Many business owners would argue that a large part of success comes down to having the right people around you. One such a person is Tim Bratz, the President of Legacy Wealth Holdings, who joins us to talk about hiring the right people to build a strong, committed team. The conversation starts with Tim explaining the need for a Steve Jobs and a Steve Wozniak on your A-team: one who is the visionary and one who is skilled at operations and the more technical aspects of the business. He walks listeners through his thought processes around his first hire, how this person propelled his exponential growth, and why hiring an employee to solve each new obstacle is a bad idea. Tim also shares how they have used the DISC personality assessment to pair the right people with the right roles, the importance of doubling down on your strengths by focusing only on those while delegating everything else, and he gives listeners some insight into how the compensation for their core team members is structured to ensure everyone’s buy-in.
Key Points From This Episode:
- Hear about Tim’s transition from real estate broker to owner and his total portfolio value.
- The requirements of a strong team: having a combination of visionaries and operators.
- Understanding that growth cannot happen unless you let go of control.
- Tim’s first-ever hire and how it helped him to triple his income.
- Falling into the trap of hiring a new employee every time you run into a problem.
- The numerous difficulties with owning a property management company.
- Where Tim found the 200 employees who are currently working for him.
- Staying in your genius self by focusing on your strengths and delegating the rest.
- How Legacy Wealth Holdings go about finding people with the right character traits for each role.
- Hear how the compensation is structured so that members remain motivated and committed.
- Find out what Tim’s assets manager superpower is!
Tweetables:
“You need two types of personalities to run a business. One is kind of that visionary, more the CEO mindset, kind of like Steve Jobs. But you need the technical element which is like the Steve Wozniak.” — @TimBratz [0:01:58]
“What I do know about growth is that it works inversely to control. You have to give up control in order to grow.” — @TimBratz [0:02:26]
Links Mentioned in Today’s Episode:
Passive Income through Multifamily Real Estate Group on Facebook
