Terry is a true home service legend, having been the national trainer of a NYSE-listed home services company ($900M+ in revenue before getting acquired) among other things. In this episode, we talked about hiring, KPIs…

Show Notes  

  • Introducing Terry Nicholson. [01:00]
  • Terry talks about Praxis S-10, which bills itself as the “#1 success college for contractors.” [06:08]
  • Business lessons Terry learned from Jim Abrams, his long-time business partner. [10:26]
  • The three questions that Terry and Jim always asks themselves before they start any business opportunity. [11:45]
  • Jim’s favorite question to analyze the root cause of business failure: “Is it poor plan or execution?” [15:45]
  • Three steps to build a big company. [17:00]
  • What advice would Terry give to a small business owner to grow their business in the right direction? [19:16]
  • Terry’s stories about his dog, and how it relates to unlocking one’s potential in life. [21:23]
  • Two steps to use an organizational chart in your business. [28:26]
  • The surprising mistake most companies make over and over again. [33:39]
  • Why paying employees with the highest salaries possible is an important part of their company culture. [40:25]
  • Terry’s story about how he helped one of their first clients go from a two-truck operator to a $100M company. [43:59]
  • The best way to compensate your employees: hourly, commission-based, or hourly plus commissions? [48:09]
  • Would Terry buy a more expensive but long-lasting product? [59:25]
  • A few great reasons that entrepreneurs should consider acquisition. [1:00:25]
  • Two factors to look at for successful acquistions to happen. [1:04:05]
  •  What Terry thinks about business owners who don’t operate with technology  [1:14:00]
  • Terry’s opinion on the future of the home services industry. [1:17:22]

Resources And People Mentioned

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