Cody Hofhine
Appearances
The Science of Flipping
The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
I wish I could say as a genius. So sometimes I sit there and pinch myself wondering how it all happened. Step by step. I think this goes back in just general life. And I think you could probably pin it to your own life is life had to perfectly happen for me. And you start with working for a dad and then realizing when 09 hit and the economy, he's in construction.
The Science of Flipping
The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
That's exactly right. So we've had experiences, and Mark knows, like, if there's a hard message that has to be delivered, That's you. I get to deliver it.
The Science of Flipping
The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
Yeah.
The Science of Flipping
The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
Yeah. How do you frame it? Okay, so there's a book out there, first and foremost, to kind of reference to this. Crucial Conversations. It's one of the greatest books around this.
The Science of Flipping
The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
And it just talks about these conversations have to be had. You just have to have them. They're not going to be fun. They're going to be awkward. But something changed when I really loved the individual. Because I asked for their permission. Hey, are you okay that I'm going to tell you things?
The Science of Flipping
The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
And it may be things that you may not like to hear, but are you okay if I tell you the honest truth right now? And they're like, yeah, tell me. And so I get their permission first and foremost. And then I tell them it. And I don't mince words. I don't think, well... What I kind of noticed is like, no, it's like you just say it and you just have to say it. Here's what I noticed.
The Science of Flipping
The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
You always want to blame the leads. You always want to do this. You always want to do this. That's not going to get you anywhere. That's a victim mindset. Victim mindsets don't get anywhere. Do you want to be amongst the winners or do you want to be amongst the losers? What is your answer? And like, well, I want to be a winner.
The Science of Flipping
The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
Can you see how that's a victim or are you mad at me right now for telling you that's a victim mindset? No, no, that totally makes sense. They know I love them. I get away with it because I honestly love them. And I say that, I reference it many, many times. You know I'm saying this, Justin, because I love you, dude. I love you too much to see you go down this road because you're better than this.
The Science of Flipping
The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
You're way better than this.
The Science of Flipping
The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
We had a guy that... It wasn't working out right for the franchise. It wasn't working out right. I had to deliver the hard message and I had to call him out. And it was a heated up conversation. I had to call him out. And then at the end, a phone call came in directly from this individual saying, I am so sorry. You're absolutely right. I'm so sorry. I should have never said that.
The Science of Flipping
The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
But they know I love them, even though it wasn't working out and it wasn't the greatest situation. They know I love them. They know I love them dearly.
The Science of Flipping
The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
That's exactly right.
The Science of Flipping
The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
That's exactly right. Right? That's exactly right.
The Science of Flipping
The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
Great principles come from Robin Sharma. So if you love anything Robin Sharma, like he's my favorite. So he has the 5am club that breaks down in like a fake story principles. But then he has his eight forms of wealth. which is unreal. And then he has, um, Oh, what is his other one? Well, just go look him. He has another one. Robin Sharma. His books are my favorite. The other one I love.
The Science of Flipping
The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
I love all of Jim Rohn's books. Uh, what's the one we give out to our group? Leading an inspired life, leading an inspired life. It's so easy. His books are great because when he writes them, it's a principle. It's one, two, three pages and it's over. I hate personally, at least my mind. I don't know how your mind works. My brain needs to finish like the chat.
The Science of Flipping
The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
So we were building all these big, massive commercial buildings. Oh, nine. Market crashes. And he wanted to keep paying me because he's just an incredible dad and incredible mom. But I couldn't let him do it. So I went and got, of all things, a sales job selling vinyl fencing. This is how I met Mark Stubler, my business partner. So you start to see how this all pans out and works out.
The Science of Flipping
The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
I hate mid chapter or I forget what the beginning chapter is about. That's right. So I, and I hate when people are like, I have this chapter and it's 20 pages. I, I hate those books. So this is bite-sized, so you can sit there, read it, and then just stew on it and journal about it, whatever it is, and then the next day I do another one. John Maxwell, all of his books. He's the greatest.
