experts who are called to serve the growth-minded entrepreneur.

If that is not enough, Casey has been an investor, advisor, and influential figure in the NFT community, assisting project founders and community leaders. Casey is a member of the Bored Ape Yacht Club, VeeFriends, Gutter Cat Gang, and several other high-profile NFT communities.

This is one of those interviews where we can cover the whole realm of the entrepreneur spectrum and I look forward to doing just that.

www.Legacy412.com (Free workshop)

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Show Notes

Casey grew up with an entrepreneur father seeing the freedom that his dada had. But, he also saw the ups and downs. He knew he could learn from his dad’s experience, so he studied them and got the entrepreneur bug. Casey went to college to play baseball, but got hurt and decided to play and compete in Texas Hold’Em. He studied the game and starting out lost his money. But, realized that the game is really about longevity and the longer you can stay in, the easier it is to win. You are not playing against the casino, you are playing against other players, so your odds are better.

It's the same in business. If you develop a good strategy and surround yourself with the right people, you can succeed. He went to do very well playing Hold’Em and became the youngest player in the World Series of Poker. But he realized he didn’t want to work for money – he wanted his money to work for him. So, he started investing in businesses. As Casey says, he is a “turnaround guy.” He takes businesses that need to improve their systems and processes and works with them. He did that heavily for about a 10 year period and in 2011, he was able to exit one of his businesses and follow a passion to own a sport business. He bought a franchise called DBat in Atlanta, Ga. He did it buy simplifying the business model, taking care of his customers and taking care of his employees.

But he got burned out. He was doing everything and needed to remove himself from the day to day. It was at this time that he learned about the EOS Model and found an integrator to partner and help him run the business. This allowed them really scale and spend less time in the business.

At the 7:30 mark, we talk about the EOS model and the importance of the Visionary/Integrator duo.
How were you able to start, buy, build and run 20 businesses over 15 years?

He learned from others.
He knew what he wanted and found others that had it asking them how to they did and putting the information into action.
He is gifted at simplifying a business and used that to his advantage.
He paid people for advice as well.

Any type of business that you gravitate to more than others?

He did really good with his baseball and softball academies because he took what was complex and simplified them.
Find out what you are the best at and how it relates to making money.
The businesses he works with a hypergrowth minded. They want to be the best at what they do.
They have a business model built, but they need help in optimizing it and Casey brings that expertise.

How do you find your businesses that you buy or invest in?

Find those that access to the people you are looking for and network with them.
Casey uses an example of someone who wanted to buy a plumbing business and was talking to individual plumbing companies. Casey advised them to go to the head of local trade group/association for plumbers and talk to them letting them know that they are looking to buy.

Once you have invested in or bought a business, besides the EOS framework, are there any other processes or systems you have found that are important to implement?

EOS gives you about 30% of what you need. The foundation.
Is very important to build a great culture. There is a company out there called Giant Worldwide that does a lot of culture building activities and Casey has taken some things from them like the 5 Voices.
He also uses Kolbe assessments.
Businesses are about people. And the better you understand yourself and who you are, the better you are going to be to understand others and relate and communicate.
Get a coach that mentors you to be a better you.

What is the reason most businesses fail?

They run out of money, or they burn out and give up.
Sometimes people are not ready and try to do it on their own. The pros have coaches.
Everyone needs somebody to help them in becoming better.

Thoughts on the long game?

People are either spending their time working on things that they are good at, but don’t like doing of like doing but not good at.
The key to succeed as an entrepreneur is to get out of doings you don’t like, even if you are good at it. If you don’t you will burn out.
70/30 is the balance. 70% of your time doing the things you are good at and like doing. 30% on what you don’t like. At some point you will need to hire the complementary person.

Building a team is one of the most important things you can do. Talk to us about what we should know?

A lot of entrepreneurs put the keys to a business in the hands of those that are not ready to drive it.
Think about if you had a million-dollar business…now imagine, it is a million dollar car. Would you hand the keys to a new driver and let them take it? No. You would want someone with proven experience.
If they don’t have the experience, they don’t know and can be reckless, etc.
Hire people with different skills set s that compliment yours.
EOS has 2 key roles, the Visionary and the Integrator. The visionary dreams big and set the big milestones. The integrator builds the systems to help them get there and keeps things on track. Which one are you?
You want people thinking as owners or that have some bit of ownership at least at your leadership level, but preferably all levels.

Step by step process to position a business to stand out?

Get your niche that you will be the best in the world at.
Simplify that offering to be able to deliver and scale.
Simple scales, complex fails.
Know you target market. Who are you serving? Don’t go wide, go deep.

How does a business create the unique offer that gets people in the door?

Who do you help? Do what? So, that what?
If you can answer those questions and dial them in, you will find the offer presents itself.

How does an entrepreneur remove themselves from a business?

Every quarter write 2-3 things you are currently that you do not want to by the end of the quarter.
Then look at who in the business it makes more sense for them to do or outsource to. Or does a hire need to be made and needs done to put the hire in place.
Look at things in terms of your time and money. What are you worth per hour and can you deploy yourself to focus more on the highest price per hour duties. If so, taking the lower cost duties off your plate and giving to someone else so you can focus will generate the revenue to easily pay for giving up the other duties.

What other lessons can share from your entrepreneur journey?

Learn to hire well and put in a good process.
People are your biggest asset.
Make sure your roles and responsibilities are clear.
Track your data. Have KPIs that help track your performance to your goals that are tracked weekly.

What surprised you the most on your journey to this point?

Casey has made a lot good decisions and a lot of poor decisions.
There are a lot of woulda, coulda, shoulda’s, in life. It’s ok. You are where you are in life because that is where you are supposed to be.
Take to self-reflect and learn.

What is your best advice for entrepreneurs just starting out?

Ask those that have succeeded what they have done. How did you do it?
Then learn and put that into action for yourself.

Best Quote

People are either spending their time working on things that they are good at, but don’t like doing, or like doing but not good at. The key to succeed as an entrepreneur is to get out of doings you don’t like, even if you are good at it. If you don’t you will burn out.

Have a written vision for your life. Share it with others.

Have a written vision for your family. Share it with your family.

Have a written vision for your business. Share it with business partners and team members.

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