Today’s guest is Paul Maskill, the Founder of The Ultimate Freedom Mastermind.
After building his own business from $0 to $500k in 4 years and selling it for a lucrative return, Paul set out on a new mission.
He watched his father pour everything he had into his own service-based business for 40+ years until he could physically no longer do the work. With no employees and no systems, Paul’s father was not able to capitalize on all of the work and risk he put in for 4 decades. The “sale” of the company was simply selling of the truck and equipment.
Today, Paul helps other small business owners automate & scale their business so it can thrive without them…enabling them to leverage their business to build a life that they love.
In this episode we discuss:
- Paul talks about growing up in Michigan [2:50]
- How the recession was a blessing in disguise [5:35]
- His first business doing what he loved [6:35]
- What he realized when scaling his first coaching business [7:56]
- The process of taking yourself out of your business [9:26]
- Where business owners get stuck on [10:14]
- The ultimate filter when deciding when to let go of a business venture [12:07]
- Building a business that is sellable [14:29]
- The 5 systems of every business [16:33]
- The ideal organization [17:59]
- Processes in an organization [20:45]
- Biggest mistakes businesses make in creating their processes [23:40]
- How systems and processes affects company culture [25:33]
- Recommendations for someone starting a new business [28:22]
- How to learn more from Paul [30:33]
- I just liked work and I like being rewarded for doing something.
- I didn’t have to make a lot of money; I just wanted to enjoy what I do everyday. Make a difference. Make an impact.
- I’m not really in any control because if something happens to me this business gets wiped out.
- What’s the worst case scenario if I delegate everything and it doesn’t work? And the worst case scenario was it’s just going to get back to me anyway. And it’s already with me so I might as well give it a go.
- We just don’t go in our car and start driving and hope you get in a place you need to go to.
- When it stops serving your vision and your mission, it’s ok to sell it. It’s ok to let somebody else run it and turn it into a passive income stream.
- We as business owners get really stuck in the weeds and we can’t see anything else.
- If you’re not clear with finding how much you want to make and how big of an impact you want to get to, you’re never going to get to where you want to go. Because you don’t have a defined destination, you don’t have a defined plan.
- PDAD: Perfecting, Documenting, Automating, Delegating
- Our business should be the vehicle to allow us to do whatever we want in this world.
- If nobody is doing what you want to do, there’s probably a reason for that: there’s probably not a market for it.
Links to sources and tools
- Go to https://www.paulmaskill.com/ to listen to his podcast or join his Ultimate Freedom Mastermind.
- Watch this episode on YouTube
- Listen to more episodes here
- Follow Paul Maskill on his social media accounts:
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What advice did you most relate to from our guest in this episode? Any favorite quote from Paul?
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