The Science of Flipping
The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
That guy is the OG. That guy is the original when it comes to leadership. He has over 80 books now. He's actually mentored me and Mark, an incredible human being.
The Science of Flipping
The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
Is that the question?
The Science of Flipping
The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
So with Joe Homebuyer, I would say many that feel stuck, that can't break the ceiling, it's because of that solopreneur, right? Yep. That's when you get the fizzle, the sizzle where everyone's like, I'm burning out. It's now that passion is in alignment with the work they're doing anymore. Like there's a misalignment. So now they're getting burnt out.
The Science of Flipping
The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
When you look backwards, you can see everything like hindsight. It's all 20-20 vision. But as you're moving forward, sometimes it's like you don't know how to connect the dots. You don't know why they're rushing with the reason.
The Science of Flipping
The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
They're wearing way too many hats, which means think of all the things when it comes to your business. acquisitions, dispositions, marketing, like just think of just those top three, maybe. Yeah. Do you love doing all three of those? No, either do I, right? I love sales. I really, I love acquisitions. Yeah, I love acquisitions.
The Science of Flipping
The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
So yes, because if I'm an owner, I'm going to do enough work on all of it because it's like, it's my baby, it's my business. But there's going to be a point where you're in a, you're not in alignment with your natural gifts, your natural strengths, your natural passions. And when you keep doing that work, marketing, dispositions. Yeah.
The Science of Flipping
The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
You do it long enough, pretty soon you're going to be like, I haven't broke the ceiling. I haven't figured it out. I'm done. I'm just going to cash in my chips and go back to a safe job or whatever it is. And many do that. And so, yes, they come to us for that. And I would say the biggest challenge is most people don't know how to find great talent. That's a huge challenge.
The Science of Flipping
The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
Keep talent and how to lead talent. So a lot of people think delegation. I was guilty of this. This is why I say with a smile on my face because I was bad at it. I would just delegate and delegate I thought was just push it on their desk and they got to get it done and report back on Friday. Worst case is I never even asked them to report back on Friday. There was no accountability.
The Science of Flipping
The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
There was nothing. And so there was this abdication I think is the word that I'm looking for versus delegation. It was just like forget it and set it and forget it and don't check in on them ever again. True delegation really is elevation with that accountability where you're helping them rise to the top and become a leader. You want to be replaceable.
The Science of Flipping
The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
You want people in your organization to care about your business more than you do. True story. This was cool. I was flying to Puerto Rico. I was speaking at Jerry Norton's event. Jerry Norton happens to be, he has about six active franchises with us. He bought 10 of them. He has six of them active with us.
The Science of Flipping
The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
So he flies us out there to go speak to his group of students that were at Fast Track. And then some of those students are now interested in looking into Joe Homebuyer. But we were there to just do value, just to have fun. Yeah. I fly into New York. And then while I'm in New York, I get on the plane. I get upgraded to first class.
The Science of Flipping
The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
And I'm like, score, like dinner and all that, even though it's not the greatest meal. Yeah. But I'm like, great. This will be fantastic. Because I didn't have time to like get a meal in between because it was like, get off the plane, get on the plane. And I was back on to go to Puerto Rico. This pilot comes out, Captain Dan Wines. I'll never forget Captain Dan Wines.
The Science of Flipping
The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
Captain Dan Wines steps out and he walks out to the first class and he shakes everyone's hand, thanking everyone personally, shaking their hand. And I'm like, this guy's legit. I want to take a page from this guy's book. He goes back to Comfort Plus and says, folks in Comfort Plus, thank you for being here.
The Science of Flipping
The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
You guys, this is why I get to provide for my families because the great people that continue to fly Delta. Thank you so much. Then he goes back to main class and says the exact same message. Then he comes up and I'm like, man, this guy is literally world class.
