$200 Million with Only 3 Employees
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Tim Danley is the Founder of Resource Converting LLC. How do you get to $200 million dollars in projects, with only 3 people? Well, that’s the $200 million dollar question on this week’s episode. Tim touches on the radical change he made in business models, and how he leveraged outsourcing in this interview.
Tim had been in the printing business for a little over 20 years, and during that time he made every mistake he could under the sun. He’s been an entrepreneur his whole life, but when he went through the Birthing of Giants program (now called Entrepreneurial Masters Program) at MIT, things really, really began to click for him.
Through the experience of going through the Birthing of Giants program, traveling the world, and getting more educated on the subject of entrepreneurship, Tim was ready to get out of the printing business and start something new. When he sold the printing business, he went to work looking for the next opportunity.
As he studied different business models, he learned about licensing and why this was a fantastic business model to adopt. An opportunity came his way and he and his business partner made a deal to buy the patent from the inventor and then redistribute commercially to interested buyers.
Tim knew that once they acquired the patent, the next big step was to outsource the work to those who were already in the trenches, as it were, and that’s when business really excelled. Tim only had to hire on 3 employees; the rest was outsourced.
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Scaling Up is the best-selling book, by Verne Harnish and the team at Gazelles, on how the fastest growing companies succeed where so many others fail. My name is Bill Gallagher and I’m a certified Gazelles business coach.
We help leadership teams to get the 4 Decisions around People, Strategy, Execution, and Cash right so that they can Scale Up successfully and beat the odds of business growth success. Our 4 Decisions are all part of the Rockefeller Habits 2.0 (from the original best-selling business book, Mastering the Rockefeller Habits).