Michael Gerber is known to many as “The World’s #1 Small Business Guru.” He is the author of the bestselling E-myth series, as well as the Co-founder and Chairman of the Michael E. Gerber Companies, a group of diverse enterprises behind top-class start-ups and entrepreneurs across countless industries and economies. 

In this episode, we talked about business strategy, monetization, profitability, small business…

Show notes

• Introducing Michael Gerber. [0:20]
• Some background information about Michael. [1:30]
• How Ken Goodrich found the original E-myth book extremely useful during a time of crisis – and why he read it a total of 39 times across three years. [7:19]
• Why many business owners who start out as technicians have trouble getting out of the technician role/mindset. [10:05]
• What monetizing a business means. [14:36]
• Ken’s business journey, and how he became a business turnaround expert. [16:41]
• What sets the E-myth apart from every other book on the planet. [20:59]
• How Ken disciplined himself to implement the E-myth in his business. [22:57]
• Understanding the McDonald’s model. [26:15]
• The one thing that’s important before venturing into buying broken businesses and making them profitable. [27:51]
• The three reasons why Michael and Ken are willing to share their profitability secrets. [34:30]
• How Ken gets all the “good” businesses to buy. [35:19]
• Michael’s massive plan for the E-myth book series that spans every industry. [39:39]
• Why Michael called Ken “the best student [he’s] ever had.” [42:00]
• The difference between selling a job and selling an opportunity, and why it’s the secret to getting great people. [46:28]
• Why Michael wrote his books, and why he does what he does. [50:47]
• What everyone can learn from the story of Ray Kroc, the man behind McDonald’s success. [54:13]
• Why your passion for your product will define your success. [58:23]
• How you can boost your performance for the year by “reverse-engineering” your business. [1:03:02]
• Michael’s most important piece of advice to home service business owners. [1:09:32]

Resources And People Mentioned:

• Ken Goodrich
• KFC
• McDonald’s
• Apple
• Microsoft
• General Motors
• E-Myth HVAC Contractor by Ken Goodrich and Michael E. Gerber
• The E Myth Revisited by Michael E. Gerber
• Ray Kroc
• Steve Jobs