The Science of Flipping
The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
Absolutely happening for you, even though you can't see it in the moment. When you look back, you're like, I had to do it. It was hard, though. It was hard if you didn't have wholesaling ink.
The Science of Flipping
The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
So when I think of world class or delivery magic, think of what's a, I know you got Disney world here, but is there a bunk like bad version of a Disneyland here? Oh, I don't even know. Cause that's just, is SeaWorld good? I don't know. I've never been. I haven't even. So, but it's like Disney gets it. Yeah. Themed everywhere different. Like they deliver magic.
The Science of Flipping
The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
This Dan wines wasn't his business, but yet he cared about like his own business. He steps up and grabs the phone that has the cable and he does the PA system. He's like, Hey folks, just so you know, I want to tell you, you've got world-class and he uses words. Me and Mark really love, I love world-class. He says, we have the world-class flight attendants on this flight today.
The Science of Flipping
The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
Let me tell you the process. Thousands of people apply for this job. Only 1% make it. And so let's get a round of applause for our flight attendants. And the whole plane is like cheering on these flight attendants. So we don't even know, and we haven't received the service yet. And then on top of it, he says, hey, guys, normally when I go to San Juan, we fly at this altitude.
The Science of Flipping
The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
Today we're going to be flying at this altitude just to keep you out of that rough air. We want to make this as smooth as possible. Again, thank you for choosing Delta. And our goal is to, like, continually, like, so that you have a great experience. And then he ends it. And I'm like, this guy was top notch. I've never seen a captain do this.
The Science of Flipping
The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
Well, three quarters away through the flight, he hands out postcards to the flight attendant. They go through all of first class and it's a handwritten note from captain Dan wines. Wow. And I'm like, who is this guy? Like he cares about this business. Like it's his own business. That's right. And then on the end, and I have it on my phone. It's actually over there.
The Science of Flipping
The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
no no you didn't leave wholesaling yeah and i don't have wholesaling ink if i didn't do insurance because insurance allowed me to insure all these uh real estate investors i was the one of the largest agents like insuring like specifically fix and flip investors and i would go to these meetings all the time like non-stop yeah and i would never listen to real estate all i'd hear is i have three rentals i'm like ah that's three in policies that's three brand new policies i'm gonna go meet that guy
The Science of Flipping
The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
I'm like, Dan, I have to shake your hand. Like, Amazing. World class. Thank you. That experience. And he says, well, you seem pretty cool. So we do a picture together. He has his captain hat on. I have my Joe hat on. And he's like, you look pretty cool. I want to be a Joe. He takes my hat and then he puts his hat on me and we take another picture. Yeah. Like world class experience.
The Science of Flipping
The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
But here's where I'm getting at. He didn't sell me on Delta. He didn't sell why Delta is better than Spirit or American or United. He didn't say anything other than he made everyone in that plane feel special. He made them feel incredible. And because of that, I'm now deeper converted to only using Delta. There's my process.
The Science of Flipping
The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
I get to witness this live and I come back with a different conviction, a different energy back to the office to say, hey, we've got to be growing Captain Dan Wines in Joe Homebuyer where they care so much about the business that every time they speak, people just feel incredible and they're going to be that much deeper converted to Joe Homebuyer. And we have that to this degree. We have that.
The Science of Flipping
The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
We have people that care about it like it's their own business. That's true delegation. That's true leadership is when those Captain Dan wines pop out in your company and they care about your business more than you care about your business. That's when you know you've nailed leadership.
The Science of Flipping
The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
Yeah, we want to add another... What do we want? 40 this year, was it? It was 40 franchises that we're going to add this year as our goal. On top of that, the reason why... And I think some people will be like, well, why not 100? Why not 200? I would love that. Don't get me wrong. But there is a strategy that you have to maintain the culture. Of course.
The Science of Flipping
The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
And with real estate, it's a little bit trickier than like a crumble cookie where you just have to stand on an X and put a batch of flour together and all this stuff. It's not that. I mean... Real estate is already a trick in itself. There's so many people that don't do it right.
