Keith Leimbach had a 28 year corporate career, 2 IPO’s, an 11-figure exit to Oracle, was advisor to POTUS, 2 CEO gigs, but was totally unfulfilled. For the last 3 years he has created 4 new businesses, 10-figure revenue streams, and he is happy as a clam.
Keith’s website – Get valuable insights on franchises from Keith – FREE!
3 Value Bombs
1) Don’t be afraid. Start something. Pursue something.
2) However people envision what they’re going to do 3 years down the road – know that it’s going to look different.
3) Don’t feel like the first thing you think of is what you’re going to end up doing.
Thinkific: Join Thinkific’s first ever 5-day Course Challenge and walk away with a complete blueprint for your online course that you’ll be ready to put into action! Sign-up for this FREE challenge today at Thinkific.com/fire!
**Click the time stamp to jump directly to that point in the episode.
Today’s Audio MASTERCLASS: A Masterclass in Diversifying Your Income Streams
[1:04] – Keith shares something interesting about himself that most people do not know.
- He’s an avid and certified free diver.
[3:43] – Why did Keith leave his corporate career to become an entrepreneur?
- He wrote a note to himself on his 30th birthday that he’d have his own business at that age.
- It’s fulfilling from an ego-perspective to be a CEO.
- He wanted to have the freedom to do what he want, which lead him to be an entrepreneur.
[7:18] – What is diversified income?
- No matter what your job is, that income stream is going to come to an end.
- Out of the SNP 500, there’s only 1 company that has remained since 1950.
- Diversified income is having multiple streams of income.
[11:08] – Keith talks about knowing your timeline to income.
- You have to be honest in identifying your timeline to income.
[15:23] – At some point, we have to choose something to focus on. How do we narrow down our options?
- You have to make sure that you’re real about when you’re able to produce a specific amount of income.
- Commercialize an idea.
[16:57] – Keith shares his own experiences in franchising.
- One of his favorite franchises is Smash My Trash. This generates revenues of $500,000 with about 40% EBITDA.
- Another franchise is an indoor family entertainment center. It’s a $2 million investment with $2.5 million in revenue and 20% EBITDA.
[20:30] – What is Keith’s least favorite franchise?
- Christian Brothers is a great franchise. They want owner/operators, but Keith just wants to be an owner
- If someone is going to take 7% or 8% off the top – or its equivalent at the bottom – they better have a tremendous product or brand.
- Be honest with yourself about how much value a franchise is providing to you.
- As they say, the juice wasn’t worth the squeeze.
[22:56] – For those who feel unfulfilled and want to get more out of life, here’s Keith’s advise to you.
- Give yourself a chance.
- However people envision what they’re going to do 3 years down the road, know that it’s going to look different.
- Start to get honest with yourself about where you think you can get energy from.
- Don’t feel like the first thing you think of is what you’re going to end up doing.
[25:35] – Keith’s takeaway and call to action for Fire Nation.
- Don’t be afraid. Start something. Pursue something.
- Keith’s website – Get valuable insights on franchises from Keith – FREE!
1) The Common Path to Uncommon Success: JLD’s 1st traditionally published book! Over 3000 interviews with the world’s most successful Entrepreneurs compiled into a 17-step roadmap to financial freedom and fulfillment!
2) Free Podcast Course: Learn from JLD how to create and launch your podcast!
3) Podcasters’ Paradise: The #1 podcasting community in the world!