The Science of Flipping
The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
There's so many people that, I mean, this industry is one of the most hated industries because of people that do it wrong. I don't want them part of Joe. Like I want them to never even hear the word Joe Homebuyer. I hope they fizzle out and do whatever they want to do. So 40 would be, we have connected with and found through great individuals.
The Science of Flipping
The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
We've got Brent, we've got Jerry, we've talked together of great people that are looking for that growth. People that are saying, hey, I want to take my business to the next level. Where do they go right now? As they just heard that, where can they go to go to better reality? Right now, they can definitely go to joehomebuyer.com. But we also have a giveaway for your audience. It's thejoeway.com.
The Science of Flipping
The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
And that is the five steps in negotiation. So when people say, rarely do people get past the first year in business, even rare if you make it past three years. And Dan Martell was actually, I was talking to him on the phone. He's like, you're a unicorn, Cody. He's like, not many people make it past 10 years in the business. You're a unicorn, my friend.
The Science of Flipping
The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
And I would tell you that majority of that success does come from that negotiation, right? That's what allows you. Now, granted, it's hard to say because you've got marketing to go inside of that too. But I would say I'd attribute a large portion of that success on how well we negotiate. And that's why they can get their hands on this document. So I would say go to that website one more time.
The Science of Flipping
The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
Thejoeway.com. And it's a five steps negotiation with an accompanying video that you, I mean, it's what we share with our Joes.
The Science of Flipping
The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
I never once heard, I made $50,000 on this deal. I made $80,000 on this deal. I made $20,000. Never once heard it. All I heard was three more homes that I get to insure and make $400 a year on those policies.
The Science of Flipping
The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
No, no, it's not. It's not. And it really is coupling and partnering and recognizing who is a fantastic fit. and working with the people where those people are sitting. So it really is – it's a very focused, dedicated year that we're going to have. Good. But we're excited about it. As it comes to portions of these cells, right, think of one thing instantly.
The Science of Flipping
The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
I hope this is already like a gold nugget you can take today – Think of right when a phone call comes in. So there's two things that we do at Joe Homebuyer we do really, really well. We started tracking this years ago, our live answer rate. So many people go to a voicemail. Of course. Or I'm in an appointment and there's no one as backup.
The Science of Flipping
The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
So just go into voicemail and they just didn't have any kind of backup. We don't allow that. So we started tracking this. We're probably around 50 percentile, if I had to guess, in live rate when we first tracked this. And we're like, what if we improve this? What would it do to our metrics? Yeah. We started improving it. And once we started tracking it, because once what you measure grows, right?
The Science of Flipping
The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
Right. Once we started tracking it, we quickly got into the 90 percentiles. Wow. Well, coincidentally, contracts started going up. We stopped losing deals. Now, there's two sides to this. So, first and foremost is live answer rate. What does that do? It allows you to get a hold of the person. Even the person that says, go pound sand. I hate you, Colby. Take me off your list. Like...
The Science of Flipping
The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
Okay, I'm grateful that I know that now versus 20 follow-ups over the next two weeks to find out, no, I was just calling to tell you guys are scumbags. Take me off the list. Right. Len, you lost all that time. But had you answered live, you would have known that in 10 seconds versus two hours of follow-up. Yeah. Right? Yeah. So that's the first thing.
The Science of Flipping
The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
Second of all is we found out that many people that are calling in They're also calling multiple people and all they need to have is one warm voice and it could be your voice. If you don't answer, they're not just saying, well, I'll call back Justin Colby next week and hopefully he answers next week. No, they're moving on. They're going, because these people, they have like 10 minutes, 15 minutes.
The Science of Flipping
The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
They're maybe on a lunch break and they're like, I have no time. So they are making sure that they're getting what they need to get done in that 15 minutes on that break, the smoke break, whatever it is, to call and line up someone to come by their home. If you don't answer the phone call, someone else is getting it. So we are rarely below 96%. Many weeks, we're at 100% live answer rate.
The Science of Flipping
The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
Here's another setup. It's not for acquisition managers to be on round robin. We do not believe in round robin. Everyone's phone rings. Whoever pulls out a holster gets it. Because if round robin style and that round robin is in appointment... Yeah. So we have to have all phones ringing. We have lead managers phones ringing.
The Science of Flipping
The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
So they know that after three rings, if one of the acquisition managers didn't answer it, lead managers are now on call. Like we have to answer that phone. And we realized that helped increase our conversion rate like instantly. The second thing is when that lead comes in is a voice or I should say a strategy of qualifying versus disqualifying.
The Science of Flipping
The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
So many times, and it can be easy even, how many years have we been doing this? I've been doing it now, well, since 2015. So 10 years, you've been doing it since? 18 years. 18 years, 2007. Think of the night where you kind of just want to go home and hang out with the kids. Yeah. And granted, you may not be taking a ton of calls. You probably have a team to do it, but let's say it was you.
The Science of Flipping
The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
There could be that night that you're like, I kind of just want to go home. And you'd use a voice of disqualifying. So tell me, Justin, what do you want for your home? And they tell you a price. You look at Zillow, it's the exact same price, right? Listen. Okay, well, it sounds like you probably want to go with an agent because I can't give you that kind of price and we disqualify, right?
The Science of Flipping
The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
Versus qualifying sounds like this. Okay, Justin, it sounds like you know what you want for your home. Tell me a little bit more about it. And I'm going to find these other pillars of motivation, like the condition of the home or the timeframe that they need to move out in or the driver. What made them pick up a phone and call Cody Hoffine?
The Science of Flipping
The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
Like, don't allow price to dictate if someone's motivated or not. Because 99 times out of 100, it is not a... sign of motivation. It's actually a deceiver. People are going to say this. They're going to fly a kite because we're trained as negotiators to drop an anchor, right? And then we meet in the middle somewhere. But the whole point is, are we qualifying our leads?
The Science of Flipping
The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
Are we disqualifying our leads? And so we're really training our Joes when they come in to have a mindset of every lead is hot. We answer all leads live and we sit there and we qualify. And these qualifying calls are no longer five minute calls.
The Science of Flipping
The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
Like qualifying calls are 30 minutes, 45 minutes, because that presentation that takes place in those first 45 minutes is the setup for all these negotiation. When you say, when we talked about the joeway.com, the five steps of negotiation, once you've done this setup call correctly, those five steps of negotiation start to work in your behalf so that you get a home at a deep discount. Yeah.
The Science of Flipping
The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
the whole operation. So it's not just the owners, it's their whole operations there. It's our acquisition managers. In fact, one of our favorites is Chris Osborne. This guy is not even the owner and he is on and he adds so much value to the call because he'll tell us things that, Hey guys, this is what he's talking about.
The Science of Flipping
The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
Like when he talks about not giving up, like I had this lead, I'm sitting out in the, in the driveway. I knocked on the door. They didn't answer. I knew they're in there. I knocked again. And then I sat in my car. I'm like, gosh, dang it. Why are
The Science of Flipping
The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
wouldn't they just answer the door and I thought you know what they need my service he's like so I went around back and I knocked on their bedroom window and I woke him up he's all they came out and 30 minutes later he walked out with a contract because he had a mindset of not just tenacity but he had a mindset of where most people are gonna have a fear mindset like oh they're gonna hate me they're gonna like be bugged to me oh they're gonna yell at me oh they're gonna think I'm too much he was like no I'm better than everyone out here and they need my service not any just anyone service they need my service so he goes back there knocks on their window
The Science of Flipping
The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
30 minutes later, contract.
The Science of Flipping
The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
I love it. So yes, all of this is for everyone. We even have like our vendor partners and their company join us on that call so that everyone can be part of this family, this culture of growth, of daily growth, and making sure that we're all becoming better versions of ourselves.
The Science of Flipping
The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
Yeah, I think in most cases in, I think you probably see this in coaching. Someone's coming to you for that silver bullet. It's like, what is the one marketing channel that will produce X amount of leads and produce X amount of deals every single month? And here's what I have learned over the years. I've learned that it's less to do about external strategy and more to do about internal mastery.
The Science of Flipping
The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
Rarely does a man's income exceed their level of personal development. Right. So we get them bought in on this and they're starting to see it. And there's so many principles that we teach through that, that no other, like it's not going to be just a wholesaling. If it was just wholesaling or fix and flip, it wouldn't be these principles that I teach on Thursday.
The Science of Flipping
The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
They're all, they're all leadership principles that lead and guide their team to victory.
The Science of Flipping
The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
No, no.
The Science of Flipping
The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
Yeah.
The Science of Flipping
The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
That's exactly right. Well, and it's an empty victory at the end of the day. It's an empty victory if it is one-sided. Like, I don't want to have an empty victory. I want to be where all of us win together, including my family. Like, it's a joy. She's very much part of the business. Well, is she? And the kids, in all the choices we make.
The Science of Flipping
The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
Like, it was very much our kids' decision when I said, hey, dad's switching from insurance to this. It's going to be a lot of long hours. There's going to be this. I might miss some sports. I might miss this. Yeah. And my boy was only, he's now 16. My boy at the time was six years old and I got his buy-in at six years old.
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The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
I said, so are you okay that some nights I may not be able to tuck you in because I might be on appointment, but it is for the better Bentley. I will not waste my time out there. I won't go out there and just waste time and just say business to do business. Like when I'm out, trust that it's because it's for a better life and we're going to accomplish this.
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The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
Like the more we work on ourselves, our business is just a byproduct of who we're becoming each day. So Jim Rohn says, rarely does a man's income exceed his level of personal development, right? Yeah. And so the commitment for me is how do I teach each one of our Joe franchise owners? How do I teach them and develop them into becoming just incredible leaders and do the work inside?
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The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
And he says, okay, dad, Wendy bought in on it, my wife. And so when there was times when I wouldn't come home and Bentley would be like, I wish dad was here talking to me. And when he's like, instead of being a ticked off mom, she'd be like, instead of saying like, Oh, I wish he was here too. Like what a, what a piece of crap. Right.
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The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
And he says, Hey, remember, remember we had that conversation on Sunday, how dad's going to go out and do this stuff. Yeah. He's like, yeah, this is one of those nights, but dad's out there because he's, he must be getting a contract. Cause he wouldn't be out there if he wasn't getting a contract. And I'd come back with a contract. Communication is huge.
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The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
Involvement and buy-in from all your family is huge. It's not easy. This business is hard. Entrepreneurship is a sacrifice, but it shouldn't be a sacrifice forever. There should be a point where you're doing the Dan Martell method and you're buying back your time and replacing yourself with incredible team members.
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The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
And that takes working on yourself and being a leader so that ultimately you can accomplish that dream.
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The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
Yeah. So we kick it off and this year it's in an arena. So like an actual boxing arena, like a historical arena where they used to have boxing events. And our whole theme is around that. So we will have like our emcee will even wear like a robe and all this fun stuff. Yeah, it's it's going to be a blast. And then on top of that, we have the industry experts.
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The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
So we have Brent Daniels, who if he was on here, he'd tell you he was the first franchise owner. He was number three. OK, he's number three franchise owner. He'll be with the first one. You two actually. No. Yeah. Yeah. No, the first was actually a person that rented Mark's basement, of all people. And then they saw what he was doing. He's like, I want to do this. And they started doing it.
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The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
And as we became a Joe, he became the first one to do it. He's like, I want to do this. And he's still with us. He's already renewed his contract. It's already been over five years since he started with us. That's a lot of commitment. Well, it's what's cool is we've now seen proof that someone can outstand that, like outdo the statistics that you're not going to make it past three years. Right.
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The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
We've proven it now with Joe alone. Like we have people coming up on their sixth and seventh years, which is amazing. Really, really fun. Yeah. But we'll have industry experts. Then Jerry Norton, he'll be up there speaking a lot. We have Pace Morby flying out and speaking. That's awesome. And so it's kind of a fun time to just lead the business, work on the business, connect with community.
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The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
You know as well as I do, community is everything. I do believe the people that are winning at the highest level are collaborators. It's not the people going solopreneur. The people that are winning high are the ones collaborating with other people and they don't see it as competition, but they see it as collaboration. The collaborators are winning right now. That's right.
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The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
Absolutely. Great people should be working together. That's right. Great communities should be working together. Absolutely. That is going to be a fun thing I'm looking forward to this year.
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The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
So you go to joehomebuyer.com. That's our main one. And that's where they can kind of just read through and see how it is and speaks to the person that's already doing deals. But then the joeway.com is where they can go get their five steps of negotiation. And here's my promise to you. You watch those videos and I promise you your negotiation will change for the better. That's my promise.
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The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
Like, how do we help them have stronger mindset? How do we help them have better habits and not just serve them but also serve their business and their family? Like these are things that are not being taught, I think, just out there everywhere. Sometimes it's that even with Wholesaling Inc., we're really good at teaching people how to get their first deal.
The Science of Flipping
The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
But we really didn't go deep on mindset or someone that's fearful of spending more than $100 on direct mail. Like that was tough. Yeah. $100, remember those days? Oh my goodness. $100 on direct mail. Yeah, and you'd get a deal. Yeah. Wild. No, you can't even get a click for $100. No.
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The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
But yeah, times have changed, but it's making sure that we are developing them as human beings because the business will only go and grow to the level of your commitment to your personal development. And I've seen this, and that's why I work heavily with incredible mentors in my life that are better than me. Some of the things that I'll share on the podcast...
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The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
Know that I sit on the shoulders or stand on the shoulders of great people that have taught me this stuff. Robin Sharma, one of those dear mentors slash friends now that I love learning from all the time because he's kind of helped me realize, like, don't do this victory on your own. There's nothing worse than doing a climbing. We're all climbing our Mount Everest, right?
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The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
There's nothing worse than getting to the top and realize no one's there with you. You didn't bring your family along with you, your wife, your kids with you. It's like that's an empty victory. And so I'm totally building it in a way that you can still have incredible balance in life and doesn't mean equal time in all areas, but that we're present in all areas with the time that we have.
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The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
Okay. So example, last Thursday. So every Thursday I get to do a call with our franchisees and it's always built around personal development. So they know my call is just going to be personal development. It's like the, we call it the chocolate covered broccoli, right? Like no one wants broccoli. So you got to, you just got to hide the broccoli in the chocolate, right?
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The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
Give them what they think they want, but give them what you know they need, right? Yeah. And so last week we went over five daily non-negotiables. Some of those are, for example, read 10 pages daily. There's so many great people out there. In fact, I would assume you read a ton. And if not, you're probably doing a ton of audio.
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The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
Get better. Yes. And the great people have already lived an incredible life, have left success clues for us all along the way. And they write them in these books. That's right. And it's available to everyone. Elon Musk. Yeah. He read 10 hours a day as a kid. Look what he's doing in the world today. Totally.
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The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
Like he read the Britannica, the whole encyclopedia Britannica before he was nine years old.
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The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
He's on a whole different planet of what he's doing. Yeah. But it's just... That's some of the daily non-negotiables. Working out. Like bringing your body to a sweat. Working out 45 minutes a day. Make that a daily non-negotiable. And so they're not coming to me to say, hey, my marketing's out of sync. What do you think I should do? I'm like... I don't know, but have you moved your body today?
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The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
Like, have you drank water? Have you gone out there and done these things? Yeah. And like, no, we haven't done those things. You've got to do those things. Like, the business is only as good as you are treating yourself. And they're like, oh, man, I'm so tired. I'm like, it's 3 p.m. That's right. Like, we got to get in shape. Yeah. Like, we got to make sure we're making the right.
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The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
I'm so excited to be here. I was fired up. I landed in Miami, never been to Miami to like actually stay here, be here. We're only here for one night. Now I'm wishing to hear where more nights.
The Science of Flipping
The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
So even though they think it costs time to go to the gym or it costs time to do some of these habits, no, those are the things that will give you the energy to to do the business and what the business requires.
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The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
No, I'm 100% with you. It is what I love doing each and every day. I was just thinking, talking about my wife the other day. I was like, what's amazing is I get paid to do what I love to do. And it's just sit and read, like sit and like study and write out models and business models and be mentored by just great people. Yeah. Think about an example. Do you know Dan Martell? Of course.
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The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
Have you been on your podcast? Yeah. Okay, so Dan Martell, he taught a principle to me that I still use each and every day with my kids. I use each and every day with our Zs. And that is the 1-3-1 principle. I love this principle. It's one of my favorite principles. It's great. Is everyone's going to come to you with a problem. Mm-hmm.
The Science of Flipping
The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
And so these franchisees, they come to us like, oh, our acquisition manager, it's just not working. I got rid of them. And I'm like, are they not working? Or is like the communication on what they need to do not working? And sometimes it's hard for them to really look in the mirror and realize the problem is themselves. Yeah. And so that framework.
The Science of Flipping
The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
It's more than, than not.
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The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
Like it's hard. We had to go through this. Me and Mark had to eat humble pie. We had our first hire and it would have been easy. Well, I did say it. I'm guilty of it. I'm like that acquisition manager sucked. Yeah. Like it just sucked. Yeah. It's a C player at best. But really what I'm saying is I'm a C leader at best because you're only attracting who you are.
The Science of Flipping
The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
And so when people are like, you've got to have A players, like you've got to do whatever you can to get A players. That's great. But if you're not an A leader, they're not staying. You can convince them. You might con them just like someone comes to an interview and cons you on, hey, I'm this person, I'm this person. Then first day at work, you're like, Wait a second.
The Science of Flipping
The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
This is, this is nowhere who just interviewed yesterday, right? They're not going to stay. A players are looking for A leaders. They want to know people know where they're going. They're not going to stay long. And so if I want A players on my team, me and Mark, we had to do the work and it wasn't easy. It wasn't easy to look in the mirror and realize I was the problem. I was the bottleneck.
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The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
I was the reason why C class talent was working for our business because I was a C class leader.
The Science of Flipping
The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
That's right. How hard is that as a leader, though? Many of them don't do it. They just want to put out the fire. That's what we're trained to do is speed to this, speed to this. We have Amazon at our fingertips. We have all this easy stuff that makes life so easy. But leadership is not speed to the problem. It's slow. It's taking time and saying, hey, Justin, you say there's a problem.
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The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
She's right.
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The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
And I think of, I think of when it comes to, when it comes to Leadership in general, it's not going to be easy. It's the hardest work. Do you know Anthony Trucks? I don't. Okay, so a friend of mine, Anthony Trucks, goes and speaks all over on stages, and he calls it the dark work, right? He says it's not easy. It's hard. It's the hardest work out there. So it's not fun.
The Science of Flipping
The Leadership Mistake That’s Killing Your Business (And How to Fix It) | Cody Hofhine
What I do is not the fun work. It's fun for me. But a lot of people don't want to hear it. It's harder for them, right? It's harder for them. They want to think it's the marketing. They want to think it's the acquisition manager. They want to think it's, well, it's because this